OCCIDENTAL PETROLEUM CORPORATION
Occidental Announces 4th Quarter 2021 Results
•Announced new shareholder return framework and additional debt reduction target
•Earnings per share of $1.37 per diluted share and adjusted earnings per share of $1.48 per diluted share
•Cash flow from continuing operations of $3.2 billion and cash flow from continuing operations, before working capital of $3.9 billion
•Capital spending of $937 million, resulting in record free cash flow, excluding working capital of over $2.9 billion
•Reduced debt maturities by $2.2 billion through debt tender and 2022 maturity call provisions resulting in total year debt maturity reduction of over $6.7 billion
•OxyChem generated record quarterly pre-tax earnings of $574 million, increasing total year pre-tax earnings to over $1.5 billion
•Exceeded production guidance midpoint by 49 Mboed, with production of 1,189 Mboed from continuing operations
HOUSTON- February 24, 2022 - Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the fourth quarter of 2021 of $1.3 billion, or $1.37 per diluted share, and adjusted income attributable to common stockholders of $1.4 billion, or $1.48 per diluted share. Fourth quarter after-tax items affecting comparability of $111 million included net derivative losses of $107 million and $130 million of charges for non-core expiring domestic onshore undeveloped oil and gas leases and inventory impairments, partially offset by a positive state tax rate revaluation of $88 million and gains on sale of $68 million.
"Occidental's focus on operational efficiencies in the fourth quarter enabled us to leverage the increases in commodity prices to further improve our balance sheet and liquidity position, and set us on a path toward continued debt reduction and the implementation of a new shareholder return framework in 2022," said President and Chief Executive Officer Vicki Hollub. "Our employees delivered strong operational results, setting new records and efficiency benchmarks in the Permian, Rockies, Gulf of Mexico and Oman in 2021. Additionally, OxyChem recorded its highest annual earnings in 30 years."
QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income on continuing operations for the fourth quarter was $2.1 billion, compared to pre-tax income of $1.5 billion for the third quarter of 2021. The fourth quarter results included $109 million of charges for non-core expiring domestic onshore undeveloped oil and gas leases and inventory impairments, partially offset by gains on sale of $68 million. Excluding items affecting comparability, fourth quarter oil and gas income improved over the third quarter due to higher worldwide crude oil and domestic natural gas prices and higher crude oil volumes, partially offset by
higher exploration and overhead expenses. For the fourth quarter of 2021, average WTI and Brent marker prices were $77.19 per barrel and $79.76 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 10 percent from the prior quarter to $75.39 per barrel. Average worldwide realized natural gas liquids (NGL) prices increased by approximately 7 percent from the prior quarter to $36.52 per barrel. Average domestic realized gas prices increased by approximately 39 percent from the prior quarter to $4.64 per Mcf.
Total average global production from continuing operations of 1,189 thousand of barrels of oil equivalent per day (Mboed) for the fourth quarter exceeded the midpoint of guidance by 49 Mboed. Permian Resources, Rockies and Gulf of Mexico all exceeded the high end of guidance with production of 490 Mboed, 313 Mboed and 149 Mboed, respectively. International average daily production volumes came within guidance at 237 Mboed.
Oil and Gas Proved Reserves
As of December 31, 2021, Occidental's worldwide proved reserves totaled 3.5 billion barrels of oil equivalent (BOE), compared to 2.9 billion BOE for the same period in the prior year. Proved reserve additions were mainly driven by positive price and other revisions of 829 million BOE and extensions and discoveries of 145 million BOE. Revisions of proved reserves included 421 million BOE of positive price revisions and 208 million BOE of positive revisions related to additions associated with infill development projects, primarily in the Permian and DJ basins, and further positive revisions of 101 million BOE associated with updates based on reservoir performance. The remaining revisions were associated with various other cost related revisions and management changes in development plans.
OxyChem
Chemical pre-tax income of $574 million for the fourth quarter exceeded guidance by $94 million. Compared to prior quarter income of $407 million, the improvement in fourth quarter income resulted primarily from higher realized prices, volumes and margins across most product lines, partially offset by higher energy costs.
Midstream and Marketing
Midstream and marketing pre-tax loss for the fourth quarter was $15 million, compared to income of $20 million for the third quarter of 2021. The fourth quarter results included $76 million of derivative losses and $21 million of valuation adjustments to inventory. WES equity income for the fourth quarter was $131 million. Midstream and marketing's fourth quarter pre-tax loss, excluding WES equity income, exceeded guidance by over $100 million. Excluding items affecting comparability, midstream and marketing pre-tax fourth quarter results reflected higher margins from the marketing business due to timing of crude sales, optimizations in gas transportation capacities and improved gas transportation spreads, partially offset by higher operating expenses and energy costs in domestic gas processing due to increased NGL production.
Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), cash flow from continuing operations before working capital and free cash flow, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with cash flow
from continuing operations before working capital and free cash flow and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental's definition of adjusted income (loss), cash flow from continuing operations before working capital and free cash flow may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.
This press release also refers to finding and development cost (F&D Cost) and reserves replacement ratio, which are non-GAAP measures that Occidental believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost of replacing annual production and adding proved reserves. Occidental's definitions of these non-GAAP measures may differ from similarly titled measures provided by other companies and as a result may not be comparable. F&D Cost - All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of proved reserve revisions, improved recovery, extensions and discoveries and purchases of minerals in place for the year. F&D Cost - Organic is F&D Cost - All-In excluding both the property acquisition costs and purchase of minerals in place, and F&D Cost - Program Additions further excludes other revisions that are not infills. Reserves Replacement - All-In is calculated by dividing the sum of proved reserve revisions, improved recovery, extensions and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves Replacement - Organic is Reserves Replacement - All-In, excluding purchases and sales of minerals in place for the year.
About Occidental
Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary (OLCV) is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.
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," "commit," "advance," "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, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.
Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: the scope and duration of the COVID-19 pandemic
and ongoing actions taken by governmental authorities and other third parties in response to the pandemic; Occidental's indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental's ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental's credit ratings; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations; supply and demand considerations for, and the prices of, Occidental's products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of our proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental's ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental's competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental's oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; inflation; governmental actions, war, and political conditions and events; legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deep-water and onshore drilling and permitting regulations, and environmental regulation (including regulations related to climate change); environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions); Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as OLCV or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental's ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental's operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental's control.
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, 2021, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contacts
Media
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Investors
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Eric Moses
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Jeff Alvarez
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713-497-2017
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713-215-7864
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eric_moses@oxy.com
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jeff_alvarez@oxy.com
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Occidental Petroleum Corporation
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Fourth Quarter and Full-Year 2021
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Earnings Release Schedules Index
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Schedule # and Description
1.Summary Highlights
2.Items Affecting Comparability Detail
•Before Tax Allocations
•After Tax Allocations
3.Segment Results Before Tax Allocations
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
4.Segment Results After Tax Allocations
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reconciliation - Diluted EPS
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 Metrics
11.Reserves Replacement and Multi-Year Data - Worldwide
12.Reserves Replacement and Multi-Year Data - United States Only
13.Proved Oil Reserves
14.Proved NGLs Reserves
15.Proved Natural Gas Reserves
16.Total Proved Reserves
17.Costs Incurred
SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
| 2020 | 2021 | ||||||||||||||||||||
| Quarterly | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||
| Net Income (Loss) ($ millions) | |||||||||||||||||||||
| Reported income (loss) attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | 628 | $ | 1,337 | $ | 1,522 | |
| Reported EPS - Diluted ($/share) | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | 0.65 | $ | 1.37 | $ | 1.58 | |
| Effective tax rate on reported income (loss) (%) | 1 | % | 18 | % | 10 | % | 19 | % | 14 | % | 5 | % | 30 | % | 32 | % | 23 | % | 25 | % | |
| Adjusted income (loss) attributable to common stockholders (Non-GAAP) | (a) | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 836 | $ | 1,448 | $ | 2,459 |
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.87 | $ | 1.48 | $ | 2.55 |
| Effective tax rate on adjusted income (loss) (%) | 2 | % | 15 | % | 8 | % | 8 | % | 11 | % | (327) | % | 31 | % | 30 | % | 27 | % | 27 | % | |
| Average Shares Outstanding - Reported Income (Loss) | |||||||||||||||||||||
| Basic (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 934.2 | 935.4 | 936.5 | 935.0 | |||||||||||
| Diluted (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 934.2 | 957.7 | 972.7 | 958.8 | |||||||||||
