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 October 28, 2015 - 7:00 AM EDT
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Occidental Petroleum Announces 3rd Quarter 2015 Results

  • Total company production of 689,000 BOE per day, providing year-over-year growth of 94,000 BOE per day or 16 percent
  • Permian Resources year-over-year quarterly oil production grew 72 percent to 74,000 barrels per day and BOE production grew 51 percent to 116,000 BOE per day
  • Q3 2015 operating cash flow of $1.0 billion
  • Q3 2015 ending cash balance of $4.3 billion

Occidental Petroleum Corporation (NYSE: OXY) announced core income for the third quarter of 2015 of $24 million or $0.03 per diluted share. Reported income was a loss of $3.42 per diluted share for the quarter, including $2.6 billion after tax charges, which reflect the sharp decline in the oil and gas futures price curves, as well as projects that management determined it would cease to pursue. Operating cash flow for the quarter was $1.0 billion, with total cash on the balance sheet at quarter-end of $4.3 billion.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “Our third quarter daily production increased to 689,000 BOE from last year’s 595,000 BOE, an increase of 16 percent. Permian Resources and the start up of Al Hosn drove nearly all of the 94,000 BOE per day year-over-year growth. We have made a strategic decision to exit the Williston Basin and will continue to evaluate and minimize our involvement in non-core operations in the Middle East and North Africa. This will result in improved operating cash flow, lower future capital commitments, lower G&A costs and better overall financial returns for our remaining asset base.

“Although oil and NGL prices declined sequentially in the third quarter, our operating cash flow increased to $1.0 billion from $800 million in the second quarter of 2015. We reduced our capital spending another $300 million to $1.2 billion in the third quarter compared to $1.5 billion in the second quarter. Permian Resources continues to represent over 50 percent of total oil and gas spending. We continue to achieve drilling efficiencies and reduce unit operating costs. Wolfcamp well costs in the Delaware Basin are down over 40 percent and our Permian Resources unit operating costs are down 18 percent from a year ago.

“The actions we have taken to exit non-core assets, improve drilling efficiencies and lower well and unit operating costs provide greater focus in both our U.S. and international oil and gas operations and will strengthen the financial results of the overall enterprise.”

QUARTERLY RESULTS
Oil and Gas

Total oil and gas after-tax results were $17 million for the third quarter of 2015, compared to $108 million for the second quarter of 2015 and $900 million for the third quarter of 2014. The decrease in oil and gas results on a sequential and year-over-year basis was substantially due to lower realized commodity prices.

The average quarterly WTI and Brent marker prices were $46.43 per barrel and $51.17 per barrel, respectively, for the third quarter of 2015, a decrease of about 20 percent on a sequential quarterly basis and over 50 percent on a year-over-year basis. Our average worldwide realized crude oil prices were $47.78 per barrel for the third quarter of 2015, a decrease of 12 percent compared with the second quarter of 2015 and nearly 50 percent compared with the third quarter of 2014. Our average worldwide NGL prices were $14.68 per barrel in the third quarter of 2015, a decline of 19 percent from the preceding quarter and 62 percent from the third quarter of last year. Our average domestic natural gas prices improved by 7 percent in the third quarter of 2015 to $2.24 per MCF compared to the second quarter of 2015, and fell by 40 percent compared with the third quarter of 2014.

For the third quarter of 2015, total company average daily oil and gas production volumes increased by 94,000 barrels of oil equivalent (BOE) to 689,000 BOE from 595,000 BOE in the third quarter of 2014. Domestic average daily production increased by 17,000 BOE to 332,000 BOE in the third quarter of 2015 with the majority of the increase coming from oil production, which grew by 22,000 barrels to 204,000 barrels per day, with all of the increase attributable to Permian Resources. The increase in Permian Resources oil production was partially offset by lower oil and natural gas production in the Midcontinent and Other regions, of which Williston’s average daily production was down by 4,000 BOE to 17,000 BOE compared to the third quarter of 2014. International average daily production increased to 357,000 BOE in the third quarter of 2015 from 280,000 BOE in the third quarter of 2014. The increase in international production is mainly due to the ramp up in production at Al Hosn, which produced 50,000 BOE per day in the third quarter of 2015.

Total company average daily oil and gas production increased by 31,000 BOE compared to the second quarter of 2015. Third quarter domestic average daily production was about flat to the second quarter of 2015. Permian Resources average daily production grew by 7,000 BOE, with 3,000 BOE of the increase coming from oil production growth. The increase in Permian Resources production was offset by lower gas production in the Midcontinent and Other regions where we have curtailed all development activities due to the gas price environment. The increase in international average daily production of 32,000 BOE compared to the second quarter of 2015 reflected improved production rates at Al Hosn, which increased by 32,000 BOE, and operational improvements in other Middle East countries. These improvements in production were partially offset by the partial loss of Colombia production due to insurgency activities.

Total company average daily sales volumes were 670,000 BOE in the third quarter of 2015 compared to 657,000 BOE for the second quarter of 2015 and 590,000 BOE in the third quarter of 2014.

Chemical

Chemical pre-tax core earnings for the third quarter of 2015 were $174 million, compared to $136 million in the second quarter of 2015 and $140 million in the third quarter of 2014. Compared to the second quarter of 2015, the third quarter benefited from higher chlorovinyl production volumes and lower ethylene costs partially offset with lower vinyl sales prices. On a year-over-year basis, the third quarter of 2015 reflected lower ethylene and energy costs partially offset by lower sales prices and volumes across most product lines.

