Exhibit 99.1
Occidental Petroleum Announces 3rd Quarter 2017 Results
· Continued progress toward breakeven plan that sustains dividends and growth capital
· Permian Resources achieves record well results across multiple development areas and benches
· Permian EOR record production of 153,000 BOE per day due to increased Seminole San Andres CO2 unit production
· Reported EPS of $0.25 per diluted share and core EPS of $0.18 per diluted share
HOUSTON — November 1, 2017 — Occidental Petroleum Corporation (NYSE:OXY) today announced reported net income of $190 million, or $0.25 per diluted share, for the third quarter of 2017, compared with $507 million, or $0.66 per diluted share, for the second quarter of 2017. Core income for the third quarter of 2017 was $137 million, or $0.18 per diluted share, compared with $119 million, or $0.15 per diluted share, for the second quarter of 2017. Hurricane Harvey impacted third quarter income by $70 million in the Chemical and Midstream segments and reduced average daily production by 1,000 barrels of oil equivalent (BOE) in our Permian Resources operations.
“Even with the financial impacts from Hurricane Harvey, we showed significant progress across all our segments toward our pathway to breakeven after dividend and production growth,” said President and Chief Executive Officer Vicki Hollub. “We are particularly excited by our achievements in the Permian Basin. Our teams delivered basin-leading well results across multiple development areas and benches in Permian Resources and realized immediate operational improvements from our recent acquisition in the EOR business. These efforts further de-risk our breakeven plan.”
QUARTERLY RESULTS
Oil and Gas
Total average daily production volumes were 600,000 BOE for the third quarter of 2017, compared to 601,000 BOE in the second quarter of 2017. Adjusted to exclude South Texas properties sold in April, average daily production volumes from ongoing operations were higher by 6,000 BOE. Permian Resources average daily production volumes improved from the prior quarter by 1,000 BOE to 139,000 BOE in the third quarter of 2017 due to increased drilling activity and well productivity, partially offset by the sale of non-core unconventional acreage in the third quarter and impact from Hurricane Harvey. Permian Resources achieved record well results across multiple benches. Five New Mexico 3rd Bone Spring wells had an average 30-day rate of 3,780 BOE per
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day. One New Mexico 2nd Bone Spring well had a 30-day rate of 4,500 BOE per day. Average daily production for Permian EOR increased by 7,000 BOE from the prior quarter to 153,000 BOE in the third quarter of 2017 partially due to production from the EOR properties acquired in the third quarter. Since gaining operatorship, average daily gross production has increased 2,300 BOE in the Seminole San Andres CO2 unit.
Oil and gas pre-tax income for the third quarter of 2017 was $220 million, compared to $627 million for the prior quarter. Third quarter income reflected net gains on sales of domestic assets of $81 million, while second quarter income included net gains on sales of domestic assets of $510 million. Excluding the gains on sales, oil and gas income for the third quarter of 2017 was slightly higher than the prior quarter, due to improved operating costs and higher realized NGL prices, partially offset by lower domestic gas sales volumes.
For the third quarter of 2017, average WTI and Brent marker prices were $48.21 per barrel and $52.18 per barrel, respectively. Average worldwide realized crude oil prices were $46.19 per barrel for the third quarter of 2017, a decrease of 1 percent compared with the second quarter of 2017. Average worldwide realized NGL prices were $20.73 per barrel in the third quarter of 2017, an improvement of 10 percent compared to the second quarter of 2017. Average domestic realized natural gas prices were $2.15 per MCF in the third quarter of 2017, compared to $2.23 per MCF in the second quarter of 2017.
Chemical
Chemical pre-tax income for the third quarter of 2017 of $200 million was negatively impacted by Hurricane Harvey by approximately $60 million due to the temporary shutdown of chlorovinyl production, higher costs for plant maintenance and raw materials, and a lack of utilities. Favorable plant operations and lower raw material costs prior to Hurricane Harvey partially offset the negative impact of the storm. Compared to pre-tax income of $230 million in the second quarter of 2017, the decrease in third quarter earnings resulted primarily from lower sales volumes across most product lines and plant operations impacted by Hurricane Harvey, partially offset by higher realized caustic soda prices. Chemical generated over $425 million of operating cash flow in the third quarter of 2017, including our first dividend payment from the Ingleside ethylene cracker.
Midstream and Marketing
Midstream pre-tax income for the third quarter of 2017 was $4 million, compared to $119 million for the second quarter of 2017, which included a non-cash, fair-value gain on the Plains Pipeline equity investment of $94 million. Excluding the gain, the decrease in third quarter income, compared to the prior quarter, reflected the impact from Hurricane Harvey of approximately $10 million, along with lower mark-to-market on the marketing business and lower equity income from the Plains Pipeline.
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About Occidental Petroleum
Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls. Occidental posts or provides links to important information on its website at www.oxy.com.
Forward-Looking Statements
Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; higher-than-expected costs; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber-attacks or insurgent activity; failure of risk management; changes in law or regulations; reorganization or restructuring of Occidental’s operations; or changes in tax rates. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2016 Form 10-K.
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Contacts:
Media:
Melissa E. Schoeb
713-366-5615
melissa_schoeb@oxy.com
or
Investors:
Richard A. Jackson
713-215-7235
richard_jackson@oxy.com
On the web: www.oxy.com
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Occidental Petroleum Corporation
Quarter 3 2017 Earnings Release Schedules Index
Schedule # | | Schedule Description |
1 | | Summary Highlights |
| | |
2 | | Segment Results Before Tax Allocations |
| | · Reported results |
| | · Non-core adjustments |
| | · Core results |
| | |
3 | | Segment Results After Tax Allocations |
| | · Reported results |
| | · Non-core adjustments |
| | · Core results |
| | |
4 | | Non-Core Adjustments Detail |
| | · Before tax allocations |
| | · After tax allocations |
| | |
5 | | GAAP Consolidated Condensed Statements of Operations |
| | |
6 | | Condensed Balance Sheets |
| | |
7 | | Condensed Statement of Cash Flows - Including GAAP reconciliations |
| | Details of Depreciation, Depletion and Amortization and Capital Expenditures |
| | |
8 | | Daily Production - TOTAL REPORTED |
| | · MBOE/D |
| | · By Commodity |
| | |
9 | | Daily Production - PRO FORMA FOR ONGOING OPERATIONS |
| | (EXCLUDES OPERATIONS SOLD, EXITED AND EXITING) |
| | · MBOE/D |
| | · By Commodity |
| | |
10 | | Sales Volumes and Realized Prices |
| | · MBOE/D |
| | · Realized prices and related marker prices |
| | |
11 | | Oil and Gas $/BOE Costs |
| | |
12 | | Segment Core Results Pre-tax Variance Roll-forwards |
| | · Quarter-over-Quarter |
| | · Year-over-Year |
SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
| | | | | | 2016 | | | | | | | | | | | 2017 | | | | | |
Quarterly | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Net income (loss) | | | | | | | | | | | | | | | | | | | | | | |
Reported Income (Loss) ($ millions) | | $ | 78 | | $ | (139) | | $ | (241) | | $ | (272) | | $ | (574) | | | $ | 117 | | $ | 507 | | $ | 190 | | | | $ | 814 | |
Reported EPS - Diluted ($/share) | | $ | 0.10 | | $ | (0.18) | | $ | (0.32) | | $ | (0.36) | | $ | (0.75) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
Effective tax rate | | 36% | | 41% | | 11% | | 55% | | 40% | | | 40% | | 36% | | 31% | | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | | |
Core Income (Loss) ($ millions) | | $ | (426) | | $ | (136) | | $ | (112) | | $ | (97) | | $ | (771) | | | $ | 117 | | $ | 119 | | $ | 137 | | | | $ | 373 | |
Core EPS - Diluted ($/share) | | $ | (0.56) | | $ | (0.18) | | $ | (0.15) | | $ | (0.13) | | $ | (1.01) | | | $ | 0.15 | | $ | 0.15 | | $ | 0.18 | | | | $ | 0.48 | |
Effective tax rate | | 29% | | 41% | | -6% | | -29% | | 24% | | | 40% | | 37% | | 29% | | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | | |
Average Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | |
Basic (millions) | | 763.4 | | 763.6 | | 764 | | 764.1 | | 763.8 | | | 764.4 | | 764.9 | | 765.5 | | | | 764.9 | |
Diluted (millions) | | 763.4 | | 763.6 | | 764 | | 764.1 | | 763.8 | | | 765.2 | | 765.9 | | 766.4 | | | | 765.7 | |
| | | | | | | | | | | | | | | | | | | | | | |
Production - Reported | | | | | | | | | | | | | | | | | | | | | | |
Total US (MBOE/D) | | 316 | | 302 | | 294 | | 296 | | 302 | | | 303 | | 296 | | 297 | | | | 299 | |
US oil (MBBL/D) | | 197 | | 190 | | 181 | | 184 | | 189 | | | 192 | | 195 | | 199 | | | | 196 | |
Worldwide (MBOE/D) | | 657 | | 653 | | 605 | | 607 | | 630 | | | 584 | | 601 | | 600 | | | | 595 | |
Worldwide sales (MBOE/D) | | 651 | | 660 | | 609 | | 607 | | 632 | | | 583 | | 603 | | 600 | | | | 595 | |
| | | | | | | | | | | | | | | | | | | | | | |
Production - Ongoing Operations | | | | | | | | | | | | | | | | | | | | | | |
Total US (MBOE/D) | | 278 | | 274 | | 268 | | 272 | | 273 | | | 278 | | 289 | | 297 | | | | 288 | |
