Occidental Petroleum Corporatio (OXY) 8-K Occidental Announces 3rd Quarter 2019 Results

 Exhibit 99.1

 

 Occidental Announces 3rd Quarter 2019 Results

• Completed acquisition of Anadarko on August 8

• Completed $3.9 billion sale of Mozambique and divested Plains interests for $650 million

• Repaid $4.9 billion of debt, including all 2020 debt maturities

• Returned $600 million to shareholders

• Achieved pre-tax income guidance for both OxyChem and Marketing and Other Midstream segments

• Achieved production from legacy Occidental operations of 737,000 BOE per day near the high end of guidance, with Permian Resources exceeding guidance at 300,000 BOE per day

• Reported third quarter combined production of 1,114,000 BOE per day from continuing operations, exceeding prior guidance midpoint by 32,000 BOE per day

HOUSTON — November 4, 2019 —Occidental Petroleum Corporation (NYSE:OXY) today announced a net loss attributable to common stockholders for the third quarter of 2019 of $912 million, or $1.08 per diluted share, and adjusted income attributable to common stockholders of $93 million, or $0.11 per diluted share. Third quarter pre-tax items affecting comparability mainly include Anadarko merger-related transaction costs and debt financing fees of $969 million, oil and gas impairment charges of $325 million and a gain on sale of $111 million related to Occidental’s sale of its interests in Plains All American Pipeline, L.P. and Plains GP Holdings, L.P. (together, Plains).

“I’m pleased to report that we are making significant progress with our integration of Anadarko. Our teams are working well together, and we continue to deliver outstanding operational results across our asset portfolio, positioning our company to fully execute on our value-capture initiatives,” said President and Chief Executive Officer Vicki Hollub. “We remain committed to the strategy we laid out to our investors, which focuses on deleveraging and returning excess free cash flow to shareholders, as evidenced by $4.9 billion of third quarter debt repayments, including all 2020 debt maturities, and returning $600 million to investors.”

QUARTERLY RESULTS

Oil and Gas

Oil and gas pre-tax income for the third quarter of 2019 was $221 million, compared to $726 million for the prior quarter. The third quarter of 2019 results include a $285 million write-off of unproved domestic leases in areas where Occidental no longer plans to pursue exploration activities and a $40 million impairment charge related to the mutually agreed-upon early termination of the Idd El Shargi South Dome contract in Qatar. Third quarter results also include a mark-to-market gain of $75 million

on crude oil hedges. Excluding impairment charges and the mark-to-market gain, the decrease in third quarter income reflects lower realized crude oil prices.

Total average daily production volume for the third quarter of 2019 was 1,155,000 barrels of oil equivalent (BOE), which included legacy Anadarko continuing operations of 377,000 BOE and discontinued Africa operations of 41,000 BOE. Production decreased for legacy Occidental operations, which produced 737,000 BOE for the third quarter of 2019, compared to average daily production of 741,000 BOE for the second quarter of 2019. Legacy Occidental Permian Resources average daily production volume of 300,000 BOE exceeded third quarter 2019 guidance, up 4 percent on a sequential quarter basis and 33 percent year-over-year, due to improved well performance and development activity. International average daily production volume was slightly below third quarter 2019 guidance at 279,000 BOE due to maintenance activities in the Middle East.

Total per BOE lease operating costs for the third quarter of 2019 decreased by 12 percent to $9.26, from $10.55 for the second quarter of 2019, due to lower plant and downhole maintenance costs.

For the third quarter of 2019, average WTI and Brent marker prices were $56.45 per barrel and $62.01 per barrel, respectively. Per barrel average worldwide realized crude oil prices decreased by 4 percent from the second quarter of 2019 to $56.26 for the third quarter of 2019. Per BOE average worldwide realized NGL prices decreased by 17 percent from the prior quarter to $14.96 per BOE for the third quarter of 2019. The increase in average domestic realized gas prices to $1.25 per Mcf during the third quarter of 2019 was due to higher realized prices from legacy Anadarko gas-producing operations.

OxyChem

OxyChem pre-tax income for the third quarter of 2019 was $207 million, compared to $208 million for second quarter of 2019, despite vinyl margins coming under pressure from increased ethylene costs as a result of industry-wide ethylene cracker downtime. Higher ethylene costs were offset by stronger sales and production across most product lines.

Marketing and Other Midstream

Marketing and Other Midstream pre-tax income for the third quarter of 2019 was $266 million, compared to $331 million for the second quarter of 2019. Third quarter of 2019 pre-tax income includes a pre-tax gain on sale of Plains for $111 million. Excluding the gain on sale, the decrease in third quarter of 2019 pre-tax income reflected lower marketing results due to narrowing of the Midland-to-Gulf Coast spread.

WES Midstream

As a result of acquiring Anadarko, Occidental added a WES Midstream operating segment, which includes the operations of Western Midstream Partners, LP (WES), for the third quarter of 2019. WES Midstream pre-tax income for the third quarter of 2019 was $134 million and income attributable to noncontrolling interests was $42 million.

Supplemental Non-GAAP Measure

This press release refers to adjusted income, a supplemental measure not calculated in accordance with generally accepted accounting principles in the United States (GAAP). A definition of adjusted income and a reconciliation to net income, the comparable GAAP financial measure, is included in the financial schedules of this press release. Occidental’s definition of adjusted income may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, and they include, but are not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. 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 are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press 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.

Although Occidental believes that the expectations reflected in any of our forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: the extent to which Occidental is able to successfully integrate Anadarko Petroleum Corporation (Anadarko), manage expanded operations, including WES, and realize the anticipated benefits of combining Occidental and Anadarko; Occidental’s ability to successfully complete the sale of the remaining assets, liabilities, businesses and operations of the Africa assets to Total S.A.; 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; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver our oil and natural gas and other processing and transportation considerations; general economic slowdowns domestically or internationally; difficult and adverse conditions in the domestic and global capital and credit markets; the impact of potential changes in Occidental’s credit ratings; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; 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; changes in tax rates; actions by third parties that are beyond Occidental’s control; and the ability to generate cash to fund operations and repay indebtedness.

Additional information concerning these and other factors can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2018, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

About Occidental

Occidental is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. We are the leading producer and largest acreage holder in the Permian Basin. Occidental is advancing a lower-carbon future with our subsidiary Oxy Low Carbon Ventures, which promotes innovative technologies that drive cost efficiencies and economically grow our business while reducing emissions. We also have a marketing and midstream business and WES Midstream, which includes Western Midstream Partners, LP. OxyChem, our chemical subsidiary, is among the top three U.S. producers for the principal products it manufactures and markets. Occidental posts or provides links to important information on our website atoxy.com.

