Occidental Petroleum Corporation

Quarter 3 2019 Earnings Release Schedules Index

Schedule # Schedule Description

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

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

2018

2019

Quarterly

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Net Income (Loss)

Reported income (loss) attributable to common stockholders ($ millions)

$

708

$

848

$

1,869

$

706

$

4,131

$

631

$

635

$

(912)

$

-

$

354

Reported EPS - Diluted ($/share)

$

0.92

$

1.10

$

2.44

$

0.93

$

5.39

$

0.84

$

0.84

$

(1.08)

$

-

$

0.45

Effective tax rate on reported income (loss) (%)

32%

26%

28%

15%

26%

26%

33%

(19)%

#DIV/0!

55%

Adjusted income attributable to common stockholders (Non-GAAP) ($ millions)

$

708

$

848

$

1,360

$

922

$

3,838

$

631

$

729

$

93

$

-

$

1,453

Adjusted EPS - Diluted (Non-GAAP) ($/share)

$

0.92

$

1.10

$

1.77

$

1.22

$

5.01

$

0.84

$

0.97

$

0.11

$

-

$

1.85

Effective tax rate on adjusted income (loss) (%)

32%

26%

27%

12%

25%

26%

30%

51%

#DIV/0!

33%

Average Shares Outstanding

Basic (millions)

765.6

765.7

761.7

753.8

761.7

748.9

748.3

845.7

-

781.1

Diluted (millions)

767.0

767.4

763.3

755.4

763.3

750.5

749.5

845.7

-

782.2

Daily Production Volumes

Total US (MBOE/D)

336

358

384

410

372

421

446

835

-

569

US Oil (MBBL/D)

228

240

256

274

250

277

289

486

-

351

Worldwide - Reported (MBOE/D)

609

639

681

700

658

719

741

1,155

-

874

Worldwide - Continuing Operations (MBOE/D)

609

639

681

700

658

719

741

1,114

-

860

Worldwide Sales - Continuing Operations (MBOE/D)

610

622

696

702

658

713

744

1,116

-

859

Commodity Price Realizations

Worldwide oil ($/BBL)

$

61.04

$

63.12

$

62.67

$

56.11

$

60.64

$

52.62

$

58.91

$

56.26

$

-

$

56.02

Worldwide NGL ($/BBL)

$

25.35

$

27.21

$

29.55

$

22.88

$

26.25

$

18.14

$

18.00

$

14.96

$

-

$

16.62

Domestic gas ($/MCF)

$

2.06

$

1.49

$

1.58

$

1.33

$

1.59

$

1.36

$

0.23

$

1.25

$

-

$

1.05

Cash Flows - Continuing Operations ($ millions)

Operating cash flow before working capital (Non-GAAP)

$

1,697

$

1,988

$

2,553

$

1,875

$

8,113

$

1,832

$

1,771

$

330

$

-

$

3,933

Working capital changes

(688)

(232)

(149)

548

(521)

(884)

242

2,148

-

1,506

Other, net

-

-

-

77

77

-

-

-

-

-

Operating cash flow

$

1,009

$

1,756

$

2,404

$

2,500

$

7,669

$

948

$

2,013

$

2,478

$

-

$

5,439

Capital expenditures

$

(1,032)

$

(1,287)

$

(1,319)

$

(1,337)

$

(4,975)

$

(1,259)

$

(1,211)

$

(1,714)

$

-

$

(4,184)

2018

2019

Year-to-date

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Net Income

Reported income attributable to common stockholders ($ millions)

$

708

$

1,556

$

3,425

$

4,131

$

631

$

1,266

$

354

Reported EPS - Diluted ($/share)

$

0.92

$

2.02

$

4.45

$

5.39

$

0.84

$

1.68

$

0.45

Effective tax rate on reported income (loss) (%)

32%

29%

28%

26%

26%

30%

55%

Adjusted income attributable to common stockholders (Non-GAAP) ($ millions)

$

708

$

1,556

$

2,916

$

3,838

$

631

$

1,360

$

1,453

Adjusted EPS - Diluted (Non-GAAP) ($/share)

$

0.92

$

2.02

$

3.79

$

5.01

$

0.84

$

1.80

$

1.85

Effective tax rate on adjusted income (loss) (%)

32%

29%

28%

25%

26%

29%

33%

Average Shares Outstanding

Basic (millions)

765.6

765.7

764.3

761.7

748.9

748.7

781.1

Diluted (millions)

767.0

767.2

765.8

763.3

750.5

750.0

782.2

Daily Production Volumes

Total US (MBOE/D)

336

347

359

372

421

434

569

US Oil (MBBL/D)

228

234

241

250

277

283

351

Worldwide - Reported (MBOE/D)

609

624

643

658

719

730

874

Worldwide - Continuing Operations (MBOE/D)

609

624

643

658

719

730

860

Worldwide Sales - Continuing Operations (MBOE/D)

610

616

643

658

713

728

859

Commodity Price Realizations

Worldwide oil ($/BBL)

$

61.04

$

62.07

$

62.29

$

60.64

$

52.62

$

55.86

$

56.02

Worldwide NGL ($/BBL)

$

25.35

$

26.34

$

27.54

$

26.25

$

18.14

$

18.07

$

16.62

Domestic gas ($/MCF)

$

2.06

$

1.76

$

1.70

$

1.59

$

1.36

$

0.77

$

1.05

Cash Flows ($ millions)

Operating before working capital

$

1,697

$

3,685

$

6,238

$

8,113

$

1,832

$

3,603

$

3,933

Working capital changes

(688)

(920)

(1,069)

(521)

(884)

(642)

1,506

Other, net

-

-

-

77

-

-

-

Operating cash flow

$

1,009

$

2,765

$

5,169

$

7,669

$

948

$

2,961

$

5,439

$

-

Capital expenditures

$

(1,032)

$

(2,319)

$

(3,638)

$

(4,975)

$

(1,259)

$

(2,470)

$

(4,184)

SCHEDULE 2

Occidental Petroleum Corporation

Segment Results BeforeTax Allocations

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

2018

2019

Reported Income (Loss)

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

255

$

300

$

209

$

(143)

$

621

$

54

$

153

$

(79)

