OCCIDENTAL PETROLEUM CORPORATION Occidental Petroleum Corporation
1st Quarter 2021
Earnings Release Schedules Index
Schedule # and Description
- Summary Highlights
- Items Affecting Comparability Detail
- Before Tax Allocations
- After Tax Allocations
- Segment Results Before Tax Allocations
- Reported Results
- Items Affecting Comparability
- Adjusted Results (non-GAAP)
- Segment Results After Tax Allocations
- Reported Results
- Items Affecting Comparability
- Adjusted Results (non-GAAP)
- Reconciliation - Diluted EPS
- Consolidated Condensed Statements of Operations
- Consolidated Condensed Balance Sheets
- Consolidated Condensed Statements of Cash Flows
- Detail of Capital Expenditures and Depreciation, Depletion and Amortization
- Oil & Gas Net Production Volumes Per Day
- MBOE/D
- By Commodity
- Oil & Gas Net Sales Volumes Per Day and Realized Prices
- MBOE/D
- Realized Prices and Related Index Prices
- Oil and Gas Metrics
Occidental Petroleum Corporation | SCHEDULE 1 | ||||||||||||||||||
Summary Highlights | |||||||||||||||||||
2020 | 2021 | ||||||||||||||||||
Quarterly | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||
Net Loss ($ millions) | |||||||||||||||||||
Reported loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $(15,675) | $ | (346) | $ | (346) | ||||||
Reported EPS - Diluted ($/share) | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.36) | |||||
Effective tax rate on reported income (loss) (%) | 1 % | 18 % | 10 % | 19 % | 14 % | 5 % | 5 % | ||||||||||||
Adjusted loss attributable to common stockholders (Non-GAAP) | (a) | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | (136) | ||||
Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | (0.15) | ||||
Effective tax rate on adjusted income (loss) (%) | 2 % | 15 % | 8 % | 8 % | 11 % | (327)% | (327)% | ||||||||||||
Average Shares Outstanding | |||||||||||||||||||
Basic (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 933.1 | ||||||||||||
Diluted (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 947.9 | ||||||||||||
Daily Production Volumes | |||||||||||||||||||
Total US (MBOE/D) | 1,175 | 1,116 | 960 | 900 | 1,037 | 904 | 904 | ||||||||||||
US Oil (MBBL/D) | 662 | 603 | 508 | 477 | 561 | 488 | 488 | ||||||||||||
Worldwide - Reported (MBOE/D) | 1,497 | 1,434 | 1,265 | 1,195 | 1,347 | 1,139 | 1,139 | ||||||||||||
Worldwide - Continuing Operations (MBOE/D) | 1,437 | 1,373 | 1,204 | 1,143 | 1,289 | 1,117 | 1,117 | ||||||||||||
Worldwide Sales - Continuing Operations (MBOE/D) | 1,432 | 1,386 | 1,192 | 1,158 | 1,291 | 1,113 | 1,113 | ||||||||||||
Commodity Price Realizations | |||||||||||||||||||
Worldwide oil ($/BBL) | $ | 46.96 | $ | 23.14 | $ | 38.51 | $ | 40.76 | $ | 37.34 | $ | 55.65 | $ | 55.65 | |||||
Worldwide NGL ($/BBL) | $ | 13.09 | $ | 7.79 | $ | 14.85 | $ | 14.95 | $ | 12.58 | $ | 23.44 | $ | 23.44 | |||||
Domestic gas ($/MCF) | $ | 1.18 | $ | 0.90 | $ | 1.18 | $ | 1.55 | $ | 1.18 | $ | 2.56 | $ | 2.56 | |||||
