October 19, 2010 07:35 AM Eastern Daylight Time
Occidental Petroleum Announces Third Quarter of
2010 Results
-
Q3 2010 income from continuing operations $1.2 billion ($1.47 per
diluted share)
-
Quarterly year-over-year production volume growth of 6.5 percent
-
Quarterly oil and gas production average of 751,000 BOE per day
LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced income from
continuing operations for the third quarter of 2010 of $1.2 billion
($1.47 per diluted share), compared with $929 million ($1.14 per diluted
share) for the third quarter of 2009. Net income was $1.2 billion ($1.46
per diluted share) for the third quarter of 2010, compared with $927
million ($1.14 per diluted share) for the third quarter of 2009.
In announcing the results, Dr. Ray R. Irani, Chairman and Chief
Executive Officer, said, "The third quarter 2010 net income of $1.2
billion was 28 percent higher than the same period of 2009. Our oil &
gas production of 751,000 BOE per day was the highest in Oxy's history
and reflected our continuing growth representing a 6.5-percent increase
over 2009. We continue to generate significant cash flow with the first
nine months of 2010 results generating cash flow from operating
activities of $6.6 billion. Free cash flow after capital spending and
dividends was $3.1 billion.”
QUARTERLY RESULTS
Oil and Gas
Oil and gas segment earnings were $1.7 billion for the third quarter of
2010, compared with $1.5 billion for the same period in 2009. The
increase in the third quarter of 2010 results was due to higher crude
oil and natural gas prices and higher volumes, partially offset by
higher operating costs and DD&A rates.
For the third quarter of 2010, daily oil and gas production volumes
averaged 751,000 barrels of oil equivalent (BOE), compared with 705,000
BOE in the third quarter of 2009. Volumes increased 6.5 percent,
primarily in the Middle East/North Africa, with smaller increases in
Argentina and the United States. The Middle East/North Africa increase
included new production from the Bahrain start-up and increased
production from the Mukhaizna field in Oman. Daily sales volumes were
749,000 BOE in the third quarter of 2010, compared to 702,000 BOE in the
third quarter of 2009.
Oxy's realized price for worldwide crude oil was $70.71 per barrel for
the third quarter of 2010, compared with $62.79 per barrel for the third
quarter of 2009. Domestic realized gas prices rose from $3.04 per MCF in
the third quarter of 2009 to $4.20 per MCF for the third quarter of 2010.
Chemicals
Chemical segment earnings for the third quarter 2010 were $189 million,
compared with $72 million for the same period in 2009. The third quarter
of 2010 results reflect improved margins and volumes across chlor-alkali
and vinyl products. Export volumes also increased by 22 percent compared
to 2009.
Midstream, Marketing and Other
Midstream segment earnings were $163 million for the third quarter of
2010, compared with $77 million for the third quarter of 2009. Earnings
for the third quarter of 2010 reflect higher margins in the trading and
marketing businesses and higher pipeline income.
NINE-MONTH RESULTS
Year-to-date 2010 income from continuing operations was $3.3 billion
($4.09 per diluted share), compared with $2.0 billion ($2.44 per diluted
share) for 2009. Net income for the first nine months of 2010 was $3.3
billion ($4.07 per diluted share), compared with $2.0 billion ($2.43 per
diluted share) for the same period in 2009.
Oil and Gas
Oil and gas segment earnings were $5.4 billion for the nine months of
2010, compared with $3.1 billion for the same period of 2009. The $2.3
billion increase in the 2010 results reflected higher crude oil and
natural gas prices and higher volumes, partially offset by higher
operating costs and DD&A rates.
Daily oil and gas production volumes for the nine months were 746,000
BOE for 2010, compared with 711,000 BOE for the 2009 period, an increase
of nearly 5 percent. Volumes increased in the Middle East/North Africa,
resulting from the new production in Bahrain and higher production in
the Mukhaizna field in Oman, and domestically in California. Production
was negatively impacted in the Middle East/North Africa, Long Beach and
Colombia resulting from higher year-over-year average oil prices
affecting production sharing and similar contracts by 21,000 BOE per
day. Daily sales volumes were 741,000 BOE in the first nine months of
2010, compared with 711,000 BOE for 2009.