| Average Shares Outstanding - Adjusted Income (Loss) | (b) | ||||||||||||||||||||
| Basic (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 934.2 | 935.4 | 936.5 | 935.0 | |||||||||||
| Diluted (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 956.8 | 957.7 | 972.7 | 958.8 | |||||||||||
| Daily Production Volumes | |||||||||||||||||||||
| Total US (MBOE/D) | 1,175 | 1,116 | 960 | 900 | 1,037 | 904 | 961 | 918 | 952 | 933 | |||||||||||
| US Oil (MBBL/D) | 662 | 603 | 508 | 477 | 561 | 488 | 517 | 483 | 506 | 498 | |||||||||||
| Worldwide - Reported (MBOE/D) | 1,497 | 1,434 | 1,265 | 1,195 | 1,347 | 1,139 | 1,225 | 1,176 | 1,192 | 1,183 | |||||||||||
| Worldwide - Continuing Operations (MBOE/D) | 1,437 | 1,373 | 1,204 | 1,143 | 1,289 | 1,117 | 1,203 | 1,160 | 1,189 | 1,167 | |||||||||||
| Worldwide Sales - Continuing Operations (MBOE/D) | 1,432 | 1,386 | 1,192 | 1,158 | 1,291 | 1,113 | 1,199 | 1,158 | 1,193 | 1,166 | |||||||||||
| Commodity Price Realizations | |||||||||||||||||||||
| Worldwide oil ($/BBL) | $ | 46.96 | $ | 23.14 | $ | 38.51 | $ | 40.76 | $ | 37.34 | $ | 55.65 | $ | 64.18 | $ | 68.74 | $ | 75.39 | $ | 66.14 | |
| Worldwide NGL ($/BOE) | $ | 13.09 | $ | 7.79 | $ | 15.02 | $ | 14.95 | $ | 12.58 | $ | 23.44 | $ | 25.06 | $ | 34.01 | $ | 36.52 | $ | 30.01 | |
| Domestic gas ($/MCF) | $ | 1.18 | $ | 0.90 | $ | 1.18 | $ | 1.55 | $ | 1.18 | $ | 2.56 | $ | 2.59 | $ | 3.35 | $ | 4.64 | $ | 3.30 | |
| 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 | $ | 2,710 | $ | 2,967 | $ | 3,867 | $ | 11,679 |
| Working capital changes | $ | (189) | $ | (222) | $ | (829) | $ | (38) | $ | (1,278) | $ | (1,347) | $ | 614 | $ | (57) | $ | (636) | $ | (1,426) | |
| Operating cash flow | $ | 1,295 | $ | 365 | $ | 815 | $ | 1,367 | $ | 3,842 | $ | 788 | $ | 3,324 | $ | 2,910 | $ | 3,231 | $ | 10,253 | |
| Capital expenditures | $ | (1,300) | $ | (375) | $ | (246) | $ | (614) | $ | (2,535) | $ | (579) | $ | (698) | $ | (656) | $ | (937) | $ | (2,870) | |
| 2020 | 2021 | ||||||||||||||||||||
| Year-to-date | Mar | Jun | Sep | Dec | Mar | Jun | Sep | Dec | |||||||||||||
| Net Income (Loss) ($ millions) | |||||||||||||||||||||
| Reported income (loss) attributable to common stockholders | $ | (2,232) | $ | (10,585) | $ | (14,363) | $ | (15,675) | $ | (346) | $ | (443) | $ | 185 | $ | 1,522 | |||||
| Reported EPS - Diluted ($/share) | $ | (2.49) | $ | (11.68) | $ | (15.72) | $ | (17.06) | $ | (0.36) | $ | (0.47) | $ | 0.19 | $ | 1.58 | |||||
| Effective tax rate on reported income (loss) (%) | 1 | % | 15 | % | 14 | % | 14 | % | 5 | % | 13 | % | 27 | % | 25 | % | |||||
| Adjusted income (loss) attributable to common stockholders (Non-GAAP) | (a) | $ | (598) | $ | (2,290) | $ | (3,078) | $ | (3,688) | $ | (136) | $ | 175 | $ | 1,011 | $ | 2,459 | ||||
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | $ | (2.53) | $ | (3.37) | $ | (4.01) | $ | (0.15) | $ | 0.18 | $ | 1.05 | $ | 2.55 | ||||
| Effective tax rate on adjusted income (loss) (%) | 2 | % | 13 | % | 12 | % | 11 | % | (327) | % | 24 | % | 28 | % | 27 | % | |||||
| Average Shares Outstanding - Reported Loss | |||||||||||||||||||||
| Basic (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 933.8 | 934.4 | 935.0 | |||||||||||||
| Diluted (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 947.9 | 933.8 | 954.2 | 958.8 | |||||||||||||
| Average Shares Outstanding - Adjusted Income (Loss) | (b) | ||||||||||||||||||||
| Basic (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 933.8 | 934.4 | 935.0 | |||||||||||||
| Diluted (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 952.4 | 954.2 | 958.8 | |||||||||||||
| Daily Production Volumes | |||||||||||||||||||||
| Total US (MBOE/D) | 1,175 | 1,146 | 1,083 | 1,037,000,000 | 904 | 932 | 927 | 933 | |||||||||||||
| US Oil (MBBL/D) | 662 | 633 | 591 | 561 | 488 | 502 | 496 | 498 | |||||||||||||
| Worldwide - Reported (MBOE/D) | 1,497 | 1,466 | 1,398 | 1,347,000,000 | 1,139 | 1,182 | 1,180 | 1,183 | |||||||||||||
| Worldwide - Continuing Operations (MBOE/D) | 1,437 | 1,405 | 1,337 | 1,289,000,000 | 1,117 | 1,160 | 1,160 | 1,167 | |||||||||||||
| Worldwide Sales - Continuing Operations (MBOE/D) | 1,432 | 1,409 | 1,336 | 1,291 | 1,113 | 1,156 | 1,157 | 1,166 | |||||||||||||
| Commodity Price Realizations | |||||||||||||||||||||
| Worldwide oil ($/BBL) | $ | 46.96 | $ | 35.52 | $ | 36.44 | $ | 37.34 | $ | 55.65 | $ | 60.05 | $ | 62.94 | $ | 66.14 | |||||
| Worldwide NGL ($/BOE) | $ | 13.09 | $ | 10.43 | $ | 11.84 | $ | 12.58 | $ | 23.44 | $ | 24.31 | $ | 27.68 | $ | 30.01 | |||||
| Domestic gas ($/MCF) | $ | 1.18 | $ | 1.04 | $ | 1.09 | $ | 1.18 | $ | 2.56 | $ | 2.58 | $ | 2.84 | $ | 3.30 | |||||
| Cash Flows - Continuing Operations ($ millions) | |||||||||||||||||||||
| Operating cash flows before working capital (Non-GAAP) | (c) | $ | 1,484 | $ | 2,071 | $ | 3,715 | $ | 5,120 | $ | 2,135 | $ | 4,845 | $ | 7,812 | $ | 11,679 | ||||
| Working capital changes | $ | (189) | $ | (411) | $ | (1,240) | $ | (1,278) | $ | (1,347) | $ | (733) | $ | (790) | $ | (1,426) | |||||
| Operating cash flow | $ | 1,295 | $ | 1,660 | $ | 2,475 | $ | 3,842 | $ | 788 | $ | 4,112 | $ | 7,022 | $ | 10,253 | |||||
| Capital expenditures | $ | (1,300) | $ | (1,675) | $ | (1,921) | $ | (2,535) | $ | (579) | $ | (1,277) | $ | (1,933) | $ | (2,870) | |||||
| (a) See schedule 3 for non-GAAP reconciliation. | |||||||||||||||||||||
| (b) See schedule 4 for non-GAAP reconciliation. The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations. | |||||||||||||||||||||
| (c) See schedule 7 for non-GAAP reconciliation. |
SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
| 2020 | 2021 | |||||||||||||||||||
| Before Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | ||||||||||||||||||||
| Asset impairments | $ | (282) | $ | (5,514) | $ | (21) | $ | (87) | $ | (5,904) | $ | (135) | $ | (21) | $ | (17) | $ | (109) | $ | (282) |
| Asset sales gains (losses), net | - | 14 | (439) | (850) | (1,275) | - | - | 14 | 13 | 27 | ||||||||||
| Rig termination and others | (35) | (3) | (23) | 2 | (59) | - | - | - | - | - | ||||||||||
| Oil, gas and CO2 derivative gains (losses), net | 870 | 53 | 136 | 31 | 1,090 | (40) | (140) | (97) | (3) | (280) | ||||||||||
| Total Domestic | 553 | (5,450) | (347) | (904) | (6,148) | (175) | (161) | (100) | (99) | (535) | ||||||||||
| International | ||||||||||||||||||||
| Asset impairments | (264) | (931) | - | - | (1,195) | - | - | - | - | - | ||||||||||
| Asset sales gains (losses), net | - | - | (356) | 3 | (353) | - | - | (12) | 55 | 43 | ||||||||||
| Rig termination and others | - | (6) | (4) | (3) | (13) | - | - | - | - | - | ||||||||||
| Total International | (264) | (937) | (360) | - | (1,561) | - | - | (12) | 55 | 43 | ||||||||||
| Total Oil and Gas | 289 | (6,387) | (707) | (904) | (7,709) | (175) | (161) | (112) | (44) | (492) | ||||||||||
| Chemical | ||||||||||||||||||||
| No items affecting comparability | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Total Chemical | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Midstream & Marketing | ||||||||||||||||||||
| Asset sales gains (losses) and others, net | - | - | (46) | - | (46) | 102 | 22 | - | - | 124 | ||||||||||
| Goodwill impairment and other charges | (1,458) | (7) | (2,729) | - | (4,194) | - | - | - | (21) | (21) | ||||||||||
| Derivative gains (losses), net | 251 | 54 | (20) | (188) | 97 | 15 | (180) | (11) | (76) | (252) | ||||||||||
| Total Midstream & Marketing | (1,207) | 47 | (2,795) | (188) | (4,143) | 117 | (158) | (11) | (97) | (149) | ||||||||||
| Corporate | ||||||||||||||||||||
| Anadarko acquisition-related costs | (148) | (149) | (5) | (37) | (339) | (41) | (52) | (29) | (31) | (153) | ||||||||||
| Acquisition-related pension & termination benefits | - | 114 | - | - | 114 | - | - | - | - | - | ||||||||||
| Interest rate swap gains (losses), net | (669) | 4 | 88 | 149 | (428) | 399 | (223) | (26) | (28) | 122 | ||||||||||
| Early debt extinguishment expenses | - | - | - | - | - | - | - | (88) | (30) | (118) | ||||||||||
| Warrants gains (losses), net | 84 | (79) | - | - | 5 | - | - | - | - | - | ||||||||||
| Total Corporate | (733) | (110) | 83 | 112 | (648) | 358 | (275) | (143) | (89) | (149) | ||||||||||
| Valuation allowance on tax assets | - | - | (37) | 2 | (35) | - | - | - | - | - | ||||||||||
| State tax rate revaluation | - | - | - | - | - | - | 55 | - | 88 | 143 | ||||||||||
| Income taxes | 17 | 1,204 | 386 | 239 | 1,846 | (65) | 128 | 60 | 55 | 178 | ||||||||||
| Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (206) | (87) | (469) | ||||||||||
| Discontinued operations, net of taxes (a) | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (2) | (24) | (468) | ||||||||||
| Total | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (208) | $ | (111) | $ | (937) |
| 2020 | 2021 | |||||||||||||||||||
| After Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | ||||||||||||||||||||
| Asset impairments | $ | (219) | $ | (4,299) | $ | (17) | $ | (67) | $ | (4,602) | $ | (106) | $ | (16) | $ | (12) | $ | (90) | $ | (224) |
| Asset sales gains (losses), net | - | 11 | (342) | (663) | (994) | - | - | 11 | $ | 10 | 21 | |||||||||
| Rig termination and others | (27) | 5 | (18) | 2 | (38) | - | - | - | - | - | ||||||||||
| Oil, gas and CO2 derivative gains (losses), net | 677 | 42 | 105 | 24 | 848 | (31) | (110) | (75) | (2) | (218) | ||||||||||
| Total Domestic | 431 | (4,241) | (272) | (704) | (4,786) | (137) | (126) | (76) | (82) | (421) | ||||||||||
| International | ||||||||||||||||||||
| Asset impairments | (264) | (931) | - | - | (1,195) | - | - | - | - | - | ||||||||||
| Asset sales gains (losses), net | - | - | (356) | 3 | (353) | - | - | (12) | 55 | 43 | ||||||||||
| Rig termination and others | - | (6) | (4) | (3) | (13) | - | - | - | - | - | ||||||||||
| Total International | (264) | (937) | (360) | - | (1,561) | - | - | (12) | 55 | 43 | ||||||||||
| Total Oil and Gas | 167 | (5,178) | (632) | (704) | (6,347) | (137) | (126) | (88) | (27) | (378) | ||||||||||
| Chemical | ||||||||||||||||||||
| No items affecting comparability | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Total Chemical | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Midstream & Marketing | ||||||||||||||||||||
| Asset sales gains (losses) and others, net | - | - | (50) | - | (50) | 79 | 17 | 1 | (2) | 95 | ||||||||||
| Goodwill impairment and other charges | (1,443) | (6) | (2,402) | 23 | (3,828) | - | - | - | (16) | (16) | ||||||||||
| Derivative gains (losses), net | 195 | 42 | (15) | (147) | 75 | 12 | (141) | (8) | (60) | (197) | ||||||||||
| Total Midstream & Marketing | (1,248) | 36 | (2,467) | (124) | (3,803) | 91 | (124) | (7) | (78) | (118) | ||||||||||
| Corporate | ||||||||||||||||||||
| Anadarko acquisition-related costs | (115) | (117) | (3) | (29) | (264) | (31) | (41) | (23) | (26) | (121) | ||||||||||
| Acquisition-related pension & termination benefits | - | 89 | - | - | 89 | - | - | - | - | - | ||||||||||
| Interest rate swap gains (losses), net | (522) | 3 | 69 | 116 | (334) | 312 | (175) | (19) | (21) | 97 | ||||||||||
| Early debt extinguishment expenses | - | - | - | - | - | - | - | (69) | (23) | (92) | ||||||||||
| Warrants gains (losses), net | 84 | (79) | - | - | 5 | - | - | - | - | - | ||||||||||
| Total Corporate | (553) | (104) | 66 | 87 | (504) | 281 | (216) | (111) | (70) | (116) | ||||||||||
| Valuation allowance on tax assets | - | - | (37) | 2 | (35) | - | - | - | - | - | ||||||||||
| State tax rate revaluation | - | - | - | - | - | - | 55 | - | 88 | 143 | ||||||||||
| Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (206) | (87) | (469) | ||||||||||
| Discontinued operations, net of taxes (a) | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (2) | (24) | (468) | ||||||||||
| Total | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (208) | $ | (111) | $ | (937) |
(a) The pre-tax impairment for the second quarter of 2020 was $2.2 billion.
SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax 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 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | $ | 233 | $ | (6,841) | $ | (885) | $ | (1,265) | $ | (8,758) | $ | (214) | $ | 367 | $ | 1,078 | $ | 1,669 | $ | 2,900 |
| International | 40 | (860) | (158) | 236 | (742) | 180 | 350 | 420 | 547 | 1,497 | ||||||||||
| Exploration | (37) | (33) | (29) | (33) | (132) | (28) | (86) | (31) | (107) | (252) | ||||||||||
| Total Oil & Gas | 236 | (7,734) | (1,072) | (1,062) | (9,632) | (62) | 631 | 1,467 | 2,109 | 4,145 | ||||||||||
| Chemical | 186 | 108 | 178 | 192 | 664 | 251 | 312 | 407 | 574 | 1,544 | ||||||||||
| Midstream & Marketing | (1,287) | (7) | (2,791) | (90) | (4,175) | 282 | (30) | 20 | (15) | 257 | ||||||||||
| Segment income (loss) | (865) | (7,633) | (3,685) | (960) | (13,143) | 471 | 913 | 1,894 | 2,668 | 5,946 | ||||||||||
| Corporate | ||||||||||||||||||||
| Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (449) | (385) | (1,614) | ||||||||||
| Other | (821) | (241) | (20) | (56) | (1,138) | 239 | (385) | (228) | (253) | (627) | ||||||||||
| Income (loss) from continuing operations before taxes | (2,038) | (8,184) | (4,058) | (1,425) | (15,705) | 315 | 143 | 1,217 | 2,030 | 3,705 | ||||||||||
| Taxes | ||||||||||||||||||||
| Federal and state | 90 | 1,577 | 511 | 429 | 2,607 | 102 | 8 | (151) | (206) | (247) | ||||||||||
| International | (65) | (109) | (108) | (153) | (435) | (118) | (51) | (236) | (263) | (668) | ||||||||||
| Income (loss) from continuing operations | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 100 | 830 | 1,561 | 2,790 | ||||||||||
| Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (2) | (24) | (468) | ||||||||||
| Net income (loss) | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | 103 | 828 | 1,537 | 2,322 | ||||||||||
| Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (200) | (200) | (800) | ||||||||||
| Net income (loss) attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | 628 | $ | 1,337 | $ | 1,522 |
| Reported diluted income (loss) per share | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | 0.65 | $ | 1.37 | $ | 1.58 |
| Effective Tax Rate | 1 | % | 18 | % | 10 | % | 19 | % | 14 | % | 5 | % | 30 | % | 32 | % | 23 | % | 25 | % |
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | $ | 553 | $ | (5,450) | $ | (347) | $ | (904) | $ | (6,148) | $ | (175) | $ | (161) | $ | (100) | $ | (99) | $ | (535) |
| International | (264) | (937) | (360) | - | (1,561) | - | - | (12) | 55 | 43 | ||||||||||
| Exploration | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Total Oil & Gas | 289 | (6,387) | (707) | (904) | (7,709) | (175) | (161) | (112) | (44) | (492) | ||||||||||
| Chemical | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Midstream & Marketing | (1,207) | 47 | (2,795) | (188) | (4,143) | 117 | (158) | (11) | (97) | (149) | ||||||||||
| Segment loss | (918) | (6,340) | (3,502) | (1,092) | (11,852) | (58) | (319) | (123) | (141) | (641) | ||||||||||
| Corporate | ||||||||||||||||||||
| Interest | - | - | - | - | - | - | - | (88) | (30) | (118) | ||||||||||
| Other | (733) | (110) | 83 | 112 | (648) | 358 | (275) | (55) | (59) | (31) | ||||||||||
| Income (loss) from continuing operations before taxes | (1,651) | (6,450) | (3,419) | (980) | (12,500) | 300 | (594) | (266) | (230) | (790) | ||||||||||
| Taxes | ||||||||||||||||||||
| Federal and state | 17 | 1,204 | 349 | 241 | 1,811 | (65) | 183 | 60 | 143 | 321 | ||||||||||
| International | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (206) | (87) | (469) | ||||||||||
| Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (2) | (24) | (468) | ||||||||||
| Net loss | (1,634) | (6,661) | (2,990) | (702) | (11,987) | (210) | (408) | (208) | (111) | (937) | ||||||||||
| Less: Preferred stock dividends | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Net loss attributable to common stockholders | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (208) | $ | (111) | $ | (937) |
| Adjusted Income (Loss) (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | $ | (320) | $ | (1,391) | $ | (538) | $ | (361) | $ | (2,610) | $ | (39) | $ | 528 | $ | 1,178 | $ | 1,768 | $ | 3,435 |
| International | 304 | 77 | 202 | 236 | 819 | 180 | 350 | 432 | 492 | 1,454 | ||||||||||
| Exploration | (37) | (33) | (29) | (33) | (132) | (28) | (86) | (31) | (107) | (252) | ||||||||||
| Total Oil & Gas | (53) | (1,347) | (365) | (158) | (1,923) | 113 | 792 | 1,579 | 2,153 | 4,637 | ||||||||||
| Chemical | 186 | 108 | 178 | 192 | 664 | 251 | 312 | 407 | 574 | 1,544 | ||||||||||
| Midstream & Marketing | (80) | (54) | 4 | 98 | (32) | 165 | 128 | 31 | 82 | 406 | ||||||||||
| Adjusted segment income (loss) | 53 | (1,293) | (183) | 132 | (1,291) | 529 | 1,232 | 2,017 | 2,809 | 6,587 | ||||||||||
| Corporate | ||||||||||||||||||||
| Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (361) | (355) | (1,496) | ||||||||||
| Other | (88) | (131) | (103) | (168) | (490) | (119) | (110) | (173) | (194) | (596) | ||||||||||
| Adjusted income (loss) from continuing operations before taxes | (387) | (1,734) | (639) | (445) | (3,205) | 15 | 737 | 1,483 | 2,260 | 4,495 | ||||||||||
| Taxes | ||||||||||||||||||||
| Federal and state | 73 | 373 | 162 | 188 | 796 | 167 | (175) | (211) | (349) | (568) | ||||||||||
| International | (65) | (109) | (108) | (153) | (435) | (118) | (51) | (236) | (263) | (668) | ||||||||||
| Adjusted income (loss) | (379) | (1,470) | (585) | (410) | (2,844) | 64 | 511 | 1,036 | 1,648 | 3,259 | ||||||||||
| Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (200) | (200) | (800) | ||||||||||
| Adjusted income (loss) attributable to common stockholders | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 836 | $ | 1,448 | $ | 2,459 |
| Adjusted diluted earnings (loss) per share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.87 | $ | 1.48 | $ | 2.55 |
| Effective Tax Rate | 2 | % | 15 | % | 8 | % | 8 | % | 11 | % | (327) | % | 31 | % | 30 | % | 27 | % | 27 | % |
(a) Non-GAAP MeasureAdjusted 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 4
Occidental Petroleum Corporation
Segment Results After Tax 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 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | $ | 182 | $ | (5,336) | $ | (690) | $ | (987) | $ | (6,831) | $ | (167) | $ | 286 | $ | 841 | $ | 1,302 | $ | 2,262 |
| International | (85) | (926) | (233) | 98 | (1,146) | 69 | 193 | 252 | 339 | 853 | ||||||||||
| Exploration | (32) | (26) | (26) | (29) | (113) | (23) | (72) | (26) | (96) | (217) | ||||||||||
| Total Oil & Gas | 65 | (6,288) | (949) | (918) | (8,090) | (121) | 407 | 1,067 | 1,545 | 2,898 | ||||||||||
| Chemical | 142 | 82 | 137 | 146 | 507 | 193 | 240 | 314 | 440 | 1,187 | ||||||||||
| Midstream & Marketing | (1,306) | 2 | (2,455) | (64) | (3,823) | 251 | (3) | 35 | 5 | 288 | ||||||||||
| Segment income (loss) | (1,099) | (6,204) | (3,267) | (836) | (11,406) | 323 | 644 | 1,416 | 1,990 | 4,373 | ||||||||||
| Corporate | ||||||||||||||||||||
| Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (449) | (385) | (1,614) | ||||||||||
| Other | (641) | (235) | (20) | (56) | (952) | 162 | (271) | (228) | (253) | (590) | ||||||||||
| Taxes | 79 | 33 | (15) | 152 | 249 | 209 | 112 | 91 | 209 | 621 | ||||||||||
| Income (loss) from continuing operations | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 100 | 830 | 1,561 | 2,790 | ||||||||||
| Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (2) | (24) | (468) | ||||||||||
| Net income (loss) | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | 103 | 828 | 1,537 | 2,322 | ||||||||||
| Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (200) | (200) | (800) | ||||||||||
| Net income (loss) attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | 628 | $ | 1,337 | $ | 1,522 |
| Reported diluted income (loss) per share | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | 0.65 | $ | 1.37 | $ | 1.58 |
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | $ | 431 | $ | (4,241) | $ | (272) | $ | (704) | $ | (4,786) | $ | (137) | $ | (126) | $ | (76) | $ | (82) | $ | (421) |
| International | (264) | (937) | (360) | - | (1,561) | - | - | (12) | 55 | 43 | ||||||||||
| Exploration | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Total Oil & Gas | 167 | (5,178) | (632) | (704) | (6,347) | (137) | (126) | (88) | (27) | (378) | ||||||||||
| Chemical | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Midstream & Marketing | (1,248) | 36 | (2,467) | (124) | (3,803) | 91 | (124) | (7) | (78) | (118) | ||||||||||
| Segment loss | (1,081) | (5,142) | (3,099) | (828) | (10,150) | (46) | (250) | (95) | (105) | (496) | ||||||||||
| Corporate | ||||||||||||||||||||
| Interest | - | - | - | - | - | - | - | (69) | (23) | (92) | ||||||||||
| Other | (553) | (104) | 66 | 87 | (504) | 281 | (216) | (42) | (47) | (24) | ||||||||||
| Taxes | - | - | (37) | 2 | (35) | - | 55 | - | 88 | 143 | ||||||||||
| Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (206) | (87) | (469) | ||||||||||
| Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (2) | (24) | (468) | ||||||||||
| Net loss | (1,634) | (6,661) | (2,990) | (702) | (11,987) | (210) | (408) | (208) | (111) | (937) | ||||||||||
| Less: Preferred stock dividends | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Net loss attributable to common stockholders | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (208) | $ | (111) | $ | (937) |