Midstream and Marketing

Midstream pre-tax core earnings for the third quarter of 2015 were $31 million, compared to $84 million for the second quarter of 2015 and $155 million for the third quarter of 2014. The decrease in earnings compared to the second quarter of 2015 mainly reflected lower marketing margins due to the narrowing of WTI and LLS differentials as an increase in supply of crude oil has lowered premiums in the Gulf Coast. The lower marketing margins were partially offset by higher pipeline income from both domestic and foreign pipelines and higher seasonal margins from power generation operations. Compared to the third quarter of 2014, the third quarter of 2015 reflected lower marketing margins due to the narrowing of WTI and LLS differentials and lower gas plant results due to the significant decline in NGL prices.

About Occidental Petroleum

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East region and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities in support of Occidental’s businesses. The company’s wholly owned subsidiary OxyChem manufactures and markets chlor-alkali products and vinyls.

Forward-Looking Statements

Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental’s operations; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2014 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

 
Occidental Petroleum Corporation
Quarter 3 2015 Earnings Release Schedules Index
   

Schedule #

Schedule Description

1 Summary Highlights
 
2

Segment income before tax allocations

● Core income
● Non-core adjustments
● Reported income
 
3

Segment income after tax allocations

● Core income
● Non-core adjustments
● Reported income
 
4 Detail of non-core adjustments

Before tax allocations

After tax allocations

 
5 GAAP Consolidated Income Statement
 
6 Condensed Balance Sheets
● 2014
● 2015
 
7 Condensed Statement of Cash Flows - including GAAP reconciliations
Details of Depreciation, Depletion and Amortization and Capital Expenditures
 
8 Daily production
● MBOE/D
● By Commodity
 
9 Sales
● MBOE/D volumes
● Realized prices and related marker prices
 
10 Oil and Gas $/BOE Costs
 
11 Segment Core Income Pre-tax Variance Roll-forwards
● Quarter-over-Quarter
● Year-over-Year
                       
Occidental Petroleum Corporation
Summary Highlights
                                   
2014 2015

Quarterly

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Net income (loss)
Core ($ millions) $ 1,095 $ 1,082 $ 1,046 $ 560 $ 3,783 $ 31 $ 165 $ 24 $ 220
Core EPS - Diluted ($/share) $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.03 $ 0.29
Effective tax rate 41 % 41 % 41 % 39 % 41 % 75 % 65 % 90 % 74 %
 
Reported ($ millions) $ 1,390 $ 1,431 $ 1,208 $ (3,413 ) $ 616 $ (218 ) $ 176 $ (2,609 ) $ (2,651 )
Reported EPS - Diluted ($/share) $ 1.75 $ 1.82 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (3.46 )
Effective tax rate 41 % 41 % 41 % 15 % 109 % 8 % 64 % 15 % 5 %
 
Average Shares Outstanding
Basic (millions) 791.3 782.6 777.4 773.1 781.1 769.6 766.4 763.3 766.4
Diluted (millions) 791.7 782.9 777.7 773.4 781.1 769.6 766.6 763.3 766.4
 
Production
Total US (MBOE/D) 302 308 315 321 312 326 333 332 331
US oil (MBBL/D) 173 179 182 189 181 198 205 204 203
Worldwide (MBOE/D) 573 580 595 616 591 645 658 689 665
Worldwide sales (MBOE/D) 562 579 590 635 592 637 657 670 655
 
Realizations
Worldwide oil ($/BBL) $ 98.14 $ 99.30 $ 94.26 $ 71.58 $ 90.13 $ 48.50 $ 54.55 $ 47.78 $ 50.33
Worldwide NGL ($/BBL) $ 41.70 $ 40.98 $ 38.20 $ 27.39 $ 37.01 $ 17.96 $ 18.06 $ 14.68 $ 16.73
Domestic gas ($/MCF) $ 4.39 $ 4.15 $ 3.74 $ 3.56 $ 3.97 $ 2.49 $ 2.09 $ 2.24 $ 2.28
 
Cash Flows ($ millions)
Operating before working capital $ 2,294 $ 2,070 $ 2,341 $ 1,374 $ 8,079 $ 1,121 $ 1,517 $ 1,202 $ 3,840
Working capital changes (252 ) 204 (267 ) 1,107 792 (555 ) (399 ) 16 (938 )
Other, net   -       -       -       -       -     -       (307 )     (192 )         (499 )
Operating - continuing operations $ 2,042 $ 2,274 $ 2,074 $ 2,481 $ 8,871 $ 566 $ 811 $ 1,026 $ 2,403
Capital expenditures $ (1,732 ) $ (2,001 ) $ (2,003 ) $ (2,984 ) $ (8,720 ) $ (1,735 ) $ (1,488 ) $ (1,219 ) $ (4,442 )
                           
2014 2015

Year-to-date

Mar   Jun   Sep   Dec Mar   Jun   Sep   Dec
Net income (loss)
Core ($ millions) $ 1,095 $ 2,177 $ 3,223 $ 3,783 $ 31 $ 196 $ 220
Core EPS - Diluted ($/share) $ 1.38 $ 2.76 $ 4.10 $ 4.83 $ 0.04 $ 0.25 $ 0.29
Effective tax rate 41 % 41 % 41 % 41 % 75 % 67 % 74 %
 
Reported ($ millions) $ 1,390 $ 2,821 $ 4,029 $ 616 $ (218 ) $ (42 ) $ (2,651 )
Reported EPS - Diluted ($/share) $ 1.75 $ 3.58 $ 5.13 $ 0.79 $ (0.28 ) $ (0.05 ) $ (3.46 )
Effective tax rate 41 % 41 % 41 % 109 % 8 % 113 % 5 %
 
Average Shares Outstanding
Basic (millions) 791.3 786.9 783.7 781.1 769.6 768.0 766.4
Diluted (millions) 791.7 787.2 784.1 781.1 769.6 768.0 766.4
 
