EXHIBIT 99.3
Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
2005 First Quarter
Net Income (Loss)
($ millions)
REPORTED CORE
INCOME SIGNIFICANT ITEMS AFFECTING INCOME EARNINGS
---------- ---------------------------------- ----------
Oil & Gas $ 1,349 $ 1,349
Chemical 214 214
Corporate
Interest expense, net (61) 10 7.65% note redemption charge (51)
Other (51) (51)
Taxes (601) (4) Tax effect of adjustments (595)
10 State tax charge
---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 850 16 866
Discontinued operations, net of tax (4) 4 Discontinued operations, net --
---------- ---------- ----------
NET INCOME $ 846 $ 20 $ 866
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 2.12 $ 2.16
Discontinued operations, net of tax (0.01) --
---------- ----------
Net Income $ 2.11 $ 2.16
========== ==========
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
2004 First Quarter
Net Income (Loss)
($ millions)
REPORTED CORE
INCOME SIGNIFICANT ITEMS AFFECTING INCOME EARNINGS
---------- ---------------------------------- ----------
Oil & Gas $ 915 $ 915
Chemical 56 56
Corporate
Interest expense, net (68) 11 Trust preferred redemption (57)
Other (51) (51)
Taxes (363) (20) Tax settlements (387)
(4) Tax effect of adjustments
---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 489 (13) 476
Discontinued operations, net of tax (2) 2 Discontinued operations, net --
---------- ---------- ----------
NET INCOME $ 487 $ (11) $ 476
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 1.25 $ 1.22
Discontinued operations, net of tax (0.01) --
---------- ----------
Net Income $ 1.24 $ 1.22
========== ==========
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
Items Affecting Comparability of Core Earnings Between Periods
The item(s) are included in core earnings but are shown below because they
affect the comparability of core earnings between periods.
PRE-TAX First Quarter
------------------------------
INCOME / (EXPENSE) 2005 2004
------------ ------------
CORPORATE
Environmental remediation (9) --
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate
----------------------------------------------
QUARTERLY
----------------------------------------------
2005 2004 2004
REPORTED INCOME QTR 1 QTR 4 QTR 1
------------ ------------ ------------
Oil & Gas (a) 1,349 1,179 915
Chemicals 214 125 56
Corporate & other (112) (64) (119)
------------ ------------ ------------
Pre-tax income 1,451 1,240 852
Income tax expense
Federal and state 349 261 193
Foreign (a) 252 205 170
------------ ------------ ------------
Total 601 466 363
------------ ------------ ------------
Income from continuing operations 850 774 489
============ ============ ============
WORLDWIDE EFFECTIVE TAX RATE 41% 38% 43%
2005 2004 2004
CORE INCOME QTR 1 QTR 4 QTR 1
------------ ------------ ------------
Oil & Gas (a) 1,349 1,179 915
Chemicals 214 125 56
Corporate & other (102) (185) (108)
------------ ------------ ------------
Pre-tax income 1,461 1,119 863
Income tax expense
Federal and state 343 244 217
Foreign (a) 252 205 170
------------ ------------ ------------
Total 595 449 387
------------ ------------ ------------
Core income 866 670 476
============ ============ ============
WORLDWIDE EFFECTIVE TAX RATE 41% 40% 45%
(a) Revenues and income tax expense include taxes owed by Occidental but paid by
governmental entities on its behalf. Oil and gas pre-tax income includes the
following revenue amounts by periods.