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Contacts:

Media:
Melissa E. Schoeb
713-366-5615
melissa_schoeb@oxy.com

or

Investors:

Jeff Alvarez

713-215-7864

jeff_alvarez@oxy.com

On the web:oxy.com

Occidental Petroleum Corporation

Quarter 3 2019 Earnings Release Schedules Index

Schedule #	Schedule Description
1	Summary Highlights
2	Segment ResultsBefore Tax Allocations
	● Reported Results
	● Items Affecting Comparability
	● Adjusted Results (non-GAAP)
3	Segment ResultsAfter Tax Allocations
	● Reported Results
	● Items Affecting Comparability
	● Adjusted Results (non-GAAP)
	● Reconciliation - Diluted EPS
4	Items Affecting Comparability Detail
	● Before tax allocations
	● After tax allocations
5	Consolidated Condensed Statements of Operations
6	Consolidated Condensed Balance Sheets
7	Consolidated Condensed Statements of Cash Flows
	Detail of Capital Expenditures and Depreciation, Depletion and Amortization
8	Oil & Gas Net Production Volumes Per Day
	● MBOE/D
	● By Commodity
9	Oil & Gas Net Sales Volumes Per Day and Realized Prices
	● MBOE/D
	● Realized Prices and Related Index Prices
10	Oil and Gas Costs
11	WES Midstream Financial Information

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

	2018															2019
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) attributable to common stockholders ($ millions)	$	708		$	848		$	1,869		$	706		$	4,131		$	631		$	635		$	(912	)		$	354
Reported EPS - Diluted ($/share)	$	0.92		$	1.10		$	2.44		$	0.93		$	5.39		$	0.84		$	0.84		$	(1.08	)		$	0.45
Effective tax rate on reported income (loss) (%)		32%			26%			28%			15%			26%			26%			33%			(19)%				55%
Adjusted income attributable to common stockholders (Non-GAAP) ($ millions)	$	708		$	848		$	1,360		$	922		$	3,838		$	631		$	729		$	93			$	1,453
Adjusted EPS - Diluted (Non-GAAP) ($/share)	$	0.92		$	1.10		$	1.77		$	1.22		$	5.01		$	0.84		$	0.97		$	0.11			$	1.85
Effective tax rate on adjusted income (loss) (%)		32%			26%			27%			12%			25%			26%			30%			51%				33%
Average Shares Outstanding
Basic (millions)		765.6			765.7			761.7			753.8			761.7			748.9			748.3			845.7				781.1
Diluted (millions)		767.0			767.4			763.3			755.4			763.3			750.5			749.5			845.7				782.2
Daily Production Volumes
Total US (MBOE/D)		336			358			384			410			372			421			446			835				569
US Oil (MBBL/D)		228			240			256			274			250			277			289			486				351
Worldwide - Reported (MBOE/D)		609			639			681			700			658			719			741			1,155				874
Worldwide - Continuing Operations (MBOE/D)		609			639			681			700			658			719			741			1,114				860
Worldwide Sales - Continuing Operations (MBOE/D)		610			622			696			702			658			713			744			1,116				859
Commodity Price Realizations
Worldwide oil ($/BBL)	$	61.04		$	63.12		$	62.67		$	56.11		$	60.64		$	52.62		$	58.91		$	56.26			$	56.02
Worldwide NGL ($/BBL)	$	25.35		$	27.21		$	29.55		$	22.88		$	26.25		$	18.14		$	18.00		$	14.96			$	16.62
Domestic gas ($/MCF)	$	2.06		$	1.49		$	1.58		$	1.33		$	1.59		$	1.36		$	0.23		$	1.25			$	1.05
Cash Flows Continuing Operations ($ millions)
Operating cash flow before working capital (Non - GAAP)	$	1,697		$	1,988		$	2,553		$	1,875		$	8,113		$	1,832		$	1,771		$	330			$	3,933
Working capital changes		(688	)		(232	)		(149	)		548			(521	)		(884	)		242			2,148				1,506
Other, net		-			-			-			77			77			-			-			-				-
Operating cash flow	$	1,009		$	1,756		$	2,404		$	2,500		$	7,669		$	948		$	2,013		$	2,478			$	5,439
Capital expenditures	$	(1,032	)	$	(1,287	)	$	(1,319	)	$	(1,337	)	$	(4,975	)	$	(1,259	)	$	(1,211	)	$	(1,714	)		$	(4,184	)
	2018															2019
Year-to-date	Mar			Jun			Sep			Dec						Mar			Jun			Sep			Dec
Net Income
Reported income attributable to common stockholders ($ millions)	$	708		$	1,556		$	3,425		$	4,131					$	631		$	1,266		$	354
Reported EPS - Diluted ($/share)	$	0.92		$	2.02		$	4.45		$	5.39					$	0.84		$	1.68		$	0.45
Effective tax rate on reported income (loss) (%)		32%			29%			28%			26%						26%			30%			55%
Adjusted income attributable to common stockholders (Non-GAAP) ($ millions)	$	708		$	1,556		$	2,916		$	3,838					$	631		$	1,360		$	1,453
Adjusted EPS - Diluted (Non-GAAP) ($/share)	$	0.92		$	2.02		$	3.79		$	5.01					$	0.84		$	1.80		$	1.85
Effective tax rate on adjusted income (loss) (%)		32%			29%			28%			25%						26%			29%			33%
Average Shares Outstanding
Basic (millions)		765.6			765.7			764.3			761.7						748.9			748.7			781.1
Diluted (millions)		767.0			767.2			765.8			763.3						750.5			750.0			782.2
Daily Production Volumes
Total US (MBOE/D)		336			347			359			372						421			434			569
US Oil (MBBL/D)		228			234			241			250						277			283			351
Worldwide - Reported (MBOE/D)		609			624			643			658						719			730			874
Worldwide - Continuing Operations (MBOE/D)		609			624			643			658						719			730			860
Worldwide Sales - Continuing Operations (MBOE/D)		610			616			643			658						713			728			859
Commodity Price Realizations
Worldwide oil ($/BBL)	$	61.04		$	62.07		$	62.29		$	60.64					$	52.62		$	55.86		$	56.02
Worldwide NGL ($/BBL)	$	25.35		$	26.34		$	27.54		$	26.25					$	18.14		$	18.07		$	16.62
Domestic gas ($/MCF)	$	2.06		$	1.76		$	1.70		$	1.59					$	1.36		$	0.77		$	1.05
Cash Flows ($ millions)
Operating before working capital	$	1,697		$	3,685		$	6,238		$	8,113					$	1,832		$	3,603		$	3,933
Working capital changes		(688	)		(920	)		(1,069	)		(521	)					(884	)		(642	)		1,506
Other, net		-			-			-			77						-			-			-
Operating cash flow	$	1,009		$	2,765		$	5,169		$	7,669					$	948		$	2,961		$	5,439
Capital expenditures	$	(1,032	)	$	(2,319	)	$	(3,638	)	$	(4,975	)				$	(1,259	)	$	(2,470	)	$	(4,184	)

SCHEDULE 2

Occidental Petroleum Corporation

Segment ResultsBefore Tax Allocations

(Amounts in millions, except per share and effective tax rate amounts)