Cash Flows - Continuing Operations ($ millions) | |||||||||||||||||||
Operating cash flow before working capital (Non-GAAP) | (c) | $ | 1,484 | $ | 587 | $ | 1,644 | $ | 1,405 | $ | 5,120 | $ | 2,135 | $ | 2,135 | ||||
Working capital changes | (189) | (222) | (829) | (38) | (1,278) | (1,347) | (1,347) | ||||||||||||
Operating cash flow | $ | 1,295 | $ | 365 | $ | 815 | $ | 1,367 | $ | 3,842 | $ | 788 | $ | 788 | |||||
Capital expenditures | $ | (1,300) | $ | (375) | $ | (246) | $ | (614) | $ | (2,535) | $ | (579) | $ | (579) | |||||
2020 | 2021 | ||||||||||||||||||
Year-to-date | Mar | Jun | Sep | Dec | Mar | Jun | Sep | Dec | |||||||||||
Net Loss ($ millions) | |||||||||||||||||||
Reported loss attributable to common stockholders | $ | (2,232) | $(10,585) | $(14,363) | $(15,675) | $ | (346) | ||||||||||||
Reported EPS - Diluted ($/share) | $ | (2.49) | $ | (11.68) | $ | (15.72) | $ | (17.06) | $ | (0.36) | |||||||||
Effective tax rate on reported income (loss) (%) | 1 % | 15 % | 14 % | 14 % | 5 % | ||||||||||||||
Adjusted loss attributable to common stockholders (Non-GAAP) | (a) | $ | (598) | $ | (2,290) | $ | (3,078) | $ | (3,688) | $ | (136) | ||||||||
Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | $ | (2.53) | $ | (3.37) | $ | (4.01) | $ | (0.15) | ||||||||
Effective tax rate on adjusted income (loss) (%) | 2 % | 13 % | 12 % | 11 % | (327)% | ||||||||||||||
Average Shares Outstanding | |||||||||||||||||||
Basic (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | ||||||||||||||
Diluted (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 947.9 | ||||||||||||||
Daily Production Volumes | |||||||||||||||||||
Total US (MBOE/D) | 1,175 | 1,146 | 1,083 | 1,037 | 904 | ||||||||||||||
US Oil (MBBL/D) | 662 | 633 | 591 | 561 | 488 | ||||||||||||||
Worldwide - Reported (MBOE/D) | 1,497 | 1,466 | 1,398 | 1,347 | 1,139 | ||||||||||||||
Worldwide - Continuing Operations (MBOE/D) | 1,437 | 1,405 | 1,337 | 1,289 | 1,117 | ||||||||||||||
Worldwide Sales - Continuing Operations (MBOE/D) | 1,432 | 1,409 | 1,336 | 1,291 | 1,113 | ||||||||||||||
Commodity Price Realizations | |||||||||||||||||||
Worldwide oil ($/BBL) | $ | 46.96 | $ | 35.52 | $ | 36.44 | $ | 37.34 | $ | 55.65 | |||||||||
Worldwide NGL ($/BBL) | $ | 13.09 | $ | 10.43 | $ | 11.84 | $ | 12.58 | $ | 23.44 | |||||||||
Domestic gas ($/MCF) | $ | 1.18 | $ | 1.04 | $ | 1.09 | $ | 1.18 | $ | 2.56 | |||||||||
Cash Flows - Continuing Operations ($ millions) | |||||||||||||||||||
Operating cash flows before working capital (Non-GAAP) | (c) | $ | 1,484 | $ | 2,071 | $ | 3,715 | $ | 5,120 | $ | 2,135 | ||||||||
Working capital changes | (189) | (411) | (1,240) | (1,278) | (1,347) | ||||||||||||||
Operating cash flow | $ | 1,295 | $ | 1,660 | $ | 2,475 | $ | 3,842 | $ | 788 | |||||||||
Capital expenditures | $ | (1,300) | $ | (1,675) | $ | (1,921) | $ | (2,535) | $ | (579) |
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation.
(c) See schedule 7 for non-GAAP reconciliation.
