Occidental Petroleum Corporation · NYSE:OXY
Occidental Petroleum — Q1 2014 Earnings Presentation
15 slides from Occidental Petroleum's earnings presentation, May 5, 2014
Slide 1: Investor Relations Supplemental Schedules: Summary
Exhibit 99.3 Investor Relations Supplemental Schedules Investor Relations Supplemental Schedules Summary 1Q 2014 1Q 2013 Core Results (millions) $1,387 $1,359 EPS - Diluted $1.75 $1.69 Reported Net Income (millions) $1,390 $1,355 EPS - Diluted $1.75 $1.68 Total Worldwide Sales Volumes (mboe/day) 735
Slide 2: Net Income (Loss) 2013 Fourth Quarter
Income from continuing operations 1,387 - 1,387 Discontinued operations, net of tax 3 (3) Discontinued operations, net - Net Income $ 1,390 $ (3) $ 1,387 Basic Earnings Per Common Share Income from continuing operations $ 1.75 Discontinued operations, net - Net Income $ 1.75 $ 1.75 Diluted Earnings
Slide 3: Net Income 2013 First Quarter; Worldwide Effective Tax Rate
OCCIDENTAL PETROLEUM 2013 First Quarter Net Income (Loss) ($ millions, except per share amounts) Reported Core Income Significant Items Affecting Income Results Oil & Gas $ 1,920 $ 1,920 Chemical 159 159 Midstream, marketing and other 215 215 Corporate Interest expense, net (30) (30) Other (61) (61)
Slide 4: Core Results and Reported Income Comparison
Worldwide effective tax rate 40% 37% 38% 2014 2013 2013 CORE RESULTS QTR 1 QTR 4 QTR 1 Oil & Gas 2,104 2,118 1,920 Chemical 136 128 159 Midstream, marketing and other 170 68 215 Corporate & other (91) (116) (91) Pre-tax income 2,319 2,198 2,203 Income tax expense Federal and state 379 363 292 Foreig
Slide 5: Core Results Comparison 1Q14 vs 4Q13
Oil & Gas $ 2,104 $ 2,118 $ (14) Chemical 136 128 8 Midstream, marketing and other 170 68 102 Corporate Interest expense, net (19) (23) 4 Other (72) (93) 21 Taxes (932) (819) (113) Core Results $ 1,387 $ 1,379 $ 8 Core Results Per Common Share Basic $ 1.75 $ 1.72 $ 0.03 Diluted $ 1.75 $ 1.72 $ 0.03
Slide 6: Oil & Gas Variance Analysis 1Q14 vs. 4Q13
Oil & Gas Variance Analysis 1Q14 vs. 4Q13 ($ in millions) $5 * Lower overhead costs and other adjustments
Slide 7: Chemical Variance Analysis 1Q14 vs. 4Q13
Chemical Variance Analysis 1Q14 vs. 4Q13 ($ in millions) * Higher energy and feedstock costs
Slide 8: Reported Income Comparison 1Q14 vs 1Q13
Midstream Variance Analysis 1Q14 vs. 4Q13 ($ in millions) Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2014 First Quarter Net Income (Loss) Reported Income Comparison First First Quarter Quarter 2014 2013 B / (W) Oil & Gas $ 2,104 $ 1,920 $ 184 Chemical 136 159 (23) Midstream, mark
Slide 9: Core Results Comparison 1Q14 vs 1Q13
Earnings Per Common Share Basic $ 1.75 $ 1.68 $ 0.07 Diluted $ 1.75 $ 1.68 $ 0.07 Worldwide Effective Tax Rate 40% 38% -2% OCCIDENTAL PETROLEUM 2014 First Quarter Net Income (Loss) Core Results Comparison First First Quarter Quarter 2014 2013 B / (W) Oil & Gas $ 2,104 $ 1,920 $ 184 Chemical 136 159
Slide 10: Oil & Gas Variance Analysis 1Q14 vs. 1Q13
Oil & Gas Variance Analysis 1Q14 vs. 1Q13 ($ in millions) * Higher overhead and other costs
Slide 11: Chemical Variance Analysis 1Q14 vs. 1Q13
Chemical Variance Analysis 1Q14 vs. 1Q13 ($ in millions) * Higher energy and feedstock costs
Slide 12: Summary of Operating Statistics: Net Production
Midstream Variance Analysis 1Q14 vs. 1Q13 ($ in millions) Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS First Quarter 2014 2013 NET PRODUCTION PER DAY: United States Oil (MBBL) California 95 88 Permian 147 148 Midcontinent and other 32 28 Total 274 26
Slide 13: Summary of Operating Statistics: Production and Sales Volumes
California 242 260 Permian 153 174 Midcontinent and other 357 383 Total 752 817 Latin America Oil (MBBL) Colombia 29 29 Natural Gas (MMCF) Bolivia 12 13 Middle East / North Africa Oil (MBBL) Dolphin 6 6 Oman 66 65 Qatar 68 59 Other 27 45 Total 167 175 NGLs (MBBL) Dolphin 6 7 Natural Gas (MMCF) Dolph
Slide 14: Summary of Operating Statistics: Realized Prices
11 Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS First Quarter 2014 2013 OIL & GAS: REALIZED PRICES United States Oil ($/BBL) 95.94 91.57 NGLs ($/BBL) 46.69 40.59 Natural gas ($/MCF) 4.57 3.08 Latin America Oil ($/BBL) 98.53 107.18 Natural gas ($/MCF)
Slide 15: Capital Expenditures, DD&A and Capitalization
OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS First Quarter Capital Expenditures ($MM) 2014 2013 Oil & Gas California $ 447 $ 317 Permian 492 435 Midcontinent and other 230 218 Latin America 67 70 Middle East / North Africa 454 547 Exploration 108 78 Chemical 41 65 Midstream, marketing and ot