Occidental Petroleum Corporation Second Quarter 2011 Earnings Conference Call July 26, 2011
Second Quarter 2011 Earnings Highlights Core Results - 1.8 Billion vs. 1.1 Billion in 2Q10 Core EPS 2.23 (diluted) vs. 1.32 in 2Q10. Net Income - 1.8 Billion vs. 1.1 Billion in 2Q10 EPS 2.23 (diluted) vs. 1.31 in 2Q10. 2
Second Quarter 2011 Earnings Oil & Gas Segment Variance Analysis 2Q11 vs. 2Q10 Core Results for 2Q11 of 2.6 Billion vs. 1.9 Billion in 2Q10 The improvement in 2011 was driven mainly by higher commodity prices. Sales volumes for 2Q11…
Second Quarter 2011 Earnings Oil & Gas Sales Our 2Q11 sales volume guidance, which assumed a 95 WTI oil price, was 725 mboe p/d, which translates to about 720 mboe p/d at the higher actual prices for the quarter. Our actual volumes…
Second Quarter 2011 Earnings Oil & Gas Segment Cash Production Costs and Taxes Oil and gas cash production costs were 11.88 a barrel for the first six months of 2011, compared with last year's twelve-month costs of 10.19 a barrel.…
Second Quarter 2011 Earnings Chemical Segment Variance Analysis 2Q11 vs. 1Q11 Core Results for 2Q11 were 253 mm vs. 219 mm in 1Q11. The second quarter results, one of the highest ever reported for the Chemical segment, reflect higher…
Second Quarter 2011 Earnings Midstream Segment Variance Analysis 2Q11 vs. 1Q11 Core Results for 2Q11 were 187 mm vs. 114 mm in 1Q11, and 13 mm in 2Q10. The increase from 1Q11 earnings was mainly due to higher marketing income and…
Second Quarter 2011 Earnings Taxes The worldwide effective tax rate was 38% for 2Q11. Our higher proportionate domestic income brought us closer to the US statutory rates. Our 2Q11 US and foreign tax rates are included in the…
Second Quarter 2011 Earnings Six Months Results & Capital Spending YTD2011 YTD2010 Core Income (mm) 3,412 2,174 Core EPS (diluted) 4.19 2.67 Net Income (mm) 3,366 2,127 EPS (diluted) 4.13 2.61 Cash flow from operations for 1H11…
Second 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 1.8 billion. 8,200 3,000 ( in millions) Cash Flow From…
Second Quarter 2011 Earnings Net Acquisition Expenditures Our net acquisition expenditures in 1H11 were 1.2 billion, which are net of proceeds from the sale of our Argentina operations. The acquisitions included the South Texas…
Second Quarter 2011 Earnings Shares Outstanding, Debt and ROE Shares Outstanding (mm) YTD11 6/30/11 Weighted Average Basic 812.5 Weighted Average Diluted 813.3 Basic Shares Outstanding 812.5 Diluted Shares Outstanding 813.3…
Second Quarter 2011 Earnings Oil and Gas Production & Sales 2H11 Outlook At average oil prices of about 95 WTI