OCCIDENTAL PETROLEUM CORPORATION Summary of Selected Financial Data
(Dollar amounts in millions, except per-share amounts)
9 months | ||||||||||
For the twelve months ended December 31, | ended | |||||||||
Sep 30, | ||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||
RESULTS OF OPERATIONS | ||||||||||
Net sales | $ | 12,480 | $ | 10,090 | $ | 12,508 | $ | 17,824 | $ | 14,111 |
Income (loss) from continuing operations (b) | $ | (8,146) | $ | (1,002) | $ | 1,311 | $ | 4,131 | $ | 529 |
Net income (loss) attributable to common stock | $ | (7,829) | $ | (574) | $ | 1,311 | $ | 4,131 | $ | 354 |
Earnings (loss) per share attributable to common stock | ||||||||||
Basic earnings (loss) per common share from | ||||||||||
continuing operations (b) | $ | (10.64) | $ | (1.31) | $ | 1.71 | $ | 5.40 | $ | 0.47 |
Basic earnings (loss) per common share (b) | $ | (10.23) | $ | (0.75) | $ | 1.71 | $ | 5.40 | $ | 0.45 |
Diluted earnings (loss) per common share (b) | $ | (10.23) | $ | (0.75) | $ | 1.70 | $ | 5.39 | $ | 0.45 |
Adjusted results (a) | $ | 91 | $ | (771) | $ | 686 | $ | 3,838 | $ | 1,453 |
FINANCIAL POSITION | ||||||||||
Total assets | $ | 43,409 | $ | 43,109 | $ | 42,026 | $ | 43,854 | $ | 125,443 |
Long-term debt, net (including current maturities) | $ | 8,305 | $ | 9,819 | $ | 9,828 | $ | 10,317 | $ | 47,614 |
Total stockholder's equity | $ | 24,350 | $ | 21,497 | $ | 20,572 | $ | 21,330 | $ | 36,080 |
Total equity | $ | 24,350 | $ | 21,497 | $ | 20,572 | $ | 21,330 | $ | 41,005 |
CASH FLOW FROM CONTINUING OPERATIONS | ||||||||||
Operating: | ||||||||||
Cash flow from continuing operations | $ | 3,251 | $ | 2,520 | $ | 4,861 | $ | 7,669 | $ | 5,439 |
Investing: | ||||||||||
Capital expenditures | $ | (5,272) | $ | (2,717) | $ | (3,599) | $ | (4,975) | $ | (4,184) |
Cash provided (used) by all other investing activities, net | $ | (148) | $ | (2,026) | $ | 520 | $ | 1,769 | $ | (23,417) |
Financing: | ||||||||||
Cash dividends paid | $ | (2,264) | $ | (2,309) | $ | (2,346) | $ | (2,374) | $ | (1,766) |
Purchases of treasury stock | $ | (593) | $ | (22) | $ | (25) | $ | (1,248) | $ | (237) |
Cash provided by all other financing activities, net | $ | 1,515 | $ | 1,529 | $ | 28 | $ | 520 | $ | 26,696 |
Dividends per common share | $ | 2.97 | $ | 3.02 | $ | 3.06 | $ | 3.10 | $ | 2.35 |
Weighted average shares outstanding (millions) | ||||||||||
Basic | 765.6 | 763.8 | 765.1 | 761.7 | 781.1 | |||||
Diluted | 765.6 | 763.8 | 765.9 | 763.3 | 782.2 |
- Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Therefore, management uses a measure called "core results" which excludes those items. Thisnon-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 earnings are considered representative of management's performance over the long term. Core results is not considered to be an alternative to operating income in accordance with generally accepted accounting
(b) Represents amounts attributable to common stock after deducting noncontrolling interest amounts.
Consolidated Statement of Operations
(Amounts in millions, except per-share amounts)
9 months | ||||||||||
For the twelve months ended December 31, | ended | |||||||||
Sep 30, | ||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||
REVENUES | ||||||||||
Net sales | ||||||||||
Oil and gas | $ | 8,304 | $ | 6,377 | $ | 7,870 | $ | 10,441 | $ | 8,890 |
Chemical | 3,945 | 3,756 | 4,355 | 4,657 | 3,128 | |||||
Midstream and Marketing | 891 | 684 | 1,157 | 3,656 | 2,505 | |||||
WES | - | - | - | - | 383 | |||||
Eliminations (a) | (660) | (727) | (874) | (930) | (795) | |||||
12,480 | 10,090 | 12,508 | 17,824 | 14,111 | ||||||
Interest, dividends and other income | 118 | 106 | 99 | 136 | 175 | |||||
Gain on sale of assets and equity investments, net | 101 | 202 | 667 | 974 | 150 | |||||
12,699 | 10,398 | 13,274 | 18,934 | 14,436 | ||||||
COSTS AND OTHER DEDUCTIONS | ||||||||||
Oil and gas operating expense | 2,715 | 2,272 | 2,427 | 2,761 | 2,324 | |||||
Transportation expense | 177 | 181 | 175 | 152 | 281 | |||||
Chemical and midstream cost sales | 2,842 | 2,680 | 2,938 | 2,833 | 2,046 | |||||
Purchase commodities | 70 | 56 | 54 | 822 | 1,237 | |||||
Selling, general and administrative | 525 | 503 | 546 | 585 | 545 | |||||
Other operating expense | 745 | 827 | 878 | 1,028 | 861 | |||||
Taxes other than on income | 343 | 277 | 311 | 439 | 432 | |||||
Depreciation, depletion and amortization | 4,544 | 4,268 | 4,002 | 3,977 | 3,710 | |||||
Asset impairments and other items | 10,239 | 825 | 545 | 561 | 325 | |||||
Anadarko merger-related costs | - | - | - | - | 974 | |||||
Exploration expense | 36 | 62 | 82 | 110 | 134 | |||||
Interest and debt expense, net | 147 | 292 | 345 | 389 | 632 | |||||
22,383 | 12,243 | 12,303 | 13,657 | 13,501 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS | (9,684) | (1,845) | 971 | 5,277 | 935 | |||||
OTHER ITEMS | ||||||||||
Losses on interest rate swaps and warrants | - | - | - | - | (33) | |||||
Income from equity investments | 208 | 181 | 357 | 331 | 274 | |||||
Total | 208 | 181 | 357 | 331 | 241 | |||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | (9,476) | (1,664) | 1,328 | 5,608 | 1,176 | |||||
Income tax benefit (expense) | 1,330 | 662 | (17) | (1,477) | (647) | |||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (8,146) | (1,002) | 1,311 | 4,131 | 529 | |||||
Discontinued operations, net | 317 | 428 | - | - | (15) | |||||
NET INCOME (LOSS) | (7,829) | (574) | 1,311 | 4,131 | 514 | |||||
Less: Net income attributable to noncontrolling interest | - | - | - | - | (42) | |||||
Less: Preferred stock dividend | - | - | - | - | (118) | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (7,829) | $ | (574) | $ | 1,311 | $ | 4,131 | $ | 354 |
EARNINGS PER SHARE (attributable to common stock) | ||||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE | ||||||||||
Income (loss) from continuing operations | $ | (10.64) | $ | (1.31) | $ | 1.71 | $ | 5.40 | $ | 0.47 |
Discontinued operations, net | 0.41 | 0.56 | - | - | (0.02) | |||||
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ | (10.23) | $ | (0.75) | $ | 1.71 | $ | 5.40 | $ | 0.45 |
DILUTED EARNINGS (LOSS) PER COMMON SHARE | ||||||||||
Income (loss) from continuing operations | $ | (10.64) | $ | (1.31) | $ | 1.70 | $ | 5.39 | $ | 0.47 |
Discontinued operations, net | 0.41 | 0.56 | - | - | (0.02) | |||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | (10.23) | $ | (0.75) | $ | 1.70 | $ | 5.39 | $ | 0.45 |
DIVIDENDS PER COMMON SHARE | $ | 2.97 | $ | 3.02 | $ | 3.06 | $ | 3.10 | $ | 2.35 |
- Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain inthird-party transactions.
