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Q4 2011 Earnings Conference Call – Occidental Petroleum Corp

Occidental Petroleum Corp · Jan 25, 2012 · 31 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. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation Fourth Quarter 2011 Earnings Conference Call January 25, 2012
  2. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 2
    Fourth Quarter 2011 Earnings Highlights Net Income - 1.6 Billion in 4Q11 vs. 1.2 Billion in 4Q10 EPS 2.01 (diluted) vs. 1.49 in 4Q10. Consolidated pre-tax income from continuing operations - 2.6 Billion in 4Q11 vs. 2.9 Billion in…
  3. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 3
    Fourth Quarter 2011 Earnings Oil & Gas Segment Variance Analysis 4Q11 vs. 3Q11 Core Results for 4Q11 of 2.537 B vs. 2.612 B in 3Q11 Higher oil volumes and prices, were offset by higher operating costs, higher equity- based…
  4. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 4
    Fourth Quarter 2011 Earnings Oil & Gas Segment 4Q11 3Q11 Reported Segment Earnings (mm) 2,537 2,612 WTI Oil Price (/bbl) 94.06 89.76 Brent Oil Price (/bbl) 109.07 112.22 NYMEX Gas Price (/mcf) 3.68 4.28 Oxys Realized Prices Worldwide…
  5. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 5
    Fourth Quarter 2011 Earnings Oil & Gas Production 4Q11 3Q11 Oil and Gas Production Volumes (mboe/d) 748 739 Domestically, production was 449 mboe/d, representing the highest ever domestic production volumes for the company, compared…
  6. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 6
    Fourth Quarter 2011 Earnings Oil & Gas Production Latin America volumes were 31 mboe/d. Colombia volumes increased slightly from 3Q11 while both periods included pipeline interruptions caused by insurgent activity. In the Middle East…
  7. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 7
    Fourth Quarter 2011 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 59% of WTI and realized domestic…
  8. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 8
    Fourth Quarter 2011 Earnings Oil & Gas Segment Production Costs and Taxes 4Q11 operating costs were about 130 mm higher than 3Q11 as a result of higher workover and well maintenance activity driven by our program to increase…
  9. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 9
    Fourth Quarter 2011 Earnings Chemical Segment Variance Analysis 4Q11 vs. 3Q11 Core Results for 4Q11 were 144 mm vs. 245 mm in 3Q11. The sequential drop in income was the result of seasonal factors. *Power sold to the grid during…
  10. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 10
    Fourth Quarter 2011 Earnings Midstream Segment Variance Analysis 4Q11 vs. 3Q11 Core Results for 4Q11 were 70 mm vs. 77 mm in 3Q11. ( in millions) 10
  11. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 11
    Fourth Quarter 2011 Earnings Taxes and Other The significantly higher year-end Oxy stock price, compared to the distressed levels at the end of 3Q11, affected the quarterly valuation of equity-based compensation plans reducing 4Q11…
  12. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 12
    Fourth Quarter 2011 Earnings Full Year 2011 Results FY2011 FY2010 Core Income (mm) 6,828 4,664 Core EPS (diluted) 8.39 5.72 Net Income (mm) 6,771 4,530 EPS (diluted) 8.32 5.56 Cash flow from operations for the twelve months of…
  13. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 13
    Fourth Quarter 2011 Earnings Full Year 2011 Cash Flow Free cash flow from continuing operations after capex and dividends, but before acquisition and debt activity, was about 3.4 billion. ( in millions) Cash Flow From Shah -…
  14. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 14
    Fourth Quarter 2011 Earnings One and Two Year Simplified Cash Flow One year cash flow 12/31/11 Two year cash flow 12/31/11 Total debt, Total debt, net of cash net of cash at 12/31/10 2.5 B at 12/31/09 1.6 B Total debt, Total debt, net…
  15. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 15
    Fourth Quarter 2011 Earnings 2011 Capital Expenditures Capital expenditures for 2011 were approximately 7.5 billion, of which about 2.6 billion was incurred in 4Q11. Higher 4Q11 capital partially reflected the gradual ramp-up of our…
  16. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 16