| Adjusted Income (Loss) (Non-GAAP) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | $ | (249) | $ | (1,095) | $ | (418) | $ | (283) | $ | (2,045) | $ | (30) | $ | 412 | $ | 917 | $ | 1,384 | $ | 2,683 |
| International | 179 | 11 | 127 | 98 | 415 | 69 | 193 | 264 | 284 | 810 | ||||||||||
| Exploration | (32) | (26) | (26) | (29) | (113) | (23) | (72) | (26) | (96) | (217) | ||||||||||
| Total Oil & Gas | (102) | (1,110) | (317) | (214) | (1,743) | 16 | 533 | 1,155 | 1,572 | 3,276 | ||||||||||
| Chemical | 142 | 82 | 137 | 146 | 507 | 193 | 240 | 314 | 440 | 1,187 | ||||||||||
| Midstream & Marketing | (58) | (34) | 12 | 60 | (20) | 160 | 121 | 42 | 83 | 406 | ||||||||||
| Segment income | (18) | (1,062) | (168) | (8) | (1,256) | 369 | 894 | 1,511 | 2,095 | 4,869 | ||||||||||
| Corporate | ||||||||||||||||||||
| Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (380) | (362) | (1,522) | ||||||||||
| Other | (88) | (131) | (86) | (143) | (448) | (119) | (55) | (186) | (206) | (566) | ||||||||||
| Taxes | 79 | 33 | 22 | 150 | 284 | 209 | 57 | 91 | 121 | 478 | ||||||||||
| Income (loss) from continuing operations | (379) | (1,470) | (585) | (410) | (2,844) | 64 | 511 | 1,036 | 1,648 | 3,259 | ||||||||||
| Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (200) | (200) | (800) | ||||||||||
| Adjusted income (loss) attributable to common stockholders | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 836 | $ | 1,448 | $ | 2,459 |
| Adjusted diluted earnings (loss) per share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.87 | $ | 1.48 | $ | 2.55 |
| Reconciliation - Diluted Earnings (Loss) Per Share (a) | ||||||||||||||||||||
| Reported Diluted Earnings (Loss) Per Share (GAAP) | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | 0.65 | $ | 1.37 | $ | 1.58 |
| After-Tax Adjustments for Items Affecting Comparability | ||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||
| Domestic | $ | 0.48 | $ | (4.63) | $ | (0.30) | $ | (0.76) | $ | (5.21) | $ | (0.14) | $ | (0.13) | $ | (0.08) | $ | (0.08) | $ | (0.43) |
| International | (0.29) | (1.02) | (0.39) | - | (1.70) | - | - | (0.01) | 0.06 | 0.04 | ||||||||||
| Exploration | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Chemical | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Midstream & Marketing | (1.39) | 0.04 | (2.65) | (0.13) | (4.14) | 0.10 | (0.13) | (0.01) | (0.08) | (0.12) | ||||||||||
| Corporate | ||||||||||||||||||||
| Interest | - | - | - | - | - | - | - | (0.07) | (0.02) | (0.09) | ||||||||||
| Other | (0.62) | (0.11) | 0.07 | 0.09 | (0.55) | 0.30 | (0.22) | (0.04) | (0.06) | (0.03) | ||||||||||
| Taxes | - | - | (0.04) | - | (0.04) | - | 0.06 | - | 0.09 | 0.15 | ||||||||||
| Discontinued Operations | - | (1.55) | 0.09 | 0.04 | (1.41) | (0.47) | - | (0.01) | (0.02) | (0.49) | ||||||||||
| Total After-Tax Adjustments for Items Affecting Comparability | $ | (1.82) | $ | (7.27) | $ | (3.22) | $ | (0.76) | $ | (13.05) | $ | (0.21) | $ | (0.42) | $ | (0.22) | $ | (0.11) | $ | (0.97) |
| Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.87 | $ | 1.48 | $ | 2.55 |
| Average Diluted Shares Outstanding - Reported (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 934.2 | 957.7 | 972.7 | 958.8 |
(a) The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.
SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
| 2020 | 2021 | |||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||
| REVENUES AND OTHER INCOME | ||||||||||||||||||||
| Net sales | ||||||||||||||||||||
| Oil & Gas | $ | 5,060 | $ | 2,040 | $ | 2,989 | $ | 2,977 | $ | 13,066 | $ | 3,664 | $ | 4,505 | $ | 4,955 | $ | 5,817 | $ | 18,941 |
| Chemical | 962 | 846 | 937 | 988 | 3,733 | 1,088 | 1,187 | 1,396 | 1,575 | 5,246 | ||||||||||
| Midstream & Marketing | 790 | 204 | 364 | 410 | 1,768 | 807 | 497 | 702 | 857 | 2,863 | ||||||||||
| Eliminations | (199) | (162) | (182) | (215) | (758) | (266) | (231) | (261) | (336) | (1,094) | ||||||||||
| Total | 6,613 | 2,928 | 4,108 | 4,160 | 17,809 | 5,293 | 5,958 | 6,792 | 7,913 | 25,956 | ||||||||||
| Interest, dividends and other income | 34 | 33 | 21 | 30 | 118 | 75 | 49 | 18 | 24 | 166 | ||||||||||
| Gains (losses) on sale of assets, net | 7 | 15 | (846) | (842) | (1,666) | 111 | 3 | 5 | 73 | 192 | ||||||||||
| Total | 6,654 | 2,976 | 3,283 | 3,348 | 16,261 | 5,479 | 6,010 | 6,815 | 8,010 | 26,314 | ||||||||||
| COSTS AND OTHER DEDUCTIONS | ||||||||||||||||||||
| Oil and gas operating expense | 1,069 | 631 | 656 | 709 | 3,065 | 776 | 712 | 829 | 843 | 3,160 | ||||||||||
| Transportation and gathering expense | 565 | 367 | 343 | 325 | 1,600 | 329 | 364 | 360 | 366 | 1,419 | ||||||||||
| Chemical and midstream costs of sales | 612 | 577 | 618 | 601 | 2,408 | 594 | 676 | 731 | 771 | 2,772 | ||||||||||
| Purchased commodities | 393 | 214 | 333 | 455 | 1,395 | 558 | 487 | 588 | 675 | 2,308 | ||||||||||
| Selling, general and administrative | 264 | 225 | 166 | 209 | 864 | 166 | 177 | 240 | 280 | 863 | ||||||||||
| Other operating and non-operating expense | 197 | 114 | 231 | 342 | 884 | 258 | 248 | 256 | 303 | 1,065 | ||||||||||
| Taxes other than on income | 225 | 68 | 180 | 149 | 622 | 210 | 244 | 289 | 262 | 1,005 | ||||||||||
| Depreciation, depletion and amortization | 2,309 | 2,119 | 1,915 | 1,754 | 8,097 | 2,194 | 2,371 | 1,916 | 1,966 | 8,447 | ||||||||||
| Asset impairments and other charges | 1,803 | 6,470 | 2,723 | 87 | 11,083 | 135 | 21 | 17 | 131 | 304 | ||||||||||
| Anadarko acquisition-related costs | 148 | 149 | 5 | 37 | 339 | 41 | 52 | 29 | 31 | 153 | ||||||||||
| Exploration expense | 37 | 33 | 29 | 33 | 132 | 28 | 86 | 31 | 107 | 252 | ||||||||||
| Interest and debt expense, net | 352 | 310 | 353 | 409 | 1,424 | 395 | 385 | 449 | 385 | 1,614 | ||||||||||
| Total | 7,974 | 11,277 | 7,552 | 5,110 | 31,913 | 5,684 | 5,823 | 5,735 | 6,120 | 23,362 | ||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS | (1,320) | (8,301) | (4,269) | (1,762) | (15,652) | (205) | 187 | 1,080 | 1,890 | 2,952 | ||||||||||
| OTHER ITEMS | ||||||||||||||||||||
| Gains (losses) on interest rate swaps and warrants, net | (585) | (76) | 88 | 150 | (423) | 399 | (223) | (26) | (28) | 122 | ||||||||||
| Income (loss) from equity investments | (133) | 193 | 123 | 187 | 370 | 121 | 179 | 163 | 168 | 631 | ||||||||||
| Total | (718) | 117 | 211 | 337 | (53) | 520 | (44) | 137 | 140 | 753 | ||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (2,038) | (8,184) | (4,058) | (1,425) | (15,705) | 315 | 143 | 1,217 | 2,030 | 3,705 | ||||||||||
| Income tax benefit (expense) | 25 | 1,468 | 403 | 276 | 2,172 | (16) | (43) | (387) | (469) | (915) | ||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 100 | 830 | 1,561 | 2,790 | ||||||||||
| Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (2) | (24) | (468) | ||||||||||
| NET INCOME (LOSS) | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | 103 | 828 | 1,537 | 2,322 | ||||||||||
| Less: Preferred stock dividend | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (200) | (200) | (800) | ||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | 628 | $ | 1,337 | $ | 1,522 |
| EARNINGS PER SHARE | ||||||||||||||||||||
| BASIC EARNINGS PER COMMON SHARE | ||||||||||||||||||||
| Income (loss) from continuing operations | $ | (2.49) | $ | (7.58) | $ | (4.16) | $ | (1.45) | $ | (15.65) | $ | 0.11 | $ | (0.11) | $ | 0.67 | $ | 1.44 | $ | 2.12 |
| Discontinued operations, net | - | (1.54) | 0.09 | 0.04 | (1.41) | (0.48) | 0.01 | - | (0.02) | (0.50) | ||||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.37) | $ | (0.10) | $ | 0.67 | $ | 1.42 | $ | 1.62 |
| DILUTED EARNINGS PER COMMON SHARE | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | 0.65 | $ | 1.37 | $ | 1.58 |
| DIVIDENDS PER COMMON SHARE | $ | 0.79 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.82 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.04 |
| AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||||||||||
| BASIC | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 934.2 | 935.4 | 936.5 | 935.0 | ||||||||||
| DILUTED | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 934.2 | 957.7 | 972.7 | 958.8 |
SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
| 2020 | 2021 | |||||||||||||||
| MAR | JUN | SEP | DEC | MAR | JUN | SEP | DEC | |||||||||
| CURRENT ASSETS | ||||||||||||||||
| Cash and cash equivalents | $ | 2,021 | $ | 1,011 | $ | 1,896 | $ | 2,008 | $ | 2,270 | $ | 4,569 | $ | 2,059 | $ | 2,764 |
| Restricted cash and restricted cash equivalents | 269 | 124 | 51 | 170 | 183 | 180 | 220 | 24 | ||||||||
| Trade receivables, net | 2,458 | 2,359 | 2,083 | 2,115 | 3,046 | 3,288 | 3,477 | 4,208 | ||||||||
| Inventories | 1,567 | 1,477 | 1,660 | 1,898 | 2,173 | 1,837 | 1,773 | 1,846 | ||||||||
| Assets held for sale | 3,606 | 1,412 | 3,559 | 1,433 | 1,249 | 1,774 | 1,098 | 72 | ||||||||
| Other current assets | 2,398 | 2,054 | 1,445 | 1,195 | 1,153 | 1,196 | 1,272 | 1,297 | ||||||||
| Total current assets | 12,319 | 8,437 | 10,694 | 8,819 | 10,074 | 12,844 | 9,899 | 10,211 | ||||||||
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 6,050 | 6,128 | 3,125 | 3,250 | 3,170 | 3,249 | 3,266 | 2,938 | ||||||||
| PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||
| Gross property, plant and equipment | 125,388 | 125,523 | 120,459 | 118,964 | 119,278 | 116,566 | 117,192 | 118,157 | ||||||||
| Accumulated depreciation, depletion and amortization | (44,615) | (52,919) | (52,038) | (53,075) | (55,205) | (54,720) | (56,548) | (58,227) | ||||||||
