Occidental Petroleum Corporation First Quarter 2011 Earnings Conference Call April 28, 2011
First Quarter 2011 Earnings Highlights Core Results - 1.6 Billion vs. 1.1 Billion in 1Q10 Core EPS 1.96 (diluted) vs. 1.35 in 1Q10. Non-core items amounted to a net after-tax charge of 44 mm, which included: pre-tax gain of 225 mm…
First Quarter 2011 Earnings Oil & Gas Operations We reorganized our Permian operations into two business units. One unit will hold the CO2 flood assets and the other will operate the conventional production. In connection with…
First Quarter 2011 Earnings Oil & Gas Segment Variance Analysis 1Q11 vs. 1Q10 Core Results for 1Q11 of 2.5 Billion vs. 1.9 Billion in 1Q10 Realized prices increased 24% for crude oil in 2011 and 11% for NGL prices on a year-over- year…
First Quarter 2011 Earnings Oil & Gas Segment 1Q11 4Q10 Oil and Gas Production Volumes (mboe/d) 730 714 The production guidance we gave you in last quarters conference call of 740 to 750 mboe/d was at an 85 average oil price…
First Quarter 2011 Earnings Oil & Gas Segment 1Q11 Oil & Gas Production Guidance Reconciliation (thousand boe/d) Oil & Gas Production Earlier 1Q11 Guidance Range 740 750 Price Impact (10) (10) Guidance Adjusted for Price 730 740…
First Quarter 2011 Earnings Oil & Gas Segment 1Q11 1Q10 Oil and Gas Sales Volumes (mboe/d) 728 685 + 6% year-over-year Sales volumes of 728 mboe/d, which was higher than our guidance of 725 mboe/d, differ from production volumes…
First Quarter 2011 Earnings Oil & Gas Segment 1Q11 Oil & Gas Sales Guidance Reconciliation (thousand boe/d) Oil & Gas Sales Earlier 1Q11 Guidance 725 Price Impact (10) Guidance Adjusted for Price 715 Weather Impact (7) 708…
First Quarter 2011 Earnings Oil & Gas Segment Cash Production Costs and Taxes Oil and gas cash production costs were 11.30 a barrel for 1Q11, compared with last year's twelve-month costs of 10.19 a barrel. The increase reflects…
First Quarter 2011 Earnings Chemical Segment Variance Analysis 1Q11 vs. 1Q10 Core Results for 1Q11 were 219 mm vs. 30 mm in 1Q10, and greater than our earlier guidance. These results are among the best ever reported for the Chemical…
First Quarter 2011 Earnings Midstream Segment Variance Analysis 1Q11 vs. 1Q10 Core Results for 1Q11 of 114 mm vs. 94 mm in 1Q10 The sequential decrease in Midstream segment earnings from 202 mm in 4Q10 was mainly due to lower marketing…
First Quarter 2011 Earnings Capital Spending and Rig Activity Capital spending for 1Q11 was 1.3 billion. Of this, about 88% was in Oil and Gas, 10% in Midstream and the remainder in Chemicals. We are currently operating 16 rigs in…
First Quarter 2011 Earnings 2011 YTD Cash Flow Free cash flow from continuing operations after capex and dividends but before acquisition and debt activity was about 500 million. 1,000 1,300 ( in millions) 4,800 3,000 2,700…
First Quarter 2011 Earnings Acquisitions Our acquisition expenditures in 1Q11 were 3 billion. The acquisitions included the previously announced South Texas purchase and properties in California and the Permian. Excluding the South…
First Quarter 2011 Earnings Shares Outstanding and Debt Shares Outstanding (mm) 1Q11 3/31/11 Weighted Average Basic 812.6 Weighted Average Diluted 813.4 Basic Shares Outstanding 812.6 Diluted Shares Outstanding 813.4 3/31/11…
First Quarter 2011 Earnings Oil and Gas Production & Sales 2Q11 Outlook At 1Q11 average oil prices of about 95 WTI, we expect 2Q11 oil and gas production volumes to be as follows: Domestic volumes are expected to increase to about 425…
First Quarter 2011 Earnings Oil and Gas Production & Sales 2Q11 Outlook With regard to 2Q11 production from the Middle East region (contd): In Yemen, almost all of our production comes from concessions operated by others. In…
First Quarter 2011 Earnings Capex Increase We are increasing our total year capital program to 6.8 billion, with about 500 million of the increase related to the Shah Field development program subsequent to the effective date of our…
First Quarter 2011 Earnings 2Q11 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 34 mm; The average…
First Quarter 2011 Earnings 2Q11 Outlook The Chemical segment 2Q11 earnings are expected to be comparable to 1Q11. We expect continuation of 1Q11 trends with sufficient gains from strong exports and seasonal demand improvement…
First Quarter 2011 Earnings California Update We are continuing the program as discussed in last quarters conference call, which is progressing with satisfactory results. Permitting is still an issue but we have recently obtained…
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