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 February 4, 2016 - 7:00 AM EST
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Occidental Petroleum Announces 4th Quarter 2015 Results

  • 2015 year-end cash balance of $4.4 billion
  • 2016 capital program not to exceed $3.0 billion with production growth of 2 to 4 percent from ongoing operations

Occidental Petroleum Corporation (NYSE:OXY) announced operating cash flow before working capital for the fourth quarter of 2015 was $944 million, with total cash on the balance sheet at December 31, 2015 of $4.4 billion. Core results for the fourth quarter of 2015 were a loss of $129 million or $0.17 per diluted share. Reported results were a loss of $6.78 per diluted share for the quarter, including $5.4 billion of after-tax charges, mostly due to impairments.

In announcing the results, Chief Executive Officer Stephen I. Chazen said, “In 2015, we continued exiting our non-core assets in order to streamline the business. Our 2015 capital spending was down by 36 percent compared to a year ago, and total company production still grew by 14 percent with Permian Resources growing 47 percent.

“We continue to focus on capital and operating efficiencies. Our Permian drilling and completion costs declined by 33 percent. Total company operating costs declined by nearly $2.00 per barrel to $11.57 and fell further in the fourth quarter. We reduced SG&A by over $225 million or 16 percent during 2015.

“We ended the year with $4.4 billion in cash and expect to receive about $900 million more from the Ecuador settlement and $300 million in proceeds from asset sales in the coming months. While the 2016 price environment remains challenging, we will commit capital to only our highest return projects. The company’s cash flow priorities remain the same, with the most important being the safety and maintenance of our operations and funding dividends. Our 2016 capital program is expected to be no more than $3.0 billion with production growth of 2 to 4 percent from ongoing operations.”

QUARTERLY RESULTS

Oil and Gas

Total oil and gas after-tax results reflected a loss of $189 million for the fourth quarter of 2015, compared to income of $17 million for the third quarter of 2015 and $317 million for the fourth quarter of 2014. The decrease in oil and gas results on a sequential and year-over-year basis was due to the continued decline in commodity prices in the fourth quarter of 2015, partially offset by higher volumes and lower operating expenses.

The average WTI and Brent marker prices were $42.18 per barrel and $44.71 per barrel, respectively, for the fourth quarter of 2015, a decrease of about 10 percent on a sequential quarterly basis and over 40 percent on a year-over-year basis. Our average worldwide realized crude oil prices were $38.68 per barrel for the fourth quarter of 2015, a decrease of 19 percent compared with the third quarter of 2015 and 46 percent compared with the fourth quarter of 2014. Our average worldwide NGL prices were $14.02 per barrel in the fourth quarter of 2015, a decline of 4 percent from the preceding quarter and 49 percent from the fourth quarter of last year. Our average domestic natural gas price was $1.75 per MCF, a decline of 22 percent in the fourth quarter of 2015 compared with the third quarter of 2015 and a decrease of 51 percent compared with the fourth quarter of 2014.

For the fourth quarter of 2015, total company average daily oil and gas production volumes, excluding Williston, increased by 75,000 barrels of oil equivalent (BOE) to 671,000 BOE from 596,000 BOE in the fourth quarter of 2014. The sale of our Williston Basin assets closed on November 20, 2015. Williston daily production averaged 9,000 BOE and 20,000 BOE for the fourth quarters of 2015 and 2014, respectively. Compared to the fourth quarter of 2014, domestic average daily production increased by 11,000 BOE to 312,000 BOE in the fourth quarter of 2015 with the majority of the increase coming from oil production, which grew by 19,000 barrels to 190,000 barrels per day, with all of the increase attributable to Permian Resources. The increase in Permian Resources oil production was partially offset by lower natural gas and oil production in Piceance and South Texas. International average daily production increased to 359,000 BOE in the fourth quarter of 2015 from 295,000 BOE in the fourth quarter of 2014. The increase in international production is mainly due to the ramp up in production at Al Hosn, which produced 60,000 BOE per day in the fourth quarter of 2015.

Total company average daily oil and gas production for the fourth quarter was about flat compared to the third quarter of 2015. Fourth quarter domestic average daily production declined by 3,000 BOE compared to the third quarter of 2015 due to lower natural gas production from Piceance and South Texas, where we have curtailed all development activities due to the gas price environment. The increase in international average daily production of 2,000 BOE compared to the third quarter of 2015 reflected improved production rates at Al Hosn and in Colombia, which increased by 10,000 BOE and 13,000 BOE, respectively, partially offset by lower production in Iraq.

Total company average daily sales volumes were 721,000 BOE in the fourth quarter of 2015 compared to 653,000 BOE for the third quarter of 2015 and 615,000 BOE in the fourth quarter of 2014. The improvement was largely due to higher volumes in Iraq resulting from liftings that slipped from prior periods and higher production at Al Hosn.