Production
Total US (MBOE/D) 302 305 308 312 326 330 331
US oil (MBBL/D) 173 175 178 181 198 201 203
Worldwide (MBOE/D) 573 576 582 591 645 652 665
Worldwide sales (MBOE/D) 562 571 577 592 637 647 655
 
Realizations
Worldwide oil ($/BBL) $ 98.14 $ 98.73 $ 97.20 $ 90.13 $ 48.50 $ 51.60 $ 50.33
Worldwide NGL ($/BBL) $ 41.70 $ 41.34 $ 40.27 $ 37.01 $ 17.96 $ 18.01 $ 16.73
Domestic gas ($/MCF) $ 4.39 $ 4.28 $ 4.10 $ 3.97 $ 2.49 $ 2.29 $ 2.28
 
Cash Flows ($ millions)
Operating before working capital $ 2,294 $ 4,364 $ 6,705 $ 8,079 $ 1,121 $ 2,638 $ 3,840
Working capital changes (252 ) (48 ) (315 ) 792 (555 ) (954 ) (938 )
Other, net   -       -       -       -     -       (307 )     (499 )    
Operating - continuing operations $ 2,042 $ 4,316 $ 6,390 $ 8,871 $ 566 $ 1,377 $ 2,403
Capital expenditures $ (1,732 ) $ (3,733 ) $ (5,736 ) $ (8,720 ) $ (1,735 ) $ (3,223 ) $ (4,442 )
 

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

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. 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 earnings are considered representative of management's performance over the long term. Core results are not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.
 
 

Schedule 1

                       
Occidental Petroleum Corporation

Segment Income Before Tax Allocations

(Amounts in millions, except per share and effective tax rate amounts)
                                   
2014 2015

Core Results

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Oil & Gas
Domestic $ 646 $ 642 $ 486 $ 80 $ 1,854 $ (236 ) $ (67 ) $ (179 ) $ (482 )
Foreign 1,092 1,096 1,103 710 4,001 295 395 342 1,032
Exploration   (19 )     (35 )     (18 )     (54 )     (126 )   (2 )     (4 )     (1 )         (7 )
1,719 1,703 1,571 736 5,729 57 324 162 543
Chemical 136 133 140 160 569 139 136 174 449
Midstream and marketing   96       130       155       168       549     (5 )     84       31           110  
Segment Earnings 1,951 1,966 1,866 1,064 6,847 191 544 367 1,102
Corporate
Interest (20 ) (18 ) (15 ) (18 ) (71 ) (28 ) (7 ) (47 ) (82 )
Other   (68 )     (107 )     (83 )     (123 )     (381 )   (39 )     (61 )     (74 )         (174 )
Pre-tax income 1,863 1,841 1,768 923 6,395 124 476 246 846
Taxes
Federal and state (215 ) (228 ) (178 ) (82 ) (703 ) 14 59 80 153
Foreign   (553 )     (531 )     (544 )     (281 )     (1,909 )   (107 )     (370 )     (302 )         (779 )
Net Income $ 1,095     $ 1,082     $ 1,046     $ 560     $ 3,783   $ 31     $ 165     $ 24         $ 220  
 
Core earnings per share
Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.03 $ 0.29
Diluted $ 1.38     $ 1.38     $ 1.34     $ 0.72     $ 4.83   $ 0.04     $ 0.21     $ 0.03         $ 0.29  
 
Effective tax rate   41 %     41 %     41 %     39 %     41 %   75 %     65 %     90 %         74 %
 
 

Non-core Adjustments

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Oil & Gas
Domestic $ - $ 64 $ (3 ) $ (4,296 ) $ (4,235 ) $ (277 ) $ 32 $ (1,852 ) $ (2,097 )
Foreign - - - (1,066 ) (1,066 ) (46 ) (1 ) (1,438 ) (1,485 )
Exploration   -       -       -       -       -     -       -       -           -  
- 64 (3 ) (5,362 ) (5,301 ) (323 ) 31 (3,290 ) (3,582 )
Chemical - - - (149 ) (149 ) - - 98 98
Midstream and marketing   66       78       (50 )     1,921       2,015     (10 )     3       (7 )         (14 )
Segment Earnings 66 142 (53 ) (3,590 ) (3,435 ) (333 ) 34 (3,199 ) (3,498 )
Corporate
Interest - - - - - - - - -
Other   -       (16 )     (21 )     (1,382 )     (1,419 )   (25 )     (6 )     (98 )         (129 )
Pre-tax income 66 126 (74 ) (4,972 ) (4,854 ) (358 ) 28 (3,297 ) (3,627 )
Taxes
Federal and state (26 ) (50 ) 23 913 860 111 (12 ) 667 766
Foreign   -       -       -       67       67     1       (1 )     -           -  
Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (2,861 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )         (10 )
Net Income (loss) $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11     $ (2,633 )       $ (2,871 )
 
 