$

128

Foreign

502

495

571

328

1,896

454

596

344

1,394

Exploration

(7)

(15)

(13)

(40)

(75)

(24)

(23)

(44)

(91)

750

780

767

145

2,442

484

726

221

-

1,431

Chemical

298

317

321

223

1,159

265

208

207

680

Marketing & Other Midstream

179

250

1,698

675

2,802

279

331

266

876

WES Midstream

-

-

-

-

-

-

-

134

134

Segment income

1,227

1,347

2,786

1,043

6,403

1,028

1,265

828

-

3,121

Corporate

Interest

(92)

(91)

(92)

(81)

(356)

(83)

(143)

(360)

(586)

Other

(88)

(106)

(115)

(130)

(439)

(89)

(181)

(1,089)

(1,359)

Income (loss) from continuing operations before taxes

1,047

1,150

2,579

832

5,608

856

941

(621)

-

1,176

Taxes

Federal and state

(95)

(76)

(362)

70

(463)

(74)

(38)

181

69

Foreign

(244)

(226)

(348)

(196)

(1,014)

(151)

(268)

(297)

(716)

Income (loss) from continuing operations

708

848

1,869

706

4,131

631

635

(737)

-

529

Discontinued operations, net of taxes

-

-

-

-

-

-

-

(15)

(15)

Net income (loss)

708

848

1,869

706

4,131

631

635

(752)

-

514

Less: Net income attributable to noncontrolling interests

-

-

-

-

-

-

-

(42)

(42)

Less: Preferred stock dividends

-

-

-

-

-

-

-

(118)

(118)

Net income (loss) attributable to common stockholders

$

708

$

848

$

1,869

$

706

$

4,131

$

631

$

635

$

(912)

$

-

$

354

Reported diluted earnings per share

$

0.92

$

1.10

$

2.44

$

0.93

$

5.39

$

0.84

$

0.84

$

(1.08)

$

0.45

Effective Tax Rate

32%

26%

28%

15%

26%

26%

33%

(19)%

#DIV/0!

55%

Items Affecting Comparability

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

(210)

$

-

$

(210)

Foreign

-

-

(196)

(220)

(416)

-

-

(40)

-

(40)

Exploration

-

-

-

-

-

-

-

-

-

-

-

-

(196)

(220)

(416)

-

-

(250)

-

(250)

Chemical

-

-

-

-

-

-

-

-

-

-

Marketing & Other Midstream

-

-

902

5

907

-

-

111

-

111

WES Midstream

-

-

-

-

-

-

-

-

-

-

Segment income (loss)

-

-

706

(215)

491

-

-

(139)

-

(139)

Corporate

Interest

-

-

-

-

-

-

(57)

(65)

-

(122)

Other

-

-

-

-

-

-

(50)

(937)

-

(987)

Income (loss) from continuing operations before taxes

-

-

706

(215)

491

-

(107)

(1,141)

-

(1,248)

Taxes

Federal and state

-

-

(197)

(1)

(198)

-

13

151

-

164

Foreign

-

-

-

-

-

-

-

-

-

-

Income (loss) from continuing operations

-

-

509

(216)

293

-

(94)

(990)

-

(1,084)

Discontinued operations, net of taxes

-

-

-

-

-

-

-

(15)

(15)

Net income (loss)

-

-

509

(216)

293

-

(94)

(1,005)

-

(1,099)

Less: Net income attributable to noncontrolling interests

-

-

-

-

-

-

-

-

-

Less: Preferred stock dividends

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to common stockholders

$

-

$

-

$

509

$

(216)

$

293

$

-

$

(94)

$

(1,005)

$

-

$

(1,099)

Adjusted Income (Loss) (Non-GAAP)

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

255

$

300

$

209

$

(143)

$

621

$

54

$

153

$

131

$

-

$

338

Foreign

502

495

767

548

2,312

454

596

384

-

1,434

Exploration

(7)

(15)

(13)

(40)

(75)

(24)

(23)

(44)

-

(91)

750

780

963

365

2,858

484

726

471

-

1,681

Chemical

298

317

321

223

1,159

265

208

207

-

680

Marketing & Other Midstream

179

250

796

670

1,895

279

331

155

-

765

WES Midstream

-

-

-

-

-

-

-

134

-

134

Adjusted segment income

1,227

1,347

2,080

1,258

5,912

1,028

1,265

967

-

3,260

Corporate

Interest

(92)

(91)

(92)

(81)

(356)

(83)

(86)

(295)

-

(464)

Other

(88)

(106)

(115)

(130)

(439)

(89)

(131)

(152)

-

(372)

Adjusted income from continuing operations before taxes

1,047

1,150

1,873

1,047

5,117

856

1,048

520

-

2,424

Taxes

Federal and state

(95)

(76)

(165)

71

(265)

(74)

(51)

30

-

(95)

Foreign

(244)

(226)

(348)

(196)

(1,014)

(151)

(268)

(297)

-

(716)

Adjusted income

708

848

1,360

922

3,838

631

729

253

-

1,613

Less: Net income attributable to noncontrolling interests

-

-

-

-

-

-

-

(42)

(42)

Less: Preferred stock dividends

-

-

-

-

-

-

-

(118)

(118)

Adjusted income attributable to common stockholders

$

708

$

848

$

1,360

$

922

$

3,838

$

631

$

729

$

93

$

-

$

1,453

Adjusted diluted earnings per share (Non-GAAP)

$

0.92

$

1.10

$

1.77

$

1.22

$

5.01

$

0.84

$

0.97

$

0.11

$

1.85

Effective Tax Rate

32%

26%

27%

12%

25%

26%

30%

51%

#DIV/0!

33%

Non-GAAP Measure

Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported net income is considered representative of management's performance over the long term, and adjusted income is not considered

to be an alternative to net income reported in accordance with GAAP.