Chemical

Chemical pre-tax core earnings for the fourth quarter of 2015 were $116 million, compared to $174 million in the third quarter of 2015 and $160 million in the fourth quarter of 2014. Compared to the third quarter of 2015, the lower results reflected weaker demand across most product lines and lower polyvinyl chloride (PVC) prices unfavorably impacting margins, partially offset by higher caustic soda prices and lower energy costs. On a year-over-year basis, the lower earnings reflected lower caustic soda pricing and lower sales volume across most product lines, partially offset by lower energy costs and improved margins in PVC resulting primarily from lower ethylene costs.

Midstream and Marketing

Midstream pre-tax core results for the fourth quarter of 2015 were a loss $45 million, compared to income of $31 million for the third quarter of 2015 and $168 million for the fourth quarter of 2014. The decrease in earnings compared to the third quarter of 2015 and fourth quarter of 2014 reflected lower marketing margins due to narrowing WTI and LLS differentials. Current quarter loss comparisons to both periods also included lower pipeline revenues and on a sequential quarterly basis, lower seasonal margins from our power generation operations.

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 4 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 $ (129 ) $ 91
Core EPS - Diluted ($/share) $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.03 $ (0.17 ) $ 0.12
Effective tax rate 41 % 41 % 41 % 39 % 41 % 75 % 65 % 90 % 29 % 86 %
 
Reported ($ millions) $ 1,390 $ 1,431 $ 1,208 $ (3,413 ) $ 616 $ (218 ) $ 176 $ (2,609 ) $ (5,178 ) $ (7,829 )
Reported EPS - Diluted ($/share) $ 1.75 $ 1.82 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (6.78 ) $ (10.23 )
Effective tax rate 41 % 41 % 41 % 15 % 109 % 8 % 64 % 15 % 18 % 14 %
 
Average Shares Outstanding
Basic (millions) 791.3 782.6 777.4 773.1 781.1 769.6 766.4 763.3 763.2 765.6
Diluted (millions) 791.7 782.9 777.7 773.4 781.1 769.6 766.6 763.3 763.2 765.6
 
Production
Total US (MBOE/D) 283 286 294 301 292 307 314 315 312 312
US oil (MBBL/D) 155 159 162 171 162 180 188 188 190 187
Worldwide (MBOE/D) 554 558 574 596 571 626 639 672 671 652
Worldwide sales (MBOE/D) 543 557 569 615 572 618 638 653 721 658
 
Realizations
Worldwide oil ($/BBL) $ 98.14 $ 99.30 $ 94.26 $ 71.58 $ 90.13 $ 48.50 $ 54.55 $ 47.78 $ 38.68 $ 47.10
Worldwide NGL ($/BBL) $ 41.70 $ 40.98 $ 38.20 $ 27.39 $ 37.01 $ 17.96 $ 18.06 $ 14.68 $ 14.02 $ 15.96
Domestic gas ($/MCF) $ 4.39 $ 4.15 $ 3.74 $ 3.56 $ 3.97 $ 2.49 $ 2.09 $ 2.24 $ 1.75 $ 2.15
 
Cash Flows ($ millions)
Operating before working capital $ 2,294 $ 2,070 $ 2,341 $ 1,374 $ 8,079 $ 1,121 $ 1,517 $ 1,202 $ 944 $ 4,784
Working capital changes (252 ) 204 (267 ) 1,107 792 (555 ) (399 ) 16 58 (880 )
Other, net   -       -       -       -       -     -       (307 )     (192 )     (151 )     (650 )
Operating - continuing operations $ 2,042 $ 2,274 $ 2,074 $ 2,481 $ 8,871 $ 566 $ 811 $ 1,026 $ 851 $ 3,254
Capital expenditures $ (1,732 ) $ (2,001 ) $ (2,003 ) $ (2,984 ) $ (8,720 ) $ (1,735 ) $ (1,488 ) $ (1,219 ) $ (1,170 ) $ (5,612 )
   
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 $ 91
Core EPS - Diluted ($/share) $ 1.38 $ 2.76 $ 4.10 $ 4.83 $ 0.04 $ 0.25 $ 0.29 $ 0.12
Effective tax rate 41 % 41 % 41 % 41 % 75 % 67 % 74 % 86 %
 
Reported ($ millions) $ 1,390 $ 2,821 $ 4,029 $ 616 $ (218 ) $ (42 ) $ (2,651 ) $ (7,829 )
Reported EPS - Diluted ($/share) $ 1.75 $ 3.58 $ 5.13 $ 0.79 $ (0.28 ) $ (0.05 ) $ (3.46 ) $ (10.23 )
Effective tax rate 41 % 41 % 41 % 109 % 8 % 113 % 5 % 14 %
 
Average Shares Outstanding
Basic (millions) 791.3 786.9 783.7 781.1 769.6 768.0 766.4 765.6
Diluted (millions) 791.7 787.2 784.1 781.1 769.6 768.0 766.4 765.6
 
Production
Total US (MBOE/D) 283 284 288 292 307 311 313 312
US oil (MBBL/D) 155 156 159 162 180 184 186 187
Worldwide (MBOE/D) 554 555 562 571 626 633 647 652
Worldwide sales (MBOE/D) 543 551 557 572 618 628 647 658
 
