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Q3 Earnings Conference Call – Occidental Petroleum Corp

Occidental Petroleum Corp · Oct 19, 2010 · 21 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. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation Third Quarter 2010 Earnings Conference Call October 19, 2010
  2. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 2
    Third Quarter 2010 Earnings Highlights Core Results - 1.2 Billion vs. 929 Million in 3Q09 Core EPS 1.47 (diluted) vs. 1.14 in 3Q09. Net Income - 1.2 Billion vs. 927 Million in 3Q09 EPS 1.46 (diluted) vs. 1.14 in 3Q09. 2
  3. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 3
    Third Quarter 2010 Earnings Oil & Gas Segment Variance Analysis 3Q10 vs. 3Q09 Core Results for 3Q10 of 1.745 B vs. 1.464 B in 3Q09 Improvement in 2010 driven mostly by higher commodity prices with additional contributions from higher…
  4. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 4
    Third Quarter 2010 Earnings Oil & Gas Segment 3Q10 3Q09 Reported Segment Earnings ( mm) 1,745 1,464 WTI Oil Price (/bbl) 76.20 68.30 NYMEX Gas Price (/mcf) 4.53 3.60 Oxys Realized Prices Worldwide Oil (/bbl) 70.71 62.79 US…
  5. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 5
    Third Quarter 2010 Earnings Oil & Gas Segment 3Q10 3Q09 Oil and Gas Production Volumes (mboe/d) 751 705 Oil and Gas Sales Volumes (mboe/d) 749 702 Year-over-year increases of over 6.5%. Most of the year-over-year production increases…
  6. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 6
    Third Quarter 2010 Earnings Oil & Gas Segment Cash Production Costs and Taxes Oil and gas cash production costs, excluding production and property taxes, were 10.25 per boe for YTD 2010. Full-year 2009 costs were 9.37 a boe. The…
  7. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 7
    Third Quarter 2010 Earnings Chemical Segment Variance Analysis 3Q10 vs. 2Q10 Core Results for 3Q10 of 189 mm vs. 108 mm in 2Q10 Results reflect improvement from 2Q10 in both volumes and margins across most product lines. Export markets…
  8. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 8
    Third Quarter 2010 Earnings Midstream Segment Variance Analysis 3Q10 vs. 3Q09 Core Results for 3Q10 of 163 mm vs. 77 mm in 3Q09 The increase in earnings was mainly due to trading and marketing income and higher margins in the pipeline…
  9. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 9
    Third Quarter 2010 Earnings Nine Months Results & Capital Spending YTD2010 YTD2009 Net Income ( mm) 3,318 1,977 EPS (diluted) 4.07 2.43 Core Income ( mm) 3,336 2,025 EPS (diluted) 4.09 2.48 Capital spending for 3Q10 was…
  10. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 10
    Third Quarter 2010 Earnings Shares Outstanding and Debt Shares Outstanding (mm) YTD10 9/30/10 Weighted Average Basic 812.4 Weighted Average Diluted 813.8 Basic Shares Outstanding 812.6 Diluted Shares Outstanding 814.0 9/30/10…
  11. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 11
    Third Quarter 2010 Earnings Cash Flow 2010 YTD 2010 YTD free cash flow after capex and dividends but before acquisition activity and debt retirements was about 3.1 billion. 7,800 2,820 ( in millions) 1,940 Cash Flow From…
  12. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 12
    Third Quarter 2010 Earnings Acquisitions Our acquisition costs in 3Q10 were 1.1 billion and we expect to spend about 300 million in the first part of 4Q10. Through these acquisitions we expect to add about 10 mboe/d average…
  13. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 13
    Third Quarter 2010 Earnings Rig Activity Drilling rigs At the beginning of 2010 we were running 11 development rigs in California and 5 rigs in the Permian. We are currently running 16 drilling rigs in California and 9 in the…
  14. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 14
    Third Quarter 2010 Earnings Rig Activity Workover rigs In the Permian, we are currently running 94 workover rigs, compared with the 57 rigs we had at the beginning of the year. We currently expect to be operating 110 rigs at the end…
  15. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 15
    Third Quarter 2010 Earnings Oil and Gas Production 4Q10 Outlook We expect oil and gas production and sales volumes to be in the range of 760 to 770 mboe/d at 3Q10 average oil prices. Volume increases in 4Q10 are expected to come…
  16. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 16
    Third Quarter 2010 Earnings 4Q10 Outlook Commodity Price Sensitivity Earnings At current market prices, a 1.00 per barrel change in oil prices impacts oil and gas quarterly earnings before income taxes by about 39 mm; A swing of…
  17. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 17
    Third Quarter 2010 Earnings 4Q10 Outlook The Chemical segment is expected to provide earnings for 4Q10 of 100 to 120 million. The fourth quarter is usually the weakest quarter for the business. We expect that continued margin…
  18. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 18
    Third Quarter 2010 Earnings Century Plant The Century Plant has just started operations and will be providing additional CO2 to support growth in our Permian operations. We expect that the plant will yield about 180 mmcf/d of CO2…
  19. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 19
    Third Quarter 2010 Earnings California Update Exploration Activity: During the first nine months of 2010, we drilled 7 conventional exploration and extension wells in California. Of these, 5 were outside of the Kern County Discovery…
  20. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 20
    Third Quarter 2010 Earnings California Update We are continuing to have problems with our gas processing and gathering infrastructure at Elk Hills. As a result, we expect our gas and related NGL production to be about flat in 4Q10.…
  21. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 21
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