EXHIBIT 99.3
Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
2003 Third Quarter
Net Income (Loss)
($ millions)
REPORTED CORE
INCOME SIGNIFICANT ITEMS AFFECTING INCOME EARNINGS
------------ ------------------------------------- ------------
Oil & Gas $ 660 $ 660
Chemical 61 61
Corporate
Interest
Debt, net (59) (59)
Trust pfd distributions & other (12) (12)
Other (44) (44)
Taxes (160) (160)
------------ ------------ ------------
NET INCOME $ 446 $ -- $ 446
============ ============ ============
BASIC EARNINGS PER COMMON SHARE $ 1.16 $ 1.16
============ ============
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
2002 Third Quarter
Net Income (Loss)
($ millions)
REPORTED CORE
INCOME SIGNIFICANT ITEMS AFFECTING INCOME EARNINGS
------------ ---------------------------------------- ------------
Oil & Gas $ 490 $ 490
Chemical 214 (164) Sale of Equistar investment 50
Corporate
Interest
Debt, net (73) (73)
Trust pfd distributions & other (12) (12)
Other (38) (38)
Taxes (105) (105)
------------ ------------ ------------
Income from continuing operations 476 (164) 312
Discontinued operations, net (74) 74 Discontinued operations --
------------ ------------ ------------
NET INCOME $ 402 $ (90) $ 312
============ ============ ============
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 1.26 $ 0.83
Discontinued operations, net (0.19) --
------------ ------------
$ 1.07 $ 0.83
============ ============
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
2003 First Nine Months
Net Income (Loss)
($ millions)
REPORTED CORE
INCOME SIGNIFICANT ITEMS AFFECTING INCOME EARNINGS
------------ ----------------------------------------------- ------------
Oil & Gas $ 2,024 $ 2,024
Chemical 139 139
Corporate
Interest
Debt, net (236) 61 Debt remarket fee (175)
Trust pfd distributions & other (34) (34)
Other (175) (175)
Taxes (505) (21) Tax effect of adjustments (526)
------------ ------------ ------------
Income from continuing operations 1,213 40 1,253
Cumulative effect of accounting changes (68) 68 Cumulative effect of acct changes --
------------ ------------ ------------
NET INCOME $ 1,145 $ 108 $ 1,253
============ ============ ============
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 3.17 $ 3.27
Cumulative effect of accounting changes (0.18) --
------------ ------------
$ 2.99 $ 3.27
============ ============
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
2002 First Nine Months
Net Income (Loss)
($ millions)
REPORTED CORE
INCOME SIGNIFICANT ITEMS AFFECTING INCOME EARNINGS
------------ ----------------------------------------------- ------------
Oil & Gas $ 1,217 $ 1,217
Chemical 217 (164) Sale of Equistar investment 53
Corporate
Interest
Debt, net (217) (217)
Trust pfd distributions & other (33) (33)
Other (94) (94)
Taxes (250) (250)
------------ ------------ ------------
Income from continuing operations 840 (164) 676
Discontinued operations, net (78) 78 Discontinued operations --
Cumulative effect of accounting changes (95) 95 Cumulative effect of acct changes
------------ ------------ ------------
NET INCOME $ 667 $ 9 $ 676
============ ============ ============
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 2.23 $ 1.80
Discontinued operations, net (0.21) --
Cumulative effect of accounting changes (0.25) --
------------ ------------
$ 1.77 $ 1.80
============ ============
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS
PRE-TAX
INCOME / (EXPENSE) THIRD QUARTER NINE MONTHS
----------------------------- -----------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
OIL & GAS
Exploration asset write-offs -- -- -- (33)
Gain on sale of GOM assets(1) -- 7 14 7
CHEMICALS
Reorganizations / severance -- -- (15) (14)
Equistar equity earnings -- 7 -- (33)
Asset idling and impairments -- (37) (9) (37)
CORPORATE
Equity earnings (6) (3) (42) (3)
Environmental remediation -- (8) (13) (8)
1 Amount shown after-tax
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