Realizations
Worldwide oil ($/BBL) $ 98.14 $ 98.73 $ 97.20 $ 90.13 $ 48.50 $ 51.60 $ 50.33 $ 47.10
Worldwide NGL ($/BBL) $ 41.70 $ 41.34 $ 40.27 $ 37.01 $ 17.96 $ 18.01 $ 16.73 $ 15.96
Domestic gas ($/MCF) $ 4.39 $ 4.28 $ 4.10 $ 3.97 $ 2.49 $ 2.29 $ 2.28 $ 2.15
 
Cash Flows ($ millions)
Operating before working capital $ 2,294 $ 4,364 $ 6,705 $ 8,079 $ 1,121 $ 2,638 $ 3,840 $ 4,784
Working capital changes (252 ) (48 ) (315 ) 792 (555 ) (954 ) (938 ) (880 )
Other, net   -       -       -       -     -       (307 )     (499 )     (650 )
Operating - continuing operations $ 2,042 $ 4,316 $ 6,390 $ 8,871 $ 566 $ 1,377 $ 2,403 $ 3,254
Capital expenditures $ (1,732 ) $ (3,733 ) $ (5,736 ) $ (8,720 ) $ (1,735 ) $ (3,223 ) $ (4,442 ) $ (5,612 )
 

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 ) $ (222 ) $ (704 )
Foreign 1,092 1,096 1,103 710 4,001 295 395 342 125 1,157
Exploration   (19 )     (35 )     (18 )     (54 )     (126 )   (2 )     (4 )     (1 )     (9 )     (16 )
1,719 1,703 1,571 736 5,729 57 324 162 (106 ) 437
Chemical 136 133 140 160 569 139 136 174 116 565
Midstream and marketing   96       130       155       168       549     (5 )     84       31       (45 )     65  
Segment Earnings 1,951 1,966 1,866 1,064 6,847 191 544 367 (35 ) 1,067
Corporate
Interest (20 ) (18 ) (15 ) (18 ) (71 ) (28 ) (7 ) (47 ) (59 ) (141 )
Other   (68 )     (107 )     (83 )     (123 )     (381 )   (39 )     (61 )     (74 )     (88 )     (262 )
Pre-tax income 1,863 1,841 1,768 923 6,395 124 476 246 (182 ) 664
Taxes
Federal and state (215 ) (228 ) (178 ) (82 ) (703 ) 14 59 80 159 312
Foreign   (553 )     (531 )     (544 )     (281 )     (1,909 )   (107 )     (370 )     (302 )     (106 )     (885 )
Net Income $ 1,095     $ 1,082     $ 1,046     $ 560     $ 3,783   $ 31     $ 165     $ 24     $ (129 )   $ 91  
 
Core earnings per share
Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.03 $ (0.17 ) $ 0.12
Diluted $ 1.38     $ 1.38     $ 1.34     $ 0.72     $ 4.83   $ 0.04     $ 0.21     $ 0.03     $ (0.17 )   $ 0.12  
 
Effective tax rate   41 %     41 %     41 %     39 %     41 %   75 %     65 %     90 %     29 %     86 %
 
 

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 ) $ (1,350 ) $ (3,447 )
Foreign - - - (1,066 ) (1,066 ) (46 ) (1 ) (1,438 ) (3,419 ) (4,904 )
Exploration   -       -       -       -       -     -       -       -       (146 )     (146 )
- 64 (3 ) (5,362 ) (5,301 ) (323 ) 31 (3,290 ) (4,915 ) (8,497 )
Chemical - - - (149 ) (149 ) - - 98 (121 ) (23 )
Midstream and marketing   66       78       (50 )     1,921       2,015     (10 )     3       (7 )     (1,245 )     (1,259 )
Segment Earnings 66 142 (53 ) (3,590 ) (3,435 ) (333 ) 34 (3,199 ) (6,281 ) (9,779 )
Corporate
Interest - - - - - - - - - -
Other   -       (16 )     (21 )     (1,382 )     (1,419 )   (25 )     (6 )     (98 )     (232 )     (361 )
Pre-tax income 66 126 (74 ) (4,972 ) (4,854 ) (358 ) 28 (3,297 ) (6,513 ) (10,140 )
Taxes
Federal and state (26 ) (50 ) 23 913 860 111 (12 ) 667 992 1,758
Foreign   -       -       -       67       67     1       (1 )     -       145       145  
Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (5,376 ) (8,237 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )     327       317  
Net Income (loss) $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11     $ (2,633 )   $ (5,049 )   $ (7,920 )
 
 