	2018															2019
Reported Income (Loss)	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Oil & Gas
Domestic	$	255		$	300		$	209		$	(143	)	$	621		$	54		$	153		$	(79	)		$	128
Foreign		502			495			571			328			1,896			454			596			344				1,394
Exploration		(7	)		(15	)		(13	)		(40	)		(75	)		(24	)		(23	)		(44	)			(91	)
		750			780			767			145			2,442			484			726			221				1,431
Chemical		298			317			321			223			1,159			265			208			207				680
Marketing & Other Midstream		179			250			1,698			675			2,802			279			331			266				876
WES Midstream		-			-			-			-			-			-			-			134				134
Segment income		1,227			1,347			2,786			1,043			6,403			1,028			1,265			828				3,121
Corporate
Interest		(92	)		(91	)		(92	)		(81	)		(356	)		(83	)		(143	)		(360	)			(586	)
Other		(88	)		(106	)		(115	)		(130	)		(439	)		(89	)		(181	)		(1,089	)			(1,359	)
Income (loss) from continuing operations before taxes		1,047			1,150			2,579			832			5,608			856			941			(621	)			1,176
Taxes
Federal and state		(95	)		(76	)		(362	)		70			(463	)		(74	)		(38	)		181				69
Foreign		(244	)		(226	)		(348	)		(196	)		(1,014	)		(151	)		(268	)		(297	)			(716	)
Income (loss) from continuing operations		708			848			1,869			706			4,131			631			635			(737	)			529
Discontinued operations, net of taxes		-			-			-			-			-			-			-			(15	)			(15	)
Net income (loss)		708			848			1,869			706			4,131			631			635			(752	)			514
Less: Net income attributable to noncontrolling interests		-			-			-			-			-			-			-			(42	)			(42	)
Less: Preferred stock dividends		-			-			-			-			-			-			-			(118	)			(118	)
Net income (loss) attributable to common stockholders	$	708		$	848		$	1,869		$	706		$	4,131		$	631		$	635		$	(912	)		$	354
Reported diluted earnings per share	$	0.92		$	1.10		$	2.44		$	0.93		$	5.39		$	0.84		$	0.84		$	(1.08	)		$	0.45
Effective Tax Rate		32%			26%			28%			15%			26%			26%			33%			(19	)%			55%
Items Affecting Comparability	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Oil & Gas
Domestic	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	(210	)		$	(210	)
Foreign		-			-			(196	)		(220	)		(416	)		-			-			(40	)			(40	)
Exploration		-			-			-			-			-			-			-			-				-
		-			-			(196	)		(220	)		(416	)		-			-			(250	)			(250	)
Chemical		-			-			-			-			-			-			-			-				-
Marketing & Other Midstream		-			-			902			5			907			-			-			111				111
WES Midstream		-			-			-			-			-			-			-			-				-
Segment income (loss)		-			-			706			(215	)		491			-			-			(139	)			(139	)
Corporate
Interest		-			-			-			-			-			-			(57	)		(65	)			(122	)
Other		-			-			-			-			-			-			(50	)		(937	)			(987	)
Income (loss) from continuing operations before taxes		-			-			706			(215	)		491			-			(107	)		(1,141	)			(1,248	)
Taxes
Federal and state		-			-			(197	)		(1	)		(198	)		-			13			151				164
Foreign		-			-			-			-			-			-			-			-				-
Income (loss) from continuing operations		-			-			509			(216	)		293			-			(94	)		(990	)			(1,084	)
Discontinued operations, net of taxes		-			-			-			-			-			-			-			(15	)			(15	)
Net income (loss)		-			-			509			(216	)		293			-			(94	)		(1,005	)			(1,099	)
Less: Net income attributable to noncontrolling interests		-			-			-			-			-			-			-			-				-
Less: Preferred stock dividends		-			-			-			-			-			-			-			-				-
Net income (loss) attributable to common stockholders	$	-		$	-		$	509		$	(216	)	$	293		$	-		$	(94	)	$	(1,005	)		$	(1,099	)
Adjusted Income (Loss) (Non-GAAP)	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Oil & Gas
Domestic	$	255		$	300		$	209		$	(143	)	$	621		$	54		$	153		$	131			$	338
Foreign		502			495			767			548			2,312			454			596			384				1,434
Exploration		(7	)		(15	)		(13	)		(40	)		(75	)		(24	)		(23	)		(44	)			(91	)
		750			780			963			365			2,858			484			726			471				1,681
Chemical		298			317			321			223			1,159			265			208			207				680
Marketing & Other Midstream		179			250			796			670			1,895			279			331			155				765
WES Midstream		-			-			-			-			-			-			-			134				134
Adjusted segment income		1,227			1,347			2,080			1,258			5,912			1,028			1,265			967				3,260
Corporate
Interest		(92	)		(91	)		(92	)		(81	)		(356	)		(83	)		(86	)		(295	)			(464	)
Other		(88	)		(106	)		(115	)		(130	)		(439	)		(89	)		(131	)		(152	)			(372	)
Adjusted income from continuing operations before taxes		1,047			1,150			1,873			1,047			5,117			856			1,048			520				2,424
Taxes
Federal and state		(95	)		(76	)		(165	)		71			(265	)		(74	)		(51	)		30				(95	)
Foreign		(244	)		(226	)		(348	)		(196	)		(1,014	)		(151	)		(268	)		(297	)			(716	)
Adjusted income		708			848			1,360			922			3,838			631			729			253				1,613
Less: Net income attributable to noncontrolling interests		-			-			-			-			-			-			-			(42	)			(42	)
Less: Preferred stock dividends		-			-			-			-			-			-			-			(118	)			(118	)
Adjusted income attributable to common stockholders	$	708		$	848		$	1,360		$	922		$	3,838		$	631		$	729		$	93			$	1,453
Adjusted diluted earnings per share (Non-GAAP)	$	0.92		$	1.10		$	1.77		$	1.22		$	5.01		$	0.84		$	0.97		$	0.11			$	1.85
Effective Tax Rate		32%			26%			27%			12%			25%			26%			30%			51%				33%

Non-GAAP Measure

Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. 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 net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.  

SCHEDULE 3

Occidental Petroleum Corporation

Segment ResultsAfter Tax Allocations

(Amounts in millions, except per share amounts)