SCHEDULE 3

Occidental Petroleum Corporation

Segment Results AfterTax Allocations

(Amounts in millions, except per share amounts)

2018

2019

Reported Income (Loss)

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

199

$

233

$

163

$

(111)

$

484

$

42

$

119

$

(63)

$

98

Foreign

255

247

260

62

824

248

351

165

764

Exploration

(7)

(12)

(11)

(34)

(64)

(22)

(21)

(40)

(83)

447

468

412

(83)

1,244

268

449

62

-

779

Chemical

230

247

248

160

885

205

159

161

525

Marketing & Other Midstream

146

209

1,342

541

2,238

227

274

218

719

WES Midstream

-

-

-

-

-

-

-

134

134

Segment income

823

924

2,002

618

4,367

700

882

575

-

2,157

Corporate

Interest

(92)

(91)

(92)

(81)

(356)

(83)

(130)

(295)

(508)

Other

(88)

(106)

(115)

(130)

(439)

(89)

(181)

(1,024)

(1,294)

Taxes

65

121

74

299

559

103

64

7

174

Income (loss) from continuing operations

708

848

1,869

706

4,131

631

635

(737)

-

529

Discontinued operations, net of taxes

-

-

-

-

-

-

-

(15)

(15)

Net income (loss)

708

848

1,869

706

4,131

631

635

(752)

-

514

Less: Net income attributable to noncontrolling interests

-

-

-

-

-

-

-

(42)

(42)

Less: Preferred stock dividends

-

-

-

-

-

-

-

(118)

(118)

Net income (loss) attributable to common stockholders

$

708

$

848

$

1,869

$

706

$

4,131

$

631

$

635

$

(912)

$

-

$

354

Reported diluted earnings per share

$

0.92

$

1.10

$

2.44

$

0.93

$

5.39

$

0.84

$

0.84

$

(1.08)

$

-

$

0.45

Items Affecting Comparability

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

(165)

$

-

$

(165)

Foreign

-

-

(196)

(220)

(416)

-

-

(40)

-

(40)

Exploration

-

-

-

-

-

-

-

-

-

-

-

-

(196)

(220)

(416)

-

-

(205)

-

(205)

Chemical

-

-

-

-

-

-

-

-

-

-

Marketing & Other Midstream

-

-

705

4

709

-

-

87

-

87

WES Midstream

-

-

-

-

-

-

-

-

-

-

Segment income (loss)

-

-

509

(216)

293

-

-

(118)

-

(118)

Corporate

Interest

-

-

-

-

-

-

(44)

(51)

-

(95)

Other

-

-

-

-

-

-

(50)

(798)

-

(848)

Taxes

-

-

-

-

-

-

-

(23)

-

(23)

Income (loss) from continuing operations

-

-

509

(216)

293

-

(94)

(990)

-

(1,084)

Discontinued operations, net of taxes

-

-

-

-

-

-

-

(15)

(15)

Net income (loss)

-

-

509

(216)

293

-

(94)

(1,005)

-

(1,099)

Less: Net income attributable to noncontrolling interests

-

-

-

-

-

-

-

-

-

Less: Preferred stock dividends

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to common stockholders

$

-

$

-

$

509

$

(216)

$

293

$

-

$

(94)

$

(1,005)

$

-

$

(1,099)

Adjusted Income (Loss) (Non-GAAP)

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

199

$

233

$

163

$

(111)

$

484

$

42

$

119

$

102

$

-

$

263

Foreign

255

247

456

282

1,240

248

351

205

-

804

Exploration

(7)

(12)

(11)

(34)

(64)

(22)

(21)

(40)

-

(83)

447

468

608

137

1,660

268

449

267

-

984

Chemical

230

247

248

160

885

205

159

161

-

525

Marketing & Other Midstream

146

209

637

537

1,529

227

274

131

-

632

WES Midstream

-

-

-

-

-

-

-

134

-

134

Segment income

823

924

1,493

834

4,074

700

882

693

-

2,275

Corporate

Interest

(92)

(91)

(92)

(81)

(356)

(83)

(86)

(244)

-

(413)

Other

(88)

(106)

(115)

(130)

(439)

(89)

(131)

(226)

-

(446)

Taxes

65

121

74

299

559

103

64

30

-

197

Adjusted income

708

848

1,360

922

3,838

631

729

253

-

1,613

Less: Adjusted income attributable to noncontrolling interests

-

-

-

-

-

-

-

(42)

(42)

Less: Preferred stock dividends

-

-

-

-

-

-

-

(118)

(118)

Adjusted income (loss) attributable to common stockholders

$

708

$

848

$

1,360

$

922

$

3,838

$

631

$

729

$

93

$

-

$

1,453

Adjusted diluted earnings per share (Non-GAAP)

$

0.92

$

1.10

$

1.77

$

1.22

$

5.01

$

0.84

$

0.97

$

0.11

$

-

$

1.85

Reconciliation - Diluted Earnings Per Share

Reported Diluted Earnings Per Share (GAAP)

$

0.92

$

1.10

$

2.44

$

0.93

$

5.39

$

0.84

$

0.84

$

(1.08)

$

-

$

0.45

After-Tax Adjustments for Items Affecting Comparability

Oil & Gas

Domestic

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

(0.19)

#DIV/0!

$

(0.21)

Foreign

-

-

(0.26)

(0.29)

(0.55)

-

-

(0.05)

#DIV/0!

(0.05)

Exploration

-

-

-

-

-

-

-

-

#DIV/0!

-

Chemical

-

-

-

-

-

-

-

-

#DIV/0!

-

Marketing & Other Midstream

-

-

0.93

-

0.93

-

-

0.10

#DIV/0!

0.12

WES

-

-

-

-

-

-

-

-

-

Corporate

Interest

-

-

-

-

-

-

(0.06)

(0.06)

#DIV/0!

(0.12)

Other

-

-

-

-

-

-

(0.07)

(0.94)

#DIV/0!

(1.09)

Taxes

-

-

-

-

-

-

-

(0.03)

#DIV/0!

(0.03)

Discontinued Operations

-

-

-

-

-

-

-

(0.02)

#DIV/0!

(0.02)

Total After-Tax Adjustments for Items Affecting Comparability

$

-

$

-

$

0.67

$

(0.29)

$

0.38

$

-

$

(0.13)

$

(1.19)

#DIV/0!

$

(1.40)

Adjusted Diluted Earnings Per Share (Non-GAAP)

$

0.92

$

1.10

$

1.77

$

1.22

$

5.01

$

0.84

$

0.97

$

0.11

#DIV/0!