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 ) $ (1,572 ) $ (4,151 )
Foreign 1,092 1,096 1,103 (356 ) 2,935 249 394 (1,096 ) (3,294 ) (3,747 )
Exploration   (19 )     (35 )     (18 )     (54 )     (126 )   (2 )     (4 )     (1 )     (155 )     (162 )
1,719 1,767 1,568 (4,626 ) 428 (266 ) 355 (3,128 ) (5,021 ) (8,060 )
Chemical 136 133 140 11 420 139 136 272 (5 ) 542
Midstream and marketing   162       208       105       2,089       2,564     (15 )     87       24       (1,290 )     (1,194 )
Segment Earnings 2,017 2,108 1,813 (2,526 ) 3,412 (142 ) 578 (2,832 ) (6,316 ) (8,712 )
Corporate
Interest (20 ) (18 ) (15 ) (18 ) (71 ) (28 ) (7 ) (47 ) (59 ) (141 )
Other   (68 )     (123 )     (104 )     (1,505 )     (1,800 )   (64 )     (67 )     (172 )     (320 )     (623 )
Pre-tax income 1,929 1,967 1,694 (4,049 ) 1,541 (234 ) 504 (3,051 ) (6,695 ) (9,476 )
Taxes
Federal and state (241 ) (278 ) (155 ) 831 157 125 47 747 1,151 2,070
Foreign   (553 )     (531 )     (544 )     (214 )     (1,842 )   (106 )     (371 )     (302 )     39       (740 )
Income From Continuing Operations 1,135 1,158 995 (3,432 ) (144 ) (215 ) 180 (2,606 ) (5,505 ) (8,146 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )     327       317  
Net Income (loss) (a) $ 1,390     $ 1,431     $ 1,208     $ (3,413 )   $ 616   $ (218 )   $ 176     $ (2,609 )   $ (5,178 )   $ (7,829 )
 
Reported earnings per share
Basic $ 1.75 $ 1.83 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (6.78 ) $ (10.23 )
Diluted $ 1.75     $ 1.82     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23     $ (3.42 )   $ (6.78 )   $ (10.23 )
 
Effective tax rate   41 %     41 %     41 %     15 %     109 %   8 %     64 %     15 %     18 %     14 %
 

(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 ) $ (141 ) $ (385 )
Foreign 587 561 605 304 2,057 69 154 131 (40 ) 314
Exploration   (5 )     (29 )     (15 )     (46 )     (95 )   (2 )     (4 )     (1 )     (8 )     (15 )
994 941 900 317 3,152 (22 ) 108 17 (189 ) (86 )
Chemical 86 84 89 98 357 88 86 111 73 358
Midstream and marketing   71       103       118       125       417     4       66       41       2       113  
Segment Earnings 1,151 1,128 1,107 540 3,926 70 260 169 (114 ) 385
Corporate
Interest (20 ) (18 ) (15 ) (17 ) (70 ) (28 ) (7 ) (47 ) (59 ) (141 )
Other (68 ) (107 ) (83 ) (124 ) (382 ) (39 ) (61 ) (74 ) (88 ) (262 )
Taxes   32       79       37       161       309     28       (27 )     (24 )     132       109  
Net Income $ 1,095     $ 1,082     $ 1,046     $ 560     $ 3,783   $ 31     $ 165     $ 24     $ (129 )   $ 91  
 
Core earnings per share
Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.03 $ (0.17 ) $ 0.12
Diluted $ 1.38     $ 1.38     $ 1.34     $ 0.72     $ 4.83   $ 0.04     $ 0.21     $ 0.03     $ (0.17 )   $ 0.12  
 
 

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 ) $ (864 ) $ (2,207 )
Foreign - - - (1,055 ) (1,055 ) (46 ) (1 ) (1,438 ) (3,274 ) (4,759 )
Exploration   -       -       -       -       -     -       -       -       (146 )     (146 )
- 41 (2 ) (3,806 ) (3,767 ) (223 ) 19 (2,624 ) (4,284 ) (7,112 )
Chemical - - - (94 ) (94 ) - - 63 (78 ) (15 )
Midstream and marketing   40       47       (30 )     1,225       1,282     (4 )     2       (4 )     (807 )     (813 )
Segment Earnings 40 88 (32 ) (2,675 ) (2,579 ) (227 ) 21 (2,565 ) (5,169 ) (7,940 )
Corporate
Interest - - - - - - - - - -
Other - (12 ) (19 ) (1,261 ) (1,292 ) (19 ) (6 ) (65 ) (225 ) (315 )
Taxes   -       -       -       (56 )     (56 )   -       -       -       18       18  
Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (5,376 ) (8,237 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )     327       317  
Net Income (loss) $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11     $ (2,633 )   $ (5,049 )   $ (7,920 )
 
 

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 ) $ (1,005 ) $ (2,592 )
Foreign 587 561 605 (751 ) 1,002 23 153 (1,307 ) (3,314 ) (4,445 )
Exploration   (5 )     (29 )     (15 )     (46 )     (95 )   (2 )     (4 )     (1 )     (154 )     (161 )
994 982 898 (3,489 ) (615 ) (245 ) 127 (2,607 ) (4,473 ) (7,198 )
Chemical 86 84 89 4 263 88 86 174 (5 ) 343
Midstream and marketing   111       150       88       1,350       1,699     -       68       37       (805 )     (700 )
Segment Earnings 1,191 1,216 1,075 (2,135 ) 1,347 (157 ) 281 (2,396 ) (5,283 ) (7,555 )
Corporate
Interest (20 ) (18 ) (15 ) (17 ) (70 ) (28 ) (7 ) (47 ) (59 ) (141 )
Other (68 ) (119 ) (102 ) (1,385 ) (1,674 ) (58 ) (67 ) (139 ) (313 ) (577 )
Taxes   32       79       37       105       253     28       (27 )     (24 )     150       127  
Income From Continuing Operations 1,135 1,158 995 (3,432 ) (144 ) (215 ) 180 (2,606 ) (5,505 ) (8,146 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )     327       317  
Net Income (loss) (a) $ 1,390     $ 1,431     $ 1,208     $ (3,413 )   $ 616   $ (218 )   $ 176     $ (2,609 )   $ (5,178 )   $ (7,829 )
 