	2018															2019
Reported Income (Loss)	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4		YTD
Oil & Gas
Domestic	$	199		$	233		$	163		$	(111	)	$	484		$	42		$	119		$	(63	)			$	98
Foreign		255			247			260			62			824			248			351			165					764
Exploration		(7	)		(12	)		(11	)		(34	)		(64	)		(22	)		(21	)		(40	)				(83	)
		447			468			412			(83	)		1,244			268			449			62			-		779
Chemical		230			247			248			160			885			205			159			161					525
Marketing & Other Midstream		146			209			1,342			541			2,238			227			274			218					719
WES Midstream		-			-			-			-			-			-			-			134					134
Segment income		823			924			2,002			618			4,367			700			882			575			-		2,157
Corporate
Interest		(92	)		(91	)		(92	)		(81	)		(356	)		(83	)		(130	)		(295	)				(508	)
Other		(88	)		(106	)		(115	)		(130	)		(439	)		(89	)		(181	)		(1,024	)				(1,294	)
Taxes		65			121			74			299			559			103			64			7					174
Income (loss) from continuing operations		708			848			1,869			706			4,131			631			635			(737	)		-		529
Discontinued operations, net of taxes		-			-			-			-			-			-			-			(15	)				(15	)
Net income (loss)		708			848			1,869			706			4,131			631			635			(752	)		-		514
Less: Net income attributable to noncontrolling interests		-			-			-			-			-			-			-			(42	)				(42	)
Less: Preferred stock dividends		-			-			-			-			-			-			-			(118	)				(118	)
Net income (loss) attributable to common stockholders	$	708		$	848		$	1,869		$	706		$	4,131		$	631		$	635		$	(912	)		-	$	354
Reported diluted earnings per share	$	0.92		$	1.10		$	2.44		$	0.93		$	5.39		$	0.84		$	0.84		$	(1.08	)		-	$	0.45
Items Affecting Comparability	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4		YTD
Oil & Gas
Domestic	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	(165	)		-	$	(165	)
Foreign		-			-			(196	)		(220	)		(416	)		-			-			(40	)		-		(40	)
Exploration		-			-			-			-			-			-			-			-			-		-
		-			-			(196	)		(220	)		(416	)		-			-			(205	)		-		(205	)
Chemical		-			-			-			-			-			-			-			-			-		-
Marketing & Other Midstream		-			-			705			4			709			-			-			87			-		87
WES Midstream		-			-			-			-			-			-			-			-			-		-
Segment income (loss)		-			-			509			(216	)		293			-			-			(118	)		-		(118	)
Corporate
Interest		-			-			-			-			-			-			(44	)		(51	)		-		(95	)
Other		-			-			-			-			-			-			(50	)		(798	)		-		(848	)
Taxes		-			-			-			-			-			-			-			(23	)		-		(23	)
Income (loss) from continuing operations		-			-			509			(216	)		293			-			(94	)		(990	)		-		(1,084	)
Discontinued operations, net of taxes		-			-			-			-			-			-			-			(15	)				(15	)
Net income (loss)		-			-			509			(216	)		293			-			(94	)		(1,005	)		-		(1,099	)
Less: Net income attributable to noncontrolling interests		-			-			-			-			-			-			-			-					-
Less: Preferred stock dividends		-			-			-			-			-			-			-			-					-
Net income (loss) attributable to common stockholders	$	-		$	-		$	509		$	(216	)	$	293		$	-		$	(94	)	$	(1,005	)		-	$	(1,099	)
Adjusted Income (Loss) (Non-GAAP)	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4		YTD
Oil & Gas
Domestic	$	199		$	233		$	163		$	(111	)	$	484		$	42		$	119		$	102			-	$	263
Foreign		255			247			456			282			1,240			248			351			205			-		804
Exploration		(7	)		(12	)		(11	)		(34	)		(64	)		(22	)		(21	)		(40	)		-		(83	)
		447			468			608			137			1,660			268			449			267			-		984
Chemical		230			247			248			160			885			205			159			161			-		525
Marketing & Other Midstream		146			209			637			537			1,529			227			274			131			-		632
WES Midstream		-			-			-			-			-			-			-			134			-		134
Segment income		823			924			1,493			834			4,074			700			882			693			-		2,275
Corporate
Interest		(92	)		(91	)		(92	)		(81	)		(356	)		(83	)		(86	)		(244	)		-		(413	)
Other		(88	)		(106	)		(115	)		(130	)		(439	)		(89	)		(131	)		(226	)		-		(446	)
Taxes		65			121			74			299			559			103			64			30			-		197
Adjusted income		708			848			1,360			922			3,838			631			729			253			-		1,613
Less: Adjusted income attributable to noncontrolling interests		-			-			-			-			-			-			-			(42	)				(42	)
Less: Preferred stock dividends		-			-			-			-			-			-			-			(118	)				(118	)
Adjusted income (loss) attributable to common stockholders	$	708		$	848		$	1,360		$	922		$	3,838		$	631		$	729		$	93		$	-	$	1,453
Adjusted diluted earnings per share (Non-GAAP)	$	0.92		$	1.10		$	1.77		$	1.22		$	5.01		$	0.84		$	0.97		$	0.11			-	$	1.85
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP)	$	0.92		$	1.10		$	2.44		$	0.93		$	5.39		$	0.84		$	0.84		$	(1.08	)		-	$	0.45
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	(0.19	)			$	(0.21	)
Foreign		-			-			(0.26	)		(0.29	)		(0.55	)		-			-			(0.05	)				(0.05	)
Exploration		-			-			-			-			-			-			-			-					-
Chemical		-			-			-			-			-			-			-			-					-
Marketing & Other Midstream		-			-			0.93			-			0.93			-			-			0.10					0.12
WES		-			-			-			-			-			-			-			-					-
Corporate
Interest		-			-			-			-			-			-			(0.06	)		(0.06	)				(0.12	)
Other		-			-			-			-			-			-			(0.07	)		(0.94	)				(1.09	)
Taxes		-			-			-			-			-			-			-			(0.03	)				(0.03	)
Discontinued Operations		-			-			-			-			-			-			-			(0.02	)				(0.02	)
Total After-Tax Adjustments for Items Affecting Comparability	$	-		$	-		$	0.67		$	(0.29	)	$	0.38		$	-		$	(0.13	)	$	(1.19	)			$	(1.40	)
Adjusted Diluted Earnings Per Share (Non-GAAP)	$	0.92		$	1.10		$	1.77		$	1.22		$	5.01		$	0.84		$	0.97		$	0.11				$	1.85
Average Diluted Shares Outstanding (millions)		767.0			767.4			763.3			755.4			763.3			750.5			749.5			845.7			-		782.2

The difference between reported average diluted shares outstanding and adjusted average diluted shares outstanding is immaterial and does not impact the calculation of adjusted earnings per share. As such, adjusted earnings per share is calculated as adjusted income (loss) divided by reported average diluted shares outstanding.      

SCHEDULE 4

Occidental Petroleum Corporation

Items Affecting Comparability Detail

(Amounts in millions)

