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