US oil (MBBL/D) | | 194 | | 187 | | 179 | | 183 | | 186 | | | 190 | | 195 | | 199 | | | | 195 | |
Worldwide (MBOE/D) | | 561 | | 581 | | 579 | | 583 | | 575 | | | 559 | | 594 | | 600 | | | | 584 | |
Worldwide sales (MBOE/D) | | 555 | | 588 | | 583 | | 583 | | 577 | | | 558 | | 596 | | 600 | | | | 584 | |
| | | | | | | | | | | | | | | | | | | | | | |
Realizations | | | | | | | | | | | | | | | | | | | | | | |
Worldwide oil ($/BBL) | | $ | 29.42 | | $ | 39.66 | | $ | 41.49 | | $ | 45.08 | | $ | 38.73 | | | $ | 49.04 | | $ | 46.55 | | $ | 46.19 | | | | $ | 47.23 | |
Worldwide NGL ($/BBL) | | $ | 10.86 | | $ | 14.59 | | $ | 14.99 | | $ | 18.36 | | $ | 14.82 | | | $ | 21.59 | | $ | 18.90 | | $ | 20.73 | | | | $ | 20.37 | |
Domestic gas ($/MCF) | | $ | 1.50 | | $ | 1.46 | | $ | 2.30 | | $ | 2.39 | | $ | 1.90 | | | $ | 2.68 | | $ | 2.23 | | $ | 2.15 | | | | $ | 2.38 | |
| | | | | | | | | | | | | | | | | | | | | | |
Cash Flows ($ millions) | | | | | | | | | | | | | | | | | | | | | | |
Operating before working capital | | $ | 822 | | $ | 935 | | $ | 614 | | $ | 998 | | $ | 3,369 | | | $ | 1,049 | | $ | 1,033 | | $ | 1,081 | | | | $ | 3,163 | |
Working capital changes | | (316) | | (195) | | 51 | | 71 | | (389) | | | (389) | | 83 | | (4) | | | | (310) | |
Other, net | | (367) | | 63 | | (9) | | (148) | | (461) | | | (8) | | 737 | | (7) | | | | 722 | |
Operating - continuing operations | | $ | 139 | | $ | 803 | | $ | 656 | | $ | 921 | | $ | 2,519 | | | $ | 652 | | $ | 1,853 | | $ | 1,070 | | | | $ | 3,575 | |
Capital expenditures | | $ | (687) | | $ | (657) | | $ | (642) | | $ | (891) | | $ | (2,877) | | | $ | (752) | | $ | (779) | | $ | (947) | | | | $ | (2,478) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | 2016 | | | | | | | | | 2017 | | | | | |
Year-to-date | | Mar | | Jun | | Sep | | Dec | | | | | Mar | | Jun | | Sep | | Dec | | | |
Net income (loss) | | | | | | | | | | | | | | | | | | | | | | |
Reported Income (Loss) ($ millions) | | $ | 78 | | $ | (61) | | $ | (302) | | $ | (574) | | | | | $ | 117 | | $ | 624 | | $ | 814 | | | | | |
Reported EPS - Diluted ($/share) | | $ | 0.10 | | $ | (0.08) | | $ | (0.40) | | $ | (0.75) | | | | | $ | 0.15 | | $ | 0.81 | | $ | 1.06 | | | | | |
Effective tax rate | | 36% | | 38% | | 31% | | 40% | | | | | 40% | | 37% | | 35% | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Core Income (Loss) ($ millions) | | $ | (426) | | $ | (562) | | $ | (674) | | $ | (771) | | | | | $ | 117 | | $ | 236 | | $ | 373 | | | | | |
Core EPS - Diluted ($/share) | | $ | (0.56) | | $ | (0.74) | | $ | (0.88) | | $ | (1.01) | | | | | $ | 0.15 | | $ | 0.31 | | $ | 0.48 | | | | | |
Effective tax rate | | 29% | | 32% | | 28% | | 24% | | | | | 40% | | 38% | | 35% | | | | | |
| | | | | | | �� | | | | | | | | | | | | | | | |
Average Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | |
Basic (millions) | | 763.4 | | 763.5 | | 763.7 | | 763.8 | | | | | 764.4 | | 764.7 | | 764.9 | | | | | |
Diluted (millions) | | 763.4 | | 763.5 | | 763.7 | | 763.8 | | | | | 765.2 | | 765.5 | | 765.7 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Production - Reported | | | | | | | | | | | | | | | | | | | | | | |
Total US (MBOE/D) | | 316 | | 309 | | 304 | | 302 | | | | | 303 | | 300 | | 299 | | | | | |
US oil (MBBL/D) | | 197 | | 193 | | 189 | | 189 | | | | | 192 | | 194 | | 196 | | | | | |
Worldwide (MBOE/D) | | 657 | | 655 | | 638 | | 630 | | | | | 584 | | 593 | | 595 | | | | | |
Worldwide sales (MBOE/D) | | 651 | | 656 | | 640 | | 632 | | | | | 583 | | 593 | | 595 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Production - Ongoing Operations | | | | | | | | | | | | | | | | | | | | | | |
Total US (MBOE/D) | | 278 | | 276 | | 273 | | 273 | | | | | 278 | | 284 | | 288 | | | | | |
US oil (MBBL/D) | | 194 | | 190 | | 186 | | 186 | | | | | 190 | | 193 | | 195 | | | | | |
Worldwide (MBOE/D) | | 561 | | 571 | | 573 | | 575 | | | | | 559 | | 577 | | 584 | | | | | |
Worldwide sales (MBOE/D) | | 555 | | 572 | | 575 | | 577 | | | | | 558 | | 577 | | 584 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Realizations | | | | | | | | | | | | | | | | | | | | | | |
Worldwide oil ($/BBL) | | $ | 29.42 | | $ | 34.46 | | $ | 36.70 | | $ | 38.73 | | | | | $ | 49.04 | | $ | 47.77 | | $ | 47.23 | | | | | |
Worldwide NGL ($/BBL) | | $ | 10.86 | | $ | 12.80 | | $ | 13.58 | | $ | 14.82 | | | | | $ | 21.59 | | $ | 20.18 | | $ | 20.37 | | | | | |
Domestic gas ($/MCF) | | $ | 1.50 | | $ | 1.48 | | $ | 1.74 | | $ | 1.90 | | | | | $ | 2.68 | | $ | 2.48 | | $ | 2.38 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Cash Flows ($ millions) | | | | | | | | | | | | | | | | | | | | | | |
Operating before working capital | | $ | 822 | | $ | 1,757 | | $ | 2,371 | | $ | 3,369 | | | | | $ | 1,049 | | $ | 2,082 | | $ | 3,163 | | | | | |
Working capital changes | | (316) | | (511) | | (460) | | (389) | | | | | (389) | | | (306) | | (310) | | | | | |
Other, net | | (367) | | (304) | | (313) | | (461) | | | | | (8) | | | 729 | | 722 | | | | | |
Operating - continuing operations | | $ | 139 | | $ | 942 | | $ | 1,598 | | $ | 2,519 | | | | | $ | 652 | | $ | 2,505 | | $ | 3,575 | | | | | |
Capital expenditures | | $ | (687) | | $ | (1,344) | | $ | (1,986) | | $ | (2,877) | | | | | $ | (752) | | $ | (1,531) | | $ | (2,478) | | | | | |
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS
Occidental’s results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Therefore, management uses a measure called “core results,” which excludes those items. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported earnings are considered representative of management’s performance over the long term. Core results are not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.
SCHEDULE 2
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
| | | | | | 2016 | | | | | | | | | | | 2017 | | | | | |
Reported Results | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | $ | (578) | | $ | (361) | | $ | (341) | | $ | (272) | | $ | (1,552) | | | $ | (191) | | $ | 210 | | $ | (190) | | | | $ | (171) | |
Foreign | | 99 | | 267 | | 295 | | 304 | | 965 | | | 418 | | 422 | | 413 | | | | 1,253 | |
Exploration | | (6) | | (23) | | (5) | | (15) | | (49) | | | (7) | | (5) | | (3) | | | | (15) | |
| | (485) | | (117) | | (51) | | 17 | | (636) | | | 220 | | 627 | | 220 | | | | 1,067 | |
Chemical | | 214 | | 88 | | 117 | | 152 | | 571 | | | 170 | | 230 | | 200 | | | | 600 | |
Midstream and Marketing | | (95) | | (58) | | (180) | | (48) | | (381) | | | (47) | | 119 | | 4 | | | | 76 | |
Segment Income (Loss) | | (366) | | (87) | | (114) | | 121 | | (446) | | | 343 | | 976 | | 424 | | | | 1,743 | |
Corporate | | | | | | | | | | | | | | | | | | | | | | |
Interest | | (57) | | (84) | | (62) | | (72) | | (275) | | | (78) | | (81) | | (85) | | | | (244) | |
Other | | (140) | | (61) | | (92) | | (650) | | (943) | | | (70) | | (103) | | (64) | | | | (237) | |
Pre-tax Income (Loss) | | (563) | | (232) | | (268) | | (601) | | (1,664) | | | 195 | | 792 | | 275 | | | | 1,262 | |
Taxes | | | | | | | | | | | | | | | | | | | | | | |
Federal and state | | 291 | | 234 | | 242 | | 531 | | 1,298 | | | 113 | | (79) | | 100 | | | | 134 | |
Foreign | | (88) | | (138) | | (212) | | (198) | | (636) | | | (191) | | (206) | | (185) | | | | (582) | |
Income (Loss) From Continuing Operations | | (360) | | (136) | | (238) | | (268) | | (1,002) | | | 117 | | 507 | | 190 | | | | 814 | |
Discontinued Operations | | 438 | | (3) | | (3) | | (4) | | 428 | | | - | | - | | - | | | | - | |
Net Income (Loss) | | $ | 78 | | $ | (139) | | $ | (241) | | $ | (272) | | $ | (574) | | | $ | 117 | | $ | 507 | | $ | 190 | | | | $ | 814 | |
| | | | | | | | | | | | | | | | | | | | | | |
Reported earnings per share | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.10 | | $ | (0.18) | | $ | (0.32) | | $ | (0.36) | | $ | (0.75) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
Diluted | | $ | 0.10 | | $ | (0.18) | | $ | (0.32) | | $ | (0.36) | | $ | (0.75) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
| | | | | | | | | | | | | | | | | | | | | | |
Effective Tax Rate | | 36% | | 41% | | 11% | | 55% | | 40% | | | 40% | | 36% | | 31% | | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | | |
Non-core Adjustments | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | $ | 23 | | $ | - | | $ | 59 | | $ | 24 | | $ | 106 | | | $ | - | | $ | 510 | | $ | 81 | | | | $ | 591 | |
Foreign | | - | | - | | (61) | | (9) | | (70) | | | - | | - | | - | | | | - | |
Exploration | | - | | - | | - | | - | | - | | | - | | - | | - | | | | - | |
| | 23 | | - | | (2) | | 15 | | 36 | | | - | | 510 | | 81 | | | | 591 | |
Chemical | | 88 | | - | | - | | - | | 88 | | | - | | - | | - | | | | - | |
Midstream and Marketing | | - | | - | | (160) | | - | | (160) | | | - | | 94 | | - | | | | 94 | |
Segment Income (Loss) | | 111 | | - | | (162) | | 15 | | (36) | | | - | | 604 | | 81 | | | | 685 | |
Corporate | | | | | | | | | | | | | | | | | | | | | | |
Interest | | - | | - | | - | | - | | - | | | - | | - | | - | | | | - | |
Other | | (78) | | - | | - | | (541) | | (619) | | | - | | - | | - | | | | - | |
Pre-tax Income (Loss) | | 33 | | - | | (162) | | (526) | | (655) | | | - | | 604 | | 81 | | | | 685 | |
Taxes | | | | | | | | | | | | | | | | | | | | | | |
Federal and state | | 32 | | 1 | | 36 | | 210 | | 279 | | | - | | (216) | | (28) | | | | (244) | |
Foreign | | 1 | | (1) | | - | | 145 | | 145 | | | - | | - | | - | | | | - | |
Income (Loss) From Continuing Operations | | 66 | | - | | (126) | | (171) | | (231) | | | - | | 388 | | 53 | | | | 441 | |
Discontinued Operations | | 438 | | (3) | | (3) | | (4) | | 428 | | | - | | - | | - | | | | - | |
Net Income (Loss) | | $ | 504 | | $ | (3) | | $ | (129) | | $ | (175) | | $ | 197 | | | $ | - | | $ | 388 | | $ | 53 | | | | $ | 441 | |
| | | | | | | | | | | | | | | | | | | | | | |