	2018													2019
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 impairments	$	-	$	-	$	-		$	-		$	-		$	-	$	-		$	(285	)		$	(285	)
Oil collars MTM		-		-		-			-		$	-			-		-			75			$	75
		-		-		-			-			-			-		-			(210	)			(210	)
Foreign
Asset impairments		-		-		(196	)		(220	)		(416	)		-		-			(40	)			(40	)
		-		-		(196	)		(220	)		(416	)		-		-			(40	)			(40	)
Total Oil and Gas		-		-		(196	)		(220	)		(416	)		-		-			(250	)			(250	)
Chemical
No items affecting comparability		-		-		-			-			-			-		-			-				-
Total Chemical		-		-		-			-			-			-		-			-				-
Marketing & Other Midstream
Asset and equity investment sales gains		-		-		902			5			907			-		-			111				111
Total Marketing & Other Midstream		-		-		902			5			907			-		-			111				111
WES Midstream
No items affecting comparability		-		-		-			-			-			-		-			-				-
Total WES Midstream		-		-		-			-			-			-		-			-				-
Corporate
Anadarko merger-related costs		-		-		-			-			-			-		(50	)		(924	)			(974	)
Bridge loan financing fees		-		-		-			-			-			-		(57	)		(65	)			(122	)
Other merger-related pension and termination benefits		-		-		-			-			-			-		-			20				20
Interest rate swap MTM, net		-		-		-			-			-			-		-			(53	)			(53	)
Warrants gains MTM		-		-		-			-			-			-		-			20				20
Total Corporate		-		-		-			-			-			-		(107	)		(1,002	)			(1,109	)
State tax rate revaluation		-		-		-			-			-			-		-			(23	)			(23	)
Income taxes		-		-		(197	)		(1	)		(198	)		-		13			174				187
Income (loss) from continuing operations		-		-		509			(216	)		293			-		(94	)		(990	)			(1,084	)
Discontinued operations, net of taxes		-		-		-			-			-			-		-			(15	)			(15	)
Totals	$	-	$	-	$	509		$	(216	)	$	293		$	-	$	(94	)	$	(1,005	)		$	(1,099	)
	2018													2019
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 impairments	$	-	$	-	$	-		$	-		$	-		$	-	$	-		$	(223	)		$	(223	)
Oil collars MTM		-		-		-			-			-			-		-			58				58
		-		-		-			-			-			-		-			(165	)			(165	)
Foreign
Asset impairments		-		-		(196	)		(220	)		(416	)		-		-			(40	)			(40	)
		-		-		(196	)		(220	)		(416	)		-		-			(40	)			(40	)
Total Oil and Gas		-		-		(196	)		(220	)		(416	)		-		-			(205	)			(205	)
Chemical
No items affecting comparability		-		-		-			-			-			-		-			-				-
Total Chemical		-		-		-			-			-			-		-			-				-
Marketing & Other Midstream
Asset and equity sales gains		-		-		705			4			709			-		-			87				87
Total Marketing & Other Midstream		-		-		705			4			709			-		-			87				87
WES Midstream
No items affecting comparability		-		-		-			-			-			-		-			-				-
Total WES Midstream		-		-		-			-			-			-		-			-				-
Corporate
Anadarko merger-related costs		-		-		-			-			-			-		(50	)		(792	)			(842	)
Bridge loan financing fees		-		-		-			-						-		(44	)		(51	)			(95	)
Other merger-related pension and termination benefits		-		-		-			-			-			-		-			16				16
Interest rate swap MTM, net		-		-		-			-			-			-		-			(42	)			(42	)
Warrants gains MTM		-		-		-			-			-			-		-			20				20
Total Corporate		-		-		-			-			-			-		(94	)		(849	)			(943	)
State tax rate revaluation		-		-		-			-			-			-		-			(23	)			(23	)
Income (loss) from continuing operations		-		-		509			(216	)		293			-		(94	)		(990	)			(1,084	)
Discontinued operations, net of taxes		-		-		-			-			-			-		-			(15	)			(15	)
Totals	$	-	$	-	$	509		$	(216	)	$	293		$	-	$	(94	)	$	(1,005	)		$	(1,099	)

SCHEDULE 5

Occidental Petroleum Corporation

Consolidated Condensed Statements of Operations

(Amounts in millions, except per-share amounts)

	2018															2019
	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
REVENUES
Net sales
Oil & Gas	$	2,454		$	2,531		$	2,889		$	2,567		$	10,441		$	2,351		$	2,718		$	3,821			$	8,890
Chemical		1,154			1,176			1,185			1,142			4,657			1,059			998			1,071				3,128
Marketing & Other Midstream		389			603			1,367			1,297			3,656			816			909			780				2,505
WES Midstream		-			-			-			-			-			-			-			383				383
Eliminations		(234	)		(227	)		(225	)		(244	)		(930	)		(222	)		(205	)		(368	)			(795	)
		3,763			4,083			5,216			4,762			17,824			4,004			4,420			5,687				14,111
Interest, dividends and other income		29			38			34			35			136			78			41			56				175
Gains on sale of assets, net		33			10			926			5			974			7			15			128				150
		3,825			4,131			6,176			4,802			18,934			4,089			4,476			5,871				14,436
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense		613			616			680			852			2,761			645			717			962				2,324
Transportation expense		43			38			41			30			152			31			33			217				281
Chemical and midstream cost of sales		694			711			722			706			2,833			669			636			741				2,046
Purchased commodities		13			100			343			366			822			365			431			441				1,237
Selling, general and administrative		130			142			151			162			585			140			163			242				545
Other operating expense		177			260			280			311			1,028			238			260			363				861
Taxes other than on income		108			115			110			106			439			111			123			198				432
Depreciation, depletion and amortization		921			947			1,023			1,086			3,977			973			1,031			1,706				3,710
Asset impairments and other items		30			12			214			305			561			-			-			325				325
Anadarko merger-related costs		-			-			-			-			-			-			50			924				974
Exploration expense		15			21			24			50			110			36			35			63				134
Interest and debt expense, net		97			97			96			99			389			98			153			381				632
		2,841			3,059			3,684			4,073			13,657			3,306			3,632			6,563				13,501
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS		984			1,072			2,492			729			5,277			783			844			(692	)			935
OTHER ITEMS
Losses on interest rate swaps and warrants, net		-			-			-			-			-			-			-			(33	)			(33	)
Income from equity investments		63			78			87			103			331			73			97			104				274
		63			78			87			103			331			73			97			71				241
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		1,047			1,150			2,579			832			5,608			856			941			(621	)			1,176
Income tax expense		(339	)		(302	)		(710	)		(126	)		(1,477	)		(225	)		(306	)		(116	)			(647	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		708			848			1,869			706			4,131			631			635			(737	)			529
Discontinued operations, net of taxes		-			-			-			-			-			-			-			(15	)			(15	)
NET INCOME (LOSS)		708			848			1,869			706			4,131			631			635			(752	)			514
Less: Net income attributable to noncontrolling interests		-			-			-			-			-			-			-			(42	)			(42	)
Less: Preferred stock dividend		-			-			-			-			-			-			-			(118	)			(118	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	708		$	848		$	1,869		$	706		$	4,131		$	631		$	635		$	(912	)		$	354
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations	$	0.92		$	1.10		$	2.44		$	0.93		$	5.40		$	0.84		$	0.84		$	(1.06	)		$	0.47
Discontinued operations, net		-			-			-			-			-			-			-			(0.02	)			(0.02	)
BASIC EARNINGS PER COMMON SHARE	$	0.92		$	1.10		$	2.44		$	0.93		$	5.40		$	0.84		$	0.84		$	(1.08	)		$	0.45
DILUTED EARNINGS PER COMMON SHARE	$	0.92		$	1.10		$	2.44		$	0.93		$	5.39		$	0.84		$	0.84		$	(1.08	)		$	0.45
DIVIDENDS PER COMMON SHARE	$	0.77		$	0.77		$	0.78		$	0.78		$	3.10		$	0.78		$	0.78		$	0.79			$	2.35
AVERAGE COMMON SHARES OUTSTANDING
BASIC		765.6			765.7			761.7			753.8			761.7			748.9			748.3			845.7				781.1
DILUTED		767.0			767.4			763.3			755.4			763.3			750.5			749.5			845.7				782.2

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets  

(Amounts in millions)