| Net property, plant and equipment | 80,773 | 72,604 | 68,421 | 65,889 | 64,073 | 61,846 | 60,644 | 59,930 | ||||||||
| OPERATING LEASE ASSETS | 1,216 | 1,129 | 1,196 | 1,062 | 949 | 860 | 804 | 726 | ||||||||
| LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 1,285 | 1,154 | 998 | 1,044 | 1,089 | 1,138 | 1,145 | 1,231 | ||||||||
| TOTAL ASSETS | $ | 101,643 | $ | 89,452 | $ | 84,434 | $ | 80,064 | $ | 79,355 | $ | 79,937 | $ | 75,758 | $ | 75,036 |
| CURRENT LIABILITIES | ||||||||||||||||
| Current maturities of long-term debt | $ | 2,464 | $ | 2,460 | $ | 2,558 | $ | 440 | $ | 559 | $ | 651 | $ | 780 | $ | 186 |
| Current operating lease liabilities | 461 | 420 | 459 | 473 | 369 | 331 | 265 | 186 | ||||||||
| Accounts payable | 3,888 | 3,034 | 2,682 | 2,987 | 3,416 | 3,544 | 3,713 | 3,899 | ||||||||
| Accrued liabilities | 3,504 | 3,215 | 3,470 | 3,570 | 3,566 | 4,325 | 3,654 | 4,046 | ||||||||
| Liabilities of assets held for sale | 1,589 | 790 | 1,331 | 753 | 721 | 735 | 714 | 7 | ||||||||
| Total current liabilities | 11,906 | 9,919 | 10,500 | 8,223 | 8,631 | 9,586 | 9,126 | 8,324 | ||||||||
| LONG-TERM DEBT, NET | 36,058 | 36,034 | 35,899 | 35,745 | 35,466 | 35,352 | 30,915 | 29,431 | ||||||||
| DEFERRED CREDITS AND OTHER LIABILITIES | ||||||||||||||||
| Deferred income taxes,net | 9,403 | 7,887 | 7,508 | 7,113 | 6,941 | 6,808 | 6,825 | 7,039 | ||||||||
| Asset retirement obligations | 4,454 | 4,316 | 4,135 | 3,977 | 4,030 | 3,949 | 3,942 | 3,687 | ||||||||
| Pension and postretirement obligations | 1,983 | 1,816 | 1,728 | 1,763 | 1,553 | 1,551 | 1,595 | 1,540 | ||||||||
| Environmental remediation liabilities | 1,017 | 1,000 | 975 | 1,028 | 1,029 | 1,020 | 1,000 | 944 | ||||||||
| Operating lease liabilities | 784 | 740 | 786 | 641 | 628 | 583 | 593 | 585 | ||||||||
| Other | 4,743 | 4,394 | 3,043 | 3,001 | 2,777 | 2,844 | 2,889 | 3,159 | ||||||||
| Total deferred credits and other liabilities | 22,384 | 20,153 | 18,175 | 17,523 | 16,958 | 16,755 | 16,844 | 16,954 | ||||||||
| EQUITY | ||||||||||||||||
| Preferred stock, $1.00 per share par value | 9,762 | 9,762 | 9,762 | 9,762 | 9,762 | 9,762 | 9,762 | 9,762 | ||||||||
| Common stock, $0.20 per share par value | 210 | 213 | 216 | 216 | 217 | 217 | 217 | 217 | ||||||||
| Treasury stock | (10,653) | (10,657) | (10,657) | (10,665) | (10,668) | (10,668) | (10,668) | (10,673) | ||||||||
| Additional paid-in capital | 15,081 | 16,235 | 16,505 | 16,552 | 16,585 | 16,638 | 16,692 | 16,749 | ||||||||
| Retained earnings | 17,229 | 8,105 | 4,317 | 2,996 | 2,639 | 2,533 | 3,152 | 4,480 | ||||||||
| Accumulated other comprehensive loss | (334) | (312) | (283) | (288) | (235) | (238) | (282) | (208) | ||||||||
| Total equity | 31,295 | 23,346 | 19,860 | 18,573 | 18,300 | 18,244 | 18,873 | 20,327 | ||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 101,643 | $ | 89,452 | $ | 84,434 | $ | 80,064 | $ | 79,355 | $ | 79,937 | $ | 75,758 | $ | 75,036 |
SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(amounts in millions)
| 2020 | 2021 | |||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||
| OPERATING CASH FLOW FROM CONTINUING OPERATIONS | ||||||||||||||||||||
| Net income (loss) | $ | (2,013) | $ | (8,131) | $ | (3,575) | $ | (1,112) | $ | (14,831) | $ | (146) | $ | 103 | $ | 828 | $ | 1,537 | $ | 2,322 |
| Depreciation, depletion and amortization (see detail below) | 2,309 | 2,119 | 1,915 | 1,754 | 8,097 | 2,194 | 2,371 | 1,916 | 1,966 | 8,447 | ||||||||||
| Deferred income tax provision (benefit) | (218) | (1,525) | (374) | (400) | (2,517) | (81) | (131) | 20 | 238 | 46 | ||||||||||
| Asset impairments and other non-cash charges, net | 1,406 | 8,124 | 3,678 | 1,163 | 14,371 | 168 | 367 | 203 | 126 | 864 | ||||||||||
|
Operating cash flow from continuing operations before working capital (NON-GAAP) (see below) (a) | 1,484 | 587 | 1,644 | 1,405 | 5,120 | 2,135 | 2,710 | 2,967 | 3,867 | 11,679 | ||||||||||
| Working capital changes | (189) | (222) | (829) | (38) | (1,278) | (1,347) | 614 | (57) | (636) | (1,426) | ||||||||||
| Operating cash flow from continuing operations (GAAP) | 1,295 | 365 | 815 | 1,367 | 3,842 | 788 | 3,324 | 2,910 | 3,231 | 10,253 | ||||||||||
| INVESTING CASH FLOW FROM CONTINUING OPERATIONS | ||||||||||||||||||||
| Capital expenditures (see detail below) | (1,300) | (375) | (246) | (614) | (2,535) | (579) | (698) | (656) | (937) | (2,870) | ||||||||||
| Payments for purchases of assets and businesses | (35) | (13) | (54) | (12) | (114) | (105) | (8) | (9) | (309) | (431) | ||||||||||
| Sales of assets, net | 112 | 69 | 12 | 2,088 | 2,281 | 496 | 7 | 502 | 619 | 1,624 | ||||||||||
| Changes in capital accrual | (435) | (307) | 17 | 206 | (519) | (75) | (19) | 11 | 180 | 97 | ||||||||||
| Other investing activities | 142 | 61 | (15) | (79) | 109 | (10) | (17) | 6 | 427 | 406 | ||||||||||
| Investing cash flow from continuing operations | (1,516) | (565) | (286) | 1,589 | (778) | (273) | (735) | (146) | (20) | (1,174) | ||||||||||
| FINANCING CASH FLOW FROM CONTINUING OPERATIONS | ||||||||||||||||||||
| Cash dividends paid | (913) | (714) | (7) | (211) | (1,845) | (211) | (209) | (210) | (209) | (839) | ||||||||||
| Purchases of treasury stock | - | - | (4) | (8) | (12) | (3) | - | - | (5) | (8) | ||||||||||
| Proceeds from debt | - | - | 4,956 | 1,980 | 6,936 | - | - | - | - | - | ||||||||||
| Payments of debt | - | - | (4,615) | (4,301) | (8,916) | (174) | - | (4,381) | (2,279) | (6,834) | ||||||||||
| Other financing activities | (106) | (217) | (27) | (321) | (671) | 36 | (50) | (831) | (38) | (883) | ||||||||||
| Financing cash flow from continuing operations | (1,019) | (931) | 303 | (2,861) | (4,508) | (352) | (259) | (5,422) | (2,531) | (8,564) | ||||||||||
| Cash Flow From Discontinued Operations | 30 | (20) | 29 | 25 | 64 | 111 | (32) | 186 | (171) | 94 | ||||||||||
|
Increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents | (1,210) | (1,151) | 861 | 120 | (1,380) | 274 | 2,298 | (2,472) | 509 | 609 | ||||||||||
|
Cash and cash equivalents and restricted cash and restricted cash equivalents - beginning of period | 3,574 | 2,364 | 1,213 | 2,074 | 3,574 | 2,194 | 2,468 | 4,766 | 2,294 | 2,194 | ||||||||||
|
Cash and cash equivalents and restricted cash and cash equivalents - end of period | $ | 2,364 | $ | 1,213 | $ | 2,074 | $ | 2,194 | $ | 2,194 | $ | 2,468 | $ | 4,766 | $ | 2,294 | $ | 2,803 | $ | 2,803 |
| Capital Expenditures | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Oil & Gas | (1,244) | (317) | (186) | (461) | (2,208) | (513) | (599) | (561) | (736) | (2,409) | ||||||||||
| Chemical | (41) | (41) | (55) | (118) | (255) | (47) | (67) | (60) | (134) | (308) | ||||||||||
| Midstream & Marketing | (13) | (16) | (2) | (19) | (50) | (17) | (24) | (26) | (39) | (106) | ||||||||||
| Corporate | (2) | (1) | (3) | (16) | (22) | (2) | (8) | (9) | (28) | (47) | ||||||||||
| Total Capital Expenditures | $ | (1,300) | $ | (375) | $ | (246) | $ | (614) | $ | (2,535) | $ | (579) | $ | (698) | $ | (656) | $ | (937) | $ | (2,870) |
| Depreciation, Depletion and Amortization | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Oil & Gas | ||||||||||||||||||||
| United States | $ | 1,881 | $ | 1,764 | $ | 1,563 | $ | 1,403 | $ | 6,611 | $ | 1,852 | $ | 2,024 | $ | 1,561 | $ | 1,616 | $ | 7,053 |
| International | 242 | 206 | 182 | 173 | 803 | 166 | 174 | 173 | 174 | 687 | ||||||||||
| Chemical | 90 | 86 | 90 | 90 | 356 | 84 | 84 | 91 | 85 | 344 | ||||||||||
| Midstream & Marketing | 80 | 74 | 78 | 80 | 312 | 82 | 80 | 81 | 82 | 325 | ||||||||||
| Corporate | 16 | (11) | 2 | 8 | 15 | 10 | 9 | 10 | 9 | 38 | ||||||||||
| Total Depreciation, Depletion and Amortization | $ | 2,309 | $ | 2,119 | $ | 1,915 | $ | 1,754 | $ | 8,097 | $ | 2,194 | $ | 2,371 | $ | 1,916 | $ | 1,966 | $ | 8,447 |
| Free Cash Flow (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| Operating cash flow from continuing operations (GAAP) | $ | 1,295 | $ | 365 | $ | 815 | $ | 1,367 | $ | 3,842 | $ | 788 | $ | 3,324 | $ | 2,910 | $ | 3,231 | $ | 10,253 |
| Plus: Working capital and other, net | 189 | 222 | 829 | 38 | 1,278 | 1,347 | (614) | 57 | 636 | 1,426 | ||||||||||
|
Operating cash flow from continuing operations before working capital (Non-GAAP) | 1,484 | 587 | 1,644 | 1,405 | 5,120 | 2,135 | 2,710 | 2,967 | 3,867 | 11,679 | ||||||||||
| Less: Capital Expenditures (GAAP) | (1,300) | (375) | (246) | (614) | (2,535) | (579) | (698) | (656) | (937) | (2,870) | ||||||||||
| Free Cash Flow (Non-GAAP) | $ | 184 | $ | 212 | $ | 1,398 | $ | 791 | $ | 2,585 | $ | 1,556 | $ | 2,012 | $ | 2,311 | $ | 2,930 | $ | 8,809 |
(a) Non-GAAP Measures. Operating cash flow before working capital and free cash flow are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash from continuing operations less working capital and free cash flow as operating cash flow before working capital less capital expenditures. These non-GAAP measures are not meant to disassociate those items from management's performance, but rather are meant to provide useful information to investors interested in comparing Occidental's performance between periods. Reported operating cash flow from continuing operations is considered representative of management's performance over the long term, and operating cash flow before working capital and free cash flow are not considered to be alternatives to reported operating cash flow in accordance with GAAP.