Core Results | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | $ | (601) | | $ | (361) | | $ | (400) | | $ | (296) | | $ | (1,658) | | | $ | (191) | | $ | (300) | | $ | (271) | | | | $ | (762) | |
Foreign | | 99 | | 267 | | 356 | | 313 | | 1,035 | | | 418 | | 422 | | 413 | | | | 1,253 | |
Exploration | | (6) | | (23) | | (5) | | (15) | | (49) | | | (7) | | (5) | | (3) | | | | (15) | |
| | (508) | | (117) | | (49) | | 2 | | (672) | | | 220 | | 117 | | 139 | | | | 476 | |
Chemical | | 126 | | 88 | | 117 | | 152 | | 483 | | | 170 | | 230 | | 200 | | | | 600 | |
Midstream and Marketing | | (95) | | (58) | | (20) | | (48) | | (221) | | | (47) | | 25 | | 4 | | | | (18) | |
Segment Income (Loss) | | (477) | | (87) | | 48 | | 106 | | (410) | | | 343 | | 372 | | 343 | | | | 1,058 | |
Corporate | | | | | | | | | | | | | | | | | | | | | | |
Interest | | (57) | | (84) | | (62) | | (72) | | (275) | | | (78) | | (81) | | (85) | | | | (244) | |
Other | | (62) | | (61) | | (92) | | (109) | | (324) | | | (70) | | (103) | | (64) | | | | (237) | |
Pre-tax Income (Loss) | | (596) | | (232) | | (106) | | (75) | | (1,009) | | | 195 | | 188 | | 194 | | | | 577 | |
Taxes | | | | | | | | | | | | | | | | | | | | | | |
Federal and state | | 259 | | 233 | | 206 | | 321 | | 1,019 | | | 113 | | 137 | | 128 | | | | 378 | |
Foreign | | (89) | | (137) | | (212) | | (343) | | (781) | | | (191) | | (206) | | (185) | | | | (582) | |
Net Income (Loss) | | $ | (426) | | $ | (136) | | $ | (112) | | $ | (97) | | $ | (771) | | | $ | 117 | | $ | 119 | | $ | 137 | | | | $ | 373 | |
| | | | | | | | | | | | | | | | | | | | | | |
Core earnings per share | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | (0.56) | | $ | (0.18) | | $ | (0.15) | | $ | (0.13) | | $ | (1.01) | | | $ | 0.15 | | $ | 0.15 | | $ | 0.18 | | | | $ | 0.49 | |
Diluted | | $ | (0.56) | | $ | (0.18) | | $ | (0.15) | | $ | (0.13) | | $ | (1.01) | | | $ | 0.15 | | $ | 0.15 | | $ | 0.18 | | | | $ | 0.48 | |
| | | | | | | | | | | | | | | | | | | | | | |
Effective Tax Rate | | 29% | | 41% | | -6% | | -29% | | 24% | | | 40% | | 37% | | 29% | | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | | |
SCHEDULE 3
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share amounts)
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
Reported Results | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | $ | (372 | ) | $ | (233 | ) | $ | (219 | ) | $ | (175 | ) | $ | (999 | ) | | | $ | (122 | ) | $ | 134 | | $ | (125 | ) | | | $ | (113 | ) |
Foreign | | 5 | | 111 | | 141 | | 118 | | 375 | | | | 243 | | 222 | | 240 | | | | 705 | |
Exploration | | (6 | ) | (23 | ) | (5 | ) | (14 | ) | (48 | ) | | | (5 | ) | (4 | ) | (2 | ) | | | (11 | ) |
| | (373 | ) | (145 | ) | (83 | ) | (71 | ) | (672 | ) | | | 116 | | 352 | | 113 | | | | 581 | |
Chemical | | 138 | | 57 | | 75 | | 96 | | 366 | | | | 109 | | 148 | | 129 | | | | 386 | |
Midstream and Marketing | | (56 | ) | (26 | ) | (101 | ) | (17 | ) | (200 | ) | | | (24 | ) | 94 | | 21 | | | | 91 | |
Segment Income (Loss) | | (291 | ) | (114 | ) | (109 | ) | 8 | | (506 | ) | | | 201 | | 594 | | 263 | | | | 1,058 | |
Corporate | | | | | | | | | | | | | | | | | | | | | | | |
Interest | | (57 | ) | (84 | ) | (62 | ) | (72 | ) | (275 | ) | | | (78 | ) | (81 | ) | (85 | ) | | | (244 | ) |
Other | | (140 | ) | (61 | ) | (92 | ) | (412 | ) | (705 | ) | | | (70 | ) | (103 | ) | (64 | ) | | | (237 | ) |
Taxes | | 128 | | 123 | | 25 | | 208 | | 484 | | | | 64 | | 97 | | 76 | | | | 237 | |
Income (Loss) From Continuing Operations | | (360 | ) | (136 | ) | (238 | ) | (268 | ) | (1,002 | ) | | | 117 | | 507 | | 190 | | | | 814 | |
Discontinued Operations | | 438 | | (3 | ) | (3 | ) | (4 | ) | 428 | | | | - | | - | | - | | | | - | |
Net Income (Loss) | | $ | 78 | | $ | (139 | ) | $ | (241 | ) | $ | (272 | ) | $ | (574 | ) | | | $ | 117 | | $ | 507 | | $ | 190 | | | | $ | 814 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Reported earnings per share | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.10 | | $ | (0.18 | ) | $ | (0.32 | ) | $ | (0.36 | ) | $ | (0.75 | ) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
Diluted | | $ | 0.10 | | $ | (0.18 | ) | $ | (0.32 | ) | $ | (0.36 | ) | $ | (0.75 | ) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Non-core Adjustments | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | $ | 15 | | $ | - | | $ | 38 | | $ | 16 | | $ | 69 | | | | $ | - | | $ | 328 | | $ | 53 | | | | $ | 381 | |
Foreign | | - | | - | | (61 | ) | (7 | ) | (68 | ) | | | - | | - | | - | | | | - | |
Exploration | | - | | - | | - | | - | | - | | | | - | | - | | - | | | | - | |
| | 15 | | - | | (23 | ) | 9 | | 1 | | | | - | | 328 | | 53 | | | | 381 | |
Chemical | | 56 | | - | | - | | - | | 56 | | | | - | | - | | - | | | | - | |
Midstream and Marketing | | - | | - | | (103 | ) | - | | (103 | ) | | | - | | 60 | | - | | | | 60 | |
Segment Income (Loss) | | 71 | | - | | (126 | ) | 9 | | (46 | ) | | | - | | 388 | | 53 | | | | 441 | |
Corporate | | | | | | | | | | | | | | | | | | | | | | | |
Interest | | - | | - | | - | | - | | - | | | | - | | - | | - | | | | - | |
Other | | (78 | ) | - | | - | | (338 | ) | (416 | ) | | | - | | - | | - | | | | - | |
Taxes | | 73 | | - | | - | | 158 | | 231 | | | | - | | - | | - | | | | - | |
Income (Loss) From Continuing Operations | | 66 | | - | | (126 | ) | (171 | ) | (231 | ) | | | - | | 388 | | 53 | | | | 441 | |
Discontinued Operations | | 438 | | (3 | ) | (3 | ) | (4 | ) | 428 | | | | - | | - | | - | | | | - | |
Net Income (Loss) | | $ | 504 | | $ | (3 | ) | $ | (129 | ) | $ | (175 | ) | $ | 197 | | | | $ | - | | $ | 388 | | $ | 53 | | | | $ | 441 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Core Results | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | $ | (387 | ) | $ | (233 | ) | $ | (257 | ) | $ | (191 | ) | $ | (1,068 | ) | | | $ | (122 | ) | $ | (194 | ) | $ | (178 | ) | | | $ | (494 | ) |
Foreign | | 5 | | 111 | | 202 | | 125 | | 443 | | | | 243 | | 222 | | 240 | | | | 705 | |
Exploration | | (6 | ) | (23 | ) | (5 | ) | (14 | ) | (48 | ) | | | (5 | ) | (4 | ) | (2 | ) | | | (11 | ) |
| | (388 | ) | (145 | ) | (60 | ) | (80 | ) | (673 | ) | | | 116 | | 24 | | 60 | | | | 200 | |
Chemical | | 82 | | 57 | | 75 | | 96 | | 310 | | | | 109 | | 148 | | 129 | | | | 386 | |
Midstream and Marketing | | (56 | ) | (26 | ) | 2 | | (17 | ) | (97 | ) | | | (24 | ) | 34 | | 21 | | | | 31 | |
Segment Income (Loss) | | (362 | ) | (114 | ) | 17 | | (1 | ) | (460 | ) | | | 201 | | 206 | | 210 | | | | 617 | |
Corporate | | | | | | | | | | | | | | | | | | | | | | | |
Interest | | (57 | ) | (84 | ) | (62 | ) | (72 | ) | (275 | ) | | | (78 | ) | (81 | ) | (85 | ) | | | (244 | ) |
Other | | (62 | ) | (61 | ) | (92 | ) | (74 | ) | (289 | ) | | | (70 | ) | (103 | ) | (64 | ) | | | (237 | ) |
Taxes | | 55 | | 123 | | 25 | | 50 | | 253 | | | | 64 | | 97 | | 76 | | | | 237 | |
Net Income (Loss) | | $ | (426 | ) | $ | (136 | ) | $ | (112 | ) | $ | (97 | ) | $ | (771 | ) | | | $ | 117 | | $ | 119 | | $ | 137 | | | | $ | 373 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Core earnings per share | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | (0.56 | ) | $ | (0.18 | ) | $ | (0.15 | ) | $ | (0.13 | ) | $ | (1.01 | ) | | | $ | 0.15 | | $ | 0.15 | | $ | 0.18 | | | | $ | 0.49 | |
Diluted | | $ | (0.56 | ) | $ | (0.18 | ) | $ | (0.15 | ) | $ | (0.13 | ) | $ | (1.01 | ) | | | $ | 0.15 | | $ | 0.15 | | $ | 0.18 | | | | $ | 0.48 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Reconciliation - Diluted Earnings Per Share | | | | | | | | | | | | | | | | | | | | | | | |
Reported Diluted Earnings Per Share | | $ | 0.10 | | $ | (0.18 | ) | $ | (0.32 | ) | $ | (0.36 | ) | $ | (0.75 | ) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
After-Tax Non-Core Adjustments | | | | | | | | | | | | | | | | | | | | | | | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | $ | 0.02 | | $ | - | | $ | 0.05 | | $ | 0.02 | | $ | 0.09 | | | | $ | - | | $ | 0.43 | | $ | 0.07 | | | | $ | 0.50 | |
Foreign | | $ | - | | $ | - | | $ | (0.08 | ) | $ | (0.01 | ) | $ | (0.09 | ) | | | $ | - | | $ | - | | $ | - | | | | $ | - | |
Exploration | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | | | $ | - | | $ | - | | $ | - | | | | $ | - | |
Chemical | | $ | 0.07 | | $ | - | | $ | - | | $ | - | | $ | 0.07 | | | | $ | - | | $ | - | | $ | - | | | | $ | - | |
Midstream and Marketing | | $ | - | | $ | - | | $ | (0.13 | ) | $ | - | | $ | (0.13 | ) | | | $ | - | | $ | 0.08 | | $ | - | | | | $ | 0.08 | |
Corporate | | | | | | | | | | | | | | | | | | | | | | | |
Interest | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | | | $ | - | | $ | - | | $ | - | | | | $ | - | |
Other | | $ | (0.10 | ) | $ | - | | $ | - | | $ | (0.44 | ) | $ | (0.54 | ) | | | $ | - | | $ | - | | $ | - | | | | $ | - | |
Taxes | | $ | 0.10 | | $ | - | | $ | - | | $ | 0.21 | | $ | 0.30 | | | | $ | - | | $ | - | | $ | - | | | | $ | - | |
Discontinued Operations | | $ | 0.57 | | $ | - | | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.56 | | | | $ | - | | $ | - | | $ | - | | | | $ | - | |
Total After-Tax Non-Core Adjustments | | $ | 0.66 | | $ | - | | $ | (0.17 | ) | $ | (0.23 | ) | $ | 0.26 | | | | $ | - | | $ | 0.51 | | $ | 0.07 | | | | $ | 0.58 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Core Diluted Earnings Per Share | | $ | (0.56 | ) | $ | (0.18 | ) | $ | (0.15 | ) | $ | (0.13 | ) | $ | (1.01 | ) | | | $ | 0.15 | | $ | 0.15 | | $ | 0.18 | | | | $ | 0.48 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Average Diluted Shares Outstanding (millions) | | 763.4 | | 763.6 | | 764.0 | | 764.1 | | 763.8 | | | | 765.2 | | 765.9 | | 766.4 | | | | 765.7 | |
The difference between reported average diluted shares outstanding and core average diluted shares outstanding is immaterial and does not impact the calculation of core earnings per share. As such, core earnings per share is calculated as core earning (loss) divided by reported average diluted shares outstanding.
