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Q2 Earnings Conference Call – Occidental Petroleum Corp

Occidental Petroleum Corp · Jul 26, 2012 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation p Second Quarter 2012 Earnings Conference Call July 26, 2012
  2. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 2
    Second Quarter 2012 Earnings Highlights Net Income - 1.3 Billion in 2Q12 vs. 1.8 Billion in 2Q11 and 1.6 1 6 Billion in 1Q12. 1Q12 EPS 1.64 (diluted) vs. 2.23 (diluted) in 2Q11 and 1.92 ((diluted)) in 1Q12. All of the drop in…
  3. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 3
    Second Quarter 2012 Earnings Oil & Gas Segment Variance Analysis 2Q12 vs. 1Q12 Core Results for 2Q12 of 2.0 B vs. 2.5 B in 1Q12 All of the drop in 2Q12 earnings compared to 1Q12 was attributable to the decline in commodity prices.…
  4. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 4
    Second Quarter 2012 Earnings Oil & Gas Segment Variance Analysis 2Q12 vs. 2Q11 Core Results for 2Q12 of 2.0 B vs. 2.6 B in 2Q11 ( in millions) 2,624 389 237 205 185 34 5 2,043 2Q11 Sales Price Sales Volume Higher Higher…
  5. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 5
    Second Quarter 2012 Earnings Oil & Gas Production 2Q12 2Q11 Oil and Gas Production Volumes (mboe/d) 766 715 Th The highest hi h volume l in i the h Company's C ' history hi for f the h second d consecutive quarter, +7%…
  6. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 6
    Second Quarter 2012 Earnings Oil & Gas Production In the Middle East region, volumes were 271 mboe/d: In Oman, 2Q12 production was 72 mboe/d, 2 mboe/d lower than 1Q12 volumes volumes. In Qatar, 2Q12 production was 74 mb/d, 2 mb/d…
  7. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 7
    Second Quarter 2012 Earnings Oil & Gas Segment Realized Prices 2Q12 realized prices were lower for our products compared p to 1Q12. Q Our worldwide crude oil realized price was 99.34 per barrel, a decrease of about 8%; worldwide…
  8. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 8
    Second Quarter 2012 Earnings Oil & Gas Segment Realized Prices Realized oil prices for the quarter represented 106% of the average WTI and 91% of the average Brent price. Realized NGL prices were 45% of WTI and realized domestic gas…
  9. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 9
    Second Quarter 2012 Earnings Oil & Gas Segment 2Q12 2Q11 Reported Segment Earnings (mm) 2,043 2,624 WTI Oil Price (/bbl) 93.49 102.56 Brent Oil Price (/bbl) 108.90 117.36 NYMEX Gas Price (/mcf) 2.28 4.23 Oxys y Realized Prices…
  10. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 10
    Second Quarter 2012 Earnings Oil & Gas Segment Production Costs and Taxes Oil and gas cash production costs were 14.50 a boe for the first six months of 2012 2012, compared with last year's twelve-month costs of 12.84 a boe. The…
  11. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 11
    Second Quarter 2012 Earnings Chemical Segment Variance Analysis 2Q12 vs. 1Q12 Core Results for 2Q12 were 194 mm vs. 184 mm in 1Q12. The sequential quarterly improvement was due to improved polyvinyl chloride (PVC) and vinyl chloride…
  12. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 12
    Second Quarter 2012 Earnings Chemical Segment Variance Analysis 2Q12 vs. 2Q11 Core Results for 2Q12 were 194 mm vs. 253 mm in 2Q11. The year-over-year decrease was the result of lower domestic and export caustic volumes, lower VCM…
  13. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 13
    Second Quarter 2012 Earnings Midstream Segment Variance Analysis 2Q12 vs. 1Q12 Core Results for 2Q12 were 77 mm vs. 131 mm in 1Q12. The decline in earnings was mostly in the marketing and trading businesses and to a lesser degree in…
  14. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 14
    Second Quarter 2012 Earnings Midstream Segment Variance Analysis 2Q12 vs. 2Q11 Core Results for 2Q12 were 77 mm vs. 187 mm in 2Q11. (( in millions)) 28 23 187 106 9 77 2Q11 Pi li Pipelines G Processing Gas P i…
  15. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 15
    Second Quarter 2012 Earnings Taxes The worldwide effective tax rate was 40% for 2Q12. Our 2Q12 U.S. and foreign g tax rates are included in the Investor Relations Supplemental Schedules. 15