Consolidated Balance Sheets
(Amounts in millions) | ||||||||||
31-Dec-15 | 31-Dec-16 | 31-Dec-17 | 31-Dec-18 | 30-Sep-19 | ||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ | 3,201 | $ | 2,233 | $ | 1,672 | $ | 3,033 | $ | 4,840 |
Restricted cash and restricted cash equivalents | 1,193 | - | - | - | 454 | |||||
Trade receivables, net | 2,970 | 3,989 | 4,145 | 4,893 | 5,854 | |||||
Inventories | 986 | 866 | 1,246 | 1,260 | 1,601 | |||||
Assets held for sale | 141 | - | 474 | - | 6,445 | |||||
Other current assets | 911 | 1,340 | 733 | 746 | 1,750 | |||||
Total current assets | 9,402 | 8,428 | 8,270 | 9,932 | 20,944 | |||||
INVESTMENTS | ||||||||||
Investments in unconsolidated entities | 1,267 | 1,401 | 1,515 | 1,680 | 3,684 | |||||
Available for sale investment | 167 | - | - | - | - | |||||
Total investments | 1,434 | 1,401 | 1,515 | 1,680 | 3,684 | |||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||
Oil and gas segment | 55,025 | 54,673 | 53,409 | 58,799 | 110,668 | |||||
Chemical segment | 6,717 | 6,930 | 6,847 | 7,001 | 7,092 | |||||
Midstream and marketing segment | 8,899 | 9,216 | 9,493 | 8,070 | 8,133 | |||||
WES | - | - | - | - | 9,635 | |||||
Corporate | 417 | 474 | 497 | 550 | 1,397 | |||||
71,058 | 71,293 | 70,246 | 74,420 | 136,925 | ||||||
Accumulated depreciation, depletion and amortization | (39,419) | (38,956) | (39,072) | (42,983) | (46,804) | |||||
31,639 | 32,337 | 31,174 | 31,437 | 90,121 | ||||||
OPERATING LEASE ASSETS | - | - | - | - | 1,078 | |||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 924 | 934 | 1,059 | 797 | 1,155 | |||||
INTANGIBLES, NET | 10 | 9 | 8 | 8 | 2,387 | |||||
GOODWILL - WES Midstream | - | - | - | - | 6,074 | |||||
TOTAL ASSETS | $ | 43,409 | $ | 43,109 | $ | 42,026 | $ | 43,854 | $ | 125,443 |
CURRENT LIABILITIES | ||||||||||
Current maturities of long-term debt | $ | 1,450 | $ | - | $ | 500 | $ | 116 | $ | 31 |
Current operating lease liabilities | - | - | - | - | 463 | |||||
Accounts payable | 3,069 | 3,926 | 4,408 | 4,885 | 6,789 | |||||
Accrued liabilities | 2,213 | 2,436 | 2,492 | 2,411 | 5,175 | |||||
Accrued income taxes | - | - | - | - | 1,036 | |||||
Liabilities of assets held for sale | 110 | - | - | - | 2,203 | |||||
Total current liabilities | 6,842 | 6,362 | 7,400 | 7,412 | 15,697 | |||||
LONG-TERM DEBT, NET | ||||||||||
Long-term debt, net - Occidental | 6,855 | 9,819 | 9,328 | 10,201 | 39,946 | |||||
Long-term debt, net - WES | - | - | - | - | 7,637 | |||||
6,855 | 9,819 | 9,328 | 10,201 | 47,583 | ||||||
DEFERRED CREDITS AND OTHER LIABILITIES | ||||||||||
Deferred domestic and foreign income taxes | 1,323 | 1,132 | 581 | 907 | 9,920 | |||||
Asset retirement obligations | 1,045 | 1,245 | 1,241 | 1,424 | 4,164 | |||||
Pension and postretirement obligations | 986 | 963 | 1,005 | 809 | 1,927 | |||||
Environmental remediation reserves | 316 | 739 | 728 | 762 | 905 | |||||
Operating lease liabilities | - | - | - | - | 676 | |||||
Other | 1,692 | 1,352 | 1,171 | 1,009 | 3,566 | |||||
5,362 | 5,431 | 4,726 | 4,911 | 21,158 | ||||||
EQUITY | ||||||||||
Preferred stock, $1.00 per share par value | - | - | - | - | 9,762 | |||||
Common stock, $.20 per share par value | 178 | 178 | 179 | 179 | 209 | |||||
Treasury stock | (9,121) | (9,143) | (9,168) | (10,473) | (10,653) | |||||
Additional paid-in capital | 7,640 | 7,747 | 7,884 | 8,046 | 14,867 | |||||
Retained earnings | 25,960 | 22,981 | 21,935 | 23,750 | 22,227 | |||||
Accumulated other comprehensive loss | (307) | (266) | (258) | (172) | (332) | |||||
Total stockholder's equity | 24,350 | 21,497 | 20,572 | 21,330 | 36,080 | |||||
Noncontrolling interest | - | - | - | - | 4,925 | |||||
Total equity | 24,350 | 21,497 | 20,572 | 21,330 | 41,005 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 43,409 | $ | 43,109 | $ | 42,026 | $ | 43,854 | $ | 125,443 |
Consolidated Statements of Cash Flow
(Amounts in millions)
9 months | ||||||||||
For the twelve months ended December 31, | ended | |||||||||
Sep 30, | ||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||
Net income (loss) | $ | (7,829) | $ | (574) | $ | 1,311 | $ | 4,131 | $ | 514 |
Adjustments to reconcile net income (loss) to net cash provided by | ||||||||||
operating activities: | ||||||||||
Discontinued operations, net | (317) | (428) | - | - | 15 | |||||
Depreciation, depletion and amortization of assets | 4,544 | 4,268 | 4,002 | 3,977 | 3,710 | |||||
Deferred income tax (benefit) provision | (1,372) | (517) | (719) | 371 | (1,050) | |||||
Other noncash charges to income | 172 | 152 | 202 | 47 | 569 | |||||
Gain on sale of assets and equity investments, net | (101) | (202) | (667) | (974) | (150) | |||||
Asset impairments and related items | 9,684 | 665 | 545 | 561 | 325 | |||||
Changes in operating assets and liabilities: | ||||||||||
(Increase) decrease in receivables | 1,431 | (1,091) | (158) | (740) | 506 | |||||
(Increase) decrease in inventories | (24) | 17 | (349) | (108) | (15) | |||||
(Increase) decrease in other current assets | 33 | 65 | 39 | 94 | (114) | |||||
Increase (decrease) in accounts payable and accrued liabilities | (1,989) | 609 | (89) | 195 | 178 | |||||
Increase (decrease) in current domestic and foreign income taxes | (331) | 17 | 64 | 38 | 951 | |||||
Other operating, net | (650) | (461) | 680 | 77 | - | |||||
Operating cash flow from continuing operations | 3,251 | 2,520 | 4,861 | 7,669 | 5,439 | |||||
Operating cash flow from discontinued operations, net of taxes | 97 | 864 | - | - | (73) | |||||
Net cash provided by operating activities | 3,348 | 3,384 | 4,861 | 7,669 | 5,366 | |||||
CASH FLOW FROM INVESTING ACTIVITIES | ||||||||||
Capital expenditures | (5,272) | (2,717) | (3,599) | (4,975) | (4,184) | |||||
Change in capital accrual | (592) | (114) | 122 | 55 | (160) | |||||
Sale of assets and equity investments, net | 819 | 302 | 1,403 | 2,824 | 4,809 | |||||
Payments for purchases of assets and businesses | (109) | (2,044) | (1,064) | (928) | (27,926) | |||||
Other, net | (266) | (170) | 59 | (182) | (140) | |||||
Investing cash flow from continuing operations | (5,420) | (4,743) | (3,079) | (3,206) | (27,601) | |||||
Investing cash flow from discontinued operations | - | - | - | - | (125) | |||||
Net cash used by investing activities | (5,420) | (4,743) | (3,079) | (3,206) | (27,726) | |||||
CASH FLOW FROM FINANCING ACTIVITIES | ||||||||||
Proceeds from long-term debt, net of issuance costs | 1,478 | 4,203 | - | 978 | 21,557 | |||||
Payments of long-term debt, net | - | (2,710) | - | (500) | (4,949) | |||||
Proceeds from WES revolvers | - | - | - | - | 1,240 | |||||
Payments of revolvers - WES | - | - | - | - | (1,000) | |||||
Proceeds from issuance of common and preferred stock | 37 | 36 | 28 | 33 | 10,010 | |||||
Purchases of treasury stock | (593) | (22) | (25) | (1,248) | (237) | |||||
Cash dividends paid | (2,264) | (2,309) | (2,346) | (2,374) | (1,766) | |||||
Distributions to noncontrolling interest | - | - | - | - | (127) | |||||
Other, net | - | - | - | 9 | (35) | |||||
Financing cash flow from continuing operations | (1,342) | (802) | (2,343) | (3,102) | 24,693 | |||||
Financing cash flow from discontinued operations | - | - | - | - | (1) | |||||
Net cash provided by (used by) financing activities | (1,342) | (802) | (2,343) | (3,102) | 24,692 | |||||
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (3,414) | (2,161) | (561) | 1,361 | 2,332 | |||||
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of year | 7,808 | 4,394 | 2,233 | 1,672 | 3,033 | |||||
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period | $ | 4,394 | $ | 2,233 | $ | 1,672 | $ | 3,033 | $ | 5,365 |
Oil and Gas Net Proved Developed and Undeveloped Year-End Reserves | |||||
2014 | 2015 | 2016 | 2017 | 2018 | |
United States | |||||
Oil (MMBBL) | 1,273 | 915 | 960 | 1,107 | 1,186 |
NGL (MMBBL) | 222 | 186 | 219 | 247 | 284 |
Gas (BCF) | 1,714 | 1,019 | 1,045 | 1,205 | 1,445 |
BOE (MMBBL)¹ | 1,781 | 1,271 | 1,353 | 1,555 | 1,711 |
Latin America | |||||
Oil (MMBBL) | 92 | 77 | 71 | 82 | 96 |
Gas (BCF) | 27 | 19 | 6 | 12 | 11 |
BOE (MMBBL)¹ | 96 | 80 | 72 | 84 | 98 |
Middle East / North Africa | |||||
Oil (MMBBL) | 405 | 317 | 326 | 326 | 301 |
NGL (MMBBL) | 140 | 144 | 201 | 198 | 202 |
Gas (BCF) | 2,386 | 2,330 | 2,723 | 2,614 | 2,639 |
BOE (MMBBL)¹ | 942 | 849 | 981 | 959 | 943 |
Worldwide | |||||
Oil (MMBBL) | 1,770 | 1,309 | 1,357 | 1,515 | 1,583 |
NGL (MMBBL) | 362 | 330 | 420 | 445 | 486 |
Gas (BCF) | 4,127 | 3,368 | 3,774 | 3,831 | 4,095 |
BOE (MMBBL)¹ | 2,819 | 2,200 | 2,406 | 2,598 | 2,752 |
- Natural gas volumes have been converted to barrels of equivalent (BOE) based on energy content of 6,000 cubic feet (Mcf) of gas to one barrel of oil.