2005 2004 2004
QTR 1 QTR 4 QTR 1
------------ ------------ ------------
187 143 116
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
2005 First Quarter Net Income (Loss)
Reported Income Comparison
FIRST FOURTH
QUARTER QUARTER
2005 2004 B / (W)
------------ ------------ ------------
Oil & Gas $ 1,349 $ 1,179 $ 170
Chemical 214 125 89
Corporate
Interest expense, net (61) (53) (8)
Other (51) (11) (40)
Taxes (601) (466) (135)
------------ ------------ ------------
Income from continuing operations 850 774 76
Discontinued operations, net (4) (32) 28
------------ ------------ ------------
Net Income $ 846 $ 742 $ 104
============ ============ ============
Basic Earnings Per Common Share
Income from continuing operations $ 2.12 $ 1.94 $ 0.18
Discontinued operations, net (0.01) (0.08) 0.07
------------ ------------ ------------
Net Income $ 2.11 $ 1.86 $ 0.25
============ ============ ============
Worldwide Effective Tax Rate 41% 38% -3%
============ ============ ============
================================================================================
OCCIDENTAL PETROLEUM
2005 First Quarter Net Income (Loss)
Core Earnings Comparison
FIRST FOURTH
QUARTER QUARTER
2005 2004 B / (W)
------------ ------------ ------------
Oil & Gas $ 1,349 $ 1,179 $ 170
Chemical 214 125 89
Corporate
Interest expense, net (51) (53) 2
Other (51) (132) 81
Taxes (595) (449) (146)
------------ ------------ ------------
Net Income $ 866 $ 670 $ 196
============ ============ ============
Basic Earnings Per Common Share $ 2.16 $ 1.68 $ 0.48
============ ============ ============
Worldwide Effective Tax Rate 41% 40% -1%
============ ============ ============
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
OIL & GAS
CORE EARNINGS VARIANCE ANALYSIS
($ MILLIONS)
2005 1st Quarter $ 1,349
2004 4th Quarter 1,179
------------
$ 170
============
Sales Price $ 161
Sales Volume/Mix (6)
Exploration Expense 41
All Others (26)
------------
TOTAL VARIANCE $ 170
============
================================================================================
OCCIDENTAL PETROLEUM
CHEMICAL
CORE EARNINGS VARIANCE ANALYSIS
($ MILLIONS)
2005 1st Quarter $ 214
2004 4th Quarter 125
------------
$ 89
============
Sales Price $ 79
Sales Volume/Mix (4)
Operations/Manufacturing (5) *
All Others 19
------------
TOTAL VARIANCE $ 89
============
* Higher feedstock costs offset by lower energy costs
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
2005 First Quarter Net Income (Loss)
Reported Income Comparison
FIRST FIRST
QUARTER QUARTER
2005 2004 B / (W)
------------ ------------ ------------
Oil & Gas $ 1,349 $ 915 $ 434
Chemical 214 56 158
Corporate
Interest expense, net (61) (68) 7
Other (51) (51) --
Taxes (601) (363) (238)
------------ ------------ ------------
Income from continuing operations 850 489 361
Discontinued operations, net (4) (2) (2)
------------ ------------ ------------
Net Income $ 846 $ 487 $ 359
============ ============ ============
Basic Earnings Per Common Share
Income from continuing operations $ 2.12 $ 1.25 $ 0.87
Discontinued operations, net (0.01) (0.01) --
------------ ------------ ------------
Net Income $ 2.11 $ 1.24 $ 0.87
============ ============ ============
Worldwide Effective Tax Rate 41% 43% 2%
============ ============ ============
================================================================================
OCCIDENTAL PETROLEUM
2005 First Quarter Net Income (Loss)
Core Earnings Comparison
FIRST FIRST
QUARTER QUARTER
2005 2004 B / (W)
------------ ------------ ------------
Oil & Gas $ 1,349 $ 915 $ 434
Chemical 214 56 158
Corporate
Interest expense, net (51) (57) 6
Other (51) (51) --
Taxes (595) (387) (208)