  16. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 16
    Second Quarter 2012 Earnings 2012 YTD Cash Flow Cash flow from operations for the first six months of 2012 was 6 billion. We used 5.1 billion of the companys total cash flow to fund capital expenditures and 1 billion for…
  17. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 17
    Second Quarter 2012 Earnings Capital Expenditures & Acquisitions Capital expenditures for the first six months of 2012 were 5.1 billion, of which 2.7 billion was spent in 2Q12. Year-to-date capital expenditures by segment were 82%…
  18. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 18
    Second Quarter 2012 Earnings Shares Outstanding & Debt/Capital Shares Outstanding (mm) 2H12 6/30/12 Weighted Average Basic 810.4 810 4 Weighted Average Diluted 811.2 Basic Shares Outstanding 809.4 Diluted Shares Outstanding…
  19. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 19
    Second Quarter 2012 Earnings Key Performance Metrics Occidentals 2Q12 production set an all-time record for the Company for the second consecutive quarter and the domestic oil and gas segment produced record volumes for the seventh…
  20. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 20
    Second Quarter 2012 Earnings Capital Program We are raising our estimate of the total year capital program to 9.2 billion, from our previously announced level of 8.3 billion. Of the increase, increase about 600 million is for the…
  21. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 21
    Second Quarter 2012 Earnings 2012 Updated Capital Expenditure Program 200 100 9,200 600 8 300 8,300 ( in millions) Initial Capital p Al Hosn Domestic Outside All Others Current Capital p Program Operated Program 21
  22. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 22
    Second Quarter 2012 Earnings 2012 vs. 2011 Capital Program 5,500 2012 2011 4,343 ( in millions) 1,764 1,500 1,200 1,000 950 461 (a) Domestic Al Hosn Rest of International Chemical / All Other (a) Excludes the 500…
  23. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 23
    Second Quarter 2012 Earnings Capital Program Al Hosn The Al Hosn Shah gas project is approximately 49% complete p and is progressing p g g as planned. p This project made up about 11% of our total capital program for the first…
  24. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 24
    Second Quarter 2012 Earnings Capital Program Domestic Operations In our domestic operations, we expect the total average rig count at current levels of about 75 to go down to an average of 70 by y the end of the y year. However,…
  25. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 25
    Second Quarter 2012 Earnings Capital Program Domestic Operations In California, we are continuing to see improvement with respect to permitting issues relative to last year year. We have received approved field rules and new…
  26. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 26
    Second Quarter 2012 Earnings Oil and Gas 2H12 Outlook As we look ahead to production expectations in 2H12: Over the past year, we have generally achieved our 6 to 8 mboe/d quarter-over-quarter domestic production increase…
  27. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 27
    Second Quarter 2012 Earnings Oil and Gas 2H12 Outlook A 5.00 change in global oil prices would impact our d il volumes daily l by b about b t 3 mboe/d. b /d TheTh financial fi i l impact i t of this volume change is…
  28. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 28
    Second Quarter 2012 Earnings 3Q12 Outlook Chemicals & Taxes The chemical segment 3Q12 earnings are estimated to b about be b t 175 million. illi Weakness in export demand, conditions in Europe and China, slowdown in U.S. demand…
  29. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 29
    Second Quarter 2012 Earnings Summary To summarize: We closed the quarter with a second consecutive all-time record total Company production and the seventh consecutive record domestic oil and gas production. We increased our total…
  30. Q2 Earnings Conference Call – Occidental Petroleum Corp – slide 30
    Second Quarter 2012 Earnings Q&A 30

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