SCHEDULE 4
Occidental Petroleum Corporation
Non-Core Adjustments Detail
(Amounts in millions)
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
Before Tax Allocations | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | | | | | | | | | | | | | | | | | | | | | | |
Asset sales gains (losses) | | $ | 48 | | $ | - | | $ | 59 | | $ | - | | $ | 107 | | | | $ | - | | $ | 510 | | $ | 81 | | | | $ | 591 | |
Asset impairments and related items | | - | | - | | - | | 24 | | 24 | | | | - | | - | | - | | | | - | |
Other | | (25 | ) | - | | - | | - | | (25 | ) | | | - | | - | | - | | | | - | |
| | 23 | | - | | 59 | | 24 | | 106 | | | | - | | 510 | | 81 | | | | 591 | |
Foreign | | | | | | | | | | | | | | | | | | | | | | | |
Asset impairments and related items | | - | | - | | (61 | ) | (9 | ) | (70 | ) | | | - | | - | | - | | | | - | |
Total Oil and Gas | | 23 | | - | | (2 | ) | 15 | | 36 | | | | - | | 510 | | 81 | | | | 591 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Chemical | | | | | | | | | | | | | | | | | | | | | | | |
Asset sale gains | | 88 | | - | | - | | - | | 88 | | | | - | | - | | - | | | | - | |
Total Chemical | | 88 | | - | | - | | - | | 88 | | | | - | | - | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | |
Midstream and Marketing | | | | | | | | | | | | | | | | | | | | | | | |
Asset and equity investment gains (losses) | | - | | - | | - | | - | | - | | | | - | | 94 | | - | | | | 94 | |
Asset impairments and related items | | - | | - | | (160 | ) | - | | (160 | ) | | | - | | - | | - | | | | - | |
Total Midstream | | - | | - | | (160 | ) | - | | (160 | ) | | | - | | 94 | | - | | | | 94 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Corporate | | | | | | | | | | | | | | | | | | | | | | | |
Asset impairments and related items (a) | | (78 | ) | - | | - | | (541 | ) | (619 | ) | | | - | | - | | - | | | | - | |
Total Corporate | | (78 | ) | - | | - | | (541 | ) | (619 | ) | | | - | | - | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | |
Taxes (b) | | 33 | | - | | 36 | | 355 | | 424 | | | | - | | (216 | ) | (28 | ) | | | (244 | ) |
Income (Loss) From Continuing Operations | | 66 | | - | | (126 | ) | (171 | ) | (231 | ) | | | - | | 388 | | 53 | | | | 441 | |
Discontinued Operations | | 438 | | (3 | ) | (3 | ) | (4 | ) | 428 | | | | - | | - | | - | | | | - | |
Totals | | $ | 504 | | $ | (3 | ) | $ | (129 | ) | $ | (175 | ) | $ | 197 | | | | $ | - | | $ | 388 | | $ | 53 | | | | $ | 441 | |
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
After Tax Allocations | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Domestic | | | | | | | | | | | | | | | | | | | | | | | |
Asset sales gains (losses) | | $ | 31 | | $ | - | | $ | 38 | | $ | - | | $ | 69 | | | | $ | - | | $ | 328 | | $ | 53 | | | | $ | 381 | |
Asset impairments and related items | | - | | - | | - | | 16 | | 16 | | | | - | | - | | - | | | | - | |
Other | | (16 | ) | - | | - | | - | | (16 | ) | | | - | | - | | - | | | | - | |
| | 15 | | - | | 38 | | 16 | | 69 | | | | - | | 328 | | 53 | | | | 381 | |
Foreign | | | | | | | | | | | | | | | | | | | | | | | |
Asset impairments and related items | | - | | - | | (61 | ) | (7 | ) | (68 | ) | | | - | | - | | - | | | | - | |
Total Oil and Gas | | 15 | | - | | (23 | ) | 9 | | 1 | | | | - | | 328 | | 53 | | | | 381 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Chemical | | | | | | | | | | | | | | | | | | | | | | | |
Asset sale gains | | 56 | | - | | - | | - | | 56 | | | | - | | - | | - | | | | - | |
Total Chemical | | 56 | | - | | - | | - | | 56 | | | | - | | - | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | |
Midstream and Marketing | | | | | | | | | | | | | | | | | | | | | | | |
Asset and equity sales gains (losses) | | - | | - | | - | | - | | - | | | | - | | 60 | | - | | | | 60 | |
Asset impairments and related items | | - | | - | | (103 | ) | - | | (103 | ) | | | - | | - | | - | | | | - | |
Total Midstream | | - | | - | | (103 | ) | - | | (103 | ) | | | - | | 60 | | - | | | | 60 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Corporate | | | | | | | | | | | | | | | | | | | | | | | |
Asset impairments and related items (a) | | (78 | ) | - | | - | | (338 | ) | (416 | ) | | | - | | - | | - | | | | - | |
Total Corporate | | (78 | ) | - | | - | | (338 | ) | (416 | ) | | | - | | - | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | |
Taxes (b) | | 73 | | - | | - | | 158 | | 231 | | | | - | | - | | - | | | | - | |
Income (Loss) From Continuing Operations | | 66 | | - | | (126 | ) | (171 | ) | (231 | ) | | | - | | 388 | | 53 | | | | 441 | |
Discontinued Operations | | 438 | | (3 | ) | (3 | ) | (4 | ) | 428 | | | | - | | - | | - | | | | - | |
Totals | | $ | 504 | | $ | (3 | ) | $ | (129 | ) | $ | (175 | ) | $ | 197 | | | | $ | - | | $ | 388 | | $ | 53 | | | | $ | 441 | |
(a) The Q4 2016 amount represented a reserve for doubtful accounts.
(b) The 2016 amount included benefits for relinquishment of foreign exploration blocks.
SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(Amounts in millions, except per-share amounts)
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
| | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
REVENUES | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | | | | | | | | | | | | | | | | | | | | | | |
Oil & Gas | | $ | 1,275 | | $ | 1,625 | | $ | 1,660 | | $ | 1,817 | | $ | 6,377 | | | | $ | 1,894 | | $ | 1,848 | | $ | 1,865 | | | | $ | 5,607 | |
Chemical | | 890 | | 908 | | 988 | | 970 | | 3,756 | | | | 1,068 | | 1,156 | | 1,071 | | | | 3,295 | |
Midstream and Marketing | | 133 | | 141 | | 202 | | 208 | | 684 | | | | 211 | | 270 | | 266 | | | | 747 | |
Eliminations | | (175 | ) | (143 | ) | (202 | ) | (207 | ) | (727 | ) | | | (216 | ) | (214 | ) | (203 | ) | | | (633 | ) |
| | 2,123 | | 2,531 | | 2,648 | | 2,788 | | 10,090 | | | | 2,957 | | 3,060 | | 2,999 | | | | 9,016 | |
Interest, dividends and other income | | 20 | | 27 | | 25 | | 34 | | 106 | | | | 21 | | 31 | | 20 | | | | 72 | |
Gains on sale of assets and equity investments, net | | 138 | | - | | 60 | | 4 | | 202 | | | | - | | 512 | | 86 | | | | 598 | |
| | 2,281 | | 2,558 | | 2,733 | | 2,826 | | 10,398 | | | | 2,978 | | 3,603 | | 3,105 | | | | 9,686 | |
| | | | | | | | | | | | | | | | | | | | | | | |
COSTS AND OTHER DEDUCTIONS | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | 1,281 | | 1,244 | | 1,338 | | 1,326 | | 5,189 | | | | 1,426 | | 1,486 | | 1,357 | | | | 4,269 | |
Depreciation, depletion and amortization | | 1,102 | | 1,070 | | 1,046 | | 1,050 | | 4,268 | | | | 942 | | 989 | | 995 | | | | 2,926 | |
Selling, general and administrative and other operating expenses | | 272 | | 338 | | 316 | | 404 | | 1,330 | | | | 272 | | 352 | | 352 | | | | 976 | |
Asset impairments and related items | | 78 | | - | | 221 | | 526 | | 825 | | | | 13 | | - | | 11 | | | | 24 | |
Taxes other than on income | | 75 | | 74 | | 61 | | 67 | | 277 | | | | 68 | | 77 | | 76 | | | | 221 | |
Exploration expense | | 9 | | 27 | | 9 | | 17 | | 62 | | | | 11 | | 8 | | 8 | | | | 27 | |
Interest and debt expense, net | | 60 | | 88 | | 68 | | 76 | | 292 | | | | 81 | | 86 | | 91 | | | | 258 | |
| | 2,877 | | 2,841 | | 3,059 | | 3,466 | | 12,243 | | | | 2,813 | | 2,998 | | 2,890 | | | | 8,701 | |
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS | | (596 | ) | (283 | ) | (326 | ) | (640 | ) | (1,845 | ) | | | 165 | | 605 | | 215 | | | | 985 | |
Benefit from (provision for) domestic and foreign income taxes | | 203 | | 96 | | 30 | | 333 | | 662 | | | | (78 | ) | (285 | ) | (85 | ) | | | (448 | ) |
Income from equity investments | | 33 | | 51 | | 58 | | 39 | | 181 | | | | 30 | | 187 | | 60 | | | | 277 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | | (360 | ) | (136 | ) | (238 | ) | (268 | ) | (1,002 | ) | | | 117 | | 507 | | 190 | | | | 814 | |
Discontinued operations, net | | 438 | | (3 | ) | (3 | ) | (4 | ) | 428 | | | | - | | - | | - | | | | - | |
NET INCOME (LOSS) | | $ | 78 | | $ | (139 | ) | $ | (241 | ) | $ | (272 | ) | $ | (574 | ) | | | $ | 117 | | $ | 507 | | $ | 190 | | | | $ | 814 | |
| | | | | | | | | | | | | | | | | | | | | | | |
EARNINGS PER SHARE | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER COMMON SHARE | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (0.47 | ) | $ | (0.18 | ) | $ | (0.31 | ) | $ | (0.35 | ) | $ | (1.31 | ) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
Discontinued operations, net | | 0.57 | | - | | (0.01 | ) | (0.01 | ) | 0.56 | | | | - | | - | | - | | | | - | |
BASIC EARNINGS PER COMMON SHARE | | $ | 0.10 | | $ | (0.18 | ) | $ | (0.32 | ) | $ | (0.36 | ) | $ | (0.75 | ) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
| | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER COMMON SHARE | | $ | 0.10 | | $ | (0.18 | ) | $ | (0.32 | ) | $ | (0.36 | ) | $ | (0.75 | ) | | | $ | 0.15 | | $ | 0.66 | | $ | 0.25 | | | | $ | 1.06 | |