Reported Income

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Oil & Gas
Domestic $ 646 $ 706 $ 483 $ (4,216 ) $ (2,381 ) $ (513 ) $ (35 ) $ (2,031 ) $ (2,579 )
Foreign 1,092 1,096 1,103 (356 ) 2,935 249 394 (1,096 ) (453 )
Exploration   (19 )     (35 )     (18 )     (54 )     (126 )   (2 )     (4 )     (1 )         (7 )
1,719 1,767 1,568 (4,626 ) 428 (266 ) 355 (3,128 ) (3,039 )
Chemical 136 133 140 11 420 139 136 272 547
Midstream and marketing   162       208       105       2,089       2,564     (15 )     87       24           96  
Segment Earnings 2,017 2,108 1,813 (2,526 ) 3,412 (142 ) 578 (2,832 ) (2,396 )
Corporate
Interest (20 ) (18 ) (15 ) (18 ) (71 ) (28 ) (7 ) (47 ) (82 )
Other   (68 )     (123 )     (104 )     (1,505 )     (1,800 )   (64 )     (67 )     (172 )         (303 )
Pre-tax income 1,929 1,967 1,694 (4,049 ) 1,541 (234 ) 504 (3,051 ) (2,781 )
Taxes
Federal and state (241 ) (278 ) (155 ) 831 157 125 47 747 919
Foreign   (553 )     (531 )     (544 )     (214 )     (1,842 )   (106 )     (371 )     (302 )         (779 )
Income From Continuing Operations 1,135 1,158 995 (3,432 ) (144 ) (215 ) 180 (2,606 ) (2,641 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )         (10 )
Net Income (loss) (a) $ 1,390     $ 1,431     $ 1,208     $ (3,413 )   $ 616   $ (218 )   $ 176     $ (2,609 )       $ (2,651 )
 
Reported earnings per share
Basic $ 1.75 $ 1.83 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (3.46 )
Diluted $ 1.75     $ 1.82     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23     $ (3.42 )       $ (3.46 )
 
Effective tax rate   41 %     41 %     41 %     15 %     109 %   8 %     64 %     15 %         5 %
 
(a) Represents amounts attributable to common stock after deducting noncontrolling interest amounts in 2014.
 
 

Schedule 2

                       
Occidental Petroleum Corporation

Segment Income After Tax Allocations

(Amounts in millions, except per share amounts)
                                   
2014 2015

Core Results

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Oil & Gas
Domestic $ 412 $ 409 $ 310 $ 59 $ 1,190 $ (89 ) $ (42 ) $ (113 ) $ (244 )
Foreign 587 561 605 304 2,057 69 154 131 354
Exploration   (5 )     (29 )     (15 )     (46 )     (95 )   (2 )     (4 )     (1 )         (7 )
994 941 900 317 3,152 (22 ) 108 17 103
Chemical 86 84 89 98 357 88 86 111 285
Midstream and marketing   71       103       118       125       417     4       66       41           111  
Segment Earnings 1,151 1,128 1,107 540 3,926 70 260 169 499
Corporate
Interest (20 ) (18 ) (15 ) (17 ) (70 ) (28 ) (7 ) (47 ) (82 )
Other (68 ) (107 ) (83 ) (124 ) (382 ) (39 ) (61 ) (74 ) (174 )
Taxes   32       79       37       161       309     28       (27 )     (24 )         (23 )
Net Income $ 1,095     $ 1,082     $ 1,046     $ 560     $ 3,783   $ 31     $ 165     $ 24         $ 220  
 
Core earnings per share
Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.03 $ 0.29
Diluted $ 1.38     $ 1.38     $ 1.34     $ 0.72     $ 4.83   $ 0.04     $ 0.21     $ 0.03         $ 0.29  
 
 

Non-core Adjustments

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Oil & Gas
Domestic $ - $ 41 $ (2 ) $ (2,751 ) $ (2,712 ) $ (177 ) $ 20 $ (1,186 ) $ (1,343 )
Foreign - - - (1,055 ) (1,055 ) (46 ) (1 ) (1,438 ) (1,485 )
Exploration   -       -       -       -       -     -       -       -           -  
- 41 (2 ) (3,806 ) (3,767 ) (223 ) 19 (2,624 ) (2,828 )
Chemical - - - (94 ) (94 ) - - 63 63
Midstream and marketing   40       47       (30 )     1,225       1,282     (4 )     2       (4 )         (6 )
Segment Earnings 40 88 (32 ) (2,675 ) (2,579 ) (227 ) 21 (2,565 ) (2,771 )
Corporate
Interest - - - - - - - - -
Other - (12 ) (19 ) (1,261 ) (1,292 ) (19 ) (6 ) (65 ) (90 )
Taxes   -       -       -       (56 )     (56 )   -       -       -           -  
Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (2,861 )
Discontinued Operations   255       273       213       19       760       (3 )     (4 )     (3 )         (10 )
Net Income (loss) $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11     $ (2,633 )       $ (2,871 )
 
 

Reported Income

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Oil & Gas
Domestic $ 412 $ 450 $ 308 $ (2,692 ) $ (1,522 ) $ (266 ) $ (22 ) $ (1,299 ) $ (1,587 )
Foreign 587 561 605 (751 ) 1,002 23 153 (1,307 ) (1,131 )
Exploration   (5 )     (29 )     (15 )     (46 )     (95 )   (2 )     (4 )     (1 )         (7 )
994 982 898 (3,489 ) (615 ) (245 ) 127 (2,607 ) (2,725 )
Chemical 86 84 89 4 263 88 86 174 348
Midstream and marketing   111       150       88       1,350       1,699     -       68       37           105  
Segment Earnings 1,191 1,216 1,075 (2,135 ) 1,347 (157 ) 281 (2,396 ) (2,272 )
Corporate
Interest (20 ) (18 ) (15 ) (17 ) (70 ) (28 ) (7 ) (47 ) (82 )
Other (68 ) (119 ) (102 ) (1,385 ) (1,674 ) (58 ) (67 ) (139 ) (264 )
Taxes   32       79       37       105       253     28       (27 )     (24 )         (23 )
Income From Continuing Operations 1,135 1,158 995 (3,432 ) (144 ) (215 ) 180 (2,606 ) (2,641 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )         (10 )
Net Income (loss) (a) $ 1,390     $ 1,431     $ 1,208     $ (3,413 )   $ 616   $ (218 )   $ 176     $ (2,609 )       $ (2,651 )
 
Reported earnings per share
Basic $ 1.75 $ 1.83 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (3.46 )
Diluted $ 1.75     $ 1.82     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23     $ (3.42 )       $ (3.46 )
 
(a) Represents amounts attributable to common stock after deducting noncontrolling interest amounts in 2014.
 