Segment Total Year-End Assets | ||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | ||||||
Oil and Gas (a) | $ | 31,072 | $ | 23,591 | $ | 24,130 | $ | 23,595 | $ | 24,874 |
Chemical | 3,917 | 3,982 | 4,348 | 4,364 | 4,359 | |||||
Midstream, marketing and other | 12,283 | 10,175 | 11,059 | 11,775 | 11,087 | |||||
Corporate (b) | 8,965 | 5,661 | 3,572 | 2,292 | 3,534 | |||||
Total | $ | 56,237 | $ | 43,409 | $ | 43,109 | $ | 42,026 | $ | 43,854 |
- Oil and Gas - 2014 reduction reflects thetax-free spin off of California Resources Corporation in December 2014 and asset impairments and related items.
- Corporate included restricted cash of $1.2 billion and $4.0 billion at December 31, 2015 and 2014, respectively. 2014 included the investment in CRC stock as well as impairments of Joslyn Oil Sands.
Quarterly 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 | |||||||||||||||||||
Net sales | |||||||||||||||||||
Oil and 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 | ||||||||||
Midstream and Marketing | 389 | 603 | 1,367 | 1,297 | 3,656 | 816 | 909 | 780 | 2,505 | ||||||||||
WES | - | - | - | - | - | - | - | 383 | 383 | ||||||||||
Eliminations (a) | (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 | ||||||||||
Gain on sale of assets and equity investments, 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 sales | 694 | 711 | 722 | 706 | 2,833 | 669 | 636 | 741 | 2,046 | ||||||||||
Purchase 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 | - | - | - | - | - | - | - | (33) | (33) | ||||||||||
Income from equity investments | 63 | 78 | 87 | 103 | 331 | 73 | 97 | 104 | 274 | ||||||||||
Total | 63 | 78 | 87 | 103 | 331 | 73 | 97 | 71 | 241 | ||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | 1,047 | 1,150 | 2,579 | 832 | 5,608 | 856 | 941 | (621) | 1,176 | ||||||||||
Income tax benefit (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 | - | - | - | - | - | - | (15) | (15) | |||||||||||
NET INCOME (LOSS) | 708 | 848 | 1,869 | 706 | 4,131 | 631 | 635 | (752) | 514 | ||||||||||
Less: Net income attributable to noncontrolling interest | - | - | - | - | - | - | - | (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 (attributable to common stock)
BASIC EARNINGS (LOSS) 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 (LOSS) 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 |
(a) Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions.
2019 Consolidated Condensed Balance Sheets
(Amounts in millions) | ||||||||
31-Mar-19 | 30-Jun-19 | 30-Sep-19 | 31-Dec-19 | |||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 1,752 | $ | 1,751 | $ | 4,840 | ||
Restricted cash and restricted cash equivalents | - | - | 454 | |||||
Trade receivables, net | 5,310 | 5,273 | 5,854 | |||||
Inventories | 1,484 | 1,582 | 1,601 | |||||
Assets held for sale | - | 6,445 | ||||||
Other current assets | 724 | 819 | 1,750 | |||||
Total current assets | 9,270 | 9,425 | 20,944 | |||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 1,725 | 1,777 | 3,684 | |||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment | 75,813 | 77,004 | 136,925 | |||||
Accumulated depreciation, depletion and amortization | (43,913) | (44,889) | (46,804) | |||||
31,900 | 32,115 | 90,121 | ||||||
OPERATING LEASE ASSETS | 684 | 681 | 1,078 | |||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 793 | 765 | 1,155 | |||||
INTANGIBLE ASSETS | 8 | 7 | 2,387 | |||||
GOODWILL | - | - | 6,074 | |||||
TOTAL ASSETS | $ | 44,380 | $ | 44,770 | $ | 125,443 | $ | - |
CURRENT LIABILITIES | ||||||||
Current maturities of long-term debt | $ | 116 | $ | 116 | $ | 31 | ||
Current operating lease liabilities | 240 | 252 | 463 | |||||
Accounts payable | 5,261 | 5,445 | 6,789 | |||||
Accrued liabilities | 1,920 | 2,067 | 5,175 | |||||
Accrued income taxes | - | - | 1,036 | |||||
Liabilities of assets held for sale | - | - | 2,203 | |||||
Total current liabilities | 7,537 | 7,880 | 15,697 | |||||
LONG-TERM DEBT, NET | ||||||||
Long-term debt - OXY | 10,203 | 10,155 | 39,946 | |||||
Long-term debt - WES and WGP | - | - | 7,637 | |||||
10,203 | 10,155 | 47,583 | ||||||
DEFERRED CREDITS AND OTHER LIABILITIES | ||||||||
Deferred domestic and foreign income taxes, net | 918 | 950 | 9,920 | |||||
Asset retirement obligations | 1,430 | 1,433 | 4,164 | |||||
Pension and postretirement obligations | 816 | 819 | 1,927 | |||||
Environmental remediation reserves | 755 | 764 | 905 | |||||
Operating lease liabilities | 465 | 445 | 676 | |||||
Other | 1,020 | 977 | 3,566 | |||||
5,404 | 5,388 | 21,158 | ||||||
EQUITY | ||||||||
Common stock, $.20 per share par value | 179 | 179 | 209 | |||||
Preferred stock, $1.00 per share pare value | - | - | 9,762 | |||||
Treasury stock | (10,653) | (10,653) | (10,653) | |||||
Additional paid-in capital | 8,083 | 8,157 | 14,867 | |||||
Retained earnings | 23,795 | 23,848 | 22,227 | |||||
Accumulated other comprehensive loss | (168) | (184) | (332) | |||||
Total Stockholder's | 21,236 | 21,347 | 36,080 | |||||
Noncontrolling interest | - | - | 4,925 | |||||
Total equity | 21,236 | 21,347 | 41,005 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 44,380 | $ | 44,770 | $ | 125,443 | $ | - |
2018 Consolidated Condensed Balance Sheets
(Amounts in millions) | ||||||||
31-Mar-18 | 30-Jun-18 | 30-Sep-18 | 31-Dec-18 | |||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 1,606 | $ | 1,362 | $ | 2,954 | $ | 3,033 |
Trade receivables, net | 5,184 | 5,521 | 6,000 | 4,893 | ||||
Inventories | 1,057 | 1,347 | 1,009 | 1,260 | ||||
Assets held for sale | 335 | 1,664 | - | - | ||||
Other current assets | 712 | 1,096 | 1,149 | 746 | ||||
Total current assets | 8,894 | 10,990 | 11,112 | 9,932 | ||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 1,509 | 1,551 | 1,568 | 1,680 | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment | 71,262 | 71,214 | 72,980 | 74,420 | ||||
Accumulated depreciation, depletion and amortization | (39,918) | (40,782) | (41,825) | (42,983) | ||||
31,344 | 30,432 | 31,155 | 31,437 | |||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 1,053 | 1,086 | 1,114 | 797 | ||||
INTANGIBLE ASSETS | 8 | 8 | 8 | 8 | ||||
TOTAL ASSETS | $ | 42,808 | $ | 44,067 | $ | 44,957 | $ | 43,854 |
CURRENT LIABILITIES | ||||||||
Current maturities of long-term debt | $ | - | $ | - | $ | 116 | $ | 116 |
Accounts payable | 5,059 | 5,412 | 5,443 | 4,885 | ||||
Accrued liabilities | 2,011 | 2,521 | 2,813 | 2,411 | ||||
Liabilities of assets held for sale | - | 145 | - | - | ||||
Total current liabilities | 7,070 | 8,078 | 8,372 | 7,412 | ||||
LONG-TERM DEBT, NET | 10,309 | 10,312 | 10,198 | 10,201 | ||||
DEFERRED CREDITS AND OTHER LIABILITIES | ||||||||
Deferred domestic and foreign income taxes, net | 659 | 738 | 1,162 | 907 | ||||
Asset retirement obligations | 1,248 | 1,244 | 1,249 | 1,424 | ||||
Pension and postretirement obligations | 1,008 | 1,010 | 828 | 809 | ||||
Environmental remediation reserves | 729 | 731 | 740 | 762 | ||||
Other | 1,063 | 1,023 | 919 | 1,009 | ||||
4,707 | 4,746 | 4,898 | 4,911 | |||||
STOCKHOLDERS' EQUITY | ||||||||
Common stock, $.20 per share par value | 179 | 179 | 179 | 179 | ||||
Treasury stock | (9,168) | (9,268) | (10,162) | (10,473) | ||||
Additional paid-in capital | 7,916 | 7,967 | 7,991 | 8,046 | ||||
Retained earnings | 22,107 | 22,361 | 23,635 | 23,750 | ||||
Accumulated other comprehensive loss | (312) | (308) | (154) | (172) | ||||
Total equity | 20,722 | 20,931 | 21,489 | 21,330 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 42,808 | $ | 44,067 | $ | 44,957 | $ | 43,854 |
2019 Consolidated Condensed Cash Flow Statements
(Amounts in millions)
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||
Net income | $ | 631 | $ | 635 | $ | (752) | $ | 514 | ||
Adjustments to reconcile net income to net cash provided by | ||||||||||
operating activities: | ||||||||||
Discontinued operations, net | - | - | 15 | 15 | ||||||
Depreciation, depletion and amortization of assets | 973 | 1,031 | 1,706 | 3,710 | ||||||
Deferred income tax provision (benefit) | 10 | 37 | (1,097) | (1,050) | ||||||
Other noncash charges to income | 225 | 83 | 261 | 569 | ||||||
Asset impairments and related items | - | - | 325 | 325 | ||||||
Gain on sale of assets, net | (7) | (15) | (128) | (150) | ||||||
Changes in operating assets and liabilities: | (884) | 242 | 2,148 | 1,506 | ||||||
Operating cash flow from continuing operations | 948 | 2,013 | 2,478 | 5,439 | ||||||
Operating cash flow from discontinued operations | - | - | (73) | (73) | ||||||