|
SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
| 2020 | 2021 | |||||||||
| REPORTED NET MBOED VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY |
| United States | ||||||||||
| Permian | 625 | 606 | 554 | 517 | 575 | 457 | 504 | 499 | 490 | 487 |
| Rockies & Other Domestic | 387 | 368 | 297 | 278 | 332 | 296 | 308 | 292 | 313 | 302 |
| Gulf of Mexico | 163 | 142 | 109 | 105 | 130 | 151 | 149 | 127 | 149 | 144 |
| Total | 1,175 | 1,116 | 960 | 900 | 1,037 | 904 | 961 | 918 | 952 | 933 |
| International | ||||||||||
| Algeria & Other International | 55 | 41 | 42 | 39 | 45 | 39 | 43 | 46 | 48 | 44 |
| Al Hosn | 77 | 80 | 76 | 79 | 78 | 57 | 81 | 83 | 81 | 76 |
| Dolphin | 40 | 49 | 46 | 43 | 44 | 38 | 42 | 40 | 38 | 40 |
| Oman | 90 | 87 | 80 | 82 | 85 | 79 | 76 | 73 | 70 | 74 |
| Total | 262 | 257 | 244 | 243 | 252 | 213 | 242 | 242 | 237 | 234 |
| TOTAL CONTINUING OPERATIONS PRODUCTION | 1,437 | 1,373 | 1,204 | 1,143 | 1,289 | 1,117 | 1,203 | 1,160 | 1,189 | 1,167 |
| OPERATIONS EXITED OR EXITING | 60 | 61 | 61 | 52 | 58 | 22 | 22 | 16 | 3 | 16 |
| TOTAL REPORTED PRODUCTION | 1,497 | 1,434 | 1,265 | 1,195 | 1,347 | 1,139 | 1,225 | 1,176 | 1,192 | 1,183 |
| REPORTED NET PRODUCTION | ||||||||||
| VOLUMES PER DAY BY COMMODITY: | ||||||||||
| United States | ||||||||||
| Oil (Mbbl) | ||||||||||
| Permian | 388 | 363 | 324 | 303 | 343 | 271 | 297 | 292 | 284 | 286 |
| Rockies & Other Domestic | 138 | 122 | 93 | 85 | 109 | 92 | 96 | 85 | 99 | 93 |
| Gulf of Mexico | 136 | 118 | 91 | 89 | 109 | 125 | 124 | 106 | 123 | 119 |
| Total | 662 | 603 | 508 | 477 | 561 | 488 | 517 | 483 | 506 | 498 |
| NGL (Mbbl) | ||||||||||
| Permian | 131 | 135 | 126 | 117 | 129 | 97 | 113 | 116 | 114 | 110 |
| Rockies & Other Domestic | 87 | 85 | 78 | 84 | 83 | 92 | 100 | 94 | 100 | 97 |
| Gulf of Mexico | 12 | 10 | 8 | 7 | 9 | 11 | 11 | 9 | 11 | 10 |
| Total | 230 | 230 | 212 | 208 | 221 | 200 | 224 | 219 | 225 | 217 |
| Natural Gas (MMCF) | ||||||||||
| Permian | 633 | 647 | 625 | 579 | 620 | 531 | 563 | 548 | 551 | 548 |
| Rockies & Other Domestic | 972 | 967 | 757 | 656 | 838 | 673 | 674 | 675 | 684 | 676 |
| Gulf of Mexico | 90 | 83 | 57 | 54 | 71 | 90 | 85 | 72 | 88 | 84 |
| Total | 1,695 | 1,697 | 1,439 | 1,289 | 1,529 | 1,294 | 1,322 | 1,295 | 1,323 | 1,308 |
| International | ||||||||||
| Oil (MBBL) | ||||||||||
| Algeria and Other International | 50 | 37 | 38 | 37 | 41 | 36 | 39 | 42 | 43 | 40 |
| Al Hosn | 13 | 14 | 13 | 14 | 14 | 10 | 14 | 14 | 14 | 13 |
| Dolphin | 6 | 8 | 8 | 7 | 7 | 6 | 7 | 6 | 6 | 7 |
| Oman | 67 | 65 | 61 | 66 | 65 | 64 | 62 | 61 | 58 | 61 |
| Total | 136 | 124 | 120 | 124 | 127 | 116 | 122 | 123 | 121 | 121 |
| NGL (Mbbl) | ||||||||||
| Algeria and Other International | 4 | 3 | 3 | 1 | 3 | 2 | 3 | 3 | 4 | 3 |
| Al Hosn | 25 | 25 | 24 | 25 | 24 | 18 | 25 | 26 | 25 | 24 |
| Dolphin | 8 | 10 | 9 | 8 | 9 | 8 | 8 | 8 | 8 | 8 |
| Total | 37 | 38 | 36 | 34 | 36 | 28 | 36 | 37 | 37 | 35 |
| Natural Gas (MMCF) | ||||||||||
| Algeria and Other International | 8 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Al Hosn | 234 | 244 | 233 | 240 | 238 | 174 | 252 | 255 | 253 | 234 |
| Dolphin | 155 | 188 | 176 | 167 | 170 | 146 | 160 | 154 | 146 | 150 |
| Oman | 139 | 132 | 111 | 98 | 120 | 89 | 83 | 77 | 69 | 80 |
| Total | 536 | 571 | 527 | 512 | 535 | 416 | 502 | 493 | 475 | 471 |
SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
| 2020 | 2021 | |||||||||||||||||||
| NET SALES MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||
| United States | 1,175 | 1,116 | 960 | 900 | 1,037 | 904 | 961 | 918 | 952 | 933 | ||||||||||
| International | ||||||||||||||||||||
| Algeria and Other International | 51 | 51 | 32 | 51 | 46 | 36 | 39 | 45 | 52 | 43 | ||||||||||
| Al Hosn | 77 | 80 | 76 | 79 | 78 | 57 | 81 | 82 | 81 | 76 | ||||||||||
| Dolphin | 40 | 49 | 46 | 43 | 45 | 37 | 42 | 40 | 38 | 40 | ||||||||||
| Oman | 89 | 90 | 78 | 85 | 85 | 79 | 76 | 73 | 70 | 74 | ||||||||||
| Total | 257 | 270 | 232 | 258 | 254 | 209 | 238 | 240 | 241 | 233 | ||||||||||
| TOTAL CONTINUING OPERATIONS SALES | 1,432 | 1,386 | 1,192 | 1,158 | 1,291 | 1,113 | 1,199 | 1,158 | 1,193 | 1,166 | ||||||||||
| OPERATIONS EXITED OR EXITING | 63 | 58 | 64 | 54 | 60 | 28 | 9 | 36 | - | 18 | ||||||||||
| TOTAL REPORTED SALES | 1,495 | 1,444 | 1,256 | 1,212 | 1,351 | 1,141 | 1,208 | 1,194 | 1,193 | 1,184 | ||||||||||
| REALIZED PRICES | ||||||||||||||||||||
| United States | ||||||||||||||||||||
| Oil ($/BBL) | $ | 45.71 | $ | 21.27 | $ | 38.22 | $ | 40.54 | $ | 36.39 | $ | 56.18 | $ | 64.39 | $ | 68.76 | $ | 75.78 | $ | 66.39 |
| NGL ($/BBL) | $ | 11.98 | $ | 7.22 | $ | 14.62 | $ | 14.50 | $ | 11.98 | $ | 23.62 | $ | 25.33 | $ | 35.20 | $ | 37.43 | $ | 30.62 |
| Natural Gas ($/MCF) | $ | 1.18 | $ | 0.90 | $ | 1.18 | $ | 1.55 | $ | 1.18 | $ | 2.56 | $ | 2.59 | $ | 3.35 | $ | 4.64 | $ | 3.30 |
| International | ||||||||||||||||||||
| Oil ($/BBL) | $ | 53.24 | $ | 31.42 | $ | 39.86 | $ | 41.52 | $ | 41.50 | $ | 53.39 | $ | 63.26 | $ | 68.65 | $ | 73.79 | $ | 65.08 |
| NGL ($/BBL) | $ | 20.32 | $ | 11.23 | $ | 16.24 | $ | 17.51 | $ | 16.22 | $ | 22.11 | $ | 23.36 | $ | 26.85 | $ | 30.95 | $ | 26.13 |
| Natural Gas ($/MCF) | $ | 1.73 | $ | 1.67 | $ | 1.64 | $ | 1.62 | $ | 1.67 | $ | 1.70 | $ | 1.68 | $ | 1.68 | $ | 1.70 | $ | 1.69 |
| Total Worldwide | ||||||||||||||||||||
| Oil ($/BBL) | $ | 46.96 | $ | 23.14 | $ | 38.51 | $ | 40.76 | $ | 37.34 | $ | 55.65 | $ | 64.18 | $ | 68.74 | $ | 75.39 | $ | 66.14 |
| NGL ($/BBL) | $ | 13.09 | $ | 7.79 | $ | 14.85 | $ | 14.95 | $ | 12.58 | $ | 23.44 | $ | 25.06 | $ | 34.01 | $ | 36.52 | $ | 30.01 |
| Natural Gas ($/MCF) | $ | 1.31 | $ | 1.10 | $ | 1.31 | $ | 1.57 | $ | 1.31 | $ | 2.36 | $ | 2.34 | $ | 2.89 | $ | 3.86 | $ | 2.87 |
| Index Prices | ||||||||||||||||||||
| WTI Oil ($/BBL) | $ | 46.17 | $ | 27.85 | $ | 40.93 | $ | 42.66 | $ | 39.40 | $ | 57.84 | $ | 66.07 | $ | 70.56 | $ | 77.19 | $ | 67.91 |
| Brent Oil ($/BBL) | $ | 50.95 | $ | 33.26 | $ | 43.37 | $ | 45.24 | $ | 43.21 | $ | 61.10 | $ | 69.02 | $ | 73.23 | $ | 79.76 | $ | 70.78 |
| NYMEX Natural Gas ($/MCF) | $ | 2.05 | $ | 1.77 | $ | 1.94 | $ | 2.66 | $ | 2.11 | $ | 2.72 | $ | 2.76 | $ | 3.71 | $ | 5.27 | $ | 3.61 |
| Percentage of Index Prices | ||||||||||||||||||||
| Worldwide oil as a percentage of WTI | 102 | % | 83 | % | 94 | % | 96 | % | 95 | % | 96 | % | 97 | % | 97 | % | 98 | % | 97 | % |
| Worldwide oil as a percentage of Brent | 92 | % | 70 | % | 89 | % | 90 | % | 86 | % | 91 | % | 93 | % | 94 | % | 95 | % | 93 | % |
| Worldwide NGL as a percentage of WTI | 28 | % | 28 | % | 36 | % | 35 | % | 32 | % | 41 | % | 38 | % | 48 | % | 47 | % | 44 | % |
| Worldwide NGL as a percentage of Brent | 26 | % | 23 | % | 34 | % | 33 | % | 29 | % | 38 | % | 36 | % | 46 | % | 46 | % | 42 | % |
| Domestic gas as a percentage of NYMEX | 58 | % | 51 | % | 61 | % | 58 | % | 56 | % | 94 | % | 94 | % | 90 | % | 88 | % | 91 | % |
SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics
| 2020 | 2021 | |||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||
| Lease operating expenses ($/BOE) | ||||||||||||||||||||
| United States | $ | 6.70 | $ | 4.69 | $ | 5.38 | $ | 6.05 | $ | 5.71 | $ | 7.20 | $ | 6.00 | $ | 7.37 | $ | 6.96 | $ | 6.87 |
| International | $ | 10.18 | $ | 7.42 | $ | 8.40 | $ | 9.20 | $ | 8.80 | $ | 11.83 | $ | 9.81 | $ | 9.53 | $ | 10.64 | $ | 10.41 |
| Total Oil and Gas | $ | 7.39 | $ | 5.27 | $ | 6.04 | $ | 6.80 | $ | 6.38 | $ | 8.07 | $ | 6.76 | $ | 7.82 | $ | 7.70 | $ | 7.58 |
| Transportation costs ($/BOE) | ||||||||||||||||||||