| | | | | | | | | | | | | | | | | | | | | | | |
DIVIDENDS PER COMMON SHARE | | $ | 0.75 | | $ | 0.75 | | $ | 0.76 | | $ | 0.76 | | $ | 3.02 | | | | $ | 0.76 | | $ | 0.76 | | $ | 0.77 | | | | $ | 2.29 | |
| | | | | | | | | | | | | | | | | | | | | | | |
AVERAGE COMMON SHARES OUTSTANDING | | | | | | | | | | | | | | | | | | | | | | | |
BASIC | | 763.4 | | 763.6 | | 764.0 | | 764.1 | | 763.8 | | | | 764.4 | | 764.9 | | 765.5 | | | | 764.9 | |
DILUTED | | 763.4 | | 763.6 | | 764.0 | | 764.1 | | 763.8 | | | | 765.2 | | 765.9 | | 766.4 | | | | 765.7 | |
SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(Amounts in millions)
| | 2016 | | 2017 | |
| | MAR | | JUN | | SEP | | DEC | | MAR | | JUN | | SEP | | DEC | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 3,176 | | $ | 3,751 | | $ | 3,180 | | $ | 2,233 | | $ | 1,494 | | $ | 2,218 | | $ | 1,806 | | | |
Trade receivables, net | | 2,780 | | 3,113 | | 3,521 | | 3,989 | | 4,316 | | 3,913 | | 3,749 | | | |
Inventories | | 997 | | 906 | | 927 | | 866 | | 1,005 | | 920 | | 1,007 | | | |
Assets held for sale | | - | | - | | - | | - | | 162 | | 558 | | - | | | |
Other current assets | | 1,284 | | 1,202 | | 1,083 | | 1,340 | | 1,261 | | 466 | | 483 | | | |
Total current assets | | 8,237 | | 8,972 | | 8,711 | | 8,428 | | 8,238 | | 8,075 | | 7,045 | | | |
INVESTMENTS | | | | | | | | | | | | | | | | | |
Investments in unconsolidated entities | | 1,301 | | 1,360 | | 1,420 | | 1,401 | | 1,436 | �� | 1,572 | | 1,526 | | | |
Total investments | | 1,301 | | 1,360 | | 1,420 | | 1,401 | | 1,436 | | 1,572 | | 1,526 | | | |
PROPERTY, PLANT AND EQUIPMENT | | | | | | | | | | | | | | | | | |
Property, plant and equipment | | 71,643 | | 72,250 | | 72,495 | | 71,293 | | 69,612 | | 68,796 | | 70,315 | | | |
Accumulated depreciation, depletion and amortization | | (40,138 | ) | (41,212 | ) | (42,076 | ) | (38,956) | | (37,607 | ) | (37,330 | ) | (38,250 | ) | | |
| | 31,505 | | 31,038 | | 30,419 | | 32,337 | | 32,005 | | 31,466 | | 32,065 | | | |
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | | 975 | | 1,025 | | 1,080 | | 943 | | 786 | | 869 | | 807 | | | |
TOTAL ASSETS | | $ | 42,018 | | $ | 42,395 | | $ | 41,630 | | $ | 43,109 | | $ | 42,465 | | $ | 41,982 | | $ | 41,443 | | | |
| | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 2,000 | | $ | - | | $ | - | | $ | - | | $ | 500 | | $ | 500 | | $ | 500 | | | |
Accounts payable | | 2,801 | | 3,126 | | 3,392 | | 3,926 | | 4,071 | | 3,825 | | 3,734 | | | |
Accrued liabilities | | 2,025 | | 2,141 | | 2,296 | | 2,436 | | 2,155 | | 2,050 | | 2,128 | | | |
Liabilities of assets held for sale | | - | | - | | - | | - | | 126 | | 16 | | - | | | |
Total current liabilities | | 6,826 | | 5,267 | | 5,688 | | 6,362 | | 6,852 | | 6,391 | | 6,362 | | | |
LONG-TERM DEBT, NET | | 5,608 | | 8,331 | | 8,333 | | 9,819 | | 9,322 | | 9,324 | | 9,326 | | | |
DEFERRED CREDITS AND OTHER LIABILITIES | | | | | | | | | | | | | | | | | |
Deferred domestic and foreign income taxes | | 1,642 | | 1,646 | | 1,411 | | 1,132 | | 1,031 | | 1,059 | | 978 | | | |
Other | | 4,153 | | 4,050 | | 3,902 | | 4,299 | | 4,181 | | 4,171 | | 4,108 | | | |
| | 5,795 | | 5,696 | | 5,313 | | 5,431 | | 5,212 | | 5,230 | | 5,086 | | | |
STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | |
Common stock, $.20 per share par value | | 178 | | 178 | | 178 | | 178 | | 179 | | 179 | | 179 | | | |
Treasury stock | | (9,128 | ) | (9,136 | ) | (9,143 | ) | (9,143) | | (9,143 | ) | (9,149 | ) | (9,154 | ) | | |
Additional paid-in capital | | 7,668 | | 7,697 | | 7,719 | | 7,747 | | 7,783 | | 7,824 | | 7,850 | | | |
Retained earnings | | 25,375 | | 24,661 | | 23,836 | | 22,981 | | 22,513 | | 22,435 | | 22,032 | | | |
Accumulated other comprehensive loss | | (304 | ) | (299 | ) | (294 | ) | (266) | | (253 | ) | (252 | ) | (238 | ) | | |
Total equity | | 23,789 | | 23,101 | | 22,296 | | 21,497 | | 21,079 | | 21,037 | | 20,669 | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 42,018 | | $ | 42,395 | | $ | 41,630 | | $ | 43,109 | | $ | 42,465 | | $ | 41,982 | | $ | 41,443 | | | |
SCHEDULE 7
Occidental Petroleum Corporation
Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(Amounts in millions)
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
| | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
| | | | | | | | | | | | | | | | | | | | | | | |
OPERATING CASH FLOW | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 78 | | $ | (139 | ) | $ | (241 | ) | $ | (272 | ) | $ | (574 | ) | | | $ | 117 | | $ | 507 | | $ | 190 | | | | $ | 814 | |
Depreciation, depletion and amortization (see detail below) | | 1,102 | | 1,070 | | 1,046 | | 1,050 | | 4,268 | | | | 942 | | 989 | | 995 | | | | 2,926 | |
Deferred income tax (benefit) provision | | 77 | | (1 | ) | (238 | ) | (355 | ) | (517 | ) | | | (108 | ) | 84 | | (87 | ) | | | (111 | ) |
Asset impairments and other non-cash charges | | (435 | ) | 5 | | 47 | | 575 | | 192 | | | | 98 | | (547 | ) | (17 | ) | | | (466 | ) |
Operating cash flow before working capital | | 822 | | 935 | | 614 | (a) | 998 | | 3,369 | | | | 1,049 | | 1,033 | | 1,081 | | | | 3,163 | |
Working capital changes | | (316 | ) | (195 | ) | 51 | | 71 | | (389 | ) | | | (389 | ) | 83 | | (4 | ) | | | (310 | ) |
Other, net (b) | | (367 | ) | 63 | | (9 | ) | (148 | ) | (461 | ) | | | (8 | ) | 737 | | (7 | ) | | | 722 | |
Operating cash flow from continuing operations | | 139 | | 803 | | 656 | | 921 | | 2,519 | | | | 652 | | 1,853 | | 1,070 | | | | 3,575 | |
| | | | | | | | | | | | | | | | | | | | | | | |
INVESTING CASH FLOW | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures (see detail below) | | (687 | ) | (657 | ) | (642 | ) | (891 | ) | (2,877 | ) | | | (752 | ) | (779 | ) | (947 | ) | | | (2,478 | ) |
Payment for purchases of assets | | (24 | ) | (10 | ) | (48 | ) | (1,962 | ) | (2,044 | ) | | | (19 | ) | (358 | ) | (683 | ) | | | (1,060 | ) |
Sales of assets and equity investments, net | | 285 | | (25 | ) | 63 | | (21 | ) | 302 | | | | - | | 609 | | 684 | | | | 1,293 | |
Changes in capital accrual | | (208 | ) | (1 | ) | 2 | | 93 | | (114 | ) | | | (41 | ) | 6 | | 55 | | | | 20 | |
Other investing activities | | (3 | ) | (4 | ) | (17 | ) | 15 | | (9 | ) | | | (7 | ) | (21 | ) | (8 | ) | | | (36 | ) |
Investing cash flow from continuing operations | | (637 | ) | (697 | ) | (642 | ) | (2,766 | ) | (4,742 | ) | | | (819 | ) | (543 | ) | (899 | ) | | | (2,261 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
FINANCING CASH FLOW | | | | | | | | | | | | | | | | | | | | | | | |
Cash dividends paid | | (574 | ) | (575 | ) | (575 | ) | (585 | ) | (2,309 | ) | | | (584 | ) | (584 | ) | (586 | ) | | | (1,754 | ) |
Purchases of treasury stock | | (7 | ) | (8 | ) | (7 | ) | - | | (22 | ) | | | - | | (6 | ) | (6 | ) | | | (12 | ) |
Proceeds from long-term debt | | - | | 2,718 | | - | | 1,485 | | 4,203 | | | | - | | - | | - | | | | - | |
Payment of long-term debt | | (700 | ) | (2,010 | ) | - | | - | | (2,710 | ) | | | - | | - | | - | | | | - | |
Other financing activities | | 11 | | 18 | | 3 | | 4 | | 36 | | | | 12 | | 4 | | 9 | | | | 25 | |
Financing cash flow from continuing operations | | (1,270 | ) | 143 | | (579 | ) | 904 | | (802 | ) | | | (572 | ) | (586 | ) | (583 | ) | | | (1,741 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
Cash Flow From Discontinued Operations | | 550 | | 326 | | (6 | ) | (6 | ) | 864 | | | | - | | - | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash | | (1,218 | ) | 575 | | (571 | ) | (947 | ) | (2,161 | ) | | | (739 | ) | 724 | | (412 | ) | | | (427 | ) |
Cash, cash equivalents and restricted cash (c) - beg of period | | 4,394 | | 3,176 | | 3,751 | | 3,180 | | 4,394 | | | | 2,233 | | 1,494 | | 2,218 | | | | 2,233 | |
Cash, cash equivalents and restricted cash (c) - end of period | | $ | 3,176 | | $ | 3,751 | | $ | 3,180 | | $ | 2,233 | | $ | 2,233 | | | | $ | 1,494 | | $ | 2,218 | | $ | 1,806 | | | | $ | 1,806 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Depreciation, Depletion and Amortization | | Qtr1 | | Qtr2 | | Qtr3 | | Qtr4 | | TY | | | | Qtr1 | | Qtr2 | | Qtr3 | | Qtr4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
United States | | $ | 709 | | $ | 701 | | $ | 693 | | $ | 690 | | $ | 2,793 | | | | $ | 593 | | $ | 625 | | $ | 629 | | | | $ | 1,847 | |
Latin America | | 42 | | 43 | | 33 | | 38 | | 156 | | | | 27 | | 32 | | 31 | | | | 90 | |
Middle East | | 175 | | 157 | | 147 | | 147 | | 626 | | | | 144 | | 148 | | 153 | | | | 445 | |
Chemical | | 88 | | 81 | | 85 | | 86 | | 340 | | | | 86 | | 90 | | 86 | | | | 262 | |
Midstream and Marketing | | 78 | | 78 | | 78 | | 79 | | 313 | | | | 81 | | 84 | | 86 | | | | 251 | |
Corporate | | 10 | | 10 | | 10 | | 10 | | 40 | | | | 11 | | 10 | | 10 | | | | 31 | |