Oxy's realized price for worldwide crude oil was $71.57 per barrel for
the nine months of 2010, compared with $51.44 per barrel for the nine
months of 2009. Domestic realized gas prices increased from $3.15 per
MCF in the nine months of 2009 to $4.67 per MCF in the nine months of
2010.
Chemicals
Chemical segment earnings were $327 million for the nine months of 2010,
compared with $356 million for the same period in 2009. The 2010
nine-month results reflect improving market conditions, with global
markets outpacing domestic markets in the recovery resulting in 16
percent higher export volumes compared to 2009.
Midstream, Marketing and Other
Midstream segment earnings were $270 million for the nine months of
2010, compared with $154 million for the same period in 2009. The 2010
results reflect higher margins in the gas processing business and
increased earnings in the pipeline and power generation businesses.
About Oxy
Occidental Petroleum Corporation is an international oil and gas
exploration and production company with operations in the United States,
Middle East/North Africa and Latin America regions. Oxy is the fourth
largest U.S. oil and gas company, based on equity market capitalization.
Oxy's wholly owned subsidiary, OxyChem, manufactures and markets
chlor-alkali products and vinyls. Occidental is committed to
safeguarding the environment, protecting the safety and health of
employees and neighboring communities and upholding high standards of
social responsibility in all of the company's worldwide operations.
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.
Factors that could cause results to differ materially include, but are
not limited to: global commodity pricing fluctuations; supply and demand
considerations for Occidental’s products; not successfully completing,
or any material delay of, any development of new fields, expansion
projects, capital expenditures, efficiency-improvement projects,
acquisitions or dispositions; potential failure to achieve expected
production from existing and future oil and gas development projects;
exploration risks such as drilling unsuccessful wells; any general
economic recession or slowdown domestically or internationally;
higher-than-expected costs; potential liability for remedial actions
under existing or future environmental regulations and litigation;
potential liability resulting from pending or future litigation; general
domestic and international political conditions; potential disruption or
interruption of Occidental’s production or manufacturing or damage to
facilities due to accidents, chemical releases, labor unrest, weather,
natural disasters, political events or insurgent activity; failure of
risk management; changes in laws or regulations; or changes in tax
rates. Words such as “estimate”, “project”, “predict”, “will”, “would”,
“should”, “could”, “may”, “might”, “anticipate”, “plan”, “intend”,
“believe”, “expect” or similar expressions that convey the uncertainty
of future 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 press 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 1, Item 1A
“Risk Factors” of the 2009 Form 10-K, available through the following
toll-free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the
Internet at http://www.oxy.com.
You also can obtain a copy from the SEC by calling 1-800-SEC-0330.
For further analysis of Occidental's quarterly performance, please visit
the web site: www.oxy.com
|
Attachment 1
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF SEGMENT NET SALES AND EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
Nine Months
|
|
($ millions, except per-share amounts)
|
|
|
2010
|
|
|
|
2009
|
|
|
|
2010
|
|
|
|
2009
|
|
|
SEGMENT NET SALES
|
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
$
|
3,641
|
|
|
$
|
3,089
|
|
|
$
|
10,963
|
|
|
$
|
7,952
|
|
|
Chemical
|
|
|
1,051
|
|
|
|
842
|
|
|
|
3,020
|
|
|
|
2,445
|
|
|
Midstream, Marketing and Other
|
|
|
388
|
|
|
|
285
|
|
|
|
993
|
|
|
|
763
|
|
|
Eliminations
|
|
|
(184
|
)
|
|
|
(112
|
)
|
|
|
(548
|
)
|
|
|