Reported earnings per share
Basic $ 1.75 $ 1.83 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (6.78 ) $ (10.23 )
Diluted $ 1.75     $ 1.82     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23     $ (3.42 )   $ (6.78 )   $ (10.23 )
 

(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 $ 10
Asset impairments and related items   -       (471 )     -       (4,295 )     (4,766 )   (264 )     14       (1,852 )     (1,355 )     (3,457 )
- 64 (3 ) (4,296 ) (4,235 ) (277 ) 32 (1,852 ) (1,350 ) (3,447 )
Foreign
Asset impairments and related items   -       -       -       (1,066 )     (1,066 )   (46 )     (1 )     (1,438 )     (3,565 )     (5,050 )
Total Oil and Gas   -       64       (3 )     (5,362 )     (5,301 )   (323 )     31       (3,290 )     (4,915 )     (8,497 )
 
Chemical
Asset sale gain - - - - - - - 98 - 98
Asset impairments   -       -       -       (149 )     (149 )   -       -       -       (121 )     (121 )
Total Chemical   -       -       -       (149 )     (149 )

 

  -       -       98       (121 )     (23 )
 
Midstream and marketing
Asset sales gains - - - 1,984 1,984 - - - - -
Asset impairments and related items   66       78       (50 )     (63 )     31     (10 )     3       (7 )     (1,245 )     (1,259 )
Total Midstream   66       78       (50 )     1,921       2,015     (10 )     3       (7 )     (1,245 )     (1,259 )
 
Corporate
Asset sales gains (losses) - - - - - (11 ) - 2 1 (8 )
Asset impairments - - - (1,358 ) (1,358 ) - - (5 ) (230 ) (235 )
Severance, spin-off costs and other items   -       (16 )     (21 )     (24 )     (61 )   (14 )     (6 )     (95 )     (3 )     (118 )
Total Corporate   -       (16 )     (21 )     (1,382 )     (1,419 )   (25 )     (6 )     (98 )     (232 )     (361 )
 
Taxes   (26 )     (50 )     23       980       927     112       (13 )     667       1,137       1,903  
Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (5,376 ) (8,237 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )     327       317  
Totals $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11     $ (2,633 )   $ (5,049 )   $ (7,920 )
 
 
   
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 ) $ 3 $ 5
Asset impairments and related items   -       (300 )     -       (2,750 )     (3,050 )   (169 )     9       (1,185 )     (867 )     (2,212 )
- 41 (2 ) (2,751 ) (2,712 ) (177 ) 20 (1,186 ) (864 ) (2,207 )
Foreign

Asset impairments and related items

  -       -       -       (1,055 )     (1,055 )   (46 )     (1 )     (1,438 )     (3,420 )     (4,905 )
Total Oil and Gas   -       41       (2 )     (3,806 )     (3,767 )   (223 )     19       (2,624 )     (4,284 )     (7,112 )
 
Chemical
Asset sale gain - - - - - - - 63 - 63
Asset impairments   -       -       -       (94 )     (94 )   -       -       -       (78 )     (78 )
Total Chemical   -       -       -       (94 )     (94 )

 

  -       -       63       (78 )     (15 )
 
Midstream and marketing
Asset sales gains - - - 1,264 1,264 - - - - -
Asset impairments and related items   40       47       (30 )     (39 )     18     (4 )     2       (4 )     (807 )     (813 )
Total Midstream   40       47       (30 )     1,225       1,282     (4 )     2       (4 )     (807 )     (813 )
 
Corporate
Asset sales gains (losses) - - - - - (7 ) - 1 1 (5 )
Asset impairments - - - (1,240 ) (1,240 ) - - (5 ) (229 ) (234 )
Severance, spin-off costs and other items   -       (12 )     (19 )     (21 )     (52 )   (12 )     (6 )     (61 )     3       (76 )
Total Corporate   -       (12 )     (19 )     (1,261 )     (1,292 )   (19 )     (6 )     (65 )     (225 )     (315 )
 
Taxes   -       -       -       (56 )     (56 )   -       -       -       18       18  
Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (5,376 ) (8,237 )
Discontinued Operations   255       273       213       19       760     (3 )     (4 )     (3 )     327       317  
Totals $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11     $ (2,633 )   $ (5,049 )   $ (7,920 )
 
 