$

1.85

Average Diluted Shares Outstanding (millions)

767.0

767.4

763.3

755.4

763.3

750.5

749.5

845.7

-

782.2

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

SCHEDULE 4

Occidental Petroleum Corporation

Items Affecting Comparability Detail

(Amounts in millions)

2018

2019

Before Tax Allocations

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

Asset impairments

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

(285)

$

-

$

(285)

Oil collars MTM

-

-

-

-

$

-

-

-

75

$

75

-

-

-

-

-

-

-

(210)

-

(210)

Foreign

Asset impairments

-

-

(196)

(220)

(416)

-

-

(40)

-

(40)

-

-

(196)

(220)

(416)

-

-

(40)

-

(40)

Total Oil and Gas

-

-

(196)

(220)

(416)

-

-

(250)

-

(250)

Chemical

No items affecting comparability

-

-

-

-

-

-

-

-

-

-

Total Chemical

-

-

-

-

-

-

-

-

-

-

Marketing & Other Midstream

Asset and equity investment sales gains

-

-

902

5

907

-

-

111

-

111

Total Marketing & Other Midstream

-

-

902

5

907

-

-

111

-

111

WES Midstream

No items affecting comparability

-

-

-

-

-

-

-

-

-

-

Total WES Midstream

-

-

-

-

-

-

-

-

-

-

Corporate

Anadarko merger-related costs

-

-

-

-

-

-

(50)

(924)

-

(974)

Bridge loan financing fees

-

-

-

-

-

-

(57)

(65)

(122)

Other merger-related pension and termination benefits

-

-

-

-

-

-

-

20

20

Interest rate swap MTM, net

-

-

-

-

-

-

-

(53)

-

(53)

Warrants gains MTM

-

-

-

-

-

-

-

20

-

20

Total Corporate

-

-

-

-

-

-

(107)

(1,002)

-

(1,109)

State tax rate revaluation

-

-

-

-

-

-

-

(23)

(23)

Income taxes

-

-

(197)

(1)

(198)

-

13

174

-

187

Income (loss) from continuing operations

-

-

509

(216)

293

-

(94)

(990)

-

(1,084)

Discontinued operations, net of taxes

-

-

-

-

-

-

-

(15)

(15)

Totals

$

-

$

-

$

509

$

(216)

$

293

$

-

$

(94)

$

(1,005)

$

-

$

(1,099)

2018

2019

After Tax Allocations

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

Asset impairments

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

(223)

$

-

$

(223)

Oil collars MTM

-

-

-

-

-

-

-

58

58

-

-

-

-

-

-

-

(165)

-

(165)

Foreign

Asset impairments

-

-

(196)

(220)

(416)

-

-

(40)

-

(40)

-

-

(196)

(220)

(416)

-

-

(40)

-

(40)

Total Oil and Gas

-

-

(196)

(220)

(416)

-

-

(205)

-

(205)

Chemical

No items affecting comparability

-

-

-

-

-

-

-

-

-

-

Total Chemical

-

-

-

-

-

-

-

-

-

-

Marketing & Other Midstream

Asset and equity sales gains

-

-

705

4

709

-

-

87

-

87

Total Marketing & Other Midstream

-

-

705

4

709

-

-

87

-

87

WES Midstream

No items affecting comparability

-

-

-

-

-

-

-

-

-

-

Total WES Midstream

-

-

-

-

-

-

-

-

-

-

Corporate

Anadarko merger-related costs

-

-

-

-

-

-

(50)

(792)

-

(842)

Bridge loan financing fees

-

-

-

-

-

(44)

(51)

(95)

Other merger-related pension and termination benefits

-

-

-

-

-

-

-

16

16

Interest rate swap MTM, net

-

-

-

-

-

-

-

(42)

-

(42)

Warrants gains MTM

-

-

-

-

-

-

-

20

-

20

Total Corporate

-

-

-

-

-

-

(94)

(849)

-

(943)

State tax rate revaluation

-

-

-

-

-

-

-

(23)

-

(23)

Income (loss) from continuing operations

-

-

509

(216)

293

-

(94)

(990)

-

(1,084)

Discontinued operations, net of taxes

-

-

-

-

-

-

-

(15)

(15)

Totals

$

-

$

-

$

509

$

(216)

$

293

$

-

$

(94)

$

(1,005)

$

-

$

(1,099)

SCHEDULE 5

Occidental Petroleum Corporation

Consolidated Condensed Statements of Operations

(Amounts in millions, except per-share amounts)

2018

2019

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

REVENUES AND OTHER INCOME

Net sales

Oil & Gas

$

2,454

$

2,531

$

2,889

$

2,567

$

10,441

$

2,351

$

2,718

$

3,821

$

8,890

Chemical

1,154

1,176

1,185

1,142

4,657

1,059

998

1,071

3,128

Marketing & Other Midstream

389

603

1,367

1,297

3,656

816

909

780

2,505

WES Midstream

-

-

-

-

-

-

-

383

383

Eliminations

(234)

(227)

(225)

(244)

(930)

(222)

(205)

(368)

(795)

3,763

4,083

5,216

4,762

17,824

4,004

4,420

5,687

-

14,111

Interest, dividends and other income

29

38

34

35

136

78

41

56

175

Gains on sale of assets, net

33

10

926

5

974

7

15

128

150

3,825

4,131

6,176

4,802

18,934

4,089

4,476

5,871

-

14,436

COSTS AND OTHER DEDUCTIONS

Oil and gas operating expense

613

616

680

852

2,761

645

717

962

2,324

Transportation expense

43

38

41

30

152

31

33

217

281

Chemical and midstream cost of sales

694

711

722

706

2,833

669

636

741

2,046

Purchased commodities

13

100

343

366

822

365

431

441

1,237

Selling, general and administrative

130

142

151

162

585

140

163

242

545

Other operating expense

177

260

280

311

1,028

238

260

363

861

Taxes other than on income

108

115

110

106

439

111

123

198

432

Depreciation, depletion and amortization

921

947

1,023

1,086

3,977

973

1,031

1,706

3,710

Asset impairments and other items

30

12

214

305

561

-

-

325

325

Anadarko merger-related costs

-

-

-

-

-

-

50

924

974

Exploration expense

15

21

24

50

110

36

35

63

134

Interest and debt expense, net

97

97

96

99

389

98

153

381

632

2,841

3,059

3,684

4,073

13,657

3,306

3,632

6,563

-

13,501

INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS

984

1,072

2,492

729

5,277

783

844

(692)