------------ ------------ ------------
Net Income $ 866 $ 476 $ 390
============ ============ ============
Basic Earnings Per Common Share $ 2.16 $ 1.22 $ 0.94
============ ============ ============
Worldwide Effective Tax Rate 41% 45% 4%
============ ============ ============
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
OIL & GAS
CORE EARNINGS VARIANCE ANALYSIS
($ MILLIONS)
2005 1st Quarter $ 1,349
2004 1st Quarter 915
------------
$ 434
============
Sales Price $ 529
Sales Volume/Mix (10)
Exploration Expense 7
All Others (92)
------------
TOTAL VARIANCE $ 434
============
================================================================================
OCCIDENTAL PETROLEUM
CHEMICAL
CORE EARNINGS VARIANCE ANALYSIS
($ MILLIONS)
2005 1st Quarter $ 214
2004 1st Quarter 56
------------
$ 158
============
Sales Price $ 233
Sales Volume/Mix (6)
Operations/Manufacturing (65) *
All Others (4)
------------
TOTAL VARIANCE $ 158
============
* Higher energy, feedstock costs and other manufacturing costs
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
-------------------------------
FIRST QUARTER
-----------------------------
2005 2004
------------ ------------
NET PRODUCTION PER DAY:
UNITED STATES
CRUDE OIL AND LIQUIDS (MBL)
California 77 77
Permian 148 153
Horn Mountain 18 25
Hugoton 4 3
------------ ------------
TOTAL 247 258
NATURAL GAS (MMCF)
California 241 243
Hugoton 129 127
Permian 146 140
Horn Mountain 12 17
------------ ------------
TOTAL 528 527
LATIN AMERICA
CRUDE OIL (MBL)
Colombia 32 36
Ecuador 42 43
------------ ------------
TOTAL 74 79
MIDDLE EAST
CRUDE OIL (MBL)
Oman 23 14
Qatar 43 42
Yemen 35 39
------------ ------------
TOTAL 101 95
NATURAL GAS (MMCF)
Oman 56 11
OTHER EASTERN HEMISPHERE
CRUDE OIL (MBL)
Pakistan 5 9
NATURAL GAS (MMCF)
Pakistan 78 75
BARRELS OF OIL EQUIVALENT (MBOE)
- ---------------------------------------------
SUBTOTAL CONSOLIDATED SUBSIDIARIES 537 543
OTHER INTERESTS
COLOMBIA - MINORITY INTEREST (4) (4)
RUSSIA - OCCIDENTAL NET INTEREST 30 28
YEMEN - OCCIDENTAL NET INTEREST 2 1
------------ ------------
TOTAL WORLDWIDE PRODUCTION (MBOE) 565 568
============ ============
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
-------------------------------
FIRST QUARTER
-----------------------------
2005 2004
------------ ------------
OIL & GAS:
- ----------
PRICES
UNITED STATES
Crude Oil ($/BBL) 44.24 32.62
Natural gas ($/MCF) 5.94 5.00
LATIN AMERICA
Crude Oil ($/BBL) 39.87 28.99
MIDDLE EAST
Crude Oil ($/BBL) 42.00 30.08
Natural Gas ($/MCF) 0.96 0.97
OTHER EASTERN HEMISPHERE
Crude Oil ($/BBL) 37.97 29.37
Natural Gas ($/MCF) 2.21 2.23
TOTAL WORLDWIDE
Crude Oil ($/BBL) 41.71 30.44
Natural Gas ($/MCF) 4.89 4.55
FIRST QUARTER
-----------------------------
2005 2004
------------ ------------
EXPLORATION EXPENSE
Domestic $ 27 $ 38
Latin America 15 1
Middle East 1 13
Other Eastern Hemisphere 4 2
------------ ------------
TOTAL $ 47 $ 54
============ ============
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
CHEMICALS
Volume (M Tons, except PVC Resins)
FIRST QUARTER
-----------------------------
MAJOR PRODUCTS 2005 2004
------------ ------------
Chlorine 705 706
Caustic soda 714 732
Ethylene Dichloride 130 122
PVC Resins (millions of pounds) 1,025 1,071
CHEMICALS
Prices (Index)
FIRST QUARTER
-----------------------------
MAJOR PRODUCTS 2005 2004
------------ ------------
Chlorine 2.56 1.60
Caustic soda 1.52 0.71
Ethylene Dichloride 1.78 1.32
PVC Resins 1.29 0.94
1987 through 1990 average price = 1.00
CHLORINE
- --------
OxyChem Commentary
- ------------------
o As contract terms permitted, OxyChem fully implemented the $20 per ton
price increase announced November 2004 effective December 2004.