| | $ | 1,102 | | $ | 1,070 | | $ | 1,046 | | $ | 1,050 | | $ | 4,268 | | | | $ | 942 | | $ | 989 | | $ | 995 | | | | $ | 2,926 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Capital Expenditures | | Qtr1 | | Qtr2 | | Qtr3 | | Qtr4 | | TY | | | | Qtr1 | | Qtr2 | | Qtr3 | | Qtr4 | | YTD | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | $ | (221 | ) | $ | (128 | ) | $ | (153 | ) | $ | (216 | ) | $ | (718 | ) | | | $ | (280 | ) | $ | (298 | ) | $ | (439 | ) | | | $ | (1,017 | ) |
Permian EOR | | (91 | ) | (116 | ) | (116 | ) | (171 | ) | (494 | ) | | | (119 | ) | (87 | ) | (100 | ) | | | (306 | ) |
Other Domestic | | (2 | ) | (4 | ) | (2 | ) | (4 | ) | (12 | ) | | | (1 | ) | - | | (2 | ) | | | (3 | ) |
Latin America | | (11 | ) | (11 | ) | (13 | ) | (38 | ) | (73 | ) | | | (29 | ) | (35 | ) | (47 | ) | | | (111 | ) |
Middle East | | (183 | ) | (163 | ) | (141 | ) | (150 | ) | (637 | ) | | | (148 | ) | (135 | ) | (143 | ) | | | (426 | ) |
Exploration Drilling | | (8 | ) | (7 | ) | (10 | ) | (19 | ) | (44 | ) | | | (16 | ) | (42 | ) | (74 | ) | | | (132 | ) |
Chemical | | (46 | ) | (77 | ) | (58 | ) | (143 | ) | (324 | ) | | | (63 | ) | (73 | ) | (63 | ) | | | (199 | ) |
Midstream and Marketing | | (82 | ) | (90 | ) | (93 | ) | (93 | ) | (358 | ) | | | (65 | ) | (89 | ) | (68 | ) | | | (222 | ) |
Corporate | | (2 | ) | (5 | ) | (12 | ) | (38 | ) | (57 | ) | | | (1 | ) | (11 | ) | (11 | ) | | | (23 | ) |
GAAP external reporting | | (646 | ) | (601 | ) | (598 | ) | (872 | ) | (2,717 | ) | | | (722 | ) | (770 | ) | (947 | ) | | | (2,439 | ) |
Cracker JV investment contributions | | (41 | ) | (56 | ) | (44 | ) | (19 | ) | (160 | ) | | | (30 | ) | (9 | ) | - | | | | (39 | ) |
| | $ | (687 | ) | $ | (657 | ) | $ | (642 | ) | $ | (891 | ) | $ | (2,877 | ) | | | $ | (752 | ) | $ | (779 | ) | $ | (947 | ) | | | $ | (2,478 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
Reconciliation of non-GAAP disclosures to GAAP | | Qtr1 | | Qtr2 | | Qtr3 | | Qtr4 | | TY | | | | Qtr1 | | Qtr2 | | Qtr3 | | Qtr4 | | YTD | |
Condensed Statements of Cash Flows | | | | | | | | | | | | | | | | | | | | | | | |
CASH FLOW FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | |
Continuing operations | | $ | 139 | | $ | 803 | | $ | 656 | | $ | 921 | | $ | 2,519 | | | | $ | 652 | | $ | 1,853 | | $ | 1,070 | | | | $ | 3,575 | |
Discontinued operations | | 550 | | 326 | | (6 | ) | (6 | ) | 864 | | | | - | | - | | - | | | | - | |
CASH FLOW FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | |
Continuing operations | | (637 | ) | (697 | ) | (642 | ) | (2,766 | ) | (4,742 | ) | | | (819 | ) | (543 | ) | (899 | ) | | | (2,261 | ) |
CASH FLOW FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | |
Continuing operations | | (77 | ) | 143 | | (579 | ) | 904 | | 391 | | | | (572 | ) | (586 | ) | (583 | ) | | | (1,741 | ) |
Increase (decrease) in cash and cash equivalents | | (25 | ) | 575 | | (571 | ) | (947 | ) | (968 | ) | | | (739 | ) | 724 | | (412 | ) | | | (427 | ) |
Cash and cash equivalents - beginning of period | | 3,201 | | 3,176 | | 3,751 | | 3,180 | | 3,201 | | | | 2,233 | | 1,494 | | 2,218 | | | | 2,233 | |
Cash and cash equivalents - end of period | | $ | 3,176 | | $ | 3,751 | | $ | 3,180 | | $ | 2,233 | | $ | 2,233 | | | | $ | 1,494 | | $ | 2,218 | | $ | 1,806 | | | | $ | 1,806 | |
(a) The third quarter of 2016 operating cash flow before working capital includes one-time charge for the termination of crude oil supply contracts of $160 million and the timing of the recognition of a portion of the 2016 NOL receivable of $86 million.
(b) The 2016 amount represents the NOL carryback which is expected to be collected in 2017, net of the 2nd quarter 2016 collection of $302 million for the 2015 NOL. The second quarter of 2017 represents collection of $749 million for the 2016 NOL partially offset by 2017 NOL carryback which is expected to be collected in 2018.
(c) Restricted cash must be used solely to pay dividends, repurchase common stock, repay debt, or a combination of the foregoing. As of March 31, 2016, there is no restricted cash remaining.
SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
REPORTED NET MBOE VOLUMES PER DAY: | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
United States | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | 128 | | 126 | | 121 | | 123 | | 124 | | | | 129 | | 138 | | 139 | | | | 135 | |
Permian EOR | | 145 | | 144 | | 143 | | 145 | | 145 | | | | 145 | | 146 | | 153 | | | | 148 | |
South Texas & Other | | 43 | | 32 | | 30 | | 28 | | 33 | | | | 29 | | 12 | | 5 | | | | 16 | |
Total | | 316 | | 302 | | 294 | | 296 | | 302 | | | | 303 | | 296 | | 297 | | | | 299 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Latin America | | 39 | | 35 | | 27 | | 34 | | 34 | | | | 29 | | 33 | | 33 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Middle East | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 42 | | 68 | | 74 | | 72 | | 64 | | | | 57 | | 75 | | 76 | | | | 70 | |
Dolphin | | 44 | | 43 | | 43 | | 44 | | 43 | | | | 39 | | 43 | | 43 | | | | 41 | |
Oman | | 89 | | 95 | | 102 | | 99 | | 96 | | | | 95 | | 96 | | 95 | | | | 95 | |
Qatar | | 69 | | 66 | | 65 | | 62 | | 65 | | | | 61 | | 58 | | 56 | | | | 58 | |
Other | | 58 | | 44 | | - | | - | | 26 | | | | - | | - | | - | | | | - | |
Total | | 302 | | 316 | | 284 | | 277 | | 294 | | | | 252 | | 272 | | 270 | | | | 264 | |
| | | | | | | | | | | | | | | | | | | | | | | |
TOTAL REPORTED PRODUCTION | | 657 | | 653 | | 605 | | 607 | | 630 | | | | 584 | | 601 | | 600 | | | | 595 | |
| | | | | | | | | | | | | | | | | | | | | | | |
REPORTED NET PRODUCTION | | | | | | | | | | | | | | | | | | | | | | | |
VOLUMES PER DAY BY COMMODITY: | | | | | | | | | | | | | | | | | | | | | | | |
United States | | | | | | | | | | | | | | | | | | | | | | | |
Oil (MBBL) | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | 84 | | 79 | | 72 | | 73 | | 77 | | | | 78 | | 83 | | 82 | | | | 81 | |
Permian EOR | | 108 | | 107 | | 106 | | 109 | | 108 | | | | 111 | | 110 | | 115 | | | | 112 | |
South Texas & Other | | 5 | | 4 | | 3 | | 2 | | 4 | | | | 3 | | 2 | | 2 | | | | 3 | |
Total | | 197 | | 190 | | 181 | | 184 | | 189 | | | | 192 | | 195 | | 199 | | | | 196 | |
NGLs (MBBL) | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | 19 | | 20 | | 23 | | 22 | | 21 | | | | 23 | | 25 | | 26 | | | | 25 | |
Permian EOR | | 28 | | 27 | | 27 | | 26 | | 27 | | | | 24 | | 26 | | 28 | | | | 26 | |
South Texas & Other | | 7 | | 5 | | 5 | | 5 | | 5 | | | | 5 | | 2 | | — | | | | 2 | |
Total | | 54 | | 52 | | 55 | | 53 | | 53 | | | | 52 | | 53 | | 54 | | | | 53 | |
Natural Gas (MMCF) | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | 152 | | 162 | | 158 | | 165 | | 158 | | | | 169 | | 178 | | 187 | | | | 176 | |
Permian EOR | | 51 | | 60 | | 62 | | 61 | | 59 | | | | 59 | | 58 | | 57 | | | | 58 | |
South Texas & Other | | 185 | | 135 | | 129 | | 126 | | 144 | | | | 124 | | 50 | | 17 | | | | 64 | |
Total | | 388 | | 357 | | 349 | | 352 | | 361 | | | | 352 | | 286 | | 261 | | | | 298 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Latin America | | | | | | | | | | | | | | | | | | | | | | | |
Oil (MBBL) | | 38 | | 34 | | 26 | | 33 | | 33 | | | | 28 | | 32 | | 32 | | | | 31 | |
Natural Gas (MMCF) | | 8 | | 8 | | 8 | | 8 | | 8 | | | | 8 | | 7 | | 7 | | | | 7 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Middle East | | | | | | | | | | | | | | | | | | | | | | | |
Oil (MBBL) | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 9 | | 13 | | 14 | | 13 | | 12 | | | | 11 | | 14 | | 14 | | | | 13 | |
Dolphin | | 7 | | 7 | | 7 | | 7 | | 7 | | | | 7 | | 7 | | 7 | | | | 7 | |
Oman | | 77 | | 76 | | 78 | | 77 | | 77 | | | | 73 | | 72 | | 71 | | | | 72 | |
Qatar | | 69 | | 66 | | 65 | | 62 | | 65 | | | | 61 | | 58 | | 56 | | | | 58 | |
Other | | 20 | | 6 | | - | | - | | 7 | | | | - | | - | | - | | | | - | |
Total | | 182 | | 168 | | 164 | | 159 | | 168 | | | | 152 | | 151 | | 148 | | | | 150 | |
NGLs (MBBL) | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 13 | | 22 | | 23 | | 23 | | 20 | | | | 18 | | 24 | | 24 | | | | 22 | |
Dolphin | | 9 | | 8 | | 8 | | 9 | | 8 | | | | 8 | | 8 | | 9 | | | | 8 | |
Total | | 22 | | 30 | | 31 | | 32 | | 28 | | | | 26 | | 32 | | 33 | | | | 30 | |
Natural Gas (MMCF) | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 121 | | 200 | | 222 | | 216 | | 190 | | | | 167 | | 224 | | 229 | | | | 207 | |
Dolphin | | 166 | | 167 | | 167 | | 165 | | 166 | | | | 146 | | 166 | | 163 | | | | 158 | |
Oman | | 71 | | 114 | | 142 | | 132 | | 115 | | | | 131 | | 142 | | 141 | | | | 138 | |
Other | | 230 | | 227 | | - | | - | | 114 | | | | - | | - | | | | | | - | |
Total | | 588 | | 708 | | 531 | | 513 | | 585 | | | | 444 | | 532 | | 533 | | | | 503 | |
SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
