Occidental Petroleum Corporation Quarter 2 2018 Earnings Release Schedules Index
Schedule #1
Schedule Description
Summary Highlights
2
Segment ResultsBeforeTax Allocations
3
Segment ResultsAfterTax Allocations
4
Non-Core Adjustments Detail
Beforetax allocationsAftertax allocations
5 6 7
GAAP Consolidated Condensed Statements of Operations
Condensed Balance Sheets
Condensed Statement of Cash Flows - Including GAAP reconciliations Details of Depreciation, Depletion and Amortization and Capital Expenditures
8
Daily Production - TOTAL REPORTED
9
Daily Production - PRO FORMA FOR ONGOING OPERATIONS
(EXCLUDES OPERATIONS SOLD, EXITED AND EXITING)
10
Sales Volumes and Realized Prices
11 12
Oil and Gas $/BOE Costs
Segment Core Results Pre-tax Variance Roll-forwards
SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
2017
2018
Quarterly
Qtr 1
Qtr 2
Qtr 3
Qtr 4
TY
Qtr 1
Qtr 2
Qtr 3
Net income (loss)
Reported Income (Loss) ($ millions) Reported EPS - Diluted ($/share) Effective tax rate
$ 117 $
$ 0.15 $ 40%
Core Income (Loss) ($ millions) Core EPS - Diluted ($/share) Effective tax rate
$ 117 $
$ 0.15 $ 40%
507 $ 0.66 $ 36% 119 $ 0.15 $ 37%
190 $ 0.25 $ 31% 137 $ 0.18 $ 29%
497 $ 1,311 0.65 $ 1.70 -653% 1%
$ 708 $
$ 0.92 $ 32%
848$1.10$
- -$ $
26%#DIV/0!
313 $ 686 0.41 $ 0.89 40% 37%
$ 708 $
$ 0.92 $ 32%
848$1.10$
- -$ $
26%#DIV/0!
Average Shares Outstanding
Basic (millions)
Diluted (millions)
764.4 765.2
764.9 765.9
765.5 766.4
765.5 765.1 766.4 765.9
765.6 767.0
765.7 767.4
- -
Production - Reported
Total US (MBOE/D) US oil (MBBL/D) Worldwide (MBOE/D) Worldwide sales (MBOE/D)
303 192 584 583
296 195 601 603
297 199 600 600
319 304
214 200
621 602
624 603
336 228 609 610
358 240 639 622
- - - -
Production - Ongoing Operations
Total US (MBOE/D)
US oil (MBBL/D) Worldwide (MBOE/D) Worldwide sales (MBOE/D)
278 190 559 558
289 195 594 596
297 199 600 600
319 296
214 200
621 594
624 595
336 228 609 610
358 240 639 622
- - - -
Realizations
Worldwide oil ($/BBL) Worldwide NGL ($/BBL) Domestic gas ($/MCF)
$ 49.04 $
$ 21.59 $
$ 2.68 $
46.55 $ 18.90 $ 2.23 $
46.19 $ 20.73 $ 2.15 $
53.67 $ 48.93 25.08 $ 21.63 2.08 $ 2.31
$ 61.04 $
$ 25.35 $
$ 2.06 $
63.12$27.21$1.49$
- - -$ $ $
Cash Flows ($ millions)
Operating before working capital Working capital changes
$ 1,048 $
1,031 $
1,084 $
1,511 $ 4,674
$ 1,697 $
(535)
81
9
Other, net
(8)
737
(7)
(48) (493) (42) 680
(688)
1,988$(232)
-
-
- - -
$
Operating cash flow Capital expenditures
$ 505 $
1,849 $
1,086 $
1,421
$
$ (752) $
(779) $
(947) $
(1,160) $
4,861 (3,638)
$ 1,009
$
1,756
$
$ (1,032) $
(1,287)$
- -$ $
Qtr 4 | ||
- | $ | 1,556 |
- | $ | 2.02 |
#DIV/0! | 29% | |
- | $ | 1,556 |
- | $ | 2.02 |
#DIV/0! | 29% | |
- | 765.7 | |
- | 767.2 | |
- | 347 | |
- | 234 | |
- | 624 | |
- | 616 | |
- | 347 | |
- | 234 | |
- | 624 | |
- | 616 | |
- | $ | 62.07 |
- | $ | 26.34 |