Net cash provided by operating activities | 948 | 2,013 | 2,405 | 5,366 | ||||||
CASH FLOW FROM INVESTING ACTIVITIES | ||||||||||
Capital expenditures | (1,259) | (1,211) | (1,714) | (4,184) | ||||||
Change in capital accrual | (51) | (57) | (52) | (160) | ||||||
Proceeds from sale of assets, net | 16 | 16 | 4,777 | 4,809 | ||||||
Payment for purchases of assets and businesses | (69) | (7) | (27,850) | (27,926) | ||||||
Other, net | (52) | (29) | (59) | (140) | ||||||
Investing cash flow from continuing operations | (1,415) | (1,288) | (24,898) | (27,601) | ||||||
Investing cash flow from discontinued operations | - | - | (125) | (125) | ||||||
Net cash used by investing activities | (1,415) | (1,288) | (25,023) | (27,726) | ||||||
CASH FLOW FROM FINANCING ACTIVITIES | ||||||||||
Proceeds from long-term debt, net of issuance costs | - | (108) | 21,665 | 21,557 | ||||||
Payment of long-term debt | - | - | (4,949) | (4,949) | ||||||
Proceeds from short-term borrowings and revolvers | - | - | 1,240 | 1,240 | ||||||
Payment of revolvers - WES | - | - | (1,000) | (1,000) | ||||||
Preferred stock issuance costs | - | (50) | 50 | - | ||||||
Proceeds from issuance of common and preferred stock | 16 | 21 | 9,973 | 10,010 | ||||||
Purchases of treasury stock | (237) | - | - | (237) | ||||||
Cash dividends paid | (591) | (587) | (588) | (1,766) | ||||||
Distributions from noncontrolling interest, net | (127) | (127) | ||||||||
Other, net | (2) | (2) | (31) | (35) | ||||||
Financing cash flow from continuing operations | (814) | (726) | 26,233 | 24,693 | ||||||
Financing cash flow from discontinued operations | - | - | (1) | (1) | ||||||
Net cash provided by (used) by financing activities | (814) | (726) | 26,232 | 24,692 | ||||||
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (1,281) | (1) | 3,614 | 2,332 | ||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of year | 3,033 | 1,752 | 1,751 | 3,033 | ||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period | $ | 1,752 | $ | 1,751 | $ | 5,365 | $ | 5,365 | $ | 5,365 |
2018 Consolidated Condensed Cash Flow Statements
(Amounts in millions)
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||
Net income | $ | 708 | $ | 848 | $ | 1,869 | $ | 706 | $ | 4,131 |
Adjustments to reconcile net income to net cash provided by | ||||||||||
operating activities: | ||||||||||
Depreciation, depletion and amortization of assets | 921 | 947 | 1,023 | 1,086 | 3,977 | |||||
Deferred income tax provision (benefit) | 94 | 77 | 379 | (179) | 371 | |||||
Other noncash charges (benefits) to income | (23) | 114 | (6) | (38) | 47 | |||||
Asset impairments and related items | 30 | 12 | 214 | 305 | 561 | |||||
Gain on sale of assets, net | (33) | (10) | (926) | (5) | (974) | |||||
Changes in operating assets and liabilities: | (688) | (232) | (149) | 548 | (521) | |||||
Other operating, net | - | - | - | 77 | 77 | |||||
Net cash provided by operating activities | 1,009 | 1,756 | 2,404 | 2,500 | 7,669 | |||||
CASH FLOW FROM INVESTING ACTIVITIES | ||||||||||
Capital expenditures | (1,032) | (1,287) | (1,319) | (1,337) | (4,975) | |||||
Change in capital accrual | (45) | 39 | 13 | 48 | 55 | |||||
Proceeds from sale of assets, net | 275 | 55 | 2,415 | 79 | 2,824 | |||||
Payment for purchases of assets and businesses | (177) | (65) | (484) | (202) | (928) | |||||
Other, net | 8 | (57) | (39) | (94) | (182) | |||||
Net cash used by investing activities | (971) | (1,315) | 586 | (1,506) | (3,206) | |||||
CASH FLOW FROM FINANCING ACTIVITIES | ||||||||||
Proceeds from long-term debt, net | 978 | - | - | - | 978 | |||||
Payments of long-term debt | (500) | - | - | - | (500) | |||||
Proceeds from issuance of common stock | 10 | 3 | 4 | 16 | 33 | |||||
Purchases of treasury stock | - | (97) | (811) | (340) | (1,248) | |||||
Cash dividends paid | (592) | (593) | (595) | (594) | (2,374) | |||||
Contributions from noncontrolling interest | 4 | (4) | - | |||||||
Other, net | - | 2 | - | 7 | 9 | |||||
Net cash used by financing activities | (104) | (685) | (1,398) | (915) | (3,102) | |||||
Increase (decrease) in cash and cash equivalents | (66) | (244) | 1,592 | 79 | 1,361 | |||||
Cash and cash equivalents - beginning of period | 1,672 | 1,606 | 1,362 | 2,954 | 1,672 | |||||
Cash and cash equivalents - end of period | $ | 1,606 | $ | 1,362 | $ | 2,954 | $ | 3,033 | $ | 3,033 |
Segment Results - BeforeTax Allocations
(Amounts in millions, except per share amounts)
Reported Results | 2015 | 2016 | 2017 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||
Domestic | $ | (4,151) | $ | (1,552) | $ | (589) | $ | 255 | $ | 300 | $ | 209 | $ | (143) | $ | 621 | $ | 54 | $ | 153 | $ | (79) | $ | 128 | ||
Foreign | (3,747) | 965 | 1,767 | 502 | 495 | 571 | 328 | 1,896 | 454 | 596 | 344 | 1,394 | ||||||||||||||
Exploration | (162) | (49) | (67) | (7) | (15) | (13) | (40) | (75) | (24) | (23) | (44) | (91) | ||||||||||||||
Oil & Gas | (8,060) | (636) | 1,111 | 750 | 780 | 767 | 145 | 2,442 | 484 | 726 | 221 | - | 1,431 | |||||||||||||
Chemical | 542 | 571 | 822 | 298 | 317 | 321 | 223 | 1,159 | 265 | 208 | 207 | 680 | ||||||||||||||
Midstream, marketing and other | (1,194) | (381) | 85 | 179 | 250 | 1,698 | 675 | 2,802 | 279 | 331 | 266 | 876 | ||||||||||||||
WES | - | - | - | - | - | - | - | - | - | - | 134 | - | 134 | |||||||||||||
Segment Income (Loss) | (8,712) | (446) | 2,018 | 1,227 | 1,347 | 2,786 | 1,043 | 6,403 | 1,028 | 1,265 | 828 | - | 3,121 | |||||||||||||
Corporate | ||||||||||||||||||||||||||
Interest | (141) | (275) | (324) | (92) | (91) | (92) | (81) | (356) | (83) | (143) | (360) | (586) | ||||||||||||||
Other | (623) | (943) | (366) | (88) | (106) | (115) | (130) | (439) | (89) | (181) | (1,089) | (1,359) | ||||||||||||||
Taxes | 1,330 | 662 | (17) | (339) | (302) | (710) | (126) | (1,477) | (225) | (306) | (116) | (647) | ||||||||||||||
Discontinued operations | 317 | 428 | - | - | - | - | - | - | - | - | (15) | - | (15) | |||||||||||||
Net Income (Loss) | (7,829) | (574) | 1,311 | 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 | $ | (7,829) | $ | (574) | $ | 1,311 | $ | 708 | $ | 848 | $ | 1,869 | $ | 706 | 4,131 | $ | 631 | $ | 635 | $ | (912) | $ | - | 354 | ||
Reported diluted earnings (loss) per share | $ | (10.23) | $ | (0.75) | $ | 1.70 | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.39 | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | 0.45 | ||
Items Affecting Comparability | ||||||||||||||||||||||||||
Domestic | $ | (3,447) | $ | 106 | $ | 250 | $ | - | $ | - | $ | - | $ | - | $ | - | - | - | (210) | $ | - | $ | (210) | |||
Foreign | (4,904) | (70) | 4 | - | - | (196) | (220) | (416) | - | - | (40) | - | (40) | |||||||||||||
Exploration | (146) | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Oil & Gas | (8,497) | 36 | 254 | - | - | (196) | (220) | (416) | - | - | (250) | - | (250) | |||||||||||||
Chemical | (23) | 88 | 5 | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Midstream, marketing and other | (1,259) | (160) | (26) | - | - | 902 | 5 | 907 | - | - | 111 | - | 111 | |||||||||||||
WES | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Segment Income (Loss) | (9,779) | (36) | 233 | - | - | 706 | (215) | 491 | - | - | (139) | - | (139) | |||||||||||||
Corporate | ||||||||||||||||||||||||||
Interest | - | - | - | - | - | - | - | - | - | (57) | (65) | - | (122) | |||||||||||||
Other | (361) | (619) | - | - | - | - | - | - | - | (50) | (937) | - | (987) | |||||||||||||
Taxes | 1,903 | 424 | 392 | - | - | (197) | (1) | (198) | - | 13 | 151 | - | 164 | |||||||||||||
Discontinued operations | 317 | 428 | - | - | - | - | - | - | - | - | (15) | - | (15) | |||||||||||||
Net Income (Loss) | (7,920) | 197 | 625 | - | - | 509 | (216) | 293 | - | (94) | (1,005) | - | (1,099) | |||||||||||||
Less: Adjusted income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
Net income (loss) attributable to common stockholders | $ | (7,920) | $ | 197 | $ | 625 | $ | - | $ | - | $ | 509 | $ | (216) | 293 | $ | - | $ | (94) | $ | (1,005) | $ | - | (1,099) | ||
Adjusted Income (Loss) (Non-GAAP) | ||||||||||||||||||||||||||
Domestic | $ | (704) | $ | (1,658) | $ | (839) | $ | 255 | $ | 300 | $ | 209 | $ | (143) | $ | 621 | $ | 54 | $ | 153 | $ | 131 | $ | - | $ | 338 |
Foreign | 1,157 | 1,035 | 1,763 | 502 | 495 | 767 | 548 | 2,312 | 454 | 596 | 384 | - | 1,434 | |||||||||||||
Exploration | (16) | (49) | (67) | (7) | (15) | (13) | (40) | (75) | (24) | (23) | (44) | - | (91) | |||||||||||||
Oil & Gas | 437 | (672) | 857 | 750 | 780 | 963 | 365 | 2,858 | 484 | 726 | 471 | - | 1,681 | |||||||||||||