2003 THIRD QUARTER NET INCOME (LOSS)
REPORTED INCOME COMPARISON
THIRD SECOND
QUARTER QUARTER
2003 2003 B / (W)
---------- ---------- ----------
OIL & GAS $ 660 $ 637 $ 23
CHEMICAL 61 43 18
CORPORATE
INTEREST
DEBT, NET (59) (53) (6)
TRUST PFD DISTRIBUTIONS & OTHER (12) (11) (1)
OTHER (44) (75) 31
TAXES (160) (167) 7
---------- ---------- ----------
NET INCOME $ 446 $ 374 $ 72
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE $ 1.16 $ 0.98 $ 0.18
========== ========== ==========
EFFECTIVE TAX RATE 26% 32% 6%
========== ========== ==========
================================================================================
OCCIDENTAL PETROLEUM
2003 THIRD QUARTER NET INCOME (LOSS)
CORE EARNINGS COMPARISON
THIRD SECOND
QUARTER QUARTER
2003 2003 B / (W)
---------- ---------- ----------
OIL & GAS $ 660 $ 637 $ 23
CHEMICAL 61 43 18
CORPORATE
INTEREST
DEBT, NET (59) (53) (6)
TRUST PFD DISTRIBUTIONS & OTHER (12) (11) (1)
OTHER (44) (75) 31
TAXES (160) (167) 7
---------- ---------- ----------
NET INCOME $ 446 $ 374 $ 72
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE $ 1.16 $ 0.98 $ 0.18
========== ========== ==========
EFFECTIVE TAX RATE 26% 32% 6%
========== ========== ==========
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
OIL & GAS
CORE EARNINGS VARIANCE ANALYSIS
($ MILLIONS)
2003 3rd Quarter $ 660
2003 2nd Quarter 637
--------
$ 23
========
Price Variance $ 37
Volume Variance 13
Exploration Expense Variance (8)
All Other (19)
--------
TOTAL VARIANCE $ 23
========
======================================================================
OCCIDENTAL PETROLEUM
CHEMICAL
CORE EARNINGS VARIANCE ANALYSIS
($ MILLIONS)
2003 3rd Quarter $ 61
2003 2nd Quarter 43
--------
$ 18
========
Sales Price $ (26)
Sales Volume/Mix 5
Operations/Manufacturing 25 *
All Other 14
--------
TOTAL VARIANCE $ 18
========
* Lower energy and feedstock costs, $17.
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
2003 THIRD QUARTER NET INCOME (LOSS)
REPORTED INCOME COMPARISON
THIRD THIRD
QUARTER QUARTER
2003 2002 B / (W)
---------- ---------- ----------
OIL & GAS $ 660 $ 490 $ 170
CHEMICAL 61 214 (153)
CORPORATE
INTEREST
DEBT, NET (59) (73) 14
TRUST PFD DISTRIBUTIONS & OTHER (12) (12) --
OTHER (44) (38) (6)
TAXES (160) (105) (55)
---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 446 476 (30)
DISCONTINUED OPERATIONS, NET -- (74) 74
---------- ---------- ----------
NET INCOME $ 446 $ 402 $ 44
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE $ 1.16 $ 1.07 $ 0.09
========== ========== ==========
EFFECTIVE TAX RATE 26% -152% -178%
========== ========== ==========
================================================================================
OCCIDENTAL PETROLEUM
2003 THIRD QUARTER NET INCOME (LOSS)
CORE EARNINGS COMPARISON
THIRD THIRD
QUARTER QUARTER
2003 2002 B / (W)
---------- ---------- ----------
OIL & GAS $ 660 $ 490 $ 170
CHEMICAL 61 50 11
CORPORATE
INTEREST
DEBT, NET (59) (73) 14
TRUST PFD DISTRIBUTIONS & OTHER (12) (12) --
OTHER (44) (38) (6)
TAXES (160) (105) (55)
---------- ---------- ----------
NET INCOME $ 446 $ 312 $ 134
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE $ 1.16 $ 0.83 $ 0.33
========== ========== ==========
EFFECTIVE TAX RATE 26% 24% -2%
========== ========== ==========
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
OIL & GAS
CORE EARNINGS VARIANCE ANALYSIS
($ MILLIONS)
2003 3rd Quarter $ 660
2002 3rd Quarter 490
--------
$ 170
========
Price Variance $ 173
Volume Variance 65
Exploration Expense Variance (8)
All Others (60)
--------
TOTAL VARIANCE $ 170
========
======================================================================
OCCIDENTAL PETROLEUM
CHEMICAL
CORE EARNINGS VARIANCE ANALYSIS
($ MILLIONS)
2003 3rd Quarter $ 61
2002 3rd Quarter 50
--------
$ 11
========
Sales Price $ 45
Sales Volume/Mix 3
Operations/Manufacturing (48)*
All Other 11
--------
TOTAL VARIANCE $ 11
========
* Higher energy and feedstock costs.