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 $ 1,899 $ 8,304
Chemical 1,220 1,242 1,232 1,123 4,817 1,000 1,030 1,008 907 3,945
Midstream and marketing 340 440 261 332 1,373 197 294 231 169 891
Eliminations   (194 )     (252 )     (175 )     (144 )     (765 )   (117 )     (197 )     (177 )     (169 )     (660 )
4,968 5,133 4,904 4,307 19,312 3,089 3,469 3,116 2,806 12,480
Interest, dividends and other income 30 47 31 22 130 31 26 31 30 118
Gain (loss) on sale of assets and equity investments, net   -       525       (5 )     1,985       2,505     (24 )     19       99       7       101  
  4,998       5,705       4,930       6,314       21,947     3,096       3,514       3,246       2,843       12,699  
 
COSTS AND OTHER DEDUCTIONS
Cost of sales 1,643 1,691 1,736 1,733 6,803 1,557 1,480 1,413 1,354 5,804
Depreciation, depletion and amortization 977 1,024 1,056 1,204 4,261 1,029 1,116 1,123 1,276 4,544
Selling, general and administrative and other operating expenses 317 429 355 402 1,503 311 347 292 320 1,270
Asset impairments and related items - 471 - 6,908 7,379 324 - 3,397 6,518 10,239
Taxes other than on income 151 144 135 120 550 107 107 79 50 343
Exploration expense 24 39 28 59 150 8 10 5 13 36
Interest and debt expense, net   22       20       16       19       77     30       8       48       61       147  
  3,134       3,818       3,326       10,445       20,723     3,366       3,068       6,357       9,592       22,383  
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS 1,864 1,887 1,604 (4,131 ) 1,224 (270 ) 446 (3,111 ) (6,749 ) (9,684 )
Benefit from (provision for) domestic and foreign income taxes (794 ) (809 ) (699 ) 617 (1,685 ) 19 (324 ) 445 1,190 1,330
Income from equity investments   67       83       93       88       331     36       58       60       54       208  
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,137 1,161 998 (3,426 ) (130 ) (215 ) 180 (2,606 ) (5,505 ) (8,146 )
Discontinued operations, net   255       273       213       19       760     (3 )     (4 )     (3 )     327       317  
NET INCOME (LOSS) 1,392 1,434 1,211 (3,407 ) 630 (218 ) 176 (2,609 ) (5,178 ) (7,829 )
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 )   $ (5,178 )   $ (7,829 )
 
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 ) $ (7.21 ) $ (10.64 )
Discontinued operations, net   0.32       0.35       0.27       0.03       0.97     -       -       (0.01 )     0.43       0.41  
BASIC EARNINGS PER COMMON SHARE $ 1.75     $ 1.83     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23     $ (3.42 )   $ (6.78 )   $ (10.23 )
 
DILUTED EARNINGS PER COMMON SHARE $ 1.75     $ 1.82     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23     $ (3.42 )   $ (6.78 )   $ (10.23 )
 
DIVIDENDS PER COMMON SHARE $ 0.72     $ 0.72     $ 0.72     $ 0.72     $ 2.88   $ 0.72     $ 0.75     $ 0.75     $ 0.75     $ 2.97  
 
AVERAGE COMMON SHARES OUTSTANDING
BASIC 791.3 782.6 777.4 773.1 781.1 769.6 766.4 763.3 763.2 765.6
DILUTED 791.7 782.9 777.7 773.4 781.1 769.6 766.6 763.3 763.2 765.6
 
 

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 $ 3,201
Restricted cash - - - 4,019 3,265 2,382 1,765 1,193
Trade receivables, net 5,233 5,826 4,960 4,206 3,068 3,973 3,507 2,970
Inventories 1,308 1,323 1,359 1,052 1,133 1,120 1,122 986
Assets held for sale - - - - - - 709 141
Other current assets   2,026       1,246       1,291       807     815       777       890       1,182  
Total current assets 10,899 10,786 10,507 13,873 10,434 11,008 10,540 9,673
INVESTMENTS
Investments in unconsolidated entities 1,511 1,547 1,544 1,171 1,221 1,330 1,428 1,267
Available for sale investment   -       -       -       394     544       432       186       167  
Total investments 1,511 1,547 1,544 1,565 1,765 1,762 1,614 1,434
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment 89,790 92,135 94,771 74,515 75,979 77,375 73,447 71,058
Accumulated depreciation, depletion and amortization   (33,746 )     (35,001 )     (36,306 )     (34,785 )   (35,870 )     (36,897 )     (36,612 )     (39,419 )
56,044 57,134 58,465 39,730 40,109 40,478 36,835 31,639
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET   821       826       994       1,091     1,081       1,121       1,100       962  
TOTAL ASSETS $ 69,275     $ 70,293     $ 71,510     $ 56,259   $ 53,389     $ 54,369     $ 50,089     $ 43,708  
 