Occidental Petroleum Corporation | SCHEDULE 2 | |||||||||||||||||
Items Affecting Comparability Detail | ||||||||||||||||||
(Amounts in millions) | ||||||||||||||||||
Before Tax Allocations | 2020 | 2021 | ||||||||||||||||
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||
Oil & Gas | ||||||||||||||||||
Domestic | ||||||||||||||||||
Asset impairments | $ | (282) | $ | (5,514) | $ | (21) | $ | (87) | $ | (5,904) | $ | (135) | $ | (135) | ||||
Asset sales gains (losses), net | - | 14 | (439) | (850) | (1,275) | - | - | |||||||||||
Rig termination and others | (35) | (3) | (23) | 2 | (59) | - | - | |||||||||||
Oil, gas and CO2 derivative gains (losses), net | 870 | 53 | 136 | 31 | 1,090 | (40) | (40) | |||||||||||
Total Domestic | 553 | (5,450) | (347) | (904) | (6,148) | (175) | (175) | |||||||||||
International | ||||||||||||||||||
Asset impairments | (264) | (931) | - | - | (1,195) | - | - | |||||||||||
Asset sales gains (losses), net | - | - | (356) | 3 | (353) | - | - | |||||||||||
Rig termination and others | - | (6) | (4) | (3) | (13) | - | - | |||||||||||
Total International | (264) | (937) | (360) | - | (1,561) | - | - | |||||||||||
Total Oil and Gas | 289 | (6,387) | (707) | (904) | (7,709) | (175) | (175) | |||||||||||
Chemical | ||||||||||||||||||
No items affecting comparability | - | - | - | - | - | - | - | |||||||||||
Total Chemical | - | - | - | - | - | - | - | |||||||||||
Midstream & Marketing | ||||||||||||||||||
Asset sales gains (losses), net | - | - | (46) | - | (46) | 102 | 102 | |||||||||||
Goodwill impairment and equity losses | (1,458) | (7) | (2,729) | - | (4,194) | - | - | |||||||||||
Derivative gains (losses), net | 251 | 54 | (20) | (188) | 97 | 15 | 15 | |||||||||||
Total Midstream & Marketing | (1,207) | 47 | (2,795) | (188) | (4,143) | 117 | 117 | |||||||||||
Corporate | ||||||||||||||||||
Anadarko acquisition-related costs | (148) | (149) | (5) | (37) | (339) | (41) | (41) | |||||||||||
Acquisition-related pension & termination benefits | - | 114 | - | - | 114 | - | - | |||||||||||
Interest rate swap gains (losses), net | (669) | 4 | 88 | 149 | (428) | 399 | 399 | |||||||||||
Other charges and asset impairments | - | - | - | - | - | - | - | |||||||||||
Warrants gains (losses), net | 84 | (79) | - | - | 5 | - | - | |||||||||||
Total Corporate | (733) | (110) | 83 | 112 | (648) | 358 | 358 | |||||||||||
Valuation allowance on tax assets | - | - | (37) | 2 | (35) | - | - | |||||||||||
Income taxes | 17 | 1,204 | 386 | 239 | 1,846 | (65) | (65) | |||||||||||
Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | 235 | |||||||||||
Discontinued operations, net of taxes (a) | - | (1,415) | 80 | 37 | (1,298) | (445) | (445) | |||||||||||
Total | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | - | $ | (210) | ||
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 | $ | (219) | $ | (4,299) | $ | (17) | $ | (67) | $ | (4,602) | $ | (106) | $ | (106) | ||||
Asset sales gains (losses), net | - | 11 | (342) | (663) | (994) | - | - | |||||||||||
Rig termination and others | (27) | 5 | (18) | 2 | (38) | - | - | |||||||||||
Oil, gas and CO2 derivative gains (losses), net | 677 | 42 | 105 | 24 | 848 | (31) | (31) | |||||||||||
Total Domestic | 431 | (4,241) | (272) | (704) | (4,786) | (137) | (137) | |||||||||||
International | ||||||||||||||||||
Asset impairments | (264) | (931) | - | - | (1,195) | - | - | |||||||||||
Asset sales gains (losses), net | - | - | (356) | 3 | (353) | - | - | |||||||||||
Rig termination and others | - | (6) | (4) | (3) | (13) | - | - | |||||||||||
Total International | (264) | (937) | (360) | - | (1,561) | - | - | |||||||||||
Total Oil and Gas | 167 | (5,178) | (632) | (704) | (6,347) | (137) | (137) | |||||||||||
Chemical | ||||||||||||||||||
No items affecting comparability | - | - | - | - | - | - | - | |||||||||||
Total Chemical | - | - | - | - | - | - | - | |||||||||||
Midstream & Marketing | ||||||||||||||||||
Asset sales gains (losses), net | - | - | (50) | - | (50) | 79 | 79 | |||||||||||
Goodwill impairment and equity losses | (1,443) | (6) | (2,402) | 23 | (3,828) | - | - | |||||||||||
Derivative gains (losses), net | 195 | 42 | (15) | (147) | 75 | 12 | 12 | |||||||||||
Total Midstream & Marketing | (1,248) | 36 | (2,467) | (124) | (3,803) | 91 | 91 | |||||||||||
Corporate | ||||||||||||||||||
Anadarko acquisition-related costs | (115) | (117) | (3) | (29) | (264) | (31) | (31) | |||||||||||
Acquisition-related pension & termination benefits | - | 89 | - | - | 89 | - | - | |||||||||||
Interest rate swap gains (losses), net | (522) | 3 | 69 | 116 | (334) | 312 | 312 | |||||||||||
Warrants gains (losses), net | 84 | (79) | - | - | 5 | - | - | |||||||||||
Total Corporate | (553) | (104) | 66 | 87 | (504) | 281 | 281 | |||||||||||
Valuation allowance on tax assets | - | - | (37) | 2 | (35) | - | - | |||||||||||
State tax rate revaluation | - | - | - | - | - | - | - | |||||||||||
Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | 235 | |||||||||||
Discontinued operations, net of taxes (a) | - | (1,415) | 80 | 37 | (1,298) | (445) | (445) | |||||||||||
Total | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (210) |
(a) The pre-tax impairment for the second quarter of 2020 was $2.2 billion.