 

Schedule 3

                       
Occidental Petroleum Corporation
Non-core Adjustments Detail
(Amounts in millions)
                                   
2014 2015

Before Tax Allocations

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Oil & Gas
Domestic
Asset sales gains (losses) $ - $ 535 $ (3 ) $ (1 ) $ 531 $ (13 ) $ 18 $ - $ 5
Asset impairments and related items   -       (471 )     -       (4,295 )     (4,766 )   (264 )     14       (1,852 )         (2,102 )
- 64 (3 ) (4,296 ) (4,235 ) (277 ) 32 (1,852 ) (2,097 )
Foreign
Asset impairments and related items   -       -       -       (1,066 )     (1,066 )   (46 )     (1 )     (1,438 )         (1,485 )
Total Oil and Gas   -       64       (3 )     (5,362 )     (5,301 )   (323 )     31       (3,290 )         (3,582 )
 
Chemical
Asset sale gain - - - - - - - 98 98
Asset impairments   -       -       -       (149 )     (149 )   -       -       -           -  
Total Chemical   -       -       -       (149 )     (149 )

 

  -       -       98     -     98  
 
Midstream and marketing
Asset sales gains - - - 1,984 1,984 - - - -
Asset impairments and related items   66       78       (50 )     (63 )     31     (10 )     3       (7 )         (14 )
Total Midstream   66       78       (50 )     1,921       2,015     (10 )     3       (7 )         (14 )
 
Corporate
Asset sales gains (losses) - - - - - (11 ) - 2 (9 )
Asset impairments - - - (1,358 ) (1,358 ) - - (5 ) (5 )
Severance, spin-off costs and other items   -       (16 )     (21 )     (24 )     (61 )   (14 )     (6 )     (95 )         (115 )
Total Corporate   -       (16 )     (21 )     (1,382 )     (1,419 )   (25 )     (6 )     (98 )         (129 )
 
Taxes   (26 )     (50 )     23       980       927     112       (13 )     667           766  
Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (2,861 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )         (10 )
Totals $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11     $ (2,633 )       $ (2,871 )
 
 
                                   
2014 2015

After Tax Allocations

Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Oil & Gas
Domestic
Asset sales gains (losses) $ - $ 341 $ (2 ) $ (1 ) $ 338 $ (8 ) $ 11 $ (1 ) $ 2
Asset impairments and related items   -       (300 )     -       (2,750 )     (3,050 )   (169 )     9       (1,185 )         (1,345 )
- 41 (2 ) (2,751 ) (2,712 ) (177 ) 20 (1,186 ) (1,343 )
Foreign
Asset impairments and related items   -       -       -       (1,055 )     (1,055 )   (46 )     (1 )     (1,438 )         (1,485 )
Total Oil and Gas   -       41       (2 )     (3,806 )     (3,767 )   (223 )     19       (2,624 )         (2,828 )
 
Chemical
Asset sale gain - - - - - - - 63 63
Asset impairments   -       -       -       (94 )     (94 )   -       -       -           -  
Total Chemical   -       -       -       (94 )     (94 )

 

  -       -       63           63  
 
Midstream and marketing
Asset sales gains - - - 1,264 1,264 - - - -
Asset impairments and related items   40       47       (30 )     (39 )     18     (4 )     2       (4 )         (6 )
Total Midstream   40       47       (30 )     1,225       1,282     (4 )     2       (4 )         (6 )
 
Corporate
Asset sales gains (losses) - - - - - (7 ) - 1 (6 )
Asset impairments - - - (1,240 ) (1,240 ) - - (5 ) (5 )
Severance, spin-off costs and other items   -       (12 )     (19 )     (21 )     (52 )   (12 )     (6 )     (61 )         (79 )
Total Corporate   -       (12 )     (19 )     (1,261 )     (1,292 )   (19 )     (6 )     (65 )         (90 )
 
Taxes   -       -       -       (56 )     (56 )   -       -       -           -  
Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (2,861 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )         (10 )
Totals $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11     $ (2,633 )       $ (2,871 )
 
 

Schedule 4

                       
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(Amounts in millions, except per-share amounts)
                                   
2014     2015
Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
REVENUES
Net sales
Oil and gas $ 3,602 $ 3,703 $ 3,586 $ 2,996 $ 13,887 $ 2,009 $ 2,342 $ 2,054 $ 6,405
Chemical 1,220 1,242 1,232 1,123 4,817 1,000 1,030 1,008 3,038
Midstream and marketing 340 440 261 332 1,373 197 294 231 722
Eliminations   (194 )     (252 )     (175 )     (144 )     (765 )   (117 )     (197 )     (177 )         (491 )
4,968 5,133 4,904 4,307 19,312 3,089 3,469 3,116 9,674
Interest, dividends and other income 30 47 31 22 130 31 26 31 88
Gain (loss) on sale of assets and equity investments, net   -       525       (5 )     1,985       2,505     (24 )     19       99           94  
  4,998       5,705       4,930       6,314       21,947     3,096       3,514       3,246           9,856  
 