| United States | $ | 4.21 | $ | 3.41 | $ | 3.66 | $ | 3.70 | $ | 3.75 | $ | 3.81 | $ | 3.96 | $ | 3.71 | $ | 3.85 | $ | 3.83 |
| Total Oil and Gas | $ | 3.52 | $ | 2.83 | $ | 3.02 | $ | 2.95 | $ | 3.09 | $ | 3.24 | $ | 3.31 | $ | 3.10 | $ | 3.23 | $ | 3.22 |
| Taxes other than on income ($/BOE) | ||||||||||||||||||||
| United States | $ | 1.65 | $ | 0.63 | $ | 1.70 | $ | 1.36 | $ | 1.32 | $ | 2.11 | $ | 2.24 | $ | 2.72 | $ | 2.15 | $ | 2.30 |
| Total Oil and Gas | $ | 1.66 | $ | 0.54 | $ | 1.56 | $ | 1.35 | $ | 1.27 | $ | 2.06 | $ | 2.21 | $ | 2.68 | $ | 2.39 | $ | 2.34 |
| DD&A expense ($/BOE) | ||||||||||||||||||||
| United States | $ | 17.72 | $ | 17.23 | $ | 17.73 | $ | 16.91 | $ | 17.41 | $ | 22.77 | $ | 23.16 | $ | 18.50 | $ | 18.45 | $ | 20.70 |
| International | $ | 9.13 | $ | 7.52 | $ | 7.40 | $ | 6.57 | $ | 7.66 | $ | 8.82 | $ | 7.98 | $ | 7.83 | $ | 7.89 | $ | 8.10 |
| Total Oil and Gas | $ | 16.01 | $ | 15.17 | $ | 15.48 | $ | 14.42 | $ | 15.31 | $ | 20.14 | $ | 20.14 | $ | 16.29 | $ | 16.32 | $ | 18.19 |
| G&A and other operating expenses ($/BOE) | $ | 2.34 | $ | 2.14 | $ | 2.33 | $ | 2.98 | $ | 2.44 | $ | 2.41 | $ | 2.37 | $ | 2.47 | $ | 2.82 | $ | 2.52 |
| O&G MTM (Gain) Loss - Collars, Calls and CO2 ($ millions) | $ | (870) | $ | (54) | $ | (135) | $ | (31) | $ | (1,090) | $ | 40 | $ | 139 | $ | 97 | $ | 4 | $ | 280 |
| Exploration Expense ($ millions) | ||||||||||||||||||||
| United States | $ | 16 | $ | 22 | $ | 23 | $ | 7 | $ | 68 | $ | 22 | $ | 64 | $ | 24 | $ | 48 | $ | 158 |
| International | 21 | 11 | 6 | 26 | 64 | 6 | 22 | 7 | 59 | 94 | ||||||||||
| Total Exploration Expense | $ | 37 | $ | 33 | $ | 29 | $ | 33 | $ | 132 | $ | 28 | $ | 86 | $ | 31 | $ | 107 | $ | 252 |
| Capital Expenditures ($ millions) | ||||||||||||||||||||
| Permian | $ | (696) | $ | (122) | $ | (65) | $ | (159) | $ | (1,042) | $ | (223) | $ | (277) | $ | (257) | $ | (331) | $ | (1,088) |
| Rockies & Other Domestic | (194) | (20) | (25) | (109) | (348) | (122) | (112) | (108) | (109) | (451) | ||||||||||
| Gulf of Mexico | (102) | (40) | (21) | (82) | (245) | (73) | (66) | (66) | (103) | (308) | ||||||||||
| International | (152) | (107) | (77) | (108) | (444) | (84) | (88) | (103) | (124) | (399) | ||||||||||
| Exploration Drilling | (100) | (28) | 2 | (3) | (129) | (11) | (56) | (27) | (69) | (163) | ||||||||||
| Total Oil and Gas | $ | (1,244) | $ | (317) | $ | (186) | $ | (461) | $ | (2,208) | $ | (513) | $ | (599) | $ | (561) | $ | (736) | $ | (2,409) |
SCHEDULE 11
Occidental Petroleum Corporation
Reserves Replacement and Multi-Year Data - Worldwide
| WORLDWIDE | 2021 | 5-Year Avg | |||
| Reserves Replacement (MMBOE) | |||||
| Revisions | |||||
| Infill | 208 | 41 | |||
| Other Revisions | (A) | 621 | 26 | ||
| Improved Recovery | 20 | 200 | |||
| Extensions and Discoveries | 145 | 48 | |||
| Total Organic | (B) | 994 | 315 | ||
| Organic Excluding Other Revisions | (C)=(B)-(A) | 373 | 289 | ||
| Purchases | 44 | 321 | |||
| Sales | (D) | (11) | (74) | ||
| Total Reserve Additions | (E) | 1,027 | 562 | ||
| Production | (F) | 426 | 352 | ||
| Costs Incurred ($ millions) | |||||
| Property acquisition costs | (G) | $ | 430 | $ | 10,111 |
| Exploration costs | 290 | 309 | |||
| Development costs | 2,115 | 3,237 | |||
| Total Organic Costs | (H) | 2,405 | 3,546 | ||
| Total Costs Incurred | (I)=(G)+(H) | $ | 2,835 | $ | 13,657 |
| Finding & Development Cost per BOE ($/BOE) - Non-GAAP | |||||
| Organic | (H)/(B) | $ | 2.42 | $ | 11.26 |
| Program Additions | (H)/(C) | $ | 6.45 | $ | 12.27 |
| All-In | (I)/[(E)-(D)] | $ | 2.73 | $ | 21.47 |
| Reserves Replacement Ratio - Non-GAAP | |||||
| Organic | (B)/(F) | 233 | % | 89 | % |
| All-In | (E)/(F) | 241 | % | 160 | % |
| Non-GAAP Measures | |||||
| Finding and development cost (F&D Cost) and reserves replacement ratio are non-GAAP measures that Occidental | |||||
| believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost | |||||
| of replacing annual production and adding proved reserves. Occidental's definitions of these non-GAAP measures | |||||
| may differ from similarly titled measures provided by other companies and as a result may not be comparable. | |||||
| F&D Cost - All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of | |||||
| proved reserve revisions, improved recovery, extensions and discoveries and purchases of minerals in place for | |||||
| the year. F&D Cost - Organic is F&D Cost - All-In excluding both the property acquisition costs and purchases | |||||
| of minerals in place, and F&D - Program Additions further excludes other revisions that are not infills. Reserves | |||||
| Replacement - All-In is calculated by dividing the sum of proved reserve revisions, improved recovery, extensions | |||||
| and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves | |||||
| Replacement - Organic is Reserves Replacement - All-In, excluding purchases and sales of minerals in place for | |||||
| the year. |
SCHEDULE 12
Occidental Petroleum Corporation
Reserves Replacement and Multi-Year Data - United States Only
| UNITED STATES | 2021 | 5-Year Avg | |||
| Reserves Replacement (MMBOE) | |||||
| Revisions | |||||
| Infill | 206 | 41 | |||
| Other Revisions | (A) | 615 | (2) | ||
| Improved Recovery | 7 | 158 | |||
| Extensions and Discoveries | 144 | 44 | |||
| Total Organic | (B) | 972 | 241 | ||
| Organic Excluding Other Revisions | (C)=(B)-(A) | 357 | 243 | ||
| Purchases | 44 | 302 | |||
| Sales | (D) | (11) | (48) | ||
| Total Reserve Additions | (E) | 1,005 | 495 | ||
| Production | (F) | 341 | 246 | ||
| Costs Incurred ($ millions) | |||||
| Property acquisition costs | (G) | $ | 429 | $ | 10,094 |
| Exploration costs | 147 | 186 | |||
| Development costs | 1,749 | 2,588 | |||
| Total Organic Costs | (H) | 1,896 | 2,774 | ||
| Total Costs Incurred | (I)=(G)+(H) | $ | 2,325 | $ | 12,868 |
| Finding & Development Cost per BOE ($/BOE) - Non-GAAP | |||||
| Organic | (H)/(B) | $ | 1.95 | $ | 11.51 |
| Program Additions | (H)/(C) | $ | 5.31 | $ | 11.42 |
| All-In | (I)/[(E)-(D)] | $ | 2.29 | $ | 23.70 |
| Reserves Replacement Ratio - Non-GAAP | |||||
| Organic | (B)/(F) | 285 | % | 98 | % |
| All-In | (E)/(F) | 295 | % | 201 | % |
| Non-GAAP Measures | |||||
| Finding and development cost (F&D Cost) and reserves replacement ratio are non-GAAP measures that Occidental | |||||
| believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost | |||||
| of replacing annual production and adding proved reserves. Occidental's definitions of these non-GAAP measures | |||||
| may differ from similarly titled measures provided by other companies and as a result may not be comparable. | |||||
| F&D Cost - All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of | |||||
| proved reserve revisions, improved recovery, extensions and discoveries and purchases of minerals in place for | |||||
| the year. F&D Cost - Organic is F&D Cost - All-In excluding both the property acquisition costs and purchases | |||||
| of minerals in place, and F&D - Program Additions further excludes other revisions that are not infills. Reserves | |||||
| Replacement - All-In is calculated by dividing the sum of proved reserve revisions, improved recovery, extensions | |||||
| and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves | |||||
| Replacement - Organic is Reserves Replacement - All-In, excluding purchases and sales of minerals in place for | |||||
| the year. |
SCHEDULE 13
Occidental Petroleum Corporation
Proved Oil Reserves
| United | |||
| In millions of barrels (MMbbl) | States | International | Total |
| Proved Developed and Undeveloped Reserves | |||