	2018												2019
	MAR			JUN			SEP			DEC			MAR			JUN			SEP			DEC
CURRENT ASSETS
Cash and cash equivalents	$	1,606		$	1,362		$	2,954		$	3,033		$	1,752		$	1,751		$	4,840
Restricted cash and restricted cash equivalents		-			-			-			-			-			-			454
Trade receivables, net		5,184			5,521			6,000			4,893			5,310			5,273			5,854
Inventories		1,057			1,347			1,009			1,260			1,484			1,582			1,601
Assets held for sale		335			1,664			-			-			-			-			6,445
Other current assets		712			1,096			1,149			746			724			819			1,750
Total current assets		8,894			10,990			11,112			9,932			9,270			9,425			20,944
INVESTMENTS IN UNCONSOLIDATED ENTITIES (WES Midstream $2,261)		1,509			1,551			1,568			1,680			1,725			1,777			3,684
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment		71,262			71,214			72,980			74,420			75,813			77,004			136,925
Accumulated depreciation, depletion and amortization		(39,918	)		(40,782	)		(41,825	)		(42,983	)		(43,913	)		(44,889	)		(46,804	)
		31,344			30,432			31,155			31,437			31,900			32,115			90,121
OPERATING LEASE ASSETS		-			-			-			-			684			681			1,078
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET		1,053			1,086			1,114			797			793			765			1,155
INTANGIBLES, NET - (WES Midstream $2,380)		8			8			8			8			8			7			2,387
GOODWILL - WES Midstream		-			-			-			-			-			-			6,074
TOTAL ASSETS	$	42,808		$	44,067		$	44,957		$	43,854		$	44,380		$	44,770		$	125,443
CURRENT LIABILITIES
Current maturities of long-term debt	$	-		$	-		$	116		$	116		$	116		$	116		$	31
Current operating lease liabilities		-			-			-			-			240			252			463
Accounts payable		5,059			5,412			5,443			4,885			5,261			5,445			6,789
Accrued liabilities		2,011			2,521			2,813			2,411			1,920			2,067			5,175
Accrued income taxes		-			-			-			-			-			-			1,036
Liabilities of assets held for sale		-			145			-			-			-			-			2,203
Total current liabilities		7,070			8,078			8,372			7,412			7,537			7,880			15,697
LONG-TERM DEBT, NET
Long-term debt, net - Occidental		10,309			10,312			10,198			10,201			10,203			10,155			39,946
Long-term debt, net - WES Midstream		-			-			-			-			-			-			7,637
		10,309			10,312			10,198			10,201			10,203			10,155			47,583
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes (WES Midstream $1,167)		659			738			1,162			907			918			950			9,920
Asset retirement obligations (WES Midstream $319)		1,248			1,244			1,249			1,424			1,430			1,433			4,164
Pension and postretirement obligations		1,008			1,010			828			809			816			819			1,927
Environmental remediation reserves		729			731			740			762			755			764			905
Operating lease liabilities		-			-			-			-			465			445			676
Other		1,063			1,023			919			1,009			1,020			977			3,566
		4,707			4,746			4,898			4,911			5,404			5,388			21,158
EQUITY
Preferred stock, $1.00 per share par value		-			-			-			-			-			-			9,762
Common stock, $.20 per share par value		179			179			179			179			179			179			209
Treasury stock		(9,168	)		(9,268	)		(10,162	)		(10,473	)		(10,653	)		(10,653	)		(10,653	)
Additional paid-in capital		7,916			7,967			7,991			8,046			8,083			8,157			14,867
Retained earnings		22,107			22,361			23,635			23,750			23,795			23,848			22,227
Accumulated other comprehensive loss		(312	)		(308	)		(154	)		(172	)		(168	)		(184	)		(332	)
Total stockholder's equity		20,722			20,931			21,489			21,330			21,236			21,347			36,080
Noncontrolling interest		-			-			-			-			-			-			4,925
Total equity		20,722			20,931			21,489			21,330			21,236			21,347			41,005
TOTAL LIABILITIES AND EQUITY	$	42,808		$	44,067		$	44,957		$	43,854		$	44,380		$	44,770		$	125,443

SCHEDULE 7

Occidental Petroleum Corporation

Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A

(Amounts in millions)

	2018															2019
	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
OPERATING CASH FLOW FROM CONTINUING OPERATIONS
Net income (loss)	$	708		$	848		$	1,869		$	706		$	4,131		$	631		$	635		$	(752	)		$	514
Depreciation, depletion and amortization (see detail below)		921			947			1,023			1,086			3,977			973			1,031			1,706				3,710
Deferred income tax (benefit) provision		94			77			379			(179	)		371			10			37			(1,097	)			(1,050	)
Asset impairments and other non-cash charges		(26	)		116			(718	)		262			(366	)		218			68			473				759
Operating cash flow from continuing operations before working capital (NON - GAAP) (see below)		1,697			1,988			2,553			1,875			8,113			1,832			1,771			330				3,933
Working capital changes		(688	)		(232	)		(149	)		548			(521	)		(884	)		242			2,148				1,506
Other, net		-			-			-			77			77			-			-			-				-
Operating cash flow from continuing operations (GAAP)		1,009			1,756			2,404			2,500			7,669			948			2,013			2,478				5,439
INVESTING CASH FLOW FROM CONTINUING OPERATIONS
Capital expenditures (see detail below)		(1,032	)		(1,287	)		(1,319	)		(1,337	)		(4,975	)		(1,259	)		(1,211	)		(1,714	)			(4,184	)
Payments for purchases of assets and businesses		(177	)		(65	)		(484	)		(202	)		(928	)		(69	)		(7	)		(27,850	)			(27,926	)
Sales of assets, net		275			55			2,415			79			2,824			16			16			4,777				4,809
Changes in capital accrual		(45	)		39			13			48			55			(51	)		(57	)		(52	)			(160	)
Other investing activities		8			(57	)		(39	)		(94	)		(182	)		(52	)		(29	)		(59	)			(140	)
Investing cash flow from continuing operations		(971	)		(1,315	)		586			(1,506	)		(3,206	)		(1,415	)		(1,288	)		(24,898	)			(27,601	)
FINANCING CASH FLOW FROM CONTINUING OPERATIONS
Cash dividends paid		(592	)		(593	)		(595	)		(594	)		(2,374	)		(591	)		(587	)		(588	)			(1,766	)
Purchases of treasury stock		-			(97	)		(811	)		(340	)		(1,248	)		(237	)		-			-				(237	)
Proceeds from debt - Occidental		978			-			-			-			978			-			(108	)		21,665				21,557
Proceeds from debt - WES Midstream		-			-			-			-			-			-			-			1,240				1,240
Payments of debt - Occidental		(500	)		-			-			-			(500	)		-			-			(4,949	)			(4,949	)
Payments of debt - WES Midstream		-			-			-			-			-			-			-			(1,000	)			(1,000	)
WES Midstream distribution to noncontrolling interests		-			-			-			-			-			-			-			(127	)			(127	)
Proceeds from issuance of preferred stock		-			-			-			-			-			-			(50	)		10,000				9,950
Other financing activities		10			5			8			19			42			14			19			(8	)			25
Financing cash flow from continuing operations		(104	)		(685	)		(1,398	)		(915	)		(3,102	)		(814	)		(726	)		26,233				24,693
Cash Flow From Discontinued Operations		-			-			-			-			-			-			-			(199	)			(199	)
Increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents		(66	)		(244	)		1,592			79			1,361			(1,281	)		(1	)		3,614				2,332
Cash and cash equivalents and restricted cash and restricted cash equivalents - beginning of period		1,672			1,606			1,362			2,954			1,672			3,033			1,752			1,751				3,033
Cash and cash equivalents and restricted cash and cash equivalents - end of period	$	1,606		$	1,362		$	2,954		$	3,033		$	3,033		$	1,752		$	1,751		$	5,365			$	5,365
Capital Expenditures	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Oil & Gas
Permian Resources	$	(574	)	$	(742	)	$	(783	)	$	(674	)	$	(2,773	)	$	(775	)	$	(747	)	$	(905	)		$	(2,243	)
Permian EOR		(124	)		(116	)		(119	)		(159	)		(518	)		(133	)		(135	)		(121	)			(389	)
DJ Basin		-			-			-			-			-			-			-			(110	)			(110	)
Gulf of Mexico		-			-			-			-			-			-			-			(47	)			(47	)
Other Domestic		(4	)		(2	)		-			(3	)		(9	)		(6	)		(5	)		(24	)			(219	)
Latin America		(28	)		(59	)		(54	)		(71	)		(212	)		(34	)		(35	)		(49	)			(118	)
Middle East		(174	)		(180	)		(160	)		(151	)		(665	)		(155	)		(153	)		(135	)			(443	)
Exploration Drilling		(36	)		(25	)		(48	)		(127	)		(236	)		(77	)		(40	)		(75	)			(192	)
Chemical		(41	)		(60	)		(74	)		(96	)		(271	)		(38	)		(54	)		(56	)			(148	)
Marketing & Other Midstream		(44	)		(81	)		(68	)		(23	)		(216	)		(26	)		(26	)		(17	)			(69	)
WES Midstream		-			-			-			-			-			-			-			(144	)			(144	)
Corporate		(7	)		(22	)		(13	)		(33	)		(75	)		(15	)		(16	)		(31	)			(62	)
	$	(1,032	)	$	(1,287	)	$	(1,319	)	$	(1,337	)	$	(4,975	)	$	(1,259	)	$	(1,211	)	$	(1,714	)		$	(4,184	)
Depreciation, Depletion and Amortization	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Oil & Gas
United States	$	502		$	556		$	611		$	652		$	2,321		$	570		$	615		$	1,217			$	2,402
Latin America		27			25			26			24			102			26			37			37				100
Middle East		208			183			209			231			831			199			200			196				595
Chemical		87			88			89			90			354			89			92			93				274
Marketing & Other Midstream		87			86			78			80			331			79			76			78				233
WES Midstream		-			-			-			-			-			-			-			69				69
Corporate		10			9			10			9			38			10			11			16				37
	$	921		$	947		$	1,023		$	1,086		$	3,977		$	973		$	1,031		$	1,706			$	3,710
Adjusted Operating Cash Flow Before Working Capital (Non-GAAP)																						Qtr 3
Operating cash flow from continuing operations (GAAP)																						$	2,478
Less: Working capital and other, net																							(2,148	)
Operating cash flow from continuing operations before working capital (Non-GAAP)																							330
Add back one-time impacts from:
Taxes - Mozambique sale																							880
Anadarko merger-related costs																							924
Adjusted operating cash flow from continuing operations before working capital (Non-GAAP)																						$	2,134