Chemical | 565 | 483 | 817 | 298 | 317 | 321 | 223 | 1,159 | 265 | 208 | 207 | - | 680 | |||||||||||||
Midstream, marketing and other | 65 | (221) | 111 | 179 | 250 | 796 | 670 | 1,895 | 279 | 331 | 155 | - | 765 | |||||||||||||
WES | - | - | - | - | - | - | - | - | - | 134 | - | 134 | ||||||||||||||
Segment Income (Loss) | 1,067 | (410) | 1,785 | 1,227 | 1,347 | 2,080 | 1,258 | 5,912 | 1,028 | 1,265 | 967 | - | 3,260 | |||||||||||||
Corporate | ||||||||||||||||||||||||||
Interest | (141) | (275) | (324) | (92) | (91) | (92) | (81) | (356) | (83) | (86) | (295) | - | (464) | |||||||||||||
Other | (262) | (324) | (366) | (88) | (106) | (115) | (130) | (439) | (89) | (131) | (152) | - | (372) | |||||||||||||
Taxes | (573) | 238 | (409) | (339) | (302) | (513) | (125) | (1,279) | (225) | (319) | (267) | - | (811) | |||||||||||||
Adjusted income | 91 | (771) | 686 | 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 | $ | 91 | $ | (771) | $ | 686 | $ | 708 | $ | 848 | $ | 1,360 | $ | 922 | 3,838 | $ | 631 | $ | 729 | $ | 93 | $ | - | 1,453 | ||
Adjusted diluted earnings per share (Non-GAAP) | $ | 0.12 | $ | (1.01) | $ | 0.89 | $ | 0.92 | $ | 1.10 | $ | 1.77 | $ | 1.22 | $ | 5.01 | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | 1.85 |
Segment Results - AfterTax Allocations
(Amounts in millions, except per share amounts)
Reported Results | 2015 | 2016 | 2017 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||
Domestic | $ | (2,592) | $ | (999) | $ | (381) | $ | 199 | $ | 233 | $ | 163 | $ | (111) | $ | 484 | $ | 42 | $ | 119 | $ | (63) | $ | 98 | ||
Foreign | (4,445) | 375 | 982 | 255 | 247 | 260 | 62 | 824 | 248 | 351 | 165 | 764 | ||||||||||||||
Exploration | (161) | (48) | (59) | (7) | (12) | (11) | (34) | (64) | (22) | (21) | (40) | (83) | ||||||||||||||
Oil & Gas | (7,198) | (672) | 542 | 447 | 468 | 412 | (83) | 1,244 | 268 | 449 | 62 | - | 779 | |||||||||||||
Chemical | 343 | 366 | 529 | 230 | 247 | 248 | 160 | 885 | 205 | 159 | 161 | 525 | ||||||||||||||
Midstream, marketing and other | (700) | (200) | 119 | 146 | 209 | 1,342 | 541 | 2,238 | 227 | 274 | 218 | 719 | ||||||||||||||
WES | - | - | - | - | - | - | - | - | - | - | 134 | |||||||||||||||
Segment Income (Loss) | (7,555) | (506) | 1,190 | 823 | 924 | 2,002 | 618 | 4,367 | 700 | 882 | 575 | - | 2,023 | |||||||||||||
Corporate | ||||||||||||||||||||||||||
Interest | (141) | (275) | (324) | (92) | (91) | (92) | (81) | (356) | (83) | (130) | (295) | (508) | ||||||||||||||
Other | (577) | (705) | (320) | (88) | (106) | (115) | (130) | (439) | (89) | (181) | (1,024) | (1,294) | ||||||||||||||
Taxes | 127 | 484 | 765 | 65 | 121 | 74 | 299 | 559 | 103 | 64 | 7 | 174 | ||||||||||||||
Discontinued operations | 317 | 428 | - | - | - | - | - | - | - | (15) | (15) | |||||||||||||||
Net Income (Loss) | (7,829) | (574) | 1,311 | 708 | 848 | 1,869 | 706 | 4,131 | 631 | 635 | (752) | - | 380 | |||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | - | - | (42) | (42) | ||||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | - | (118) | (118) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (7,829) | $ | (574) | $ | 1,311 | $ | 708 | $ | 848 | $ | 1,869 | $ | 706 | 4,131 | $ | 631 | $ | 635 | $ | (912) | $ | - | 354 | ||
Reported diluted earnings (loss) per share | $ | (10.23) | $ | (0.75) | $ | 1.70 | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.39 | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | 0.45 | ||
Items Affecting Comparability | ||||||||||||||||||||||||||
Domestic | $ | (2,207) | $ | 69 | $ | 161 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (165) | $ | - | $ | (165) |
Foreign | (4,759) | (68) | 4 | - | - | (196) | (220) | (416) | - | - | (40) | - | (40) | |||||||||||||
Exploration | (146) | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Oil & Gas | (7,112) | 1 | 165 | - | - | (196) | (220) | (416) | - | - | (205) | - | (205) | |||||||||||||
Chemical | (15) | 56 | 3 | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Midstream, marketing and other | (813) | (103) | (17) | - | - | 705 | 4 | 709 | - | - | 87 | - | 87 | |||||||||||||
WES | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
Segment Income (Loss) | (7,940) | (46) | 151 | - | - | 509 | (216) | 293 | - | - | (118) | - | (118) | |||||||||||||
Corporate | ||||||||||||||||||||||||||
Interest | - | - | - | - | - | - | - | - | - | (44) | (51) | - | (95) | |||||||||||||
Other | #REF! | #REF! | #REF! | - | - | #REF! | #REF! | #REF! | - | (50) | (798) | #REF! | #REF! | |||||||||||||
Taxes | 18 | 231 | 474 | - | - | - | - | - | - | - | (23) | - | (23) | |||||||||||||
Discontinued operations | 317 | 428 | - | - | - | - | - | - | - | - | (15) | - | (15) | |||||||||||||
Net Income (Loss) | #REF! | #REF! | #REF! | - | - | #REF! | #REF! | #REF! | - | (94) | (1,005) | #REF! | #REF! | |||||||||||||
Less: Adjusted income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
Net income (loss) attributable to common stockholders | #REF! | #REF! | #REF! | $ | - | $ | - | #REF! | #REF! | #REF! | $ | - | $ | (94) | $ | (1,005) | #REF! | #REF! | ||||||||
Adjusted Income (Loss) (Non-GAAP) | ||||||||||||||||||||||||||
Domestic | $ | (385) | $ | (1,068) | $ | (542) | $ | 199 | $ | 233 | $ | 163 | $ | (111) | $ | 484 | $ | 42 | $ | 119 | $ | 102 | $ | - | $ | 263 |
Foreign | 314 | 443 | 978 | 255 | 247 | 456 | 282 | 1,240 | 248 | 351 | 205 | - | 804 | |||||||||||||
Exploration | (15) | (48) | (59) | (7) | (12) | (11) | (34) | (64) | (22) | (21) | (40) | - | (83) | |||||||||||||
Oil & Gas | (86) | (673) | 377 | 447 | 468 | 608 | 137 | 1,660 | 268 | 449 | 267 | - | 984 | |||||||||||||
Chemical | 358 | 310 | 526 | 230 | 247 | 248 | 160 | 885 | 205 | 159 | 161 | - | 525 | |||||||||||||
Midstream, marketing and other | 113 | (97) | 136 | 146 | 209 | 637 | 537 | 1,529 | 227 | 274 | 131 | - | 632 | |||||||||||||
WES | - | - | - | - | - | - | - | - | - | - | 134 | 134 | ||||||||||||||
Segment Income (Loss) | 385 | (460) | 1,039 | 823 | 924 | 1,493 | 834 | 4,074 | 700 | 882 | 693 | - | 2,275 | |||||||||||||
Corporate | ||||||||||||||||||||||||||
Interest | (141) | (275) | (324) | (92) | (91) | (92) | (81) | (356) | (83) | (86) | (244) | - | (413) | |||||||||||||
Other | #REF! | #REF! | #REF! | (88) | (106) | #REF! | #REF! | #REF! | (89) | (131) | (226) | #REF! | #REF! | |||||||||||||
Taxes | 109 | 253 | 291 | 65 | 121 | 74 | 299 | 559 | 103 | 64 | 30 | - | 197 | |||||||||||||
Adjusted income | #REF! | #REF! | #REF! | 708 | 848 | #REF! | #REF! | #REF! | 631 | 729 | 253 | #REF! | #REF! | |||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | - | - | (42) | (42) | ||||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | - | - | - | (118) | (118) | ||||||||||||||
Adjusted income attributable to common stockholders | #REF! | #REF! | #REF! | $ | 708 | $ | 848 | #REF! | #REF! | #REF! | $ | 631 | $ | 729 | $ | 93 | #REF! | #REF! | ||||||||
Adjusted diluted earnings per share (Non-GAAP) | $ | 0.12 | $ | (1.01) | $ | 0.89 | $ | 0.92 | $ | 1.10 | $ | 1.77 | $ | 1.22 | $ | 5.01 | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | - | $ | 1.85 |
Non-core Adjustments BeforeTax Allocations
(Amounts in millions)
2018 | 2019 | ||||||||||||||||||||||||
Benefit (Charge) | 2015 | 2016 | 2017 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||
OIL & GAS | |||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||
Assets sales gains | $ | 10 | $ | 107 | $ | 647 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
Asset impairments and related items | (3,457) | 24 | (397) | - | - | - | - | - | - | - | (285) | (285) | |||||||||||||
Oil collars MTM | - | - | - | - | - | - | - | - | - | - | 75 | 75 | |||||||||||||
Other | - | (25) | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Foreign | |||||||||||||||||||||||||
Asset sales gains | - | - | 8 | - | - | - | - | - | - | - | - | ||||||||||||||
Asset impairments and related items | (5,050) | (70) | (4) | - | - | (196) | (220) | (416) | - | - | (40) | (40) | |||||||||||||
(8,497) | 36 | 254 | - | - | (196) | (220) | (416) | - | - | (250) | (250) | ||||||||||||||
CHEMICAL | |||||||||||||||||||||||||
Assets sales gains | 98 | 88 | 5 | - | - | - | - | - | - | - | - | - | |||||||||||||
Asset impairments | (121) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
(23) | 88 | 5 | - | - | - | - | - | - | - | - | - | ||||||||||||||
MIDSTREAM, MARKETING AND OTHER | |||||||||||||||||||||||||
Asset and equity investment gains | - | - | 94 | - | - | 902 | 5 | 907 | - | - | 111 | 111 | |||||||||||||