Occidental Petroleum Corporation | SCHEDULE 3 | |||||||||||||||||
Segment Results BeforeTax Allocations | ||||||||||||||||||
(Amounts in millions, except per share and effective tax rate amounts) | ||||||||||||||||||
2020 | 2021 | |||||||||||||||||
Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||
Oil & Gas | ||||||||||||||||||
Domestic | $ | 233 | $ | (6,841) | $ | (885) | $ | (1,265) | $ | (8,758) | $ | (214) | $ | (214) | ||||
International | 40 | (860) | (158) | 236 | (742) | 180 | 180 | |||||||||||
Exploration | (37) | (33) | (29) | (33) | (132) | (28) | (28) | |||||||||||
Total Oil & Gas | 236 | (7,734) | (1,072) | (1,062) | (9,632) | (62) | (62) | |||||||||||
Chemical | 186 | 108 | 178 | 192 | 664 | 251 | 251 | |||||||||||
Midstream & Marketing | (1,287) | (7) | (2,791) | (90) | (4,175) | 282 | 282 | |||||||||||
Segment income (loss) | (865) | (7,633) | (3,685) | (960) | (13,143) | 471 | 471 | |||||||||||
Corporate | ||||||||||||||||||
Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (395) | |||||||||||
Other | (821) | (241) | (20) | (56) | (1,138) | 239 | 239 | |||||||||||
Income (loss) from continuing operations before taxes | (2,038) | (8,184) | (4,058) | (1,425) | (15,705) | 315 | 315 | |||||||||||
Taxes | ||||||||||||||||||
Federal and state | 90 | 1,577 | 511 | 429 | 2,607 | 102 | 102 | |||||||||||
International | (65) | (109) | (108) | (153) | (435) | (118) | (118) | |||||||||||
Income (loss) from continuing operations | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 299 | |||||||||||
Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | (445) | |||||||||||
Net loss | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | (146) | |||||||||||
Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | |||||||||||
Net loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (346) | ||||
Reported diluted earnings per share | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.36) | ||||
Effective Tax Rate | 1 % | 18 % | 10 % | 19 % | 14 % | 5 % | 5 % | |||||||||||
Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||
Oil & Gas | ||||||||||||||||||
Domestic | $ | 553 | $ | (5,450) | $ | (347) | $ | (904) | $ | (6,148) | $ | (175) | $ | (175) | ||||
International | (264) | (937) | (360) | - | (1,561) | - | - | |||||||||||
Exploration | - | - | - | - | - | - | - | |||||||||||
Total Oil & Gas | 289 | (6,387) | (707) | (904) | (7,709) | (175) | (175) | |||||||||||
Chemical | - | - | - | - | - | - | - | |||||||||||
Midstream & Marketing | (1,207) | 47 | (2,795) | (188) | (4,143) | 117 | 117 | |||||||||||
Segment income (loss) | (918) | (6,340) | (3,502) | (1,092) | (11,852) | (58) | (58) | |||||||||||
Corporate | ||||||||||||||||||
Interest | - | - | - | - | - | - | - | |||||||||||
Other | (733) | (110) | 83 | 112 | (648) | 358 | 358 | |||||||||||
Income (loss) from continuing operations before taxes | (1,651) | (6,450) | (3,419) | (980) | (12,500) | 300 | 300 | |||||||||||
Taxes | ||||||||||||||||||
Federal and state | 17 | 1,204 | 349 | 241 | 1,811 | (65) | (65) | |||||||||||
International | - | - | - | - | - | - | - | |||||||||||
Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | 235 | |||||||||||
Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | (445) | |||||||||||
Net loss | (1,634) | (6,661) | (2,990) | (702) | (11,987) | (210) | (210) | |||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | |||||||||||
Net loss attributable to common stockholders | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (210) | ||||
Adjusted Income (Loss) (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||
Oil & Gas | ||||||||||||||||||