CURRENT LIABILITIES
Current maturities of long-term debt $ - $ - $ 1,599 $ - $ 700 $ 1,450 $ 1,450 $ 1,450
Accounts payable 5,423 6,097 5,511 5,229 3,867 4,145 3,727 3,070
Accrued liabilities 2,441 2,332 2,337 2,601 2,152 2,230 2,202 2,213
Domestic and foreign income taxes 326 440 74 414 196 - 25 -
Liabilities of assets held for sale   -       -       -       -     -       -       29       110  
Total current liabilities 8,190 8,869 9,521 8,244 6,915 7,825 7,433 6,843
LONG-TERM DEBT, NET 6,877 6,835 6,837 6,838 6,139 6,880 6,882 6,883
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 1,593
Other   3,441       3,464       3,433       3,203     3,224       3,209       3,313       4,039  
10,839 10,777 11,067 6,218 6,171 6,362 5,892 5,632
STOCKHOLDERS’ EQUITY
Common stock, $.20 per share par value 178 178 178 178 178 178 178 178
Treasury stock (7,079 ) (7,681 ) (8,146 ) (8,528 ) (8,734 ) (9,107 ) (9,113 ) (9,121 )
Additional paid-in capital 7,543 7,564 7,570 7,599 7,632 7,651 7,664 7,640
Retained earnings 42,652 43,519 44,166 36,067 35,294 34,896 31,712 25,960
Accumulated other comprehensive loss (296 ) (291 ) (289 ) (357 ) (206 ) (316 ) (559 ) (307 )
Non-controlling interest   371       523       606       -     -       -       -       -  
Total equity   43,369       43,812       44,085       34,959     34,164       33,302       29,882       24,350  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,275     $ 70,293     $ 71,510     $ 56,259   $ 53,389     $ 54,369     $ 50,089     $ 43,708  
 
 

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) $ (5,178) $ (7,829)
Depreciation, depletion and amortization (see detail below) 977 1,024 1,056 1,204 4,261 1,029 1,116 1,123 1,276 4,544
Deferred income tax provision 125 (182) 277 (1,398) (1,178) (63) 202 (556) (955) (1,372)
Asset impairments and other non-cash charges (200)   (206)   (203)   4,975   4,366 373   23   3,244   5,801   9,441
Operating cash flow before working capital 2,294 2,070 2,341 1,374 8,079 1,121 1,517 1,202 944 4,784
Working capital changes (252) 204 (267) 1,107 792 (555) (399) 16 58 (880)
Other, net (a) -   -   -   -   - -   (307)   (192)   (151)   (650)
Operating cash flow from continuing operations 2,042   2,274   2,074   2,481   8,871 566   811   1,026   851   3,254
 
INVESTING CASH FLOW
Capital expenditures (see detail below) (1,732) (2,001) (2,003) (2,984) (8,720) (1,735) (1,488) (1,219) (1,170) (5,612)
Payment for purchases of assets and businesses (4) (303) (45) (1,335) (1,687) (6) (37) (9) (57) (109)
Sales of assets and equity investments, net - 1,371 16 2,790 4,177 20 38 93 668 819
Changes in capital accrual - - - 542 542 (458) (127) (67) 60 (592)
Other investing activities (35)   (70)   (17)   (63)   (185) (27)   (69)   (27)   194   71
Investing cash flow from continuing operations (1,771)   (1,003)   (2,049)   (1,050)   (5,873) (2,206)   (1,683)   (1,229)   (305)   (5,423)
 
FINANCING CASH FLOW
Cash dividends paid (514) (570) (565) (561) (2,210) (557) (556) (577) (574) (2,264)
Purchases of treasury stock (946) (630) (507) (417) (2,500) (207) (329) (50) (8) (594)
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 1,479
Other financing activities (48)   (42)   9   13   (68) 19   5   10   3   37
Financing cash flow from continuing operations (1,508)   (1,242)   536   3,536   1,322 (745)   598   (617)   (578)   (1,342)
 
Cash Flow From Discontinued Operations 176 30 (55) (56) 95 (5) (6) (6) 114 97
 
Increase (decrease) in cash (1,061) 59 506 4,911 4,415 (2,390) (280) (826) 82 (3,414)
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   4,312   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   $ 4,394   $ 4,394
 
 
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 $ 510 $ 2,109
Latin America 42 35 40 44 161 48 49 48 51 196
Middle East/North Africa 297 331 340 458 1,426 329 370 345 537 1,581
Chemical 89 93 91 94 367 92 92 94 93 371
Midstream and marketing 39 38 38 45 160 48 55 71 75 249
Corporate 7   8   10   8   33 10   9   9   10   38
$ 977   $ 1,024   $ 1,056   $ 1,204   $ 4,261 $ 1,029   $ 1,116   $ 1,123   $ 1,276   $ 4,544
 
Capital Expenditures
Oil & Gas
Permian Resources $ (328) $ (401) $ (472) $ (715) $ (1,916) $ (729) $ (555) $ (521) $ (426) $ (2,231)
Permian EOR (164) (193) (210) (155) (722) (115) (119) (102) (88) (424)
Other domestic (231) (219) (205) (257) (912) (86) (21) - (2) (109)
Latin America (67) (74) (69) (100) (310) (47) (45) (24) (34) (150)
Middle East/North Africa (454) (554) (527) (614) (2,149) (476) (449) (242) (245) (1,412)
Exploration Drilling (88) (125) (160) (150) (523) (58) (30) (15) (13) (116)
Chemical (41) (71) (61) (141) (314) (40) (57) (58) (99) (254)
Midstream and marketing (399) (462) (311) (811) (1,983) (115) (105) (155) (160) (535)
Corporate (23)   (30)   (21)   (27)   (101) (9)   (9)   (10)   (13)   (41)
GAAP external reporting (1,795) (2,129) (2,036) (2,970) (8,930) (1,675) (1,390) (1,127) (1,080) (5,272)
Non-controlling interest contributions (c) 123 149 74 29 375 - - - - -
Cracker JV investment contributions (60)   (21)   (41)   (43)   (165) (60)   (98)   (92)   (90)   (340)
$ (1,732)   $ (2,001)   $ (2,003)   $ (2,984)   $ (8,720) $ (1,735)   $ (1,488)   $ (1,219)   $ (1,170)   $ (5,612)
 