o OxyChem announced an additional $20 per ton increase in February to be
effective April 1st to most accounts. Other U.S. chlor-alkali producers
announced similar increases.
o 2nd quarter industry operating rates are expected to decline slightly from
the 1st quarter due to scheduled maintenance outages. However, the
supply/demand balance is expected to tighten further as the seasonal demand
for downstream products improves.
o Order control programs for chlorine are still in effect and are expected to
remain through the 2nd quarter for OxyChem and other U.S. producers.
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Investor Relations Supplemental Schedules
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Influencing Factors:
- --------------------
The absence of a normal seasonal decline in 1st quarter chlorine operating rates
is indicative of sustained strong chlorine demand. There are growing concerns in
the market around 2nd quarter chlorine availability as the seasonal increase in
chlorine demand is still ahead coupled with several scheduled production
outages. As a result of the projected tightening in supply, OxyChem expects
successful implementation of the latest price increase.
CAUSTIC
- -------
OxyChem Commentary
- ------------------
o Caustic soda sales remained strong in the 1st quarter despite a seasonal
decline in the demand for bleach. Although sales demand declined marginally
in total from the 4th quarter, sales to the two largest market segments,
pulp and paper and alumina, increased versus the 4th quarter. Sales volume
is expected to increase in the 2nd quarter as seasonal demand improves.
o As contract terms permitted, OxyChem successfully implemented in the 1st
quarter the $50 DST price increase announced November 2004. An additional
increase of $40 DST was announced in February to be implemented in the 2nd
quarter. All other major U.S. producers have announced a similar increase.
Market conditions are expected to support further price improvement in the
2nd quarter as seasonal demand for caustic soda increases.
o OxyChem and other U.S. producers remain on order control programs for
liquid caustic soda.
Influencing Factors:
- --------------------
Continued strength in the U.S. manufacturing sector is expected to keep demand
and supply in balance for liquid caustic soda. Seasonal demand for liquid
caustic soda is anticipated to narrow the supply/demand balance in the U.S. Gulf
Coast and support further price improvement. However, mild temperatures
throughout the U.S. could have an impact on demand and future price improvement.
EDC
- ---
OxyChem Commentary
- ------------------
o Scheduled and unscheduled 1st quarter VCM outages coupled with increased
acetylene based VCM production out of China reduced the global demand for
EDC in the 1st quarter.
o EDC prices remained in the range of $500 - $520 per metric ton CIF Asia for
the quarter. Prices have weakened slightly going into the 2nd quarter.
Supply/demand balances will influence the direction of future pricing
movements.
12
Influencing Factors:
- --------------------
Planned and unplanned 2nd quarter VCM outages coupled with additional Chinese
acetylene based VCM production will limit EDC export demand in the 2nd quarter.
The limited EDC demand will be offset somewhat by tighter EDC supply as chlorine
is directed into its merchant market to satisfy the seasonal surge in chlorine
demand. Spot export shipments from the U.S. Gulf are expected to be minimal in
the 2nd quarter.
PVC/VCM
- -------
OxyChem Commentary
- ------------------
o OxyChem's 1st quarter PVC operating rate increased 2% over the 4th quarter
2004.
o A strong domestic market in the 1st quarter resulted in increased operating
rates for PVC and minimal inventory build by producers as they prepared for
the seasonal spring surge in demand.
o Domestic PVC resin prices increased $0.02 per pound in January, remained
flat in February and increased another $0.02 per pound in March. An
additional price increase of $0.01 per pound has been announced for April.
o Westlake has restarted the Geismar VCM and PVC plants at 50% operating
rates. It is expected that the plants will be brought up to capacity by
January 2006. The Shintech Addis facility remains idle and is not expected
to restart in 2005.