SCHEDULE 8

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographical Locations

TOTAL REPORTED PRODUCTION

	2018										2019
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		177		201		225		250		214		261		289		390			314
Permian EOR		154		153		155		156		154		156		153		154			154
DJ Basin		-		-		-		-		-		-		-		163			55
Gulf of Mexico		-		-		-		-		-		-		-		90			30
Other Domestic		5		4		4		4		4		4		4		38			16
Total		336		358		384		410		372		421		446		835			569
Latin America		33		32		31		31		32		33		35		33			34
Middle East
Al Hosn		61		68		81		82		73		82		82		80			81
Dolphin		36		41		41		40		40		40		40		44			41
Oman		85		89		88		84		86		91		86		88			89
Qatar		58		51		56		53		55		52		52		34			46
Total		240		249		266		259		254		265		260		246			257
TOTAL CONTINUING OPERATIONS PRODUCTION		609		639		681		700		658		719		741		1,114			860
DISCONTINUED OPERATIONS - AFRICA		-		-		-		-		-		-		-		41			14
TOTAL REPORTED PRODUCTION		609		639		681		700		658		719		741		1,155			874
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian Resources		109		123		139		155		132		157		170		221			183
Permian EOR		117		116		116		118		117		118		117		116			117
DJ Basin		-		-		-		-		-		-		-		64			21
Gulf of Mexico		-		-		-		-		-		-		-		75			25
Other Domestic		2		1		1		1		1		2		2		10			5
Total		228		240		256		274		250		277		289		486			351
NGLs (MBBL)
Permian Resources		31		37		41		45		38		49		58		88			65
Permian EOR		28		28		31		30		29		30		29		30			30
DJ Basin		-		-		-		-		-		-		-		38			13
Gulf of Mexico		-		-		-		-		-		-		-		7			2
Other Domestic		-		-		1		-		-		-		-		5			2
Total		59		65		73		75		67		79		87		168			112
Natural Gas (MMCF)
Permian Resources		222		246		270		300		261		330		364		488			395
Permian EOR		56		54		48		48		50		46		44		45			44
DJ Basin		-		-		-		-		-		-		-		364			123
Gulf of Mexico		-		-		-		-		-		-		-		50			17
Other Domestic		16		16		14		17		16		13		11		138			54
Total		294		316		332		365		327		389		419		1,085			633
Latin America
Oil (MBBL)		32		31		30		30		31		32		34		32			33
Natural Gas (MMCF)		6		6		6		6		6		7		7		8			7
Middle East
Oil (MBBL)
Al Hosn		11		12		14		15		13		14		14		14			14
Dolphin		6		7		7		6		7		6		7		7			7
Oman		64		65		63		62		63		68		65		66			67
Qatar		58		51		56		53		55		52		52		34			46
Total		139		135		140		136		138		140		138		121			134
NGLs (MBBL)
Al Hosn		19		22		26		26		23		26		26		25			25
Dolphin		7		8		8		8		8		8		8		8			8
Total		26		30		34		34		31		34		34		33			33
Natural Gas (MMCF)
Al Hosn		183		204		246		245		220		250		251		246			249
Dolphin		139		156		158		154		152		154		152		171			158
Oman		127		146		148		134		139		140		125		133			133
Total		449		506		552		533		511		544		528		550			540