-

935

OTHER ITEMS

Losses on interest rate swaps and warrants, net

-

-

-

-

-

-

-

(33)

(33)

Income from equity investments

63

78

87

103

331

73

97

104

274

63

78

87

103

331

73

97

71

-

241

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

1,047

1,150

2,579

832

5,608

856

941

(621)

1,176

Income tax expense

(339)

(302)

(710)

(126)

(1,477)

(225)

(306)

(116)

(647)

INCOME (LOSS) FROM CONTINUING OPERATIONS

708

848

1,869

706

4,131

631

635

(737)

-

529

Discontinued operations, net of taxes

-

-

-

-

-

-

-

(15)

-

(15)

NET INCOME (LOSS)

708

848

1,869

706

4,131

631

635

(752)

-

514

Less: Net income attributable to noncontrolling interests

-

-

-

-

-

-

-

(42)

(42)

Less: Preferred stock dividend

-

-

-

-

-

-

-

(118)

(118)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

708

$

848

$

1,869

$

706

$

4,131

$

631

$

635

$

(912)

$

-

$

354

EARNINGS PER SHARE

BASIC EARNINGS PER COMMON SHARE

Income (loss) from continuing operations

$

0.92

$

1.10

$

2.44

$

0.93

$

5.40

$

0.84

$

0.84

$

(1.06)

$

0.47

Discontinued operations, net

-

-

-

-

-

-

-

(0.02)

(0.02)

BASIC EARNINGS PER COMMON SHARE

$

0.92

$

1.10

$

2.44

$

0.93

$

5.40

$

0.84

$

0.84

$

(1.08)

$

-

$

0.45

DILUTED EARNINGS PER COMMON SHARE

$

0.92

$

1.10

$

2.44

$

0.93

$

5.39

$

0.84

$

0.84

$

(1.08)

$

0.45

DIVIDENDS PER COMMON SHARE

$

0.77

$

0.77

$

0.78

$

0.78

$

3.10

$

0.78

$

0.78

$

0.79

$

2.35

AVERAGE COMMON SHARES OUTSTANDING

BASIC

765.6

765.7

761.7

753.8

761.7

748.9

748.3

845.7

781.1

DILUTED

767.0

767.4

763.3

755.4

763.3

750.5

749.5

845.7

782.2

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(Amounts in millions)

2018

2019

MAR

JUN

SEP

DEC

MAR

JUN

SEP

DEC

CURRENT ASSETS

Cash and cash equivalents

$

1,606

$

1,362

$

2,954

$

3,033

$

1,752

$

1,751

$

4,840

Restricted cash and restricted cash equivalents

-

-

-

-

-

-

454

Trade receivables, net

5,184

5,521

6,000

4,893

5,310

5,273

5,854

Inventories

1,057

1,347

1,009

1,260

1,484

1,582

1,601

Assets held for sale

335

1,664

-

-

-

-

6,445

Other current assets

712

1,096

1,149

746

724

819

1,750

Total current assets

8,894

10,990

11,112

9,932

9,270

9,425

20,944

-

INVESTMENTS IN UNCONSOLIDATED ENTITIES (WES Midstream $2,261)

1,509

1,551

1,568

1,680

1,725

1,777

3,684

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment

71,262

71,214

72,980

74,420

75,813

77,004

136,925

Accumulated depreciation, depletion and amortization

(39,918)

(40,782)

(41,825)

(42,983)

(43,913)

(44,889)

(46,804)

31,344

30,432

31,155

31,437

31,900

32,115

90,121

-

OPERATING LEASE ASSETS

-

-

-

-

684

681

1,078

LONG-TERM RECEIVABLES AND OTHER ASSETS, NET

1,053

1,086

1,114

797

793

765

1,155

INTANGIBLES, NET - (WES Midstream $2,380)

8

8

8

8

8

7

2,387

GOODWILL - WES Midstream

-

-

-

-

-

-

6,074

TOTAL ASSETS

$

42,808

$

44,067

$

44,957

$

43,854

$

44,380

$

44,770

$

125,443

$

-

CURRENT LIABILITIES

Current maturities of long-term debt

$

-

$

-

$

116

$

116

$

116

$

116

$

31

Current operating lease liabilities

-

-

-

-

240

252

463

Accounts payable

5,059

5,412

5,443

4,885

5,261

5,445

6,789

Accrued liabilities

2,011

2,521

2,813

2,411

1,920

2,067

5,175

Accrued income taxes

-

-

-

-

-

-

1,036

Liabilities of assets held for sale

-

145

-

-

-

-

2,203

Total current liabilities

7,070

8,078

8,372

7,412

7,537

7,880

15,697

-

LONG-TERM DEBT, NET

Long-term debt, net - Occidental

10,309

10,312

10,198

10,201

10,203

10,155

39,946

Long-term debt, net - WES Midstream

-

-

-

-

-

-

7,637

10,309

10,312

10,198

10,201

10,203

10,155

47,583

-

DEFERRED CREDITS AND OTHER LIABILITIES

Deferred income taxes (WES Midstream $1,167)

659

738

1,162

907

918

950

9,920

Asset retirement obligations (WES Midstream $319)

1,248

1,244

1,249

1,424

1,430

1,433

4,164

Pension and postretirement obligations

1,008

1,010

828

809

816

819

1,927

Environmental remediation reserves

729

731

740

762

755

764

905

Operating lease liabilities

-

-

-

-

465

445

676

Other

1,063

1,023

919

1,009

1,020

977

3,566

4,707

4,746

4,898

4,911

5,404

5,388

21,158

-

EQUITY

Preferred stock, $1.00 per share par value

-

-

-

-

-

-

9,762

Common stock, $.20 per share par value

179

179

179

179

179

179

209

Treasury stock

(9,168)

(9,268)

(10,162)