 
 
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 $ 851 $ 3,254
Discontinued operations 655 593 564 385 2,197 (5) (6) (6) 114 97
CASH FLOW FROM INVESTING ACTIVITIES
Continuing operations (1,894) (1,152) (2,123) (1,075) (6,244) (2,206) (1,683) (1,229) (305) (5,423)
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 - (6) 1,484
Discontinued operations -   -   -   124   124 -   -   -   -   -
Increase (decrease) in cash and cash equivalents (1,061) 59 506 892 396 (1,636) 603 (209) 654 (588)
Cash and cash equivalents - beginning of period 3,393   2,332   2,391   2,897   3,393 3,789   2,153   2,756   2,547   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   $ 3,201   $ 3,201
 

(a) Other, net for 2015 represents the current cash benefit on the 2015 NOL carryback in excess of 2014 Federal tax due. 2015 includes $293 million receivable expected to be collected in 2016.

(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 98 109 116 118 110
Permian EOR 145 144 148 150 147 145 145 144 143 145
Midcontinent & Other 71   70   69   67   70 64   60   55   51   57
Total 283 286 294 301 292 307 314 315 312 312
 
Latin America 31 21 31 34 29 40 42 27 39 37
 
Middle East / North Africa
Al Hosn - - - - - 9 18 50 60 35
Dolphin 34 38 38 40 38 39 42 41 43 41
Oman 73 76 75 80 76 89 87 93 88 89
Qatar 68 69 69 70 69 64 65 67 69 66
Other 65   68   67   71   67 78   71   79   60   72
Total 240 251 249 261 250 279 283 330 320 303
 
Ongoing operations 554 558 574 596 571 626 639 672 671 652
Sold assets - Hugoton 18 6 - - 6 - - - - -
Sold assets - Williston 19   22   21   20   20 19   19   17   9   16
Barrels of Oil Equivalent (MBOE) 591   586   595   616   597 645   658   689   680   668
 
NET PRODUCTION VOLUMES PER DAY
BY COMMODITY:
United States
Oil (MBBL)
Permian Resources 37 40 43 51 43 62 71 74 76 71
Permian EOR 110 110 111 112 111 111 110 108 109 110
Midcontinent & Other 8   9   8   8   8 7   7   6   5   6
Total 155 159 162 171 162 180 188 188 190 187
NGLs (MBBL)
Permian Resources 11 12 13 13 12 14 15 18 18 16
Permian EOR 28 29 30 31 30 28 29 30 28 29
Midcontinent & Other 13   11   12   11   12 11   10   10   10   10
Total 52 52 55 55 54 53 54 58 56 55
Natural Gas (MMCF)
Permian Resources 115 120 121 122 120 130 136 143 143 137
Permian EOR 38 34 42 39 38 37 38 37 35 37
Midcontinent & Other 300   300   293   290   296 275   258   235   217   246
Total 453 454 456 451 454 442 432 415 395 420
 
Latin America
Oil (MBBL) 29 19 29 32 27 38 40 25 38 35
Natural Gas (MMCF) 12 12 12 10 11 12 10 9 8 10
 
Middle East / North Africa
Oil (MBBL)
Al Hosn - - - - - 2 4 9 11 7
Dolphin 6 7 7 7 7 7 7 7 8 7
Oman 66 70 67 72 69 80 81 85 81 82
Qatar 68 69 69 70 69 64 65 67 69 66
Other 27   28   28   31   28 37   31   39   23   32
Total 167 174 171 180 173 190 188 207 192 194
NGLs (MBBL)
Al Hosn - - - - - 2 4 14 18 10
Dolphin 6   7   7   8   7 7   8   8   8   8
Total 6 7 7 8 7 9 12 22 26 18
Natural Gas (MMCF)
Al Hosn - - - - - 30 60 162 185 109
Dolphin 131 144 146 152 143 150 160 158 162 158
Oman 40 40 45 49 43 56 38 45 41 44
Other 231   236   235   240   236 245   240   242   222   237
Total 402 420 426 441 422 481 498 607 610 548
 
 

Schedule 8

 
                 
Occidental Petroleum Corporation
Oil & Gas Sales Volumes Per Day and Realized Prices by Geographical Locations
     
   
2014 2015
NET SALES MBOE VOLUMES PER DAY: Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD
 
United States 283 286 294 301 292 307 314 315 312 312
 
Latin America 34 26 31 34 31 38 37 36 37 37
 
Middle East / North Africa
Al Hosn - -