(296
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
4,896
|
|
|
$
|
4,104
|
|
|
$
|
14,428
|
|
|
$
|
10,864
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS
|
|
|
|
|
|
|
|
|
|
Oil and Gas (a)
|
|
$
|
1,745
|
|
|
$
|
1,464
|
|
|
$
|
5,417
|
|
|
$
|
3,092
|
|
|
Chemical
|
|
|
189
|
|
|
|
72
|
|
|
|
327
|
|
|
|
356
|
|
|
Midstream, Marketing and Other
|
|
|
163
|
|
|
|
77
|
|
|
|
270
|
|
|
|
154
|
|
|
|
|
|
2,097
|
|
|
|
1,613
|
|
|
|
6,014
|
|
|
|
3,602
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated Corporate Items
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(19
|
)
|
|
|
(33
|
)
|
|
|
(77
|
)
|
|
|
(76
|
)
|
|
Income taxes
|
|
|
(816
|
)
|
|
|
(549
|
)
|
|
|
(2,345
|
)
|
|
|
(1,245
|
)
|
|
Other (b)
|
|
|
(66
|
)
|
|
|
(102
|
)
|
|
|
(256
|
)
|
|
|
(297
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing Operations (a)
|
|
|
1,196
|
|
|
|
929
|
|
|
|
3,336
|
|
|
|
1,984
|
|
|
Discontinued operations, net
|
|
|
(5
|
)
|
|
|
(2
|
)
|
|
|
(18
|
)
|
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (a)
|
|
$
|
1,191
|
|
|
$
|
927
|
|
|
$
|
3,318
|
|
|
$
|
1,977
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
1.47
|
|
|
$
|
1.14
|
|
|
$
|
4.10
|
|
|
$
|
2.44
|
|
|
Discontinued operations, net
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
|
(0.01
|
)
|
|
|
|
$
|
1.46
|
|
|
$
|
1.14
|
|
|
$
|
4.08
|
|
|
$
|
2.43
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
1.47
|
|
|
$
|
1.14
|
|
|
$
|
4.09
|
|
|
$
|
2.44
|
|
|
Discontinued operations, net
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
|
(0.01
|
)
|
|
|
|
$
|
1.46
|
|
|
$
|
1.14
|
|
|
$
|
4.07
|
|
|
$
|
2.43
|
|
|
AVERAGE BASIC COMMON SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
812.7
|
|
|
|
811.8
|
|
|
|
812.4
|
|
|
|
811.1
|
|
|
DILUTED
|
|
|
813.9
|
|
|
|
814.4
|
|
|
|
813.8
|
|
|
|
813.9
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Net Income - Net income and income from continuing
operations represent amounts attributable to Common Stock, after
deducting non-controlling interest of $21 million for the third
quarter of 2010, $14 million for the third quarter of 2009 and $57
million and $35 million for the first nine months of 2010 and 2009,
respectively. Oil and gas segment earnings are presented net of
these non-controlling interest amounts.
|
|
|
|
(b) Unallocated Corporate Items - Other - The first nine
months of 2009 includes pre-tax charges of $40 million for severance
and $15 million for railcar leases.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 2
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
Nine Months
|
|
($ millions)
|
|
|
2010
|
|
|
|
2009
|
|
|
|
2010
|
|
|
|
2009
|
|
|
CAPITAL EXPENDITURES
|
|
$
|
1,100
|
|
|
$
|
746
|
|
|
$
|
2,816
|
|
|
$
|
2,649
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION, DEPLETION AND
|
|
|
|
|
|
|
|
|
|
AMORTIZATION OF ASSETS
|
|
$
|
858
|
|
|
$
|
769
|
|
|
$
|
2,608
|
|
|
$
|
2,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS
|
|
|
|
|
|
|
|
|
|
|
|
Income / (Expense)
|
|
Third Quarter
|
|
Nine Months
|
|
($ millions)
|
|
|
2010
|
|
|
|
2009
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gains and (losses) *
|
|
$
|
2
|
|
|
$
|
(3
|
)
|
|
$
|
1
|
|
|
$
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts shown after tax.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 3
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF OPERATING STATISTICS - SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
Nine Months
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
2010
|
|
|
|
2009
|
|
|
NET OIL, GAS AND LIQUIDS SALES PER DAY
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
|
|
|
|
|
|
|
California
|
|
|
92
|
|
|
|
92
|
|
|
|
92
|
|
|
|
93
|
|
|
Permian
|
|
|
160
|
|
|
|
162
|
|
|
|
160
|
|
|
|
164
|
|
|
Midcontinent Gas
|
|
|
18
|
|
|
|
15
|
|
|
|
18
|
|
|
|
14
|
|
|
Total
|
|
|
270
|
|
|
|
269
|
|
|
|
270
|
|
|
|
271
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
California
|
|
|
276
|
|
|
|
269
|
|
|
|
288
|
|
|
|
240
|
|
|
Permian
|
|
|
122
|
|
|
|
133