o PVC resin export prices ended the quarter at $890 - $920 per metric ton CFR
Southeast Asia. Exports for the 1st quarter were off 10% versus the prior
year.
o 1st quarter VCM demand was limited within the Americas but remained
balanced with supply due to the Pemex and Dow outages. High freight rates
and reduced demand to Asia made VCM sales from the U.S. Gulf Coast
uneconomical. Pemex resumed operation of their Pajaritos plant in late
March.
o VCM export prices ended the quarter at $810 per metric ton FOB U.S. Gulf
Coast to Latin America and $750 per metric ton CFR Southeast Asia. Demand
to Asia weakened as Chinese producers brought on additional acetylene based
VCM capacity
Influencing Factors:
- --------------------
Increased seasonal domestic demand will result in some margin improvement for
VCM and PVC in the first half of 2005. Margin improvement on the export side for
both VCM and PVC will be limited due to high freight rates from the U.S. Gulf
Coast to other parts of the world and increased production in Asia.
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
-------------------------------
FIRST QUARTER
-----------------------------
CAPITAL EXPENDITURES ($MM) 2005 2004
------------ ------------
Oil & Gas
California $ 82 $ 61
Permian 63 62
Other - U.S. 29 4
Latin America 51 20
Middle East / North Africa 273 168
Other Eastern Hemisphere 8 11
Chemicals 28 16
Corporate 2 1
------------ ------------
TOTAL $ 536 $ 343
============ ============
FIRST QUARTER
DEPRECIATION, DEPLETION & -----------------------------
AMORTIZATION OF ASSETS ($MM) 2005 2004
------------ ------------
Oil & Gas
Domestic $ 154 $ 156
Latin America 25 22
Middle East 90 69
Other Eastern Hemisphere 10 12
Chemicals 59 60
Corporate 6 5
------------ ------------
TOTAL $ 344 $ 324
============ ============
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM
CORPORATE
($ millions)
31-MAR-05 31-DEC-04
--------------- ---------------
CAPITALIZATION
Oxy Long-Term Debt (including current maturities) $ 3,365 $ 3,804
Subsidiary Preferred Stock 75 75
Others 26 26
--------------- ---------------
TOTAL DEBT $ 3,466 $ 3,905
=============== ===============
EQUITY $ 11,241 $ 10,550
=============== ===============
Total Debt To Total Capitalization 24% 27%
=============== ===============
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM CORPORATION
2004 QUARTERLY FINANCIAL DATA ---------------------------------------------------------
RETROSPECTIVE APPLICATION Three Months Ended
--------------------------------------------------------- 2004
March 31 June 30 September 30 December 31 Total Year
------------ ------------ ------------ ------------ ------------
Segment net sales
Oil and gas 1,693 1,783 2,033 2,073 7,582
Chemical 834 911 945 985 3,675
Other 30 30 27 24 111
------------ ------------ ------------ ------------ ------------
Net sales 2,557 2,724 3,005 3,082 11,368
============ ============ ============ ============ ============
Gross profit 1,177 1,286 1,544 1,588 5,595
============ ============ ============ ============ ============
Segment earnings
Oil and gas 915 980 1,216 1,179 4,290
Chemical 56 92 141 125 414
------------ ------------ ------------ ------------ ------------
971 1,072 1,357 1,304 4,704
Unallocated corporate items
Interest expense
Interest expense, net (54) (59) (59) (52) (224)
Trust preferred distributions and other (14) (1) -- (1) (16)
------------ ------------ ------------ ------------ ------------
(68) (60) (59) (53) (240)
Income taxes (363) (384) (495) (466) (1,708)
Other (51) (44) (44) (11) (150)
------------ ------------ ------------ ------------ ------------
Income from continuing operations 489 584 759 774 2,606
Discontinued operations, net (2) (3) (1) (32) (38)
------------ ------------ ------------ ------------ ------------
Net income 487 581 758 742 2,568
============ ============ ============ ============ ============
Basic earnings per common share
Income from continuing operations $ 1.25 $ 1.48 $ 1.91 $ 1.94 $ 6.59
Discontinued operations, net (0.01) -- -- (0.08) (0.10)