Asset impairments and related items | (1,259) | (160) | (120) | - | - | - | - | - | - | - | - | ||||||||||||||
(1,259) | (160) | (26) | - | - | 902 | 5 | 907 | - | - | 111 | 111 | ||||||||||||||
WES | |||||||||||||||||||||||||
No items affecting comparability | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Total WES | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
CORPORATE | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
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 | |||||||||||||
Assets sales losses | (8) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Asset impairments and other items | (235) | (619) | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Severance, spin-off and other items | (118) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Taxes | |||||||||||||||||||||||||
Tax effect of pre-tax adjustments | 1,885 | 193 | (82) | - | - | (197) | (1) | (198) | - | 13 | 174 | 187 | |||||||||||||
State tax rate revaluation | - | - | - | - | - | - | - | - | - | - | (23) | (23) | |||||||||||||
State income tax benefit | 18 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Worthless stock write-offs tax benefit | - | 231 | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Federal tax reform and related items | - | - | 474 | - | - | - | - | - | - | - | - | - | |||||||||||||
Discontinued operations, net | 317 | 428 | - | - | - | - | - | - | - | - | (15) | (15) | |||||||||||||
1,859 | 233 | 392 | - | - | (197) | (1) | (198) | - | (94) | (866) | (960) | ||||||||||||||
CONSOLIDATED | $ | (7,920) | $ | 197 | $ | 625 | $ | - | $ | - | $ | 509 | $ | (216) | $ | 293 | $ | - | $ | (94) | $ | (1,005) | $ | (1,099) |
Non-core Adjustments AfterTax Allocations
(Amounts in millions)
2018 | 2019 | ||||||||||||||||||||||||
Benefit (Charge) | 2015 | 2016 | 2017 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||
OIL & GAS | |||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||
Assets sales gains | $ | 5 | $ | 69 | $ | 416 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
Asset impairments and related items | (2,212) | 16 | (255) | - | - | - | - | - | - | - | (223) | (223) | |||||||||||||
Oil collars MTM | - | - | - | - | - | - | - | - | - | - | 58 | 58 | |||||||||||||
Other | - | (16) | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Foreign | |||||||||||||||||||||||||
Asset sales gains (losses) | - | - | 8 | - | - | - | - | - | - | - | (40) | (40) | |||||||||||||
Asset impairments and related items | (4,905) | (68) | (4) | - | - | (196) | (220) | (416) | - | - | - | - | |||||||||||||
(7,112) | 1 | 165 | - | - | (196) | (220) | (416) | - | - | (205) | (205) | ||||||||||||||
CHEMICAL | |||||||||||||||||||||||||
Assets sales gains | 63 | 56 | 3 | - | - | - | - | - | - | - | - | - | |||||||||||||
Asset impairments | (78) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
(15) | 56 | 3 | - | - | - | - | - | - | - | - | - | ||||||||||||||
MIDSTREAM, MARKETING AND OTHER | |||||||||||||||||||||||||
Asset and equity investment sales gains | - | - | 60 | - | - | 705 | 4 | 709 | - | - | 87 | 87 | |||||||||||||
Asset impairments and related items | (813) | (103) | (77) | - | - | - | - | - | - | - | - | - | |||||||||||||
(813) | (103) | (17) | - | - | 705 | 4 | 709 | - | - | 87 | 87 | ||||||||||||||
WES | |||||||||||||||||||||||||
No items affecting comparability | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Total WES | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
CORPORATE | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Anadarko merger-related costs | - | - | - | - | - | - | - | - | - | (50) | (792) | (842) | |||||||||||||
Anadarko debt financing costs | - | - | - | - | - | - | - | - | - | (44) | (51) | (95) | |||||||||||||
Other merger-related pension and termination benefits | - | - | - | - | - | - | - | - | - | - | 16 | 16 | |||||||||||||
Interest rate swap MTM, net | - | - | - | - | - | - | - | - | - | - | (42) | (42) | |||||||||||||
Warrants gains MTM | - | - | - | - | - | - | - | - | - | - | 20 | 20 | |||||||||||||
Asset sales losses | (5) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Asset impairments and other items | (234) | (416) | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Severance, spin-off and other items | (76) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Taxes | |||||||||||||||||||||||||
State tax rate revaluation | - | - | - | - | - | - | - | - | - | - | (23) | (23) | |||||||||||||
State income tax benefit | 18 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Worthless stock write-offs tax benefit | - | 231 | - | - | - | - | - | - | - | - | - | - | |||||||||||||
Benefit from change in federal tax law | - | - | 573 | - | - | - | - | - | - | - | - | - | |||||||||||||
Charge from release of APB 23 election | - | - | (99) | - | - | - | - | - | - | - | - | - | |||||||||||||
Discontinued operations, net | 317 | 428 | - | - | - | - | - | - | - | - | (15) | (15) | |||||||||||||
20 | 243 | 474 | - | - | - | - | - | - | (94) | (887) | (981) | ||||||||||||||
CONSOLIDATED | $ | (7,920) | $ | 197 | $ | 625 | $ | - | $ | - | $ | 509 | $ | (216) | $ | 293 | $ | - | $ | (94) | $ | (1,005) | $ | (1,099) |
Oil & Gas Net Production Volumes Per Day by Geographical Locations
(REPORTED)
2018 | 2019 | ||||||||||||
REPORTED PRODUCTION VOLUMES PER DAY: | 2015 | 2016 | 2017 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
United States | |||||||||||||
Oil (MBBL) | |||||||||||||
Permian Resources | 71 | 77 | 85 | 109 | 123 | 139 | 155 | 132 | 157 | 170 | 221 | 183 | |
Permian EOR | 110 | 108 | 113 | 117 | 116 | 116 | 118 | 117 | 118 | 117 | 116 | 117 | |
DJ Basin | - | - | - | - | - | - | - | - | - | - | 64 | 21 | |
Gulf of Mexico | - | - | - | - | - | - | - | - | - | - | 75 | 25 | |
Other Domestic | 21 | 4 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 2 | 10 | 5 | |
Total | 202 | 189 | 200 | 228 | 240 | 256 | 274 | 250 | 277 | 289 | 486 | 351 | |
NGLs (MBBL) | |||||||||||||
Permian Resources | 16 | 21 | 26 | 31 | 37 | 41 | 45 | 38 | 49 | 58 | 88 | 65 | |
Permian EOR | 29 | 27 | 27 | 28 | 28 | 31 | 30 | 29 | 30 | 29 | 30 | 30 | |
DJ Basin | - | - | - | - | - | - | - | - | - | - | 38 | 13 | |
Gulf of Mexico | - | - | - | - | - | - | - | - | - | - | 7 | 2 | |
Other Domestic | 10 | 5 | 2 | - | - | 1 | - | - | - | - | 5 | 2 | |
Total | 55 | 53 | 55 | 59 | 65 | 73 | 75 | 67 | 79 | 87 | 168 | 112 | |
Natural Gas (MMCF) | |||||||||||||
Permian Resources | 137 | 158 | 184 | 222 | 246 | 270 | 300 | 261 | 330 | 364 | 488 | 395 | |
Permian EOR | 37 | 59 | 57 | 56 | 54 | 48 | 48 | 50 | 46 | 44 | 45 | 44 | |
DJ Basin | - | - | - | - | - | - | - | - | - | - | 364 | 123 | |
Gulf of Mexico | - | - | - | - | - | - | - | - | - | - | 50 | 17 | |
Other Domestic | 250 | 144 | 53 | 16 | 16 | 14 | 17 | 16 | 13 | 11 | 138 | 54 | |
Total | 424 | 361 | 294 | 294 | 316 | 332 | 365 | 327 | 389 | 419 | 1,085 | 633 | |
Latin America | |||||||||||||
Oil (MBBL) | 35 | 33 | 31 | 32 | 31 | 30 | 30 | 31 | 32 | 34 | 32 | 33 | |
Natural Gas (MMCF) | 10 | 8 | 7 | 6 | 6 | 6 | 6 | 6 | 7 | 7 | 8 | 7 | |
Middle East / North Africa | |||||||||||||
Oil (MBBL) | |||||||||||||
Al Hosn | 7 | 12 | 13 | 11 | 12 | 14 | 15 | 13 | 14 | 14 | 14 | 14 | |
Dolphin | 7 | 7 | 7 | 6 | 7 | 7 | 6 | 7 | 6 | 7 | 7 | 7 | |
Oman | 82 | 77 | 71 | 64 | 65 | 63 | 62 | 63 | 68 | 65 | 66 | 67 | |
Qatar | 66 | 65 | 59 | 58 | 51 | 56 | 53 | 55 | 52 | 52 | 34 | 46 | |
Other | 32 | 7 | - | - | - | - | - | - | - | - | 40 | 14 | |
Total | 194 | 168 | 150 | 139 | 135 | 140 | 136 | 138 | 140 | 138 | 161 | 148 | |
NGLs (MBBL) | |||||||||||||
Al Hosn | 10 | 20 | 23 | 19 | 22 | 26 | 26 | 23 | 26 | 26 | 25 | 25 | |
Dolphin | 8 | 8 | 8 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | |
Other | - | - | - | - | - | - | - | - | - | - | 1 | - | |
Total | 18 | 28 | 31 | 26 | 30 | 34 | 34 | 31 | 34 | 34 | 34 | 33 | |
Natural Gas (MMCF) | |||||||||||||
Al Hosn | 109 | 190 | 211 | 183 | 204 | 246 | 245 | 220 | 250 | 251 | 246 | 249 | |
Dolphin | 158 | 166 | 159 | 139 | 156 | 158 | 154 | 152 | 154 | 152 | 171 | 158 | |
Oman | 44 | 115 | 138 | 127 | 146 | 148 | 134 | 139 | 140 | 125 | 133 | 133 | |
Other | 237 | 114 | - | - | - | - | - | - | - | - | - | - | |
Total | 548 | 585 | 508 | 449 | 506 | 552 | 533 | 511 | 544 | 528 | 550 | 540 | |
Barrels of Oil Equivalent ¹ (MBOE) | 668 | 630 | 602 | 609 | 639 | 681 | 700 | 658 | 719 | 741 | 1,155 | - | 874 |
¹ Natural gas volumes have been converted to barrels of equivalent (BOE) based on energy content of 6,000 cubic feet (Mcf) of gas to one barrel of oil.