COSTS AND OTHER DEDUCTIONS
Cost of sales 1,643 1,691 1,736 1,733 6,803 1,557 1,480 1,413 4,450
Depreciation, depletion and amortization 977 1,024 1,056 1,204 4,261 1,029 1,116 1,123 3,268
Selling, general and administrative and other operating expenses 317 429 355 402 1,503 311 347 292 950
Asset impairments and related items - 471 - 6,908 7,379 324 - 3,397 3,721
Taxes other than on income 151 144 135 120 550 107 107 79 293
Exploration expense 24 39 28 59 150 8 10 5 23
Interest and debt expense, net   22       20       16       19       77     30       8       48           86  
  3,134       3,818       3,326       10,445       20,723     3,366       3,068       6,357           12,791  
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS 1,864 1,887 1,604 (4,131 ) 1,224 (270 ) 446 (3,111 ) (2,935 )
Benefit from (provision for) domestic and foreign income taxes (794 ) (809 ) (699 ) 617 (1,685 ) 19 (324 ) 445 140
Income from equity investments   67       83       93       88       331     36       58       60           154  
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,137 1,161 998 (3,426 ) (130 ) (215 ) 180 (2,606 ) (2,641 )
Discontinued operations, net   255       273       213       19       760     (3 )     (4 )     (3 )         (10 )
NET INCOME (LOSS) 1,392 1,434 1,211 (3,407 ) 630 (218 ) 176 (2,609 ) (2,651 )
Less: Net income (loss) attributable to noncontrolling interest   (2 )     (3 )     (3 )     (6 )     (14 )   -       -       -           -  
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ 1,390     $ 1,431     $ 1,208     $ (3,413 )   $ 616   $ (218 )   $ 176     $ (2,609 )       $ (2,651 )
 
EARNINGS PER SHARE (attributable to common stock)
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations $ 1.43 $ 1.48 $ 1.28 $ (4.44 ) $ (0.18 ) $ (0.28 ) $ 0.23 $ (3.41 ) $ (3.45 )
Discontinued operations, net   0.32       0.35       0.27       0.03       0.97     -       -       (0.01 )         (0.01 )
BASIC EARNINGS PER COMMON SHARE $ 1.75     $ 1.83     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23     $ (3.42 )       $ (3.46 )
 
DILUTED EARNINGS PER COMMON SHARE $ 1.75     $ 1.82     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23     $ (3.42 )       $ (3.46 )
 
DIVIDENDS PER COMMON SHARE $ 0.72     $ 0.72     $ 0.72     $ 0.72     $ 2.88   $ 0.72     $ 0.75     $ 0.75         $ 2.22  
 
AVERAGE COMMON SHARES OUTSTANDING
BASIC 791.3 782.6 777.4 773.1 781.1 769.6 766.4 763.3 766.4
DILUTED 791.7 782.9 777.7 773.4 781.1 769.6 766.6 763.3 766.4
 
 

Schedule 5

 
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(Amounts in millions)
                                               
2014 2015
MAR     JUN     SEP     DEC MAR     JUN     SEP     DEC
CURRENT ASSETS                        
Cash and cash equivalents $ 2,332 $ 2,391 $ 2,897 $ 3,789 $ 2,153 $ 2,756 $ 2,547
Restricted cash - - - 4,019 3,265 2,382 1,765
Trade receivables, net 5,233 5,826 4,960 4,206 3,068 3,973 3,507
Inventories 1,308 1,323 1,359 1,052 1,133 1,120 1,122
Assets held for sale - - - - - - 644
Other current assets   2,026         1,246         1,291         807     815         777         890        
Total current assets 10,899 10,786 10,507 13,873 10,434 11,008 10,475
INVESTMENTS
Investments in unconsolidated entities 1,511 1,547 1,544 1,171 1,221 1,330 1,428
Available for sale investment   -         -         -         394     544         432         186        
Total investments 1,511 1,547 1,544 1,565 1,765 1,762 1,614
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment 89,790 92,135 94,771 74,515 75,979 77,375 73,579
Accumulated depreciation, depletion and amortization   (33,746 )       (35,001 )       (36,306 )       (34,785 )   (35,870 )       (36,897 )       (36,679 )      
56,044 57,134 58,465 39,730 40,109 40,478 36,900
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET   821         826         994         1,091     1,081         1,121         1,100        
TOTAL ASSETS $ 69,275       $ 70,293       $ 71,510       $ 56,259   $ 53,389       $ 54,369       $ 50,089        
 
CURRENT LIABILITIES
Current maturities of long-term debt $ - $ - $ 1,599 $ - $ 700 $ 1,450 $ 1,450
Accounts payable 5,423 6,097 5,511 5,229 3,867 4,145 3,727
Accrued liabilities 2,441 2,332 2,337 2,601 2,152 2,230 2,202
Domestic and foreign income taxes 326 440 74 414 196 - 25
Liabilities of assets held for sale   -         -         -         -     -               29        
Total current liabilities 8,190 8,869 9,521 8,244 6,915 7,825 7,433
LONG-TERM DEBT, NET 6,877 6,835 6,837 6,838 6,139 6,880 6,882
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes 7,398 7,313 7,634 3,015 2,947 3,153 2,579
Other   3,441         3,464         3,433         3,203     3,224         3,209         3,313        
10,839 10,777 11,067 6,218 6,171 6,362 5,892
STOCKHOLDERS’ EQUITY
Common stock, $.20 per share par value 178 178 178 178 178 178 178
Treasury stock (7,079 ) (7,681 ) (8,146 ) (8,528 ) (8,734 ) (9,107 ) (9,113 )
Additional paid-in capital 7,543 7,564 7,570 7,599 7,632 7,651 7,664
Retained earnings 42,652 43,519 44,166 36,067 35,294 34,896 31,712
Accumulated other comprehensive loss (296 ) (291 ) (289 ) (357 ) (206 ) (316 ) (559 )
Non-controlling interest   371         523         606         -     -         -         -        
Total equity   43,369         43,812         44,085         34,959     34,164         33,302         29,882        
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,275       $ 70,293       $ 71,510       $ 56,259   $ 53,389       $ 54,369       $ 50,089        
 