------------ ------------ ------------ ------------ ------------
Basic earnings per common share $ 1.24 $ 1.48 $ 1.91 $ 1.86 $ 6.49
============ ============ ============ ============ ============
Diluted earnings per common share
Income from continuing operations $ 1.24 $ 1.46 $ 1.88 $ 1.91 $ 6.50
Discontinued operations, net (0.01) -- -- (0.08) (0.10)
------------ ------------ ------------ ------------ ------------
Diluted earnings per common share $ 1.23 $ 1.46 $ 1.88 $ 1.83 $ 6.40
============ ============ ============ ============ ============
Dividends per common share $ 0.275 $ 0.275 $ 0.275 $ 0.275 $ 1.10
============ ============ ============ ============ ============
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM CORPORATION
2004 QUARTERLY CORE FINANCIAL DATA
RETROSPECTIVE APPLICATION Three Months Ended
--------------------------------------------------------- 2004
March 31 June 30 September 30 December 31 Total Year
------------ ------------ ------------ ------------ ------------
Segment earnings
Oil and gas 915 980 1,216 1,179 4,290
Chemical 56 92 141 125 414
------------ ------------ ------------ ------------ ------------
971 1,072 1,357 1,304 4,704
Unallocated corporate items
Interest expense
Interest expense, net (54) (59) (59) (52) (224)
Trust preferred distributions and other (3) (1) -- (1) (5)
------------ ------------ ------------ ------------ ------------
(57) (60) (59) (53) (229)
Income taxes (387) (384) (495) (449) (1,715)
Other (51) (44) (44) (132) (271)
------------ ------------ ------------ ------------ ------------
CORE INCOME 476 584 759 670 2,489
Significant Items Affecting Earnings (see detail below) 11 (3) (1) 72 79
------------ ------------ ------------ ------------ ------------
Reported income 487 581 758 742 2,568
============ ============ ============ ============ ============
Basic earnings per common share
Core Income $ 1.22 $ 1.49 $ 1.92 $ 1.68 $ 6.29
============ ============ ============ ============ ============
SIGNIFICANT ITEMS AFFECTING EARNINGS
Gain on Lyondell stock issuance (SAB 51) -- -- -- 121 121
Trust preferred redemption charge (11) -- -- -- (11)
Settlement of tax issues 20 -- -- 27 47
Tax effect of adjustments 4 -- -- (44) (40)
Discontinued operations, net (a) (2) (3) (1) (32) (38)
------------ ------------ ------------ ------------ ------------
11 (3) (1) 72 79
============ ============ ============ ============ ============
(a) These amounts are shown after-tax
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM CORPORATION
2003 QUARTERLY FINANCIAL DATA
RETROSPECTIVE APPLICATION Three Months Ended
--------------------------------------------------------- 2003
March 31 June 30 September 30 December 31 Total Year
------------ ------------ ------------ ------------ ------------
Segment net sales
Oil and gas 1,553 1,440 1,480 1,530 6,003
Chemical 767 764 771 790 3,092
Other 28 41 46 30 145
------------ ------------ ------------ ------------ ------------
Net sales 2,348 2,245 2,297 2,350 9,240
============ ============ ============ ============ ============
Gross profit 1,075 1,005 1,038 1,088 4,206
============ ============ ============ ============ ============
Segment earnings
Oil and gas 875 755 796 787 3,213
Chemical 41 50 65 67 223
------------ ------------ ------------ ------------ ------------
916 805 861 854 3,436
Unallocated corporate items
Interest expense
Interest expense, net (124) (53) (59) (53) (289)
Trust preferred distributions and other (11) (11) (12) (10) (44)
------------ ------------ ------------ ------------ ------------
(135) (64) (71) (63) (333)
Income taxes (334) (292) (301) (304) (1,231)
Other (52) (73) (42) (104) (271)
------------ ------------ ------------ ------------ ------------
Income from continuing operations 395 376 447 383 1,601
Discontinued operations, net (2) (2) (1) (1) (6)
Cumulative effect of accounting changes, net (68) -- -- -- (68)
------------ ------------ ------------ ------------ ------------
Net income 325 374 446 382 1,527