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
-------------------------------
THIRD QUARTER NINE MONTHS
--------------------- ---------------------
2003 2002 2003 2002
-------- -------- -------- --------
NET PRODUCTION PER DAY:
UNITED STATES
CRUDE OIL AND LIQUIDS (MBL)
California 80 84 79 87
Permian 151 143 150 141
Horn Mountain 24 -- 19 --
Hugoton 4 3 4 3
-------- -------- -------- --------
TOTAL 259 230 252 231
NATURAL GAS (MMCF)
California 248 283 254 293
Hugoton 136 149 141 152
Permian 134 132 128 129
Horn Mountain 16 -- 12 --
-------- -------- -------- --------
TOTAL 534 564 535 574
LATIN AMERICA
CRUDE OIL (MBL)
Colombia 31 38 35 39
Ecuador 27 13 20 13
-------- -------- -------- --------
TOTAL 58 51 55 52
MIDDLE EAST AND OTHER
EASTERN HEMISPHERE
CRUDE OIL (MBL)
Oman 13 9 12 14
Pakistan 10 12 10 10
Qatar 44 44 47 43
Yemen 34 29 36 36
-------- -------- -------- --------
TOTAL 101 94 105 103
NATURAL GAS (MMCF)
Pakistan 71 74 74 58
BARRELS OF OIL EQUIVALENT (MBOE)
- ---------------------------------
CONSOLIDATED SUBSIDIARIES 519 481 514 491
OTHER INTERESTS
COLOMBIA - MINORITY INTEREST (4) (5) (4) (5)
RUSSIA - OCCIDENTAL NET INTEREST 30 26 30 27
YEMEN - OCCIDENTAL NET INTEREST 1 -- 1 --
-------- -------- -------- --------
TOTAL WORLDWIDE PRODUCTION (MBOE) 546 502 541 513
======== ======== ======== ========
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Investor Relations Supplemental Schedules
[OXY LOGO]
SUMMARY OF OPERATING STATISTICS
-------------------------------
THIRD QUARTER NINE MONTHS
-------------------- --------------------
2003 2002 2003 2002
-------- -------- -------- --------
OIL & GAS:
- ----------
PRICES
UNITED STATES
Crude Oil ($/BBL) 28.24 25.75 28.83 22.81
Natural gas ($/MCF) 5.00 2.94 4.93 2.74
LATIN AMERICA
Crude oil ($/BBL) 25.84 25.36 27.29 22.23
MIDDLE EAST AND OTHER
EASTERN HEMISPHERE
Crude oil ($/BBL) 26.98 26.36 27.47 23.45
Natural Gas ($/MCF) 2.13 1.95 1.98 2.14
THIRD QUARTER NINE MONTHS
-------------------- --------------------
2003 2002 2003 2002
-------- -------- -------- --------
Exploration Expense
Domestic $ 25 $ 18 $ 70 $ 72
Latin America 2 3 8 17
Middle East and Other 10 8 16 26
Eastern Hemisphere
-------- -------- -------- --------
TOTAL $ 37 $ 29 $ 94 $ 115
======== ======== ======== ========
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
CHEMICALS
Volume (M Tons)
THIRD QUARTER NINE MONTHS
--------------------- ---------------------
MAJOR PRODUCTS 2003 2002 2003 2002
-------- -------- -------- --------
Chlorine 681 685 2,031 2,121
Caustic 697 716 2,053 2,033
Ethylene Dichloride 135 94 374 386
PVC Resins 1,009 1,022 2,944 3,215
CHEMICALS
Prices (Index)
THIRD QUARTER NINE MONTHS
--------------------- ---------------------
MAJOR PRODUCTS 2003 2002 2003 2002
-------- -------- -------- --------
Chlorine 1.76 1.37 1.73 0.83
Caustic 0.85 0.61 0.85 0.72
Ethylene Dichloride 1.13 1.30 1.18 1.02
PVC Resins 0.88 0.88 0.91 0.70
1987 through 1990 average price = 1.00
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Investor Relations Supplemental Schedules
[OXY LOGO]
CHLORINE
- --------
OXYCHEM COMMENTARY
- ------------------
o Seasonal demand was hindered by milder and wetter weather. This negatively
impacted the bleach, water treatment and titanium dioxide market segments.
o Pricing declined slightly in the 3rd quarter due to a slowdown in seasonal
demand, increased global competition experienced by our customers, and a
decline in industry operating rates.
o Chlorine industry operating rates declined approximately 2% to 90% in the
3rd quarter versus 2nd quarter 2003.
INFLUENCING FACTORS:
- --------------------
Industry operating rates are not expected to improve in the 4th quarter.
CAUSTIC
- -------
OXYCHEM COMMENTARY
- ------------------
o Demand for caustic soda declined marginally in the 3rd quarter due to
reduced volume into the pulp and paper and refining markets. Caustic soda
demand is expected to ease further throughout the 4th quarter due to
seasonality.
o The price increase of $50 per ton announced for July 1st was unsuccessful.
Strong competitive activity and the influence of significant increases in
imported caustic brought pricing under pressure and adversely impacted the
implementation of the price increase.