Domestic | $ | (320) | $ | (1,391) | $ | (538) | $ | (361) | $ | (2,610) | $ | (39) | $ | (39) | ||||
International | 304 | 77 | 202 | 236 | 819 | 180 | 180 | |||||||||||
Exploration | (37) | (33) | (29) | (33) | (132) | (28) | (28) | |||||||||||
Total Oil & Gas | (53) | (1,347) | (365) | (158) | (1,923) | 113 | 113 | |||||||||||
Chemical | 186 | 108 | 178 | 192 | 664 | 251 | 251 | |||||||||||
Midstream & Marketing | (80) | (54) | 4 | 98 | (32) | 165 | 165 | |||||||||||
Adjusted segment income (loss) | 53 | (1,293) | (183) | 132 | (1,291) | 529 | 529 | |||||||||||
Corporate | ||||||||||||||||||
Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (395) | |||||||||||
Other | (88) | (131) | (103) | (168) | (490) | (119) | (119) | |||||||||||
Adjusted income (loss) from continuing operations before | (387) | (1,734) | (639) | (445) | (3,205) | 15 | 15 | |||||||||||
taxes | ||||||||||||||||||
Taxes | ||||||||||||||||||
Federal and state | 73 | 373 | 162 | 188 | 796 | 167 | 167 | |||||||||||
International | (65) | (109) | (108) | (153) | (435) | (118) | (118) | |||||||||||
Adjusted income (loss) | (379) | (1,470) | (585) | (410) | (2,844) | 64 | 64 | |||||||||||
Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | |||||||||||
Adjusted loss attributable to common stockholders | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | (136) | ||||
Adjusted diluted earnings per share (Non-GAAP) | ||||||||||||||||||
$ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | (0.15) | |||||
Effective Tax Rate | 2 % | 15 % | 8 % | 8 % | 11 % | (327)% | (327)% |
- Non-GAAPMeasureAdjusted 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.
Occidental Petroleum Corporation | SCHEDULE 4 |
Segment Results AfterTax Allocations |
(Amounts in millions, except per share and effective tax rate amounts)
2020 | 2021 | |||||||||||||||||
Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||
Oil & Gas | ||||||||||||||||||
Domestic | $ | 182 | $ | (5,336) | $ | (690) | $ | (987) | $ | (6,831) | $ | (167) | $ | (167) | ||||
International | (85) | (926) | (233) | 98 | (1,146) | 69 | 69 | |||||||||||
Exploration | (32) | (26) | (26) | (29) | (113) | (23) | (23) | |||||||||||
Total Oil & Gas | 65 | (6,288) | (949) | (918) | (8,090) | (121) | (121) | |||||||||||
Chemical | 142 | 82 | 137 | 146 | 507 | 193 | 193 | |||||||||||
Midstream & Marketing | (1,306) | 2 | (2,455) | (64) | (3,823) | 251 | 251 | |||||||||||
Segment income (loss) | (1,099) | (6,204) | (3,267) | (836) | (11,406) | 323 | 323 | |||||||||||
Corporate | ||||||||||||||||||
Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (395) | |||||||||||
Other | (641) | (235) | (20) | (56) | (952) | 162 | 162 | |||||||||||
Taxes | 79 | 33 | (15) | 152 | 249 | 209 | 209 | |||||||||||
Income (loss) from continuing operations | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 299 | |||||||||||
Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | (445) | |||||||||||
Net loss | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | (146) | |||||||||||
Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | |||||||||||
Net loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (346) | ||||
Reported diluted earnings per share | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.36) | ||||
Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||
Oil & Gas | ||||||||||||||||||
Domestic | $ | 431 | $ | (4,241) | $ | (272) | $ | (704) | $ | (4,786) | $ | (137) | $ | (137) | ||||
International | (264) | (937) | (360) | - | (1,561) | - | - | |||||||||||
Exploration | - | - | - | - | - | - | - | |||||||||||
Total Oil & Gas | 167 | (5,178) | (632) | (704) | (6,347) | (137) | (137) | |||||||||||