| Balance at December 31, 2018 | 1,186 | 397 | 1,583 |
| Revisions of previous estimates | (154) | 11 | (143) |
| Improved recovery | 128 | 37 | 165 |
| Extensions and discoveries | 37 | 4 | 41 |
| Purchases of proved reserves | 545 | 84 | 629 |
| Sales of proved reserves | (17) | - | (17) |
| Production | (155) | (64) | (219) |
| Balance at December 31, 2019 | 1,570 | 469 | 2,039 |
| Revisions of previous estimates | (283) | (1) | (284) |
| Improved recovery | 82 | 18 | 100 |
| Extensions and discoveries | 9 | 5 | 14 |
| Purchases of proved reserves | 2 | - | 2 |
| Sales of proved reserves | (31) | (101) | (132) |
| Production | (205) | (59) | (264) |
| Balance at December 31, 2020 | 1,144 | 331 | 1,475 |
| Revisions of previous estimates | 382 | 4 | 386 |
| Improved recovery | 6 | 13 | 19 |
| Extensions and discoveries | 88 | 1 | 89 |
| Purchases of proved reserves | 33 | - | 33 |
| Sales of proved reserves | (5) | - | (5) |
| Production | (182) | (44) | (226) |
| Balance at December 31, 2021 | 1,466 | 305 | 1,771 |
| Proved Developed Reserves | |||
| December 31, 2018 | 843 | 317 | 1,160 |
| December 31, 2019 | 1,206 | 371 | 1,577 |
| December 31, 2020 | 917 | 251 | 1,168 |
| December 31, 2021 | 1,140 | 226 | 1,366 |
| Proved Undeveloped Reserves | |||
| December 31, 2018 | 343 | 80 | 423 |
| December 31, 2019 | 364 | 98 | 462 |
| December 31, 2020 | 227 | 80 | 307 |
| December 31, 2021 | 326 | 79 | 405 |
SCHEDULE 14
Occidental Petroleum Corporation
Proved NGLs Reserves
| United | |||
| In millions of barrels (MMbbl) | States | International | Total |
| Proved Developed and Undeveloped Reserves | |||
| Balance at December 31, 2018 | 284 | 202 | 486 |
| Revisions of previous estimates | (21) | 9 | (12) |
| Improved recovery | 58 | - | 58 |
| Extensions and discoveries | 11 | - | 11 |
| Purchases of proved reserves | 267 | 10 | 277 |
| Sales of proved reserves | (7) | - | (7) |
| Production | (52) | (13) | (65) |
| Balance at December 31, 2019 | 540 | 208 | 748 |
| Revisions of previous estimates | (90) | 10 | (80) |
| Improved recovery | 32 | 10 | 42 |
| Extensions and discoveries | 2 | - | 2 |
| Purchases of proved reserves | 1 | - | 1 |
| Sales of proved reserves | (20) | - | (20) |
| Production | (81) | (13) | (94) |
| Balance at December 31, 2020 | 384 | 215 | 599 |
| Revisions of previous estimates | 227 | (1) | 226 |
| Improved recovery | - | - | - |
| Extensions and discoveries | 27 | - | 27 |
| Purchases of proved reserves | 7 | - | 7 |
| Sales of proved reserves | (2) | - | (2) |
| Production | (79) | (12) | (91) |
| Balance at December 31, 2021 | 564 | 202 | 766 |
| Proved Developed Reserves | |||
| December 31, 2018 | 196 | 145 | 341 |
| December 31, 2019 | 406 | 147 | 553 |
| December 31, 2020 | 314 | 138 | 452 |
| December 31, 2021 | 433 | 125 | 558 |
| Proved Undeveloped Reserves | |||
| December 31, 2018 | 88 | 57 | 145 |
| December 31, 2019 | 134 | 61 | 195 |
| December 31, 2020 | 70 | 77 | 147 |
| December 31, 2021 | 131 | 77 | 208 |
SCHEDULE 15
Occidental Petroleum Corporation
Proved Natural Gas Reserves
| United | |||
| In billions of cubic feet (Bcf) | States | International | Total |
| Proved Developed and Undeveloped Reserves | |||
| Balance at December 31, 2018 | 1,445 | 2,650 | 4,095 |
| Revisions of previous estimates | (409) | 89 | (320) |
| Improved recovery | 393 | 32 | 425 |
| Extensions and discoveries | 59 | 5 | 64 |
| Purchases of proved reserves | 2,996 | - | 2,996 |
| Sales of proved reserves | (30) | - | (30) |
| Production | (326) | (204) | (530) |
| Balance at December 31, 2019 | 4,128 | 2,572 | 6,700 |
| Revisions of previous estimates | (823) | 102 | (721) |
| Improved recovery | 183 | 103 | 286 |
| Extensions and discoveries | 38 | - | 38 |
| Purchases of proved reserves | 4 | - | 4 |
| Sales of proved reserves | (523) | (9) | (532) |
| Production | (561) | (195) | (756) |
| Balance at December 31, 2020 | 2,446 | 2,573 | 5,019 |
| Revisions of previous estimates | 1,274 | 27 | 1,301 |
| Improved recovery | 3 | 3 | 6 |
| Extensions and discoveries | 176 | - | 176 |
| Purchases of proved reserves | 22 | - | 22 |
| Sales of proved reserves | (25) | - | (25) |
| Production | (477) | (172) | (649) |
| Balance at December 31, 2021 | 3,419 | 2,431 | 5,850 |
| Proved Developed Reserves | |||
| December 31, 2018 | 978 | 2,026 | 3,004 |
| December 31, 2019 | 3,198 | 2,007 | 5,205 |
| December 31, 2020 | 2,028 | 1,846 | 3,874 |
| December 31, 2021 | 2,632 | 1,705 | 4,337 |
| Proved Undeveloped Reserves | |||
| December 31, 2018 | 467 | 624 | 1,091 |
| December 31, 2019 | 930 | 565 | 1,495 |
| December 31, 2020 | 418 | 727 | 1,145 |
| December 31, 2021 | 787 | 726 | 1,513 |
SCHEDULE 16
Occidental Petroleum Corporation
Total Proved Reserves
| United | |||
In millions of barrels of oil equivalent (MMBOE) (a)
| States | International | Total |
| Proved Developed and Undeveloped Reserves | |||
| Balance at December 31, 2018 | 1,711 | 1,041 | 2,752 |
| Revisions of previous estimates | (243) | 35 | (208) |
| Improved recovery | 251 | 42 | 293 |
| Extensions and discoveries | 58 | 5 | 63 |
| Purchases of proved reserves | 1,311 | 94 | 1,405 |
| Sales of proved reserves | (29) | - | (29) |
| Production | (261) | (111) | (372) |
| Balance at December 31, 2019 | 2,798 | 1,106 | 3,904 |
| Revisions of previous estimates | (510) | 26 | (484) |
| Improved recovery | 145 | 45 | 190 |
| Extensions and discoveries | 17 | 5 | 22 |
| Purchases of proved reserves | 4 | - | 4 |
| Sales of proved reserves | (138) | (103) | (241) |
| Production | (380) | (104) | (484) |
| Balance at December 31, 2020 | 1,936 | 975 | 2,911 |
| Revisions of previous estimates | 821 | 8 | 829 |
| Improved recovery | 7 | 13 | 20 |
| Extensions and discoveries | 144 | 1 | 145 |
| Purchases of proved reserves | 44 | - | 44 |
| Sales of proved reserves | (11) | - | (11) |
| Production | (341) | (85) | (426) |
| Balance at December 31, 2021 | 2,600 | 912 | 3,512 |
| Proved Developed Reserves | |||
| December 31, 2018 | 1,202 | 800 | 2,002 |
| December 31, 2019 | 2,145 | 853 | 2,998 |
| December 31, 2020 | 1,569 | 697 | 2,266 |
| December 31, 2021 | 2,012 | 635 | 2,647 |
| Proved Undeveloped Reserves | |||
| December 31, 2018 | 509 | 241 | 750 |
| December 31, 2019 | 653 | 253 | 906 |
| December 31, 2020 | 367 | 278 | 645 |
| December 31, 2021 | 588 | 277 | 865 |
| (a) Natural gas volumes have been converted to barrels of oil equivalent (BOE) based on energy content of six thousand cubic feet (Mcf) of gas to one barrel of oil. |
SCHEDULE 17
Occidental Petroleum Corporation
Costs Incurred
| United | ||||||
| Amounts in millions | States | International | Total | |||
| FOR THE YEAR ENDED DECEMBER 31, 2021 | ||||||
| Property acquisition costs | $ | 429 | $ | 1 | $ | 430 |
| Exploration costs | 147 | 143 | 290 | |||
| Development costs | 1,749 | 366 | 2,115 | |||
| Costs Incurred | $ | 2,325 | $ | 510 | $ | 2,835 |
| FOR THE YEAR ENDED DECEMBER 31, 2020 | ||||||
| Property acquisition costs | $ | 48 | $ | 59 | $ | 107 |
| Exploration costs | 117 | 95 | 212 | |||
| Development costs | 1,376 | 466 | 1,842 | |||
| Costs Incurred | $ | 1,541 | $ | 620 | $ | 2,161 |
| FOR THE YEAR ENDED DECEMBER 31, 2019 | ||||||
| Property acquisition costs | $ | 48,609 | $ | 1,927 | $ | 50,536 |
| Exploration costs | 307 | 200 | 507 | |||
| Development costs | 4,449 | 771 | 5,220 | |||
| Costs Incurred | $ | 53,365 | $ | 2,898 | $ | 56,263 |
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OXY - Occidental Petroleum Corporation published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 22:28:04 UTC.