    Fourth Quarter 2011 Earnings Net Acquisition Expenditures Our net acquisition expenditures in the twelve months were 2.2 billion, which are net of proceeds from the sale of our Argentina operations. The acquisitions included the…
  17. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 17
    Fourth Quarter 2011 Earnings Shares Outstanding, Debt and ROE & ROCE Shares Outstanding (mm) 2011 12/31/11 Weighted Average Basic 812.1 Weighted Average Diluted 812.9 Basic Shares Outstanding 810.5 Diluted Shares Outstanding…
  18. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 18
    Fourth Quarter 2011 Earnings DD&A, Oil and Gas Operating Costs Oil and Gas DD&A expense was 11.48 per BOE for 2011. We expect the Oil and Gas segment DD&A rate to be about 14 per barrel in 2012. The total Chemical and Midstream…
  19. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 19
    Oxys Three Main Performance Criteria Production Growth, Strong Returns & Dividend Growth We finished a strong year in terms of the three main performance criteria outlined last quarter. Our domestic oil and gas production grew by…
  20. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 20
    Oxys Three Main Performance Criteria Production Growth, Strong Returns & Dividend Growth We increased our annual dividends by 0.32 or by 21%, to 1.84 per share. We expect to announce a further dividend increase after the meeting…
  21. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 21
    2012 Capital Program We have ample legitimate opportunities in our domestic oil and gas business where we could deploy capital. We have tried to manage the program to a level that is realistic at current price levels, and as a…
  22. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 22
    Capital Program 2012E vs. 2011 Actual We are increasing our capital program approximately 10% in 2012 to 8.3 billion from the 7.5 billion we spent in 2011. About 500 million of this increase will be in the US, mainly in the Permian…
  23. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 23
    2012 Capital Program Domestic Oil & Gas and Related Midstream Projects In domestic oil gas and related We currently expect the rig count to midstream projects, development remain constant in 1H12 at 31, the same capital will be…
  24. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 24
    2012 Capital Program Domestic Oil & Gas and Related Midstream Projects In the Permian operations, we Our rig count at year-end 2011 expect to spend about 20% of was 23; our total capital. We expect our rig count to ramp up during…
  25. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 25
    2012 Capital Program Domestic Oil & Gas and Related Midstream Projects In the Midcontinent and other In Williston we increased our operations, we expect to spend acreage in 2011 from 204,000 around 14% of our total capital to…
  26. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 26
    2012 Capital Program International Development and, Exploration Capital Total international development The Al Hosn Shah gas project will capital will be about 30% of the continue to increase spending in total company capital…
  27. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 27
    Fourth Quarter 2011 Earnings Oil and Gas 2012 Production Outlook As we look ahead to 2012, we expect oil and gas production to be as follows: In 1H12, we expect our domestic production to grow 3 to 4 mboe/d each month from the…
  28. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 28
    Fourth Quarter 2011 Earnings 1Q12 Outlook Oil and Gas At current prices, we expect total 1Q12 sales volumes to be comparable to 4Q11 volumes, depending on the scheduling of liftings. A 5.00 change in global oil prices would impact…
  29. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 29
    Fourth Quarter 2011 Earnings 1Q12 Outlook Chemicals & Taxes The chemical segment 1Q12 earnings are expected to be about 165 mm with seasonal demand improvement expected in the second and third quarters. We expect that lower natural…
  30. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 30
    Fourth Quarter 2011 Earnings Summary To summarize: We closed out 2011 on a solid note, with record high domestic oil and gas production in 4Q11, which was also ahead of our guidance. We continued to generate strong financial returns…
  31. Q4 2011 Earnings Conference Call – Occidental Petroleum Corp – slide 31
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