(10,473)

(10,653)

(10,653)

(10,653)

Additional paid-in capital

7,916

7,967

7,991

8,046

8,083

8,157

14,867

Retained earnings

22,107

22,361

23,635

23,750

23,795

23,848

22,227

Accumulated other comprehensive loss

(312)

(308)

(154)

(172)

(168)

(184)

(332)

Total stockholder's equity

20,722

20,931

21,489

21,330

21,236

21,347

36,080

-

Noncontrolling interest

-

-

-

-

-

-

4,925

Total equity

20,722

20,931

21,489

21,330

21,236

21,347

41,005

TOTAL LIABILITIES AND EQUITY

$

42,808

$

44,067

$

44,957

$

43,854

$

44,380

$

44,770

$

125,443

$

-

SCHEDULE 7

Occidental Petroleum Corporation

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

(Amounts in millions)

2018

2019

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

OPERATING CASH FLOW FROM CONTINUING OPERATIONS

Net income (loss)

$

708

$

848

$

1,869

$

706

$

4,131

$

631

$

635

$

(752)

$

514

Depreciation, depletion and amortization (see detail below)

921

947

1,023

1,086

3,977

973

1,031

1,706

-

3,710

Deferred income tax (benefit) provision

94

77

379

(179)

371

10

37

(1,097)

(1,050)

Asset impairments and other non-cash charges

(26)

116

(718)

262

(366)

218

68

473

759

Operating cash flow from continuing operations before

working capital (NON-GAAP) (see below)

1,697

1,988

2,553

1,875

8,113

1,832

1,771

330

-

3,933

Working capital changes

(688)

(232)

(149)

548

(521)

(884)

242

2,148

1,506

Other, net

-

-

-

77

77

-

-

-

-

Operating cash flow from continuing operations (GAAP)

1,009

1,756

2,404

2,500

7,669

948

2,013

2,478

-

5,439

INVESTING CASH FLOW FROM CONTINUING OPERATIONS

Capital expenditures (see detail below)

(1,032)

(1,287)

(1,319)

(1,337)

(4,975)

(1,259)

(1,211)

(1,714)

(4,184)

Payments for purchases of assets and businesses

(177)

(65)

(484)

(202)

(928)

(69)

(7)

(27,850)

(27,926)

Sales of assets, net

275

55

2,415

79

2,824

16

16

4,777

4,809

Changes in capital accrual

(45)

39

13

48

55

(51)

(57)

(52)

(160)

Other investing activities

8

(57)

(39)

(94)

(182)

(52)

(29)

(59)

(140)

Investing cash flow from continuing operations

(971)

(1,315)

586

(1,506)

(3,206)

(1,415)

(1,288)

(24,898)

-

(27,601)

FINANCING CASH FLOW FROM CONTINUING OPERATIONS

Cash dividends paid

(592)

(593)

(595)

(594)

(2,374)

(591)

(587)

(588)

(1,766)

Purchases of treasury stock

-

(97)

(811)

(340)

(1,248)

(237)

-

-

(237)

Proceeds from debt - Occidental

978

-

-

-

978

-

(108)

21,665

21,557

Proceeds from debt - WES Midstream

-

-

-

-

-

-

-

1,240

1,240

Payments of debt - Occidental

(500)

-

-

-

(500)

-

-

(4,949)

(4,949)

Payments of debt - WES Midstream

-

-

-

-

-

-

-

(1,000)

(1,000)

WES Midstream distribution to noncontrolling interests

-

-

-

-

-

-

-

(127)

(127)

Proceeds from issuance of preferred stock

-

-

-

-

-

-

(50)

10,000

9,950

Other financing activities

10

5

8

19

42

14

19

(8)

25

Financing cash flow from continuing operations

(104)

(685)

(1,398)

(915)

(3,102)

(814)

(726)

26,233

-

24,693

Cash Flow From Discontinued Operations

-

-

-

-

-

-

-

(199)

(199)

Increase (decrease) in cash and cash equivalents and

restricted cash and restricted cash equivalents

(66)

(244)

1,592

79

1,361

(1,281)

(1)

3,614

-

2,332

Cash and cash equivalents and restricted cash and

restricted cash equivalents - beginning

of period

1,672

1,606

1,362

2,954

1,672

3,033

1,752

1,751

5,365

3,033

Cash and cash equivalents and restricted cash and

cash equivalents - end of period

$

1,606

$

1,362

$

2,954

$

3,033

$

3,033

$

1,752

$

1,751

$

5,365

$

5,365

$

5,365

Capital Expenditures

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Permian Resources

$

(574)

$

(742)

$

(783)

$

(674)

$

(2,773)

$

(775)

$

(747)

$

(905)

$

(2,427)

Permian EOR

(124)

(116)

(119)

(159)

(518)

(133)

(135)

(121)

(389)

DJ Basin

-

-

-

-

-

-

-

(110)

(110)

Gulf of Mexico

-

-

-

-

-

-

-

(47)

(47)

Other Domestic

(4)

(2)

-

(3)

(9)

(6)

(5)

(24)

(35)

Latin America

(28)

(59)

(54)

(71)

(212)

(34)

(35)

(49)

(118)

Middle East

(174)

(180)

(160)

(151)

(665)

(155)

(153)

(135)

(443)

Exploration Drilling

(36)

(25)

(48)

(127)

(236)

(77)

(40)

(75)

(192)

Chemical

(41)

(60)

(74)

(96)

(271)

(38)

(54)

(56)

(148)

Marketing & Other Midstream

(44)

(81)

(68)

(23)

(216)

(26)

(26)

(17)

(69)

WES Midstream

-

-

-

-

-

-

-

(144)

(144)

Corporate

(7)

(22)

(13)

(33)

(75)

(15)

(16)

(31)

(62)

$

(1,032)

$

(1,287)

$

(1,319)

$

(1,337)

$

(4,975)

$

(1,259)

$

(1,211)

$

(1,714)

$

-

$

(4,184)