Oil & Gas Net Production Volumes Per Day by Geographical Locations
(ONGOING)
2018 | 2019 | ||||||||||||
ONGOING PRODUCTION VOLUMES PER DAY: | 2015 | 2016 | 2017 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
United States | |||||||||||||
Oil (MBBL) | |||||||||||||
Permian Resources | 71 | 77 | 85 | 109 | 123 | 139 | 155 | 132 | 157 | 170 | 221 | - | 183 |
Permian EOR | 110 | 108 | 113 | 117 | 116 | 116 | 118 | 117 | 118 | 117 | 116 | - | 117 |
DJ Basin | - | - | - | - | - | - | - | - | - | - | 64 | - | 21 |
Gulf of Mexico | - | - | - | - | - | - | - | - | - | - | 75 | - | 25 |
Other Domestic | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 2 | 10 | - | 5 |
Total | 183 | 186 | 200 | 228 | 240 | 256 | 274 | 250 | 277 | 289 | 486 | 351 | |
NGLs (MBBL) | |||||||||||||
Permian Resources | 16 | 21 | 26 | 31 | 37 | 41 | 45 | 38 | 49 | 58 | 88 | 65 | |
Permian EOR | 29 | 27 | 27 | 28 | 28 | 31 | 30 | 29 | 30 | 29 | 30 | 30 | |
DJ Basin | - | - | - | - | - | - | - | - | - | - | 38 | 13 | |
Gulf of Mexico | - | - | - | - | - | - | - | - | - | - | 7 | 2 | |
Other Domestic | - | - | - | - | - | 1 | - | - | - | - | 5 | 2 | |
Total | 45 | 48 | 53 | 59 | 65 | 73 | 75 | 67 | 79 | 87 | 168 | 112 | |
Natural Gas (MMCF) | |||||||||||||
Permian Resources | 137 | 158 | 184 | 222 | 246 | 270 | 300 | 261 | 330 | 364 | 488 | 395 | |
Permian EOR | 37 | 59 | 57 | 56 | 54 | 48 | 48 | 50 | 46 | 44 | 45 | 44 | |
DJ Basin | - | - | - | - | - | - | - | - | - | - | 364 | 123 | |
Gulf of Mexico | - | - | - | - | - | - | - | - | - | - | 50 | 17 | |
Other Domestic | 23 | 18 | 18 | 16 | 16 | 14 | 17 | 16 | 13 | 11 | 138 | 54 | |
Total | 197 | 235 | 259 | 294 | 316 | 332 | 365 | 327 | 389 | 419 | 1,085 | 633 | |
Latin America | |||||||||||||
Oil (MBBL) | 35 | 33 | 31 | 32 | 31 | 30 | 30 | 31 | 32 | 34 | 32 | 33 | |
Natural Gas (MMCF) | 10 | 8 | 7 | 6 | 6 | 6 | 6 | 6 | 7 | 7 | 8 | 7 | |
Middle East | |||||||||||||
Oil (MBBL) | |||||||||||||
Al Hosn | 7 | 12 | 13 | 11 | 12 | 14 | 15 | 13 | 14 | 14 | 14 | 14 | |
Dolphin | 7 | 7 | 7 | 6 | 7 | 7 | 6 | 7 | 6 | 7 | 7 | 7 | |
Oman | 82 | 77 | 71 | 64 | 65 | 63 | 62 | 63 | 68 | 65 | 66 | 67 | |
Qatar | 66 | 65 | 59 | 58 | 51 | 56 | 53 | 55 | 52 | 52 | 34 | 46 | |
Total | 162 | 161 | 150 | 139 | 135 | 140 | 136 | 138 | 140 | 138 | 121 | 134 | |
NGLs (MBBL) | |||||||||||||
Al Hosn | 10 | 20 | 23 | 19 | 22 | 26 | 26 | 23 | 26 | 26 | 25 | 25 | |
Dolphin | 8 | 8 | 8 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | |
Total | 18 | 28 | 31 | 26 | 30 | 34 | 34 | 31 | 34 | 34 | 33 | 33 | |
Natural Gas (MMCF) | |||||||||||||
Al Hosn | 109 | 190 | 211 | 183 | 204 | 246 | 245 | 220 | 250 | 251 | 246 | 249 | |
Dolphin | 158 | 166 | 159 | 139 | 156 | 158 | 154 | 152 | 154 | 152 | 171 | 158 | |
Oman | 44 | 115 | 138 | 127 | 146 | 148 | 134 | 139 | 140 | 125 | 133 | 133 | |
Total | 311 | 471 | 508 | 449 | 506 | 552 | 533 | 511 | 544 | 528 | 550 | 540 | |
ONGOING OPERATIONS ¹ (MBOE) | 529 | 575 | 594 | 609 | 639 | 681 | 700 | 658 | 719 | 741 | 1,114 | - | 860 |
¹ Natural gas volumes have been converted to barrels of equivalent (BOE) based on energy content of 6,000 cubic feet (Mcf) of gas to one barrel of oil.
