Occidental Petroleum Corporation
Quarter 3 2019 Earnings Release Schedules Index
Schedule # Schedule Description
- Summary Highlights
- Segment Results BeforeTax Allocations
- Reported Results
- Items Affecting Comparability
- Adjusted Results (non-GAAP)
- Segment Results AfterTax Allocations
- Reported Results
- Items Affecting Comparability
- Adjusted Results (non-GAAP)
- Reconciliation - Diluted EPS
- Items Affecting Comparability Detail
- Before tax allocations
- After tax allocations
- Consolidated Condensed Statements of Operations
- Consolidated Condensed Balance Sheets
-
Consolidated Condensed Statements of Cash Flows
Detail of Capital Expenditures and Depreciation, Depletion and Amortization - Oil & Gas Net Production Volumes Per Day
- MBOE/D
- By Commodity
- Oil & Gas Net Sales Volumes Per Day and Realized Prices
- MBOE/D
- Realized Prices and Related Index Prices
- Oil and Gas Costs
- 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.
Attachments
- Original document
- Permalink
Disclaimer
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