============ ============ ============ ============ ============
Basic earnings per common share
Income from continuing operations $ 1.04 $ 0.99 $ 1.16 $ 0.99 $ 4.17
Discontinued operations, net -- (0.01) -- -- (0.01)
Cumulative effect of accounting changes, net (0.18) -- -- -- (0.18)
------------ ------------ ------------ ------------ ------------
Basic earnings per common share $ 0.86 $ 0.98 $ 1.16 $ 0.99 $ 3.98
============ ============ ============ ============ ============
Diluted earnings per common share
Income from continuing operations $ 1.03 $ 0.98 $ 1.14 $ 0.97 $ 4.12
Discontinued operations, net -- (0.01) -- -- (0.01)
Cumulative effect of accounting changes, net (0.18) -- -- -- (0.18)
------------ ------------ ------------ ------------ ------------
Diluted earnings per common share $ 0.85 $ 0.97 $ 1.14 $ 0.97 $ 3.93
============ ============ ============ ============ ============
Dividends per common share $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 1.04
============ ============ ============ ============ ============
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Investor Relations Supplemental Schedules
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OCCIDENTAL PETROLEUM CORPORATION
2003 QUARTERLY CORE FINANCIAL DATA
RETROSPECTIVE APPLICATION Three Months Ended
--------------------------------------------------------- 2003
March 31 June 30 September 30 December 31 Total Year
------------ ------------ ------------ ------------ ------------
Segment earnings
Oil and gas 875 755 796 787 3,213
Chemical 41 50 65 67 223
------------ ------------ ------------ ------------ ------------
916 805 861 854 3,436
Unallocated corporate items
Interest expense
Interest expense, net (63) (53) (59) (53) (228)
Trust preferred distributions and other (11) (11) (12) (10) (44)
------------ ------------ ------------ ------------ ------------
(74) (64) (71) (63) (272)
Income taxes (355) (292) (301) (304) (1,252)
Other (52) (73) (42) (104) (271)
------------ ------------ ------------ ------------ ------------
CORE INCOME 435 376 447 383 1,641
Significant Items Affecting Earnings (see detail below) (110) (2) (1) (1) (114)
------------ ------------ ------------ ------------ ------------
Reported income 325 374 446 382 1,527
============ ============ ============ ============ ============
Basic earnings per common share
Core Income $ 1.15 $ 0.98 $ 1.16 $ 0.99 $ 4.27
============ ============ ============ ============ ============
SIGNIFICANT ITEMS AFFECTING EARNINGS
Debt repayment fee (61) -- -- -- (61)
Tax effect of adjustments 21 -- -- -- 21
Discontinued operations, net (a) (2) (2) (1) (1) (6)
Cumulative effect of accounting changes, net (a) (68) -- -- -- (68)
------------ ------------ ------------ ------------ ------------
(110) (2) (1) (1) (114)
============ ============ ============ ============ ============
(a) These amounts shown after-tax
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Investor Relations Supplemental Schedules
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Statements in this presentation that contain words such as "will", "expect" or
"estimate", 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; political
risk; 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. The United States
Securities and Exchange Commission (SEC) permits oil and natural gas companies,
in their filings with the SEC, to disclose only proved reserves demonstrated by
actual production or conclusive formation tests to be economically producible
under existing economic and operating conditions. We use certain terms in this
presentation, such as probable, possible and recoverable reserves, that the
SEC's guidelines strictly prohibit us from using in filings with the SEC. U.S.
investors are urged to consider carefully the disclosure in our Form 10-K,
available through the following toll-free telephone number, 1-888-OXYPETE
(1-888-699-7383) or on the Internet at http://www.oxy.com. You also can obtain a
copy from the SEC by calling 1-800-SEC-0330.
20