PRO FORMA FOR ONGOING OPERATIONS (EXCLUDES OPERATIONS SOLD, EXITED AND EXITING)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
NET MBOE VOLUMES PER DAY: | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
United States | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | 128 | | 126 | | 121 | | 123 | | 124 | | | | 129 | | 138 | | 139 | | | | 135 | |
Permian EOR | | 145 | | 144 | | 143 | | 145 | | 145 | | | | 145 | | 146 | | 153 | | | | 148 | |
Other Domestic | | 5 | | 4 | | 4 | | 4 | | 4 | | | | 4 | | 5 | | 5 | | | | 5 | |
Total | | 278 | | 274 | | 268 | | 272 | | 273 | | | | 278 | | 289 | | 297 | | | | 288 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Latin America | | 39 | | 35 | | 27 | | 34 | | 34 | | | | 29 | | 33 | | 33 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Middle East | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 42 | | 68 | | 74 | | 72 | | 64 | | | | 57 | | 75 | | 76 | | | | 70 | |
Dolphin | | 44 | | 43 | | 43 | | 44 | | 43 | | | | 39 | | 43 | | 43 | | | | 41 | |
Oman | | 89 | | 95 | | 102 | | 99 | | 96 | | | | 95 | | 96 | | 95 | | | | 95 | |
Qatar | | 69 | | 66 | | 65 | | 62 | | 65 | | | | 61 | | 58 | | 56 | | | | 58 | |
Total | | 244 | | 272 | | 284 | | 277 | | 268 | | | | 252 | | 272 | | 270 | | | | 264 | |
| | | | | | | | | | | | | | | | | | | | | | | |
TOTAL ONGOING OPERATIONS | | 561 | | 581 | | 579 | | 583 | | 575 | | | | 559 | | 594 | | 600 | | | | 584 | |
| | | | | | | | | | | | | | | | | | | | | | | |
NET PRODUCTION VOLUMES PER DAY | | | | | | | | | | | | | | | | | | | | | | | |
BY COMMODITY FOR ONGOING OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | |
United States | | | | | | | | | | | | | | | | | | | | | | | |
Oil (MBBL) | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | 84 | | 79 | | 72 | | 73 | | 77 | | | | 78 | | 83 | | 82 | | | | 81 | |
Permian EOR | | 108 | | 107 | | 106 | | 109 | | 108 | | | | 111 | | 110 | | 115 | | | | 112 | |
Other Domestic | | 2 | | 1 | | 1 | | 1 | | 1 | | | | 1 | | 2 | | 2 | | | | 2 | |
Total | | 194 | | 187 | | 179 | | 183 | | 186 | | | | 190 | | 195 | | 199 | | | | 195 | |
NGLs (MBBL) | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | 19 | | 20 | | 23 | | 22 | | 21 | | | | 23 | | 25 | | 26 | | | | 25 | |
Permian EOR | | 28 | | 27 | | 27 | | 26 | | 27 | | | | 24 | | 26 | | 28 | | | | 26 | |
Total | | 47 | | 47 | | 50 | | 48 | | 48 | | | | 47 | | 51 | | 54 | | | | 51 | |
Natural Gas (MMCF) | | | | | | | | | | | | | | | | | | | | | | | |
Permian Resources | | 152 | | 162 | | 158 | | 165 | | 158 | | | | 169 | | 178 | | 187 | | | | 176 | |
Permian EOR | | 51 | | 60 | | 62 | | 61 | | 59 | | | | 59 | | 58 | | 57 | | | | 58 | |
Other Domestic | | 19 | | 17 | | 18 | | 16 | | 18 | | | | 16 | | 18 | | 17 | | | | 17 | |
Total | | 222 | | 239 | | 238 | | 242 | | 235 | | | | 244 | | 254 | | 261 | | | | 251 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Latin America | | | | | | | | | | | | | | | | | | | | | | | |
Oil (MBBL) | | 38 | | 34 | | 26 | | 33 | | 33 | | | | 28 | | 32 | | 32 | | | | 31 | |
Natural Gas (MMCF) | | 8 | | 8 | | 8 | | 8 | | 8 | | | | 8 | | 7 | | 7 | | | | 7 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Middle East | | | | | | | | | | | | | | | | | | | | | | | |
Oil (MBBL) | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 9 | | 13 | | 14 | | 13 | | 12 | | | | 11 | | 14 | | 14 | | | | 13 | |
Dolphin | | 7 | | 7 | | 7 | | 7 | | 7 | | | | 7 | | 7 | | 7 | | | | 7 | |
Oman | | 77 | | 76 | | 78 | | 77 | | 77 | | | | 73 | | 72 | | 71 | | | | 72 | |
Qatar | | 69 | | 66 | | 65 | | 62 | | 65 | | | | 61 | | 58 | | 56 | | | | 58 | |
Total | | 162 | | 162 | | 164 | | 159 | | 161 | | | | 152 | | 151 | | 148 | | | | 150 | |
NGLs (MBBL) | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 13 | | 22 | | 23 | | 23 | | 20 | | | | 18 | | 24 | | 24 | | | | 22 | |
Dolphin | | 9 | | 8 | | 8 | | 9 | | 8 | | | | 8 | | 8 | | 9 | | | | 8 | |
Total | | 22 | | 30 | | 31 | | 32 | | 28 | | | | 26 | | 32 | | 33 | | | | 30 | |
Natural Gas (MMCF) | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 121 | | 200 | | 222 | | 216 | | 190 | | | | 167 | | 224 | | 229 | | | | 207 | |
Dolphin | | 166 | | 167 | | 167 | | 165 | | 166 | | | | 146 | | 166 | | 163 | | | | 158 | |
Oman | | 71 | | 114 | | 142 | | 132 | | 115 | | | | 131 | | 142 | | 141 | | | | 138 | |
Total | | 358 | | 481 | | 531 | | 513 | | 471 | | | | 444 | | 532 | | 533 | | | | 503 | |
SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Sales Volumes Per Day and Realized Prices by Geographical Locations
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
NET SALES MBOE VOLUMES PER DAY: | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
| | | | | | | | | | | | | | | | | | | | | | | |
United States | | 278 | | 274 | | 268 | | 272 | | 273 | | | | 278 | | 289 | | 297 | | | | 288 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Latin America | | 35 | | 39 | | 32 | | 34 | | 35 | | | | 28 | | 35 | | 31 | | | | 31 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Middle East | | | | | | | | | | | | | | | | | | | | | | | |
Al Hosn | | 42 | | 67 | | 74 | | 72 | | 64 | | | | 57 | | 75 | | 76 | | | | 70 | |
Dolphin | | 44 | | 43 | | 43 | | 44 | | 43 | | | | 39 | | 43 | | 43 | | | | 41 | |
Oman | | 91 | | 95 | | 101 | | 98 | | 96 | | | | 96 | | 96 | | 95 | | | | 96 | |
Qatar | | 65 | | 70 | | 65 | | 63 | | 66 | | | | 60 | | 58 | | 58 | | | | 58 | |
Total | | 242 | | 275 | | 283 | | 277 | | 269 | | | | 252 | | 272 | | 272 | | | | 265 | |
| | | | | | | | | | | | | | | | | | | | | | | |
ONGOING OPERATIONS | | 555 | | 588 | | 583 | | 583 | | 577 | | | | 558 | | 596 | | 600 | | | | 584 | |
Operations Sold, Exited and Exiting | | 96 | | 72 | | 26 | | 24 | | 55 | | | | 25 | | 7 | | - | | | | 11 | |
TOTAL REPORTED SALES | | 651 | | 660 | | 609 | | 607 | | 632 | | | | 583 | | 603 | | 600 | | | | 595 | |
| | | | | | | | | | | | | | | | | | | | | | | |
REALIZED PRICES | | | | | | | | | | | | | | | | | | | | | | | |
United States | | | | | | | | | | | | | | | | | | | | | | | |
Oil ($/BBL) | | $ | 29.48 | | $ | 41.43 | | $ | 41.49 | | $ | 45.70 | | $ | 39.38 | | | | $ | 48.67 | | $ | 44.94 | | $ | 45.04 | | | | $ | 46.19 | |
NGLs ($/BBL) | | $ | 9.91 | | $ | 14.25 | | $ | 15.21 | | $ | 19.53 | | $ | 14.72 | | | | $ | 23.07 | | $ | 20.47 | | $ | 22.99 | | | | $ | 22.18 | |
Natural Gas ($/MCF) | | $ | 1.50 | | $ | 1.46 | | $ | 2.30 | | $ | 2.39 | | $ | 1.90 | | | | $ | 2.68 | | $ | 2.23 | | $ | 2.15 | | | | $ | 2.38 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Latin America | | | | | | | | | | | | | | | | | | | | | | | |
Oil ($/BBL) | | $ | 27.63 | | $ | 39.26 | | $ | 39.66 | | $ | 43.70 | | $ | 37.48 | | | | $ | 48.26 | | $ | 42.60 | | $ | 45.54 | | | | $ | 45.26 | |
Natural Gas ($/MCF) | | $ | 4.19 | | $ | 3.36 | | $ | 3.48 | | $ | 4.16 | | $ | 3.78 | | | | $ | 4.77 | | $ | 5.18 | | $ | 5.22 | | | | $ | 5.04 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Middle East | | | | | | | | | | | | | | | | | | | | | | | |
Oil ($/BBL) | | $ | 29.68 | | $ | 37.80 | | $ | 41.84 | | $ | 44.63 | | $ | 38.25 | | | | $ | 49.63 | | $ | 49.51 | | $ | 47.84 | | | | $ | 48.99 | |
NGLs ($/BBL) | | $ | 13.25 | | $ | 15.21 | | $ | 14.63 | | $ | 16.40 | | $ | 15.01 | | | | $ | 18.64 | | $ | 16.31 | | $ | 17.01 | | | | $ | 17.23 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total Worldwide | | | | | | | | | | | | | | | | | | | | | | | |
Oil ($/BBL) | | $ | 29.42 | | $ | 39.66 | | $ | 41.49 | | $ | 45.08 | | $ | 38.73 | | | | $ | 49.04 | | $ | 46.55 | | $ | 46.19 | | | | $ | 47.23 | |
NGLs ($/BBL) | | $ | 10.86 | | $ | 14.59 | | $ | 14.99 | | $ | 18.36 | | $ | 14.82 | | | | $ | 21.59 | | $ | 18.90 | | $ | 20.73 | | | | $ | 20.37 | |
Natural Gas ($/MCF) | | $ | 1.25 | | $ | 1.26 | | $ | 1.84 | | $ | 1.88 | | $ | 1.53 | | | | $ | 2.07 | | $ | 1.81 | | $ | 1.77 | | | | $ | 1.88 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Index Prices | | | | | | | | | | | | | | | | | | | | | | | |
WTI Oil ($/BBL) | | $ | 33.45 | | $ | 45.59 | | $ | 44.94 | | $ | 49.29 | | $ | 43.32 | | | | $ | 51.91 | | $ | 48.29 | | $ | 48.21 | | | | $ | 49.47 | |
Brent Oil ($/BBL) | | $ | 35.08 | | $ | 46.97 | | $ | 46.98 | | $ | 51.13 | | $ | 45.04 | | | | $ | 54.66 | | $ | 50.92 | | $ | 52.18 | | | | $ | 52.59 | |
NYMEX Natural Gas ($/MCF) | | $ | 2.07 | | $ | 1.97 | | $ | 2.70 | | $ | 2.95 | | $ | 2.42 | | | | $ | 3.26 | | $ | 3.14 | | $ | 2.95 | | | | $ | 3.12 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Percentage of Index Prices | | | | | | | | | | | | | | | | | | | | | | | |
Worldwide oil as a percentage of WTI | | 88% | | 87% | | 92% | | 91% | | 89% | | | | 94% | | 96% | | 96% | | | | 95% | |
Worldwide oil as a percentage of Brent | | 84% | | 84% | | 88% | | 88% | | 86% | | | | 90% | | 91% | | 89% | | | | 90% | |