 

Schedule 6

                     
Occidental Petroleum Corporation
Condensed Statements of Cash Flows and Details of Depreciation, Depletion and Amortization and Capital Expenditures
(Amounts in millions)
   
2014 2015
Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
OPERATING CASH FLOW
Net income (loss) $ 1,392 $ 1,434 $ 1,211 $ (3,407 ) $ 630 $ (218 ) $ 176 $ (2,609 ) $ (2,651 )
Depreciation, depletion and amortization (see detail below) 977 1,024 1,056 1,204 4,261 1,029 1,116 1,123 3,268
Deferred income tax provision 125 (182 ) 277 (1,398 ) (1,178 ) (63 ) 202 (556 ) (417 )
Asset impairments and other non-cash charges   (200 )     (206 )     (203 )     4,975       4,366     373       23       3,244           3,640  
Operating cash flow before working capital 2,294 2,070 2,341 1,374 8,079 1,121 1,517 1,202 3,840
Working capital changes (252 ) 204 (267 ) 1,107 792 (555 ) (399 ) 16 (938 )
Other, net (a)   -       -       -       -       -     -       (307 )     (192 )         (499 )
Operating cash flow from continuing operations   2,042       2,274       2,074       2,481       8,871     566       811       1,026           2,403  
 
INVESTING CASH FLOW
Capital expenditures (see detail below) (1,732 ) (2,001 ) (2,003 ) (2,984 ) (8,720 ) (1,735 ) (1,488 ) (1,219 ) (4,442 )
Payment for purchases of assets and businesses (4 ) (303 ) (45 ) (1,335 ) (1,687 ) (6 ) (37 ) (9 ) (52 )
Sales of assets and equity investments, net - 1,371 16 2,790 4,177 20 38 93 151
Changes in capital accrual - - - 542 542 (458 ) (127 ) (67 ) (652 )
Other investing activities   (35 )     (70 )     (17 )     (63 )     (185 )   (27 )     (69 )     (27 )         (123 )
Investing cash flow from continuing operations   (1,771 )     (1,003 )     (2,049 )     (1,050 )     (5,873 )   (2,206 )     (1,683 )     (1,229 )         (5,118 )
 
FINANCING CASH FLOW
Cash dividends paid (514 ) (570 ) (565 ) (561 ) (2,210 ) (557 ) (556 ) (577 ) (1,690 )
Purchases of treasury stock (946 ) (630 ) (507 ) (417 ) (2,500 ) (207 ) (329 ) (50 ) (586 )
Special cash distribution from California Resources - - - 6,100 6,100 - - - -
Proceeds from short-term borrowings - - 1,599 (1,599 ) - - - - -
Proceeds from long-term debt - - - - - - 1,478 - 1,478
Other financing activities   (48 )     (42 )     9       13       (68 )   19       5       10           34  
Financing cash flow from continuing operations   (1,508 )     (1,242 )     536       3,536       1,322     (745 )     598       (617 )         (764 )
 
Cash Flow From Discontinued Operations 176 30 (55 ) (56 ) 95 (5 ) (6 ) (6 ) (17 )
 
Increase (decrease) in cash (1,061 ) 59 506 4,911 4,415 (2,390 ) (280 ) (826 ) (3,496 )
Cash, cash equivalents and restricted cash (b) - beg of period   3,393       2,332       2,391       2,897       3,393     7,808       5,418       5,138           7,808  
Cash, cash equivalents and restricted cash (b) - end of period $ 2,332     $ 2,391     $ 2,897     $ 7,808     $ 7,808   $ 5,418     $ 5,138     $ 4,312         $ 4,312  
 
 
Depreciation, Depletion and Amortization
Oil & Gas Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
United States $ 503 $ 519 $ 537 $ 555 $ 2,114 $ 502 $ 541 $ 556 $ 1,599
Latin America 42 35 40 44 161 48 49 48 145
Middle East/North Africa 297 331 340 458 1,426 329 370 345 1,044
Chemical 89 93 91 94 367 92 92 94 278
Midstream and marketing 39 38 38 45 160 48 55 71 174
Corporate   7       8       10       8       33     10       9       9           28  
$ 977     $ 1,024     $ 1,056     $ 1,204     $ 4,261   $ 1,029     $ 1,116     $ 1,123     $ -   $ 3,268  
 
Capital Expenditures
Oil & Gas
Permian Resources $ (328 ) $ (401 ) $ (472 ) $ (715 ) $ (1,916 ) $ (729 ) $ (555 ) $ (521 ) $ (1,805 )
Permian EOR (164 ) (193 ) (210 ) (155 ) (722 ) (115 ) (119 ) (102 ) (336 )
Other domestic (231 ) (219 ) (205 ) (257 ) (912 ) (86 ) (21 ) - (107 )
Latin America (67 ) (74 ) (69 ) (100 ) (310 ) (47 ) (45 ) (24 ) (116 )
Middle East/North Africa (454 ) (554 ) (527 ) (614 ) (2,149 ) (476 ) (449 ) (242 ) (1,167 )
Exploration Drilling (88 ) (125 ) (160 ) (150 ) (523 ) (58 ) (30 ) (15 ) (103 )
Chemical (41 ) (71 ) (61 ) (141 ) (314 ) (40 ) (57 ) (58 ) (155 )
Midstream and marketing (399 ) (462 ) (311 ) (811 ) (1,983 ) (115 ) (105 ) (155 ) (375 )
Corporate   (23 )     (30 )     (21 )     (27 )     (101 )   (9 )     (9 )     (10 )         (28 )
GAAP external reporting (1,795 ) (2,129 ) (2,036 ) (2,970 ) (8,930 ) (1,675 ) (1,390 ) (1,127 ) (4,192 )
Non-controlling interest contributions (c) 123 149 74 29 375 - - - -
Cracker JV investment contributions   (60 )     (21 )     (41 )     (43 )     (165 )   (60 )     (98 )     (92 )         (250 )
$ (1,732 )   $ (2,001 )   $ (2,003 )   $ (2,984 )   $ (8,720 ) $ (1,735 )   $ (1,488 )   $ (1,219 )       $ (4,442 )
 