Depreciation, Depletion and Amortization

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

United States

$

502

$

556

$

611

$

652

$

2,321

$

570

$

615

$

1,217

$

2,402

Latin America

27

25

26

24

102

26

37

37

100

Middle East

208

183

209

231

831

199

200

196

595

Chemical

87

88

89

90

354

89

92

93

274

Marketing & Other Midstream

87

86

78

80

331

79

76

78

233

WES Midstream

-

-

-

-

-

-

-

69

69

Corporate

10

9

10

9

38

10

11

16

37

$

921

$

947

$

1,023

$

1,086

$

3,977

$

973

$

1,031

$

1,706

$

-

$

3,710

Adjusted Operating Cash Flow From Continuing Operations Before Working Capital (Non-GAAP)

Qtr 3

Operating cash flow from continuing operations (GAAP)

$

2,478

Less: Working capital and other, net

(2,148)

Operating cash flow from continuing operations before working capital (Non-GAAP)

330

Add back one-time impacts from:

Taxes - Mozambique sale

880

Anadarko merger-related costs

924

Adjusted operating cash flow from continuing operations before working capital (Non-GAAP)

$

2,134

SCHEDULE 8

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographical Locations

TOTAL REPORTED PRODUCTION

2018

2019

REPORTED NET MBOE VOLUMES PER DAY:

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

United States

Permian Resources

177

201

225

250

214

261

289

390

314

Permian EOR

154

153

155

156

154

156

153

154

154

DJ Basin

-

-

-

-

-

-

-

163

55

Gulf of Mexico

-

-

-

-

-

-

-

90

30

Other Domestic

5

4

4

4

4

4

4

38

16

Total

336

358

384

410

372

421

446

835

-

569

Latin America

33

32

31

31

32

33

35

33

34

Middle East

Al Hosn

61

68

81

82

73

82

82

80

81

Dolphin

36

41

41

40

40

40

40

44

41

Oman

85

89

88

84

86

91

86

88

89

Qatar

58

51

56

53

55

52

52

34

46

Total

240

249

266

259

254

265

260

246

-

257

TOTAL CONTINUING OPERATIONS PRODUCTION

609

639

681

700

658

719

741

1,114

-

860

DISCONTINUED OPERATIONS - AFRICA

-

-

-

-

-

-

-

41

14

TOTAL REPORTED PRODUCTION

609

639

681

700

658

719

741

1,155

-

874

REPORTED NET PRODUCTION

VOLUMES PER DAY BY COMMODITY:

United States

Oil (MBBL)

Permian Resources

109

123

139

155

132

157

170

221

183

Permian EOR

117

116

116

118

117

118

117

116

117

DJ Basin

-

-

-

-

-

-

-

64

21

Gulf of Mexico

-

-

-

-

-

-

-

75

25

Other Domestic

2

1

1

1

1

2

2

10

5

Total

228

240

256

274

250

277

289

486

-

351

NGLs (MBBL)

Permian Resources

31

37

41

45

38

49

58

88

65

Permian EOR

28

28

31

30

29

30

29

30

30

DJ Basin

-

-

-

-

-

-

-

38

13

Gulf of Mexico

-

-

-

-

-

-

-

7

2

Other Domestic

-

-

1

-

-

-

-

5

2

Total

59

65

73

75

67

79

87

168

-

112

Natural Gas (MMCF)

Permian Resources

222

246

270

300

261

330

364

488

395

Permian EOR

56

54

48

48

50

46

44

45

44

DJ Basin

-

-

-

-

-

-

-

364

123

Gulf of Mexico

-

-

-

-

-

-

-

50

17

Other Domestic

16

16

14

17

16

13

11

138

54

Total

294

316

332

365

327

389

419

1,085

-

633

Latin America

Oil (MBBL)

32

31

30

30

31

32

34

32

33

Natural Gas (MMCF)

6

6

6

6

6

7

7

8

7

Middle East

Oil (MBBL)

Al Hosn

11

12

14

15

13

14

14

14

14

Dolphin

6

7

7

6

7

6

7

7

7

Oman

64

65

63

62

63

68

65

66

67

Qatar

58

51

56

53

55

52

52

34

46

Total

139

135

140

136

138

140

138

121

-

134

NGLs (MBBL)

Al Hosn

19

22

26

26

23

26

26

25

25

Dolphin

7

8

8

8

8

8

8

8

8

Total

26

30

34

34

31

34

34

33

-

33

Natural Gas (MMCF)

Al Hosn

183

204

246

245

220

250

251

246

249

Dolphin

139

156

158

154

152

154

152

171

158

Oman

127

146

148

134

139

140

125

133

133

Total

449

506

552

533

511

544

528

550

-

540

SCHEDULE 9

Occidental Petroleum Corporation

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

2018

2019

NET SALES MBOE VOLUMES PER DAY:

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

United States

336

358

384

410

372

421

446

835

569

Latin America

33

31

32

30

32

28

38

36

34

Middle East

Al Hosn

61

68

81

82

73

82

82

80

81

Dolphin

37

41

41

41

40

39

41

44

41

Oman

85

72

102

86

86

91

85

87

88

Qatar

58

52

56

53

55

52

52

34

46

Total

241

233

280

262

254

264

260

245

-

256

TOTAL CONTINUING OPERATIONS SALES

610

622

696

702

658

713

744

1,116

-

859

DISCONTINUED OPERATIONS - AFRICA

-

-

-

-

-

-

-

41

14

TOTAL REPORTED SALES

610

622

696

702

658

713

744

1,157

-

873

REALIZED PRICES

United States

Oil ($/BBL)

$

61.03

$

61.08

$

56.36

$

NGLs ($/BBL)

$

26.89

$

28.87

$

31.82

$

Natural Gas ($/MCF)

$

2.06

$

1.49

$

1.58

$

Latin America

Oil ($/BBL)

$

59.24

$

65.66

$

69.94

$

Natural Gas ($/MCF)

$

5.68

$

6.07

$

6.74

$

Middle East

Oil ($/BBL)

$

61.45

$

66.59

$

71.71

$

NGLs ($/BBL)

$

21.89

$

23.58

$

24.66

$

Total Worldwide

Oil ($/BBL)

$

61.04

$

63.12

$

62.67

$

NGLs ($/BBL)

$

25.35

$

27.21

$

29.55

$

Natural Gas ($/MCF)