Worldwide NGL as a percentage of WTI | | 32% | | 32% | | 33% | | 37% | | 34% | | | | 42% | | 39% | | 43% | | | | 41% | |
Worldwide NGL as a percentage of Brent | | 31% | | 31% | | 32% | | 36% | | 33% | | | | 39% | | 37% | | 40% | | | | 39% | |
Domestic gas as a percentage of NYMEX | | 73% | | 74% | | 85% | | 81% | | 79% | | | | 82% | | 71% | | 73% | | | | 76% | |
SCHEDULE 11
Occidental Petroleum Corporation
Oil and Gas Costs
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
| | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
| | | | | | | | | | | | | | | | | | | | | | | |
Cash operating expenses ($/BOE) | | | | | | | | | | | | | | | | | | | | | | | |
United States | | $ | 11.67 | | $ | 11.80 | | $ | 12.26 | | $ | 12.59 | | $ | 12.07 | | | | $ | 13.47 | | $ | 13.55 | | $ | 13.23 | | | | $ | 13.42 | |
Latin America | | $ | 8.55 | | $ | 13.12 | | $ | 14.93 | | $ | 16.34 | | $ | 13.16 | | | | $ | 14.70 | | $ | 11.73 | | $ | 11.83 | | | | $ | 12.65 | |
Middle East | | $ | 9.02 | | $ | 8.35 | | $ | 8.83 | | $ | 10.39 | | $ | 9.12 | | | | $ | 10.67 | | $ | 10.04 | | $ | 9.03 | | | | $ | 9.89 | |
Total Oil and Gas | | $ | 10.28 | | $ | 10.21 | | $ | 10.81 | | $ | 11.80 | | $ | 10.76 | | | | $ | 12.33 | | $ | 11.86 | | $ | 11.25 | | | | $ | 11.80 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Taxes other than on income ($/BOE) | | | | | | | | | | | | | | | | | | | | | | | |
United States | | $ | 2.12 | | $ | 2.41 | | $ | 1.96 | | $ | 2.20 | | $ | 2.17 | | | | $ | 2.07 | | $ | 2.53 | | $ | 2.56 | | | | $ | 2.39 | |
Total Oil and Gas | | $ | 1.15 | | $ | 1.12 | | $ | 0.97 | | $ | 1.09 | | $ | 1.08 | | | | $ | 1.15 | | $ | 1.27 | | $ | 1.29 | | | | $ | 1.24 | |
| | | | | | | | | | | | | | | | | | | | | | | |
DD&A expense ($/BOE) | | | | | | | | | | | | | | | | | | | | | | | |
United States | | $ | 24.63 | | $ | 25.59 | | $ | 25.58 | | $ | 25.29 | | $ | 25.27 | | | | $ | 21.74 | | $ | 23.17 | | $ | 23.06 | | | | $ | 22.65 | |
Latin America | | $ | 12.88 | | $ | 12.00 | | $ | 11.13 | | $ | 12.41 | | $ | 12.12 | | | | $ | 10.61 | | $ | 9.91 | | $ | 10.81 | | | | $ | 10.42 | |
Middle East | | $ | 6.42 | | $ | 5.38 | | $ | 5.66 | | $ | 5.78 | | $ | 5.81 | | | | $ | 6.34 | | $ | 6.02 | | $ | 6.11 | | | | $ | 6.15 | |
Total Oil and Gas | | $ | 15.61 | | $ | 15.00 | | $ | 15.58 | | $ | 15.69 | | $ | 15.46 | | | | $ | 14.55 | | $ | 14.67 | | $ | 14.74 | | | | $ | 14.65 | |
| | | | | | | | | | | | | | | | | | | | | | | |
G&A and other operating expenses ($/BOE) | | $ | 2.88 | | $ | 2.22 | | $ | 2.95 | | $ | 3.71 | | $ | 2.94 | | | | $ | 3.65 | | $ | 3.60 | | $ | 3.88 | | | | $ | 3.71 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Exploration Expense ($ millions) | | | | | | | | | | | | | | | | | | | | | | | |
United States | | $ | 2 | | $ | 3 | | $ | 3 | | $ | 5 | | $ | 13 | | | | $ | 10 | | $ | 5 | | $ | 6 | | | | $ | 21 | |
Latin America | | 1 | | 1 | | - | | - | | 2 | | | | 1 | | 2 | | 1 | | | | 4 | |
Middle East | | 6 | | 23 | | 6 | | 12 | | 47 | | | | - | | 1 | | 1 | | | | 2 | |
| | $ | 9 | | $ | 27 | | $ | 9 | | $ | 17 | | $ | 62 | | | | $ | 11 | | $ | 8 | | $ | 8 | | | | $ | 27 | |
SCHEDULE 12
Occidental Petroleum Corporation
Segment Core Results Pre-tax Variance Roll-forwards
(Amounts in millions)
| | | | | | 2016 | | | | | | | | | | | | 2017 | | | | | |
| | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | TY | | | | Qtr 1 | | Qtr 2 | | Qtr 3 | | Qtr 4 | | YTD | |
Quarter-over-Quarter | | | | | | | | | | | | | | | | | | | | | | | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Prior quarter core income (loss) | | $ | (106 | ) | $ | (508 | ) | $ | (117 | ) | $ | (49 | ) | | | | | $ | 2 | | $ | 220 | | $ | 117 | | | | | |
Sales price | | (378 | ) | 377 | | 102 | | 144 | | | | | | 150 | | (109 | ) | 13 | | | | | |
Sales volume | | (88 | ) | 19 | | (50 | ) | (4 | ) | | | | | (59 | ) | 25 | | (11 | ) | | | | |
Operating expenses | | 59 | | (4 | ) | 8 | | (51 | ) | | | | | 11 | | (4 | ) | 30 | | | | | |
DD&A rate | | 16 | | (2 | ) | (1 | ) | (1 | ) | | | | | 93 | | (1 | ) | 7 | | | | | |
Exploration expense | | 4 | | (17 | ) | 18 | | (9 | ) | | | | | 7 | | 3 | | 1 | | | | | |
All others | | (15 | ) | 18 | | (9 | ) | (28 | ) | | | | | 16 | | (17 | ) | (18 | ) | | | | |
Current quarter core income (loss) | | $ | (508 | ) | $ | (117 | ) | $ | (49 | ) | $ | 2 | | | | | | $ | 220 | | $ | 117 | | $ | 139 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Chemical | | | | | | | | | | | | | | | | | | | | | | | |
Prior quarter core income | | $ | 116 | | $ | 126 | | $ | 88 | | $ | 117 | | | | | | $ | 152 | | $ | 170 | | $ | 230 | | | | | |
Sales price | | (43 | ) | 35 | | 25 | | 36 | | | | | | 10 | | 61 | | 9 | | | | | |
Sales volume / mix | | 20 | | 21 | | (13 | ) | 4 | | | | | | 43 | | 10 | | (16 | ) | | | | |
Operations / manufacturing | | 34 | | (82 | ) | 7 | | (20 | ) | | | | | (15 | ) | (47 | ) | (10 | ) | | | | |
All others | | (1 | ) | (12 | ) | 10 | | 15 | | | | | | (20 | ) | 36 | | (13 | ) | | | | |
Current quarter core income | | $ | 126 | | $ | 88 | | $ | 117 | | $ | 152 | | | | | | $ | 170 | | $ | 230 | | $ | 200 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Midstream and Marketing | | | | | | | | | | | | | | | | | | | | | | | |
Prior quarter core income (loss) | | $ | (45 | ) | $ | (95 | ) | $ | (58 | ) | $ | (20 | ) | | | | | $ | (48 | ) | $ | (47 | ) | $ | 25 | | | | | |
Marketing | | (3 | ) | 4 | | 41 | | (24 | ) | | | | | - | | 47 | | (19 | ) | | | | |
Gas plants | | (17 | ) | 6 | | (10 | ) | 8 | | | | | | 8 | | (12 | ) | 4 | | | | | |
Pipelines | | (31 | ) | 23 | | 4 | | (8 | ) | | | | | (9 | ) | 32 | | (8 | ) | | | | |
Power generation | | 3 | | 2 | | 6 | | (10 | ) | | | | | 2 | | 1 | | 3 | | | | | |
All others | | (2 | ) | 2 | | (3 | ) | 6 | | | | | | - | | 4 | | (1 | ) | | | | |
Current quarter core income (loss) | | $ | (95 | ) | $ | (58 | ) | $ | (20 | ) | $ | (48 | ) | | | | | $ | (47 | ) | $ | 25 | | $ | 4 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Year-over-Year | | | | | | | | | | | | | | | | | | | | | | | |
Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | |
Prior year core income | | $ | 57 | | $ | 324 | | $ | 162 | | $ | (106 | ) | $ | 437 | | | | $ | (508 | ) | $ | (117 | ) | $ | (49 | ) | | | $ | (674 | ) |
Sales price | | (747 | ) | (588 | ) | (219 | ) | 228 | | (1,326 | ) | | | 717 | | 281 | | 193 | | | | 1,191 | |
Sales volume | | (18 | ) | 12 | | (111 | ) | (70 | ) | (187 | ) | | | (15 | ) | (56 | ) | (41 | ) | | | (112 | ) |
Operating expenses | | 140 | | 85 | | 75 | | (12 | ) | 288 | | | | (52 | ) | (57 | ) | (15 | ) | | | (124 | ) |
DD&A rate | | 19 | | 27 | | 41 | | (5 | ) | 82 | | | | 86 | | 88 | | 95 | | | | 269 | |
Exploration expense | | (2 | ) | (16 | ) | (4 | ) | (5 | ) | (27 | ) | | | (2 | ) | 18 | | 2 | | | | 18 | |
All others | | 43 | | 39 | | 7 | | (28 | ) | 61 | | | | (6 | ) | (40 | ) | (46 | ) | | | (92 | ) |
Current quarter core income (loss) | | $ | (508 | ) | $ | (117 | ) | $ | (49 | ) | $ | 2 | | $ | (672 | ) | | | $ | 220 | | $ | 117 | | $ | 139 | | | | $ | 476 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Chemical | | | | | | | | | | | | | | | | | | | | | | | |
Prior year core income | | $ | 139 | | $ | 136 | | $ | 174 | | $ | 116 | | $ | 565 | | | | $ | 126 | | $ | 88 | | $ | 117 | | | | $ | 331 | |
Sales price | | (123 | ) | (76 | ) | (11 | ) | 59 | | (151 | ) | | | 126 | | 137 | | 109 | | | | 372 | |
Sales volume / mix | | 4 | | (22 | ) | (24 | ) | 11 | | (31 | ) | | | 26 | | 54 | | (12 | ) | | | 68 | |
Operations / manufacturing | | 109 | | 59 | | (15 | ) | (47 | ) | 106 | | | | (101 | ) | (90 | ) | (32 | ) | | | (223 | ) |
All others | | (3 | ) | (9 | ) | (7 | ) | 13 | | (6 | ) | | | (7 | ) | 41 | | 18 | | | | 52 | |
Current quarter core income | | $ | 126 | | $ | 88 | | $ | 117 | | $ | 152 | | $ | 483 | | | | $ | 170 | | $ | 230 | | $ | 200 | | | | $ | 600 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Midstream and Marketing | | | | | | | | | | | | | | | | | | | | | | | |
Prior year core income (loss) | | $ | (5 | ) | $ | 84 | | $ | 31 | | $ | (45 | ) | $ | 65 | | | | $ | (95 | ) | $ | (58 | ) | $ | (20 | ) | | | $ | (173 | ) |
Marketing | | (93 | ) | (148 | ) | (14 | ) | 20 | | (235 | ) | | | 24 | | 62 | | 4 | | | | 90 | |
Gas plants | | (2 | ) | 3 | | (6 | ) | (13 | ) | (18 | ) | | | 13 | | (5 | ) | 9 | | | | 17 | |
Pipelines | | (2 | ) | (8 | ) | (27 | ) | (12 | ) | (49 | ) | | | 13 | | 22 | | 9 | | | | 44 | |
Power generation | | 7 | | 10 | | (1 | ) | 1 | | 17 | | | | - | | (1 | ) | (4 | ) | | | (5 | ) |
All others | | - | | 1 | | (3 | ) | 1 | | (1 | ) | | | (2 | ) | 5 | | 6 | | | | 9 | |
Current quarter core income (loss) | | $ | (95 | ) | $ | (58 | ) | $ | (20 | ) | $ | (48 | ) | $ | (221 | ) | | | $ | (47 | ) | $ | 25 | | $ | 4 | | | | $ | (18 | ) |