|
|
|
|
126
|
|
|
|
127
|
|
|
Midcontinent Gas
|
|
|
258
|
|
|
|
251
|
|
|
|
257
|
|
|
|
265
|
|
|
Total
|
|
|
656
|
|
|
|
653
|
|
|
|
671
|
|
|
|
632
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
|
30
|
|
|
|
30
|
|
|
|
34
|
|
|
|
37
|
|
|
Colombia
|
|
|
36
|
|
|
|
39
|
|
|
|
32
|
|
|
|
40
|
|
|
Total
|
|
|
66
|
|
|
|
69
|
|
|
|
66
|
|
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
|
35
|
|
|
|
27
|
|
|
|
33
|
|
|
|
30
|
|
|
Bolivia
|
|
|
19
|
|
|
|
18
|
|
|
|
15
|
|
|
|
17
|
|
|
Total
|
|
|
54
|
|
|
|
45
|
|
|
|
48
|
|
|
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East / North Africa
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
|
|
|
|
|
|
|
Bahrain
|
|
|
3
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
Dolphin
|
|
|
25
|
|
|
|
26
|
|
|
|
24
|
|
|
|
26
|
|
|
Libya
|
|
|
12
|
|
|
|
9
|
|
|
|
13
|
|
|
|
10
|
|
|
Oman
|
|
|
66
|
|
|
|
50
|
|
|
|
60
|
|
|
|
48
|
|
|
Qatar
|
|
|
79
|
|
|
|
77
|
|
|
|
77
|
|
|
|
78
|
|
|
Yemen
|
|
|
30
|
|
|
|
34
|
|
|
|
32
|
|
|
|
36
|
|
|
Total
|
|
|
215
|
|
|
|
196
|
|
|
|
209
|
|
|
|
198
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
Bahrain
|
|
|
181
|
|
|
|
-
|
|
|
|
169
|
|
|
|
-
|
|
|
Dolphin
|
|
|
250
|
|
|
|
258
|
|
|
|
238
|
|
|
|
258
|
|
|
Oman
|
|
|
47
|
|
|
|
48
|
|
|
|
49
|
|
|
|
50
|
|
|
Total
|
|
|
478
|
|
|
|
306
|
|
|
|
456
|
|
|
|
308
|
|
|
|
|
|
|
|
|
|
|
|
|
Barrels of Oil Equivalent (MBOE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales - MBOE
|
|
|
749
|
|
|
|
702
|
|
|
|
741
|
|
|
|
711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 4
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF OPERATING STATISTICS - PRODUCTION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
Nine Months
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
2010
|
|
|
|
2009
|
|
|
NET OIL, GAS AND LIQUIDS PRODUCTION
|
|
|
|
|
|
|
|
|
|
PER DAY
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
270
|
|
|
|
269
|
|
|
|
270
|
|
|
|
271
|
|
|
Natural Gas (MMCF)
|
|
|
656
|
|
|
|
653
|
|
|
|
671
|
|
|
|
632
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
|
39
|
|
|
|
31
|
|
|
|
37
|
|
|
|
36
|
|
|
Colombia
|
|
|
33
|
|
|
|
38
|
|
|
|
33
|
|
|
|
40
|
|
|
Total
|
|
|
72
|
|
|
|
69
|
|
|
|
70
|
|
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMCF)
|
|
|
54
|
|
|
|
45
|
|
|
|
48
|
|
|
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East / North Africa
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
|
|
|
|
|
|
|
Bahrain
|
|
|
3
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
Dolphin
|
|
|
25
|
|
|
|
26
|
|
|
|
24
|
|
|
|
26
|
|
|
Libya
|
|
|
12
|
|
|
|
10
|
|
|
|
14
|
|
|
|
11
|
|
|
Oman
|
|
|
63
|
|
|
|
51
|
|
|
|
60
|
|
|
|
48
|
|
|
Qatar
|
|
|
78
|
|
|
|
79
|
|
|
|
77
|
|
|
|
79
|
|
|
Yemen
|
|
|
30
|
|
|
|
34
|
|
|
|
32
|
|
|
|
36
|
|
|
Total
|
|
|
211
|
|
|
|
200
|
|
|
|
210
|
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMCF)
|
|
|
478
|
|
|
|
306
|
|
|
|
456
|
|
|
|
308
|
|
|
|
|
|
|
|
|
|
|
|
|
Barrels of Oil Equivalent (MBOE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Worldwide Production - MBOE
|
|
|
751
|
|
|
|
705
|
|
|
|
746
|
|
|
|
711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 5
|
|
|
|
|
|
|
|
|
|
|
|
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. 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 is not considered to be an alternative to
operating income in accordance with generally accepted accounting
principles.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
|
|
|
|
Diluted
|
|
|
|
Diluted
|
|
($ millions, except per-share amounts)
|
|
|
2010
|
|
|
EPS
|
|
|
2009
|
|
|
EPS
|
|
TOTAL REPORTED EARNINGS
|
|
$
|
1,191
|
|
|
$
|
1.46
|
|
|
$
|
927
|
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
$
|
1,745
|
|
|
|
|
$
|
1,464
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items affecting earnings
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Core Results
|
|
|
1,745
|
|
|
|
|
|
1,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
189
|
|
|
|
|
|
72
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items affecting earnings