- | $ | 1.76 |
- | $ | 3,685 |
- | (920) | |
- | - | |
- | $ | 2,765 |
- | $ | (2,319) |
YTD
2017
2018
Year-to-date
Mar
Jun
Sep
Dec
Mar
Jun
Sep
Dec
Net income
Reported Income ($ millions) Reported EPS - Diluted ($/share) Effective tax rate
$ 117 $
$ 0.15 $ 40%
Core Income ($ millions) Core EPS - Diluted ($/share) Effective tax rate
$ 117 $
$ 0.15 $ 40%
624 $ 0.81 $ 37% 236 $ 0.31 $ 38%
814 $ 1.06 $ 36% 373 $ 0.48 $ 35%
1,311 1.70 1% 686 0.89 37%
$ 708 $ 1,556
$ 0.92 $ 2.02 32% 29%
$ 708 $ 1,556
$ 0.92 $ 2.02 32% 29%
Average Shares Outstanding
Basic (millions)
Diluted (millions)
764.4 765.2
764.7 765.5
764.9 765.7
765.1 765.9
765.6 765.7 767.0 767.2
Production - Reported
Total US (MBOE/D) US oil (MBBL/D) Worldwide (MBOE/D) Worldwide sales (MBOE/D)
303 192 584 583
300 194 593 593
299 196 595 595
304 200 602 603
336 347
228 234
609 624
610 616
Production - Ongoing Operations
Total US (MBOE/D)
US oil (MBBL/D) Worldwide (MBOE/D) Worldwide sales (MBOE/D)
278 190 559 558
284 193 577 577
288 195 584 584
296 200 594 595
336 347
228 234
609 624
610 616
Realizations
Worldwide oil ($/BBL) Worldwide NGL ($/BBL) Domestic gas ($/MCF)
$ 49.04 $
$ 21.59 $
$ 2.68 $
47.77 $ 20.18 $ 2.48 $
47.23 $ 20.37 $ 2.38 $
48.93 21.63 2.31
$ 61.04 $ 62.07
$ 25.35 $ 26.34
$ 2.06 $ 1.76
Cash Flows ($ millions)
Operating before working capital Working capital changes
$ 1,048 $
(535)
Other, net
(8)
2,079 $ (454) 729
3,163 $ (445) 722
4,674
$ 1,697 $
(493)
(688)
3,685$(920)
3,685 $ (920)
3,685
680
-
-
-
(920) -
Operating cash flow Capital expenditures
$ 505 $
2,354
$
3,440
$
4,861
$ 1,009
$
2,765
$
2,765
$
2,765
$ (752) $
(1,531) $
(2,478) $
(3,638)
$ (1,032) $
(2,319)$
(2,319) $
(2,319)
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.
Segment ResultsBeforeTax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
Effective Tax Rate
Reported Results
Oil & Gas
Domestic Foreign ExplorationChemical
Midstream and Marketing
Segment Income Corporate
Interest
Other
Pre-tax Income Taxes
Federal and state
Foreign
Net Income
Reported earnings per share
Basic
Diluted
Non-core Adjustments
Oil & Gas
Domestic Foreign
Chemical
Midstream and Marketing
Segment Income (Loss) Corporate
Other
Pre-tax Income (Loss) Taxes
Federal and state
Foreign
Net Income
Core Results
Oil & Gas
Domestic Foreign Exploration
Chemical
Midstream and Marketing
Segment Income Corporate
Interest
Other
Pre-tax Income Taxes
Federal and state
Foreign
Net Income
Core earnings per share
Basic
Effective Tax Rate
Diluted
2017
2018
Qtr 1
Qtr 2
Qtr 3
Qtr 4
YTD
$
255 $ 300
$ 555
502 495 997
(7) (15) (22)
750 780
-
-1,530
298 317 615
179 250 429
1,227 1,347
-
-2,574
(92) (91) (183)
(88) (106) (194)
1,047 1,150
-
-2,197
(95) (76) (171)
(244) (226) (470)
$
708
$ $
0.92 0.92 32%
Qtr 1
$
- $ - - - -
- -- - -
$
-
Qtr 1
$
255 $
502
$
848
$
-$
-
$
1,556
$ 1.10
$ 2.02
$ 1.10
$ 2.02
26%
#DIV/0!