Oil & Gas Sales Volumes Per Day and Realized Prices by Geographical Locations | |||||||||||||||||||||||||
2018 | 2019 | ||||||||||||||||||||||||
REPORTED SALES VOLUMES PER DAY: | 2015 | 2016 | 2016 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||
United States | |||||||||||||||||||||||||
Oil (MBBL) | 183 | 186 | 200 | 228 | 240 | 256 | 274 | 250 | 277 | 289 | 486 | 351 | |||||||||||||
NGLs (MBBL) | 45 | 48 | 53 | 59 | 65 | 73 | 75 | 67 | 79 | 87 | 168 | 112 | |||||||||||||
Natural Gas (MMCF) | 197 | 235 | 259 | 294 | 316 | 332 | 365 | 327 | 389 | 419 | 1,085 | 633 | |||||||||||||
Latin America | |||||||||||||||||||||||||
Oil (MBBL) | 35 | 34 | 32 | 32 | 30 | 31 | 29 | 31 | 27 | 37 | 35 | 33 | |||||||||||||
Natural Gas (MMCF) | 10 | 8 | 7 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 8 | 7 | |||||||||||||
Middle East | |||||||||||||||||||||||||
Oil (MBBL) | |||||||||||||||||||||||||
Al Hosn | 7 | 12 | 13 | 11 | 12 | 14 | 15 | 13 | 14 | 14 | 14 | 14 | |||||||||||||
Dolphin | 8 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 5 | 8 | 7 | 7 | |||||||||||||
Oman | 82 | 77 | 72 | 64 | 48 | 77 | 64 | 63 | 68 | 64 | 65 | 66 | |||||||||||||
Qatar | 67 | 66 | 58 | 58 | 52 | 56 | 53 | 55 | 52 | 52 | 34 | 46 | |||||||||||||
Total | 164 | 162 | 150 | 140 | 119 | 154 | 139 | 138 | 139 | 138 | 120 | 133 | |||||||||||||
NGLs (MBBL) | |||||||||||||||||||||||||
Al Hosn | 10 | 20 | 23 | 19 | 22 | 26 | 26 | 23 | 26 | 26 | 25 | 25 | |||||||||||||
Dolphin | 8 | 8 | 8 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | |||||||||||||
Total | 18 | 28 | 31 | 26 | 30 | 34 | 34 | 31 | 34 | 34 | 33 | 33 | |||||||||||||
Natural Gas (MMCF) | 311 | 471 | 508 | 450 | 506 | 552 | 533 | 511 | 544 | 528 | 550 | 540 | |||||||||||||
ONGOING OPERATIONS (MBOE) | 531 | 577 | 595 | 610 | 622 | 696 | 702 | 658 | 713 | 744 | 1,116 | 859 | |||||||||||||
Operations Exited | 143 | 55 | 8 | - | - | - | - | - | - | ||||||||||||||||
TOTAL REPORTED (MBOE) | 674 | 632 | 603 | 610 | 622 | 696 | 702 | 658 | 713 | 744 | 1,116 | - | 859 | ||||||||||||
REALIZED PRICES | |||||||||||||||||||||||||
United States | |||||||||||||||||||||||||
Oil ($/BBL) | $ | 45.04 | $ | 39.38 | $ | 47.91 | $ | 61.03 | $ | 61.08 | $ | 56.36 | $ | 48.25 | $ | 56.30 | $ | 48.38 | $ | 55.14 | $ | 54.90 | $ | 53.27 | |
NGLs ($/BBL) | $ | 15.35 | $ | 14.72 | $ | 23.67 | $ | 26.89 | $ | 28.87 | $ | 31.82 | $ | 23.10 | $ | 27.64 | $ | 16.79 | $ | 16.28 | $ | 13.91 | $ | 15.20 | |
Natural Gas ($/MCF) | $ | 2.15 | $ | 1.90 | $ | 2.31 | $ | 2.06 | $ | 1.49 | $ | 1.58 | $ | 1.33 | $ | 1.59 | $ | 1.36 | $ | 0.23 | $ | 1.25 | $ | 1.05 | |
Latin America | |||||||||||||||||||||||||
Oil ($/BBL) | $ | 44.49 | $ | 37.48 | $ | 48.50 | $ | 59.24 | $ | 65.66 | $ | 69.94 | $ | 62.49 | $ | 64.32 | $ | 55.52 | $ | 62.66 | $ | 54.98 | $ | 58.00 | |
Natural Gas ($/MCF) | $ | 5.20 | $ | 3.78 | $ | 5.08 | $ | 5.68 | $ | 6.07 | $ | 6.74 | $ | 7.39 | $ | 6.43 | $ | 7.37 | $ | 7.01 | $ | 7.05 | $ | 7.14 | |
Middle East / North Africa | |||||||||||||||||||||||||
Oil ($/BBL) | $ | 49.65 | $ | 38.25 | $ | 50.38 | $ | 61.45 | $ | 66.59 | $ | 71.71 | $ | 70.30 | $ | 67.69 | $ | 60.50 | $ | 65.83 | $ | 62.17 | $ | 62.86 | |
NGLs ($/BBL) | $ | 17.88 | $ | 15.01 | $ | 18.05 | $ | 21.89 | $ | 23.58 | $ | 24.66 | $ | 22.38 | $ | 23.20 | $ | 21.30 | $ | 22.50 | $ | 20.22 | $ | 21.33 | |
Total Worldwide | |||||||||||||||||||||||||
Oil ($/BBL) | $ | 47.10 | $ | 38.73 | $ | 48.93 | $ | 61.04 | $ | 63.12 | $ | 62.67 | $ | 56.11 | $ | 60.64 | $ | 52.62 | $ | 58.91 | $ | 56.26 | $ | 56.02 | |
NGLs ($/BBL) | $ | 15.96 | $ | 14.82 | $ | 21.63 | $ | 25.35 | $ | 27.21 | $ | 29.55 | $ | 22.88 | $ | 26.25 | $ | 18.14 | $ | 18.00 | $ | 14.96 | $ | 16.62 | |
Natural Gas ($/MCF) | $ | 1.49 | $ | 1.53 | $ | 1.84 | $ | 1.82 | $ | 1.58 | $ | 1.62 | $ | 1.51 | $ | 1.62 | $ | 1.55 | $ | 1.03 | $ | 1.38 | $ | 1.33 | |
Index Prices | |||||||||||||||||||||||||
WTI ($/BBL) | $ | 48.80 | $ | 43.32 | $ | 50.95 | $ | 62.87 | $ | 67.88 | $ | 69.50 | $ | 58.81 | $ | 64.77 | $ | 54.90 | $ | 59.82 | $ | 56.45 | $ | 57.06 | |
Brent ($/BBL) | $ | 53.64 | $ | 45.04 | $ | 54.82 | $ | 67.18 | $ | 74.90 | $ | 75.97 | $ | 68.08 | $ | 71.53 | $ | 63.90 | $ | 68.32 | $ | 62.01 | $ | 64.74 | |
NYMEX ($/MCF) | $ | 2.75 | $ | 2.42 | $ | 3.09 | $ | 2.87 | $ | 2.75 | $ | 2.88 | $ | 3.40 | $ | 2.97 | $ | 3.24 | $ | 2.67 | $ | 2.27 | $ | 2.72 |
Consolidated Capital Expenditures, DD&A Expense and Exploration Expense
(Amounts in millions)
2018 | 2019 | |||||||||||||||||||||||||
2015 | 2016 | 2017 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||
Capital Expenditures | ||||||||||||||||||||||||||
Oil & Gas | ||||||||||||||||||||||||||
Permian Resources | $ | 2,231 | $ | 718 | $ | 1,530 | $ | 574 | $ | 742 | $ | 783 | $ | 674 | $ | 2,773 | $ | (775) | $ | (747) | $ | (905) | $ | (2,427) | ||
Permian EOR | 424 | 494 | 430 | 124 | 116 | 119 | 159 | 518 | (133) | (135) | (121) | (389) | ||||||||||||||
DJ Basin | - | - | - | - | - | - | - | - | - | - | (110) | (110) | ||||||||||||||
Gulf of Mexico | - | - | - | - | - | - | - | - | - | - | (47) | (47) | ||||||||||||||
Midcontinent & Other | 109 | 12 | 7 | 4 | 2 | - | 3 | 9 | (6) | (5) | (24) | (35) | ||||||||||||||
Latin America | 150 | 73 | 163 | 28 | 59 | 54 | 71 | 212 | (34) | (35) | (49) | (118) | ||||||||||||||
Middle East | 1,412 | 637 | 587 | 174 | 180 | 160 | 151 | 665 | (155) | (153) | (135) | (443) | ||||||||||||||
Exploration Drilling | 116 | 44 | 228 | 36 | 25 | 48 | 127 | 236 | (77) | (40) | (75) | (192) | ||||||||||||||
Chemical | 254 | 324 | 308 | 41 | 60 | 74 | 96 | 271 | (38) | (54) | (56) | (148) | ||||||||||||||
Midstream, marketing and other | 535 | 358 | 284 | 44 | 81 | 68 | 23 | 216 | (26) | (26) | (17) | (69) | ||||||||||||||
WES | - | - | - | - | - | - | - | - | - | - | (144) | (144) | ||||||||||||||
Corporate | 41 | 57 | 62 | 7 | 22 | 13 | 33 | 75 | (15) | (16) | (31) | (62) | ||||||||||||||
Total | 5,272 | 2,717 | 3,599 | 1,032 | 1,287 | 1,319 | 1,337 | 4,975 | (1,259) | (1,211) | (1,714) | (4,184) | ||||||||||||||
Cracker JV contribution | 340 | 160 | 39 | - | - | - | - | - | - | - | - | - | ||||||||||||||
Total | $ | 5,612 | $ | 2,877 | $ | 3,638 | $ | 1,032 | $ | 1,287 | $ | 1,319 | $ | 1,337 | $ | 4,975 | $ | (1,259) | $ | (1,211) | $ | (1,714) | $ | - | $ | (4,184) |
Depreciation, Depletion & Amortization of Assets | ||||||||||||||||||||||||||
Oil & Gas | ||||||||||||||||||||||||||
United States | $ | 2,109 | $ | 2,793 | $ | 2,549 | $ | 502 | $ | 556 | $ | 611 | $ | 652 | $ | 2,321 | $ | 570 | $ | 615 | $ | 1,217 | $ | 2,402 | ||
Latin America | 196 | 156 | 124 | 27 | 25 | 26 | 24 | 102 | 26 | 37 | 37 | 100 | ||||||||||||||
Middle East / North Africa | 1,581 | 626 | 596 | 208 | 183 | 209 | 231 | 831 | 199 | 200 | 196 | 595 | ||||||||||||||
Chemical | 371 | 340 | 352 | 87 | 88 | 89 | 90 | 354 | 89 | 92 | 93 | 274 | ||||||||||||||
Midstream, marketing and other | 249 | 313 | 340 | 87 | 86 | 78 | 80 | 331 | 79 | 76 | 78 | 233 | ||||||||||||||
WES | - | - | - | - | - | - | - | - | - | - | 69 | 69 | ||||||||||||||
Corporate | 38 | 40 | 41 | 10 | 9 | 10 | 9 | 38 | 10 | 11 | 16 | 37 | ||||||||||||||
Total | $ | 4,544 | $ | 4,268 | $ | 4,002 | $ | 921 | $ | 947 | $ | 1,023 | $ | 1,086 | $ | 3,977 | $ | 973 | $ | 1,031 | $ | 1,706 | $ | - | $ | 3,710 |
Exploration Expense | ||||||||||||||||||||||||||
United States | $ | 19 | $ | 13 | $ | 34 | $ | 8 | $ | 17 | $ | 17 | $ | 35 | $ | 77 | $ | 16 | $ | 15 | $ | 31 | $ | 62 | ||
Latin America | 2 | 2 | 5 | 1 | 1 | 6 | 6 | 14 | 1 | 9 | 7 | 17 | ||||||||||||||
Middle East / North Africa | 15 | 47 | 43 | 6 | 3 | 1 | 9 | 19 | 19 | 11 | 25 | 55 | ||||||||||||||
Total | $ | 36 | $ | 62 | $ | 82 | $ | 15 | $ | 21 | $ | 24 | $ | 50 | $ | 110 | $ | 36 | $ | 35 | $ | 63 | $ | - | $ | 134 |
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Disclaimer
OXY - Occidental Petroleum Corporation published this content on 06 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2019 21:39:08 UTC