Chemical | - | - | - | - | - | - | - | |||||||||||
Midstream & Marketing | (1,248) | 36 | (2,467) | (124) | (3,803) | 91 | 91 | |||||||||||
Segment loss | (1,081) | (5,142) | (3,099) | (828) | (10,150) | (46) | (46) | |||||||||||
Corporate | ||||||||||||||||||
Interest | - | - | - | - | - | - | - | |||||||||||
Other | (553) | (104) | 66 | 87 | (504) | 281 | 281 | |||||||||||
Taxes | - | - | (37) | 2 | (35) | - | - | |||||||||||
Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | 235 | |||||||||||
Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | (445) | |||||||||||
Net loss | (1,634) | (6,661) | (2,990) | (702) | (11,987) | (210) | (210) | |||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | |||||||||||
Net loss attributable to common stockholders | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (210) | ||||
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 | $ | (249) | $ | (1,095) | $ | (418) | $ | (283) | $ | (2,045) | $ | (30) | $ | (30) | ||||
International | 179 | 11 | 127 | 98 | 415 | 69 | 69 | |||||||||||
Exploration | (32) | (26) | (26) | (29) | (113) | (23) | (23) | |||||||||||
Total Oil & Gas | (102) | (1,110) | (317) | (214) | (1,743) | 16 | 16 | |||||||||||
Chemical | 142 | 82 | 137 | 146 | 507 | 193 | 193 | |||||||||||
Midstream & Marketing | (58) | (34) | 12 | 60 | (20) | 160 | 160 | |||||||||||
Segment income | (18) | (1,062) | (168) | (8) | (1,256) | 369 | 369 | |||||||||||
Corporate | ||||||||||||||||||
Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (395) | |||||||||||
Other | (88) | (131) | (86) | (143) | (448) | (119) | (119) | |||||||||||
Taxes | 79 | 33 | 22 | 150 | 284 | 209 | 209 | |||||||||||
Income (loss) from continuing operations | (379) | (1,470) | (585) | (410) | (2,844) | 64 | 64 | |||||||||||
Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | |||||||||||
Adjusted loss attributable to common stockholders | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | (136) | ||||
Adjusted diluted earnings per share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | (0.15) | ||||
Reconciliation - Diluted Earnings Per Share | ||||||||||||||||||
Reported Diluted Earnings Per Share (GAAP) | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.36) | ||||
After-Tax Adjustments for Items Affecting Comparability | ||||||||||||||||||
Oil & Gas | ||||||||||||||||||
Domestic | $ | 0.48 | $ | (4.63) | $ | (0.30) | $ | (0.76) | $ | (5.21) | $ | (0.14) | $ | (0.14) | ||||
International | (0.29) | (1.02) | (0.39) | - | (1.70) | - | - | |||||||||||
Exploration | - | - | - | - | - | - | - | |||||||||||
Chemical | - | - | - | - | - | - | - | |||||||||||
Midstream & Marketing | (1.39) | 0.04 | (2.65) | (0.13) | (4.14) | 0.10 | 0.10 | |||||||||||
Corporate | ||||||||||||||||||
Interest | - | - | - | - | - | - | - | |||||||||||
Other | (0.62) | (0.11) | 0.07 | 0.09 | (0.55) | 0.30 | 0.30 | |||||||||||
Taxes | - | - | (0.04) | - | (0.04) | - | - | |||||||||||
Discontinued Operations | - | (1.55) | 0.09 | 0.04 | (1.41) | (0.47) | (0.47) | |||||||||||
Total After-Tax Adjustments for Items Affecting Comparability | $ | (1.82) | $ | (7.27) | $ | (3.22) | $ | (0.76) | $ | (13.05) | $ | (0.21) | $ | (0.21) | ||||
Adjusted Diluted Earnings Per Share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | (0.15) | ||||
Average Diluted Shares Outstanding (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 947.9 |
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.
Attachments
- Original document
- Permalink
Disclaimer
OXY - Occidental Petroleum Corporation published this content on 10 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2021 20:17:07 UTC.