$

1.82

$

1.58

$

1.62

$

Index Prices

WTI Oil ($/BBL)

$

62.87

$

67.88

$

69.50

$

Brent Oil ($/BBL)

$

67.18

$

74.90

$

75.97

$

NYMEX Natural Gas ($/MCF)

$

2.87

$

2.75

$

2.88

$

Percentage of Index Prices

Worldwide oil as a percentage of WTI

97%

93%

90%

Worldwide oil as a percentage of Brent

91%

84%

82%

Worldwide NGL as a percentage of WTI

40%

40%

43%

Worldwide NGL as a percentage of Brent

38%

36%

39%

Domestic gas as a percentage of NYMEX

72%

54%

55%

48.25

$

56.30

$

48.38

$

23.10

$

27.64

$

16.79

$

1.33

$

1.59

$

1.36

$

62.49

$

64.32

$

55.52

$

7.39

$

6.43

$

7.37

$

70.30

$

67.69

$

60.50

$

22.38

$

23.20

$

21.30

$

56.11

$

60.64

$

52.62

$

22.88

$

26.25

$

18.14

$

1.51

$

1.62

$

1.55

$

58.81

$

64.77

$

54.90

$

68.08

$

71.53

$

63.90

$

3.40

$

2.97

$

3.24

$

95%

94%

96%

82%

85%

82%

39%

41%

33%

34%

37%

28%

39%

54%

42%

55.14

$

54.90

$

53.27

16.28

$

13.91

$

15.20

0.23

$

1.25

$

1.05

62.66

$

54.98

$

58.00

7.01

$

7.05

$

7.14

65.83

$

62.17

$

62.86

22.50

$

20.22

$

21.33

58.91

$

56.26

$

56.02

18.00

$

14.96

$

16.62

1.03

$

1.38

$

1.33

59.82

$

56.45

$

57.06

68.32

$

62.01

$

64.74

2.67

$

2.27

$

2.72

98%

100%

#DIV/0!

98%

86%

91%

#DIV/0!

87%

30%

27%

#DIV/0!

29%

26%

24%

#DIV/0!

26%

9%

55%

#DIV/0!

39%

SCHEDULE 10

Occidental Petroleum Corporation

Oil and Gas Costs

2018

2019

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Lease operating expenses ($/BOE)

United States

$

13.23

$

12.72

$

12.31

$

11.28

$

12.33

$

11.83

$

11.16

$

8.45

$

9.98

Latin America

$

12.00

$

12.12

$

12.70

$

15.60

$

13.08

$

14.00

$

9.94

$

14.58

$

12.69

Middle East

$

9.60

$

10.32

$

9.58

$

11.07

$

10.14

$

9.73

$

9.59

$

11.22

$

10.16

Total Oil and Gas

$

11.73

$

11.80

$

11.23

$

11.38

$

11.52

$

11.14

$

10.55

$

9.26

$

10.14

Transportation costs ($/BOE)

United States

$

0.09

$

0.07

$

0.08

$

0.08

$

0.08

$

0.07

$

0.07

$

2.97

$

1.51

Total Oil and Gas

$

0.51

$

0.46

$

0.46

$

0.44

$

0.47

$

0.42

$

0.43

$

2.41

$

1.29

Taxes other than on income ($/BOE)

United States

$

3.27

$

3.19

$

2.91

$

2.68

$

3.00

$

2.79

$

2.89

$

2.40

$

2.62

Total Oil and Gas

$

1.82

$

1.86

$

1.63

$

1.59

$

1.72

$

1.68

$

1.76

$

1.82

$

1.76

DD&A expense ($/BOE)

United States

$

16.63

$

17.07

$

17.28

$

17.27

$

17.08

$

15.04

$

15.16

$

15.84

$

15.47

Latin America

$

8.99

$

8.95

$

8.81

$

8.77

$

8.88

$

10.38

$

10.58

$

11.00

$

10.68

Middle East

$

9.62

$

8.58

$

8.15

$

9.59

$

8.96

$

8.40

$

8.44

$

8.71

$

8.52

Total Oil and Gas

$

13.44

$

13.48

$

13.22

$

14.05

$

13.56

$

12.40

$

12.58

$

14.12

$

13.21

G&A and other operating expenses ($/BOE)

$

3.28

$

3.88

$

3.78

$

4.01

$

3.79

$

4.00

$

3.54

$

3.77

$

3.82

O&G MTM (Gain) Loss - Collars and CO2 ($ millions)

$

(30)

$

(52)

$

(39)

$

117

$

(4)

$

(69)

$

3

$

(64)

$

(130)

Exploration Expense ($ millions)

United States

$

8

$

17

$

17

$

22

$

64

$

16

$

15

$

31

$

62

Latin America

1

1

6

11

19

1

9

7

17

Middle East

6

3

1

17

27

19

11

25

55

$

15

$

21

$

24

$

50

$

110

$

36

$

35

$

63

$

-

$

134

SCHEDULE 11

Occidental Petroleum Corporation

WES Midstream Financial Information

(Amounts in millions)

Quarter Ended September 30, 2019

WES

STATEMENTS OF OPERATIONS ITEMS:

Occidental

Midstream

Eliminations

Total

Net sales

$

5,451

$

383

$

(147)

$

5,687

Income from equity investments

$

83

$

21

$

-

$

104

Chemical and midstream cost of sales, SGA and other operating expense

$

3,185

$

189

$

(147)

$

3,227

Depreciation, depletion and amortization

$

1,637

$

69

$

-

$

1,706

CASH FLOW ITEMS:

Operating cash flow

$

2,348

$

130

$

-

$

2,478

Capital expenditures

$

(1,570)

$

(144)

$

-

$

(1,714)

Debt activity, net

$

16,716

$

240

$

-

$

16,956

Noncontrolling distributions paid

$

-

$

(127)

$

-

$

(127)

BALANCE SHEET ITEMS:

Cash and cash equivalents

$

4,723

$

117

$

-

$

4,840

Total assets

$

104,868

$

20,575

$

-

$

125,443

Long-term debt, net

$

39,977

$

7,637

$

-

$

47,614

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

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OXY - Occidental Petroleum Corporation published this content on 04 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2019 21:34:06 UTC