 
 
Reconciliation of non-GAAP disclosures to GAAP Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
Condensed Statements of Cash Flows
CASH FLOW FROM OPERATING ACTIVITIES
Continuing operations $ 2,042 $ 2,274 $ 2,074 $ 2,481 $ 8,871 $ 566 $ 811 $ 1,026 $ 2,403
Discontinued operations 655 593 564 385 2,197 (5 ) (6 ) (6 ) (17 )
CASH FLOW FROM INVESTING ACTIVITIES
Continuing operations (1,894 ) (1,152 ) (2,123 ) (1,075 ) (6,244 ) (2,206 ) (1,683 ) (1,229 ) (5,118 )
Discontinued operations (479 ) (563 ) (619 ) (565 ) (2,226 ) - - - -
CASH FLOW FROM FINANCING ACTIVITIES
Continuing operations (1,385 ) (1,093 ) 610 (458 ) (2,326 ) 9 1,481 - 1,490
Discontinued operations   -       -       -       124       124     -       -       -           -  
Increase (decrease) in cash and cash equivalents (1,061 ) 59 506 892 396 (1,636 ) 603 (209 ) (1,242 )
Cash and cash equivalents - beginning of period   3,393       2,332       2,391       2,897       3,393     3,789       2,153       2,756           3,789  
Cash and cash equivalents - end of period $ 2,332     $ 2,391     $ 2,897     $ 3,789     $ 3,789   $ 2,153     $ 2,756     $ 2,547         $ 2,547  
 
(a) Other, net for 2015 represents the current cash benefit on the 2015 NOL carryback in excess of 2014 Federal tax due.
(b) Restricted cash must be used solely to pay dividends, repurchase common stock, repay debt, or a combination of the foregoing.
(c) Disclosed as financing cash flows in GAAP cash flow statements
 
 

Schedule 7

                                       
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
   
2014 2015
NET MBOE VOLUMES PER DAY: Qtr 1     Qtr 2     Qtr 3     Qtr 4     YTD Qtr 1     Qtr 2     Qtr 3     Qtr 4     YTD
United States
Permian Resources 67 72 77 84 75 98 109 116 108
Permian EOR 145 144 148 150 147 145 145 144 145
Midcontinent & Other 90     92     90     87     90 83     79     72           78
Total 302 308 315 321 312 326 333 332 331
 
Latin America 31 21 31 34 29 40 42 27 36
 
Middle East / North Africa
Al Hosn - - - - - 9 18 50 26
Dolphin 34 38 38 40 38 39 42 41 41
Oman 73 76 75 80 76 89 87 93 90
Qatar 68 69 69 70 69 64 65 67 65
Other 65     68     67     71     67 78     71     79           76
Total 240 251 249 261 250 279 283 330 298
 
Continuing operations 573 580 595 616 591 645 658 689 665
Sold assets - Hugoton 18     6     -     -     6 -     -     -           -
Barrels of Oil Equivalent (MBOE) 591     586     595     616     597 645     658     689           665
 
NET PRODUCTION VOLUMES PER DAY
BY COMMODITY:
United States
Oil (MBBL)
Permian Resources 37 40 43 51 43 62 71 74 69
Permian EOR 110 110 111 112 111 111 110 108 110
Midcontinent & Other 26     29     28     26     27 25     24     22           24
Total 173 179 182 189 181 198 205 204 203
NGLs (MBBL)
Permian Resources 11 12 13 13 12 14 15 18 16
Permian EOR 28 29 30 31 30 28 29 30 29
Midcontinent & Other 14     12     12     12     12 11     11     10           10
Total 53 53 55 56 54 53 55 58 55
Natural Gas (MMCF)
Permian Resources 115 120 121 122 120 130 136 143 136
Permian EOR 38 34 42 39 38 37 38 37 37
Midcontinent & Other 305     305     299     296     301 280     263     239           261
Total 458 459 462 457 459 447 437 419 434
 
Latin America
Oil (MBBL) 29 19 29 32 27 38 40 25 34
Natural Gas (MMCF) 12 12 12 10 11 12 10 9 10
 
Middle East / North Africa
Oil (MBBL)
Al Hosn - - - - - 2 4 9 5
Dolphin 6 7 7 7 7 7 7 7 7
Oman 66 70 67 72 69 80 81 85 82
Qatar 68 69 69 70 69 64 65 67 65
Other 27     28     28     31     28 37     31     39           36
Total 167 174 171 180 173 190 188 207 195
NGLs (MBBL)
Al Hosn - - - - - 2 4 14 7
Dolphin 6     7     7     8     7 7     8     8           8
Total 6 7 7 8 7 9 12 22 15
Natural Gas (MMCF)
Al Hosn - - - - - 30 60 162 85
Dolphin 131 144 146 152 143 150 160 158 156
Oman 40 40 45 49 43 56 38 45 46
Other 231     236     235     240     236 245     240     242           242
Total 402 420 426 441 422 481 498 607 529