#DIV/0!
29%
Qtr 2
Qtr 3
Qtr 4
YTD
-$- - - -
- $ - - - -
-$- - - -
- - - - -
- -
- -- -
- -- - -
- - -- - -
- - -
$
-
$
-$
-
$
-
Qtr 2
Qtr 3
Qtr 4
YTD
300$
-
-$ 555
495- -997
(7)
(15)- -(22)
750
780- -1,530
298
317- -615
179
250- -429
1,227
1,347- -2,574
(92)
(91)- -(183)
(88) 1,047
(106)- -(194)
1,150- -2,197
(95) (244)
(76)- -(171)
(226)- -(470)
$
708
$
848
$
-$
-
$
1,556
$ $
0.92 0.92 32%
$ 1.10
$ 2.02
$ 1.10
$ 2.02
26%
#DIV/0!
#DIV/0!
29%
Segment ResultsAfterTax Allocations (Amounts in millions, except per share amounts)Reported Results
Oil & Gas
Domestic Foreign ExplorationChemical
Midstream and Marketing
Segment Income Corporate
Interest
Other
Taxes Net IncomeReported earnings per share
Basic
Diluted
Non-core Adjustments
Oil & Gas
Domestic Foreign ExplorationChemical
Midstream and Marketing
Segment Income (Loss) Corporate
Interest
Other
Taxes Net Income
Core Results
Oil & Gas
Domestic Foreign ExplorationChemical
Midstream and Marketing
Segment Income Corporate
Interest
Other
Taxes Net IncomeCore earnings per share
Basic
Diluted
Reconciliation - Diluted Earnings Per ShareReported Diluted Earnings Per Share
After-Tax Non-Core Adjustments
Oil & Gas
Domestic Foreign Exploration
Chemical
Midstream and Marketing Corporate
Interest Other Taxes
Total After-Tax Non-Core Adjustments
Core Diluted Earnings Per Share
Average Diluted Shares Outstanding (millions)The difference between reported average diluted shares outstanding and core average diluted shares outstanding is immaterial and does not impact the calculation of core earnings per share. As such, core earnings per share is calculated as core earnings (loss) divided by reported average diluted shares outstanding.
Non-Core Adjustments Detail
(Amounts in millions)
Oil & Gas
Before Tax Allocations
Domestic
Asset sales gains
Asset impairments and related itemsForeign
Asset sales gains
Asset impairments and related itemsTotal Oil and GasChemical
Asset sale gains Total ChemicalMidstream and Marketing
Asset and equity investment gains Asset impairments and related items Total Midstream
Corporate
No non-core items Total CorporateTaxes (a) Totals
After Tax Allocations
Oil & Gas
Domestic
Asset sales gains
Asset impairments and related items
Foreign
Asset sales gains
Asset impairments and related itemsTotal Oil and GasChemical
Asset sale gains Total ChemicalMidstream and Marketing
Asset and equity sales gains
Asset impairments and related items Total Midstream
Corporate
No non-core items Total CorporateTaxes (a)
Income From Continuing Operations Totals
(a) The fourth quarter of 2017 amount included benefits recognized due to the change in federal tax law and tax rate.
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OXY - Occidental Petroleum Corporation published this content on 08 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 August 2018 20:24:13 UTC