SCHEDULE 9

Occidental Petroleum Corporation

Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations

	2018										2019
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		336		358		384		410		372		421		446		835			569
Latin America		33		31		32		30		32		28		38		36			34
Middle East
Al Hosn		61		68		81		82		73		82		82		80			81
Dolphin		37		41		41		41		40		39		41		44			41
Oman		85		72		102		86		86		91		85		87			88
Qatar		58		52		56		53		55		52		52		34			46
Total		241		233		280		262		254		264		260		245			256
TOTAL CONTINUING OPERATIONS SALES		610		622		696		702		658		713		744		1,116			859
DISCONTINUED OPERATIONS - AFRICA		-		-		-		-		-		-		-		41			14
TOTAL REPORTED SALES		610		622		696		702		658		713		744		1,157			873
REALIZED PRICES
United States
Oil ($/BBL)	$	61.03	$	61.08	$	56.36	$	48.25	$	56.30	$	48.38	$	55.14	$	54.90		$	53.27
NGLs ($/BBL)	$	26.89	$	28.87	$	31.82	$	23.10	$	27.64	$	16.79	$	16.28	$	13.91		$	15.20
Natural Gas ($/MCF)	$	2.06	$	1.49	$	1.58	$	1.33	$	1.59	$	1.36	$	0.23	$	1.25		$	1.05
Latin America
Oil ($/BBL)	$	59.24	$	65.66	$	69.94	$	62.49	$	64.32	$	55.52	$	62.66	$	54.98		$	58.00
Natural Gas ($/MCF)	$	5.68	$	6.07	$	6.74	$	7.39	$	6.43	$	7.37	$	7.01	$	7.05		$	7.14
Middle East
Oil ($/BBL)	$	61.45	$	66.59	$	71.71	$	70.30	$	67.69	$	60.50	$	65.83	$	62.17		$	62.86
NGLs ($/BBL)	$	21.89	$	23.58	$	24.66	$	22.38	$	23.20	$	21.30	$	22.50	$	20.22		$	21.33
Total Worldwide
Oil ($/BBL)	$	61.04	$	63.12	$	62.67	$	56.11	$	60.64	$	52.62	$	58.91	$	56.26		$	56.02
NGLs ($/BBL)	$	25.35	$	27.21	$	29.55	$	22.88	$	26.25	$	18.14	$	18.00	$	14.96		$	16.62
Natural Gas ($/MCF)	$	1.82	$	1.58	$	1.62	$	1.51	$	1.62	$	1.55	$	1.03	$	1.38		$	1.33
Index Prices
WTI Oil ($/BBL)	$	62.87	$	67.88	$	69.50	$	58.81	$	64.77	$	54.90	$	59.82	$	56.45		$	57.06
Brent Oil ($/BBL)	$	67.18	$	74.90	$	75.97	$	68.08	$	71.53	$	63.90	$	68.32	$	62.01		$	64.74
NYMEX Natural Gas ($/MCF)	$	2.87	$	2.75	$	2.88	$	3.40	$	2.97	$	3.24	$	2.67	$	2.27		$	2.72
Percentage of Index Prices
Worldwide oil as a percentage of WTI		97%		93%		90%		95%		94%		96%		98%		100%			98%
Worldwide oil as a percentage of Brent		91%		84%		82%		82%		85%		82%		86%		91%			87%
Worldwide NGL as a percentage of WTI		40%		40%		43%		39%		41%		33%		30%		27%			29%
Worldwide NGL as a percentage of Brent		38%		36%		39%		34%		37%		28%		26%		24%			26%
Domestic gas as a percentage of NYMEX		72%		54%		55%		39%		54%		42%		9%		55%			39%

SCHEDULE 10

Occidental Petroleum Corporation

Oil and Gas Costs

	2018														2019
	Qtr 1			Qtr 2			Qtr 3			Qtr 4		TY			Qtr 1			Qtr 2		Qtr 3			Qtr 4	YTD
Lease operating expenses ($/BOE)
United States	$	13.23		$	12.72		$	12.31		$	11.28	$	12.33		$	11.83		$	11.16	$	8.45			$	9.98
Latin America	$	12.00		$	12.12		$	12.70		$	15.60	$	13.08		$	14.00		$	9.94	$	14.58			$	12.69
Middle East	$	9.60		$	10.32		$	9.58		$	11.07	$	10.14		$	9.73		$	9.59	$	11.22			$	10.16
Total Oil and Gas	$	11.73		$	11.80		$	11.23		$	11.38	$	11.52		$	11.14		$	10.55	$	9.26			$	10.14
Transportation costs ($/BOE)
United States	$	0.09		$	0.07		$	0.08		$	0.08	$	0.08		$	0.07		$	0.07	$	2.97			$	1.51
Total Oil and Gas	$	0.51		$	0.46		$	0.46		$	0.44	$	0.47		$	0.42		$	0.43	$	2.41			$	1.29
Taxes other than on income ($/BOE)
United States	$	3.27		$	3.19		$	2.91		$	2.68	$	3.00		$	2.79		$	2.89	$	2.40			$	2.62
Total Oil and Gas	$	1.82		$	1.86		$	1.63		$	1.59	$	1.72		$	1.68		$	1.76	$	1.82			$	1.76
DD&A expense ($/BOE)
United States	$	16.63		$	17.07		$	17.28		$	17.27	$	17.08		$	15.04		$	15.16	$	15.84			$	15.47
Latin America	$	8.99		$	8.95		$	8.81		$	8.77	$	8.88		$	10.38		$	10.58	$	11.00			$	10.68
Middle East	$	9.62		$	8.58		$	8.15		$	9.59	$	8.96		$	8.40		$	8.44	$	8.71			$	8.52
Total Oil and Gas	$	13.44		$	13.48		$	13.22		$	14.05	$	13.56		$	12.40		$	12.58	$	14.12			$	13.21
G&A and other operating expenses ($/BOE)	$	3.28		$	3.88		$	3.78		$	4.01	$	3.79		$	4.00		$	3.54	$	3.77			$	3.82
O&G MTM (Gain) Loss - Collars and CO2 ($ millions)	$	(30	)	$	(52	)	$	(39	)	$	117	$	(4	)	$	(69	)	$	3	$	(64	)		$	(130	)
Exploration Expense ($ millions)
United States	$	8		$	17		$	17		$	22	$	64		$	16		$	15	$	31			$	62
Latin America		1			1			6			11		19			1			9		7				17
Middle East		6			3			1			17		27			19			11		25				55
	$	15		$	21		$	24		$	50	$	110		$	36		$	35	$	63			$	134

SCHEDULE 11

Occidental Petroleum Corporation

WES Midstream Financial Information

(Amounts in millions)

	Quarter Ended September 30, 2019
STATEMENTS OF OPERATIONS ITEMS:	Occidental			WES Midstream			Eliminations			Total
Net sales	$	5,451		$	383		$	(147	)	$	5,687
Income from equity investments	$	83		$	21		$	-		$	104
Chemical and midstream cost of sales, SGA and other operating expense	$	3,185		$	189		$	(147	)	$	3,227
Depreciation, depletion and amortization	$	1,637		$	69		$	-		$	1,706
CASH FLOW ITEMS:
Operating cash flow	$	2,348		$	130		$	-		$	2,478
Capital expenditures	$	(1,570	)	$	(144	)	$	-		$	(1,714	)
Debt activity, net	$	16,716		$	240		$	-		$	16,956
Noncontrolling distributions paid	$	-		$	(127	)	$	-		$	(127	)
BALANCE SHEET ITEMS:
Cash and cash equivalents	$	4,723		$	117		$	-		$	4,840
Total assets	$	104,868		$	20,575		$	-		$	125,443
Long-term debt, net	$	39,977		$	7,637		$	-		$	47,614

Purchase price allocations were not pushed down to Western Gas Midstream Partners, LP (WES), and therefore will impact the comparability of results presented in this Earnings Release and WES's third quarter 2019 Form 10-Q and Earnings Release.