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Core Results
|
|
|
189
|
|
|
|
|
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream, Marketing and Other
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
163
|
|
|
|
|
|
77
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items affecting earnings
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Core Results
|
|
|
163
|
|
|
|
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment Core Results
|
|
|
2,097
|
|
|
|
|
|
1,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
Corporate Results --
|
|
|
|
|
|
|
|
|
|
Non Segment *
|
|
|
(906
|
)
|
|
|
|
|
(686
|
)
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Discontinued operations, net **
|
|
|
5
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Core Results - Non Segment
|
|
|
(901
|
)
|
|
|
|
|
(684
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CORE RESULTS
|
|
$
|
1,196
|
|
|
$
|
1.47
|
|
|
$
|
929
|
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
* Interest expense, income taxes, G&A expense and other.
|
|
** Amounts shown after tax.
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 6
|
|
|
|
|
|
|
|
|
|
|
|
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
|
|
Diluted
|
|
|
|
Diluted
|
|
($ millions, except per-share amounts)
|
|
|
2010
|
|
|
EPS
|
|
|
2009
|
|
|
EPS
|
|
TOTAL REPORTED EARNINGS
|
|
$
|
3,318
|
|
|
$
|
4.07
|
|
|
$
|
1,977
|
|
|
$
|
2.43
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
$
|
5,417
|
|
|
|
|
$
|
3,092
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Rig Terminations
|
|
|
-
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Core Results
|
|
|
5,417
|
|
|
|
|
|
3,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
327
|
|
|
|
|
|
356
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items affecting earnings
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Core Results
|
|
|
327
|
|
|
|
|
|
356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream, Marketing and Other
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
270
|
|
|
|
|
|
154
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items affecting earnings
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Core Results
|
|
|
270
|
|
|
|
|
|
154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment Core Results
|
|
|
6,014
|
|
|
|
|
|
3,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
Corporate Results --
|
|
|
|
|
|
|
|
|
|
Non Segment *
|
|
|
(2,696
|
)
|
|
|
|
|
(1,625
|
)
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Severance accruals
|
|
|
-
|
|
|
|
|
|
40
|
|
|
|
|
Railcar leases
|
|
|
-
|
|
|
|
|
|
15
|
|
|
|
|
Tax effect of pre-tax adjustments
|
|
|
-
|
|
|
|
|
|
(22
|
)
|
|
|
|
Discontinued operations, net **
|
|
|
18
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Core Results - Non Segment
|
|
|
(2,678
|
)
|
|
|
|
|
(1,585
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CORE RESULTS
|
|
$
|
3,336
|
|
|
$
|
4.09
|
|
|
$
|
2,025
|
|
|
$
|
2.48
|
|
|
|
|
|
|
|
|
|
|
|
|
* Interest expense, income taxes, G&A expense and other.
|
|
** Amounts shown after tax.
|
|
|
|
|
|
Occidental Petroleum Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Generally Accepted Accounting Principles (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
6,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from investing activities
|
|
|
|
|
|
|
|
|
|
|
(4,574
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities
|
|
|
|
|
|
|
|
|
|
|
(1,154
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in cash
|
|
|
|
|
|
|
|
|
|
|
879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
6,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital spending
|
|
|
|
|
|
|
|
|
|
|
(2,814
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid
|
|
|
|
|
|
|
|
|
|
|
(848
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment dividends
|
|
|
|
|
|
|
|
|
|
|
133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
|
|
|
|
|
|
|
|
3,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|