Occidental Petroleum Corporation · NYSE:OXY

Occidental Petroleum — Q3 2004 Earnings Presentation

18 slides from Occidental Petroleum's earnings presentation, 2004

  1. Slide 1: 2004 Third Quarter Net Income (Loss)

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2004 Third Quarter Net Income (Loss) ($ millions) Reported Core Income Significant Items Affecting Income Earnings Oil & Gas $ 1,003 $ 1,003 Chemical 137 137 Corporate Interest expense, net - debt and trust preferred distributions (59) (

  2. Slide 2: 2003 Third Quarter Net Income (Loss)

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2003 Third Quarter Net Income (Loss) ($ millions) Reported Core Income Significant Items Affecting Income Earnings Oil & Gas $ 660 $ 660 Chemical 61 61 Corporate Interest expense, net - debt and trust preferred distributions (71) (71) Ot

  3. Slide 3: 2004 First Nine Months Net Income (Loss)

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2004 First Nine Months Net Income (Loss) ($ millions) Reported Core Income Significant Items Affecting Income Earnings Oil & Gas $ 2,567 $ 2,567 Chemical 272 272 Corporate Interest expense, net - debt and trust preferred distributions (1

  4. Slide 4: 2003 First Nine Months Net Income (Loss)

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2003 First Nine Months Net Income (Loss) ($ millions) Reported Core Income Significant Items Affecting Income Earnings Oil & Gas $ 2,024 $ 2,024 Chemical 139 139 Corporate Interest expense, net - debt and trust preferred distributions (2

  5. Slide 5: Items Affecting Comparability of Core Earnings Between Periods

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM Items Affecting Comparability of Core Earnings Between Periods Pre-tax Income / (Expense) Third Quarter Nine Months 2004 2003 2004 2003 Oil & Gas Gain on sale of GOM assets (a) - - - 14 Chemicals Reorganizations / severance - - - (15) Ch

  6. Slide 6: Worldwide Effective Tax Rate

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM Worldwide Effective Tax Rate QUARTERLY YEAR TO-DATE 2004 2004 2003 2004 2003 REPORTED INCOME QTR 3 QTR 2 QTR 3 9 Months 9 Months Oil & Gas (a) 1,221 985 799 3,125 2,436 Chemicals 139 88 63 279 147 Corporate & other (108) (109) (116) (340

  7. Slide 7: 2004 Third Quarter vs Second Quarter Income Comparison

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2004 Third Quarter Net Income (Loss) Reported Income Comparison Third Second Quarter Quarter 2004 2004 B / (W) Oil & Gas $ 1,003 $ 814 $ 189 Chemical 137 85 52 Corporate Interest expense, net - debt and trust preferred distributions (59)

  8. Slide 8: Core Earnings Variance Analysis vs Second Quarter

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM Oil & Gas Core Earnings Variance Analysis ($ millions) 2004 3rd Quarter $ 1,003 2004 2nd Quarter 814 $ 189 Price Variance $ 212 Volume/Mix Variance (21) Exploration Expense Variance 3 All Others (5) TOTAL VARIANCE $ 189 OCCIDENTAL PETROL

  9. Slide 9: 2004 Third Quarter vs 2003 Third Quarter Income Comparison

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2004 Third Quarter Net Income (Loss) Reported Income Comparison Third Third Quarter Quarter 2004 2003 B / (W) Oil & Gas $ 1,003 $ 660 $ 343 Chemical 137 61 76 Corporate Interest expense, net - debt and trust preferred distributions (59)

  10. Slide 10: Core Earnings Variance Analysis vs 2003 Third Quarter

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM Oil & Gas Core Earnings Variance Analysis ($ millions) 2004 3rd Quarter $ 1,003 2003 3rd Quarter 660 $ 343 Price Variance $ 451 Volume/Mix Variance (21) Exploration Expense Variance - All Others (87) TOTAL VARIANCE $ 343 OCCIDENTAL PETRO

  11. Slide 11: Summary of Operating Statistics: Net Production per Day

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS Third Quarter Nine Months 2004 2003 2004 2003 NET PRODUCTION PER DAY: United States Crude Oil and Liquids (MBL) California 77 80 77 79 Permian 154 151 155 150 Horn Mountain 17 24 22 19 Hugoton 3 4 3 4 Tota

  12. Slide 12: Summary of Operating Statistics: Prices and Exploration Expense

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS Third Quarter Nine Months 2004 2003 2004 2003 OIL & GAS: PRICES United States Crude Oil ($/BBL) 40.29 28.24 36.07 28.83 Natural gas ($/MCF) 5.87 5.00 5.25 4.93 Latin America Crude Oil ($/BBL) 36.07 25.84 3

  13. Slide 13: Chemicals: Volumes, Prices and Chlorine Commentary

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM CHEMICALS Volume (M Tons, except PVC Resins) Third Quarter Nine Months MAJOR PRODUCTS 2004 2003 2004 2003 Chlorine 730 681 2,176 2,031 Caustic 795 697 2,346 2,053 Ethylene Dichloride 102 135 324 374 PVC Resins (millions of pounds) 1,044

  14. Slide 14: Chlorine Influencing Factors and Caustic Commentary

    Investor Relations Supplemental Schedules • Order control programs for chlorine are still in effect and are expected to remain so through the 4th quarter for OxyChem and other U.S. producers. Influencing Factors: Avoiding customer shutdowns will remain difficult due to tight chorine supply/demand co

  15. Slide 15: EDC and PVC/VCM Commentary

    Investor Relations Supplemental Schedules • EDC availability to China increased in September when Japan experienced a typhoon that damaged several of their VCM facilities. Influencing Factors: The supply/demand balance for EDC in Asia is expected to remain tight. High raw material and energy costs w

  16. Slide 16: Capital Expenditures and DD&A

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS Third Quarter Nine Months Capital Expenditures ($MM) 2004 2003 2004 2003 Oil & Gas California $ 87 $ 58 $ 231 $ 155 Permian 81 72 206 187 Other - U.S. 18 11 30 37 Latin America 40 30 123 67 Middle East 191

  17. Slide 17: Corporate Capitalization

    Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM CORPORATE ($ millions) 30-Sep-04 31-Dec-03 CAPITALIZATION Oxy Long-Term Debt (including current maturities) $ 3,832 $ 4,016 Trust Preferred Securities - 453 Subsidiary Preferred Stock 75 75 Others 26 26 Total Debt $ 3,933 $ 4,570 EQUITY

  18. Slide 18: Forward-looking statements

    Investor Relations Supplemental Schedules Statements in this presentation that contain words such as “will” or “expect”, or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could significantly affect expected results. Factors that could cause results to di

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