INFLUENCING FACTORS:
- --------------------
The supply/demand balance for caustic soda remains fragile. Industry capacity
rationalization and improvement in the U.S. manufacturing sector would provide
support for future price improvement. However, elevated chlorine operating rates
and increased imports could negatively impact future caustic price increases
during periods of weak demand.
EDC
- ---
OXYCHEM COMMENTARY
- ------------------
o EDC values remained flat in the 3rd quarter in spite of improved VCM and
PVC demand in the Far East.
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Investor Relations Supplemental Schedules
[OXY LOGO]
o Unplanned and extended VCM outages in the US and Asia have weakened the EDC
supply/demand balance. This is expected to continue throughout the 4th
quarter.
INFLUENCING FACTORS:
- --------------------
PVC production in China via the calcium carbide process has negatively impacted
EDC demand and diluted some of the anticipated growth in 2003.
PVC/VCM
- -------
OXYCHEM COMMENTARY
- ------------------
o Reduced 2nd quarter customer inventories and favorable weather led to an
improvement in 3rd quarter PVC sales demand. Inventories are at moderate
levels going into the 4th quarter.
o VCM outages in the U.S. and Asia allowed for price increases at the end of
the 3rd quarter and will support price stability in the 4th quarter.
o Capacities still exclude the former Borden Geismar and Addis facilities,
which remain idle. There is little indication that either plant will
restart in 2004.
o July PVC pricing was down $.01/lb with August holding steady. The September
increase of $.02/lb has been supported in the marketplace.
o Demand and pricing for PVC exports improved slightly in the 3rd quarter due
mostly to outages in Asia. 3rd quarter pricing ended at $650/MT.
o The VCM market is tight with Pemex and Dow currently in an outage and PHH
Lake Charles resuming production following their outage. OxyVinyls should
benefit with increased 4th quarter sales.
INFLUENCING FACTORS:
- --------------------
Increased demand in both the domestic and export markets led to improved 3rd
quarter margins. 4th quarter margins will be dependant on continued demand and
raw material balances.
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Investor Relations Supplemental Schedules
[OXY LOGO]
SUMMARY OF OPERATING STATISTICS
-------------------------------
THIRD QUARTER NINE MONTHS
--------------------- ---------------------
CAPITAL EXPENDITURES ($MM) 2003 2002 2003 2002
-------- -------- -------- --------
Oil & Gas
California $ 58 $ 57 $ 155 $ 178
Permian 72 50 187 153
Other - U.S. 11 20 37 64
Latin America 30 26 67 77
Middle East and Other 157 92 390 270
Eastern Hemisphere
Chemicals 27 21 300 1 56
Corporate 5 17 15 42
-------- -------- -------- --------
TOTAL $ 360 $ 283 $ 1,151 $ 840
======== ======== ======== ========
1 Includes $180 for buyout of VCM plant lease and $44 for buyout of railcar
leases
THIRD QUARTER NINE MONTHS
DEPRECIATION, DEPLETION & --------------------- ---------------------
AMORTIZATION OF ASSETS ($MM) 2003 2002 2003 2002
-------- -------- -------- --------
Oil & Gas
Domestic $ 158 $ 138 $ 481 $ 434
Latin America 15 9 42 27
Middle East and Other 61 52 183 153
Eastern Hemisphere
Chemicals 57 44 149 139
Corporate 4 2 11 6
-------- -------- -------- --------
TOTAL $ 295 $ 245 $ 866 $ 759
======== ======== ======== ========
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Investor Relations Supplemental Schedules
[OXY LOGO]
OCCIDENTAL PETROLEUM
CORPORATE
($ millions)
30-SEP-03 31-DEC-02
------------- -------------
CAPITALIZATION
Oxy Long-Term Debt (including current maturities) $ 4,079 $ 4,203
Trust Preferred Securities 454 455
Subsidiary Preferred Stock 75 75
Others 25 26
------------- -------------
TOTAL DEBT $ 4,633 $ 4,759
============= =============
EQUITY $ 7,495 $ 6,318
============= =============
Total Debt To Total Capitalization 38% 43%
============= =============
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Investor Relations Supplemental Schedules
[OXY LOGO]
Statements in this presentation that contain words such as "will" or "expect",
or otherwise relate to the future, are forward-looking and involve risks and
uncertainties that could significantly affect expected results. Factors that
could cause results to differ materially include, but are not limited to: global
commodity pricing fluctuations, and supply/demand considerations, for oil, gas
and chemicals; higher-than-expected costs; and not successfully completing (or
any material delay in) any expansion, capital expenditure, acquisition, or
disposition. Occidental disclaims any obligation to update any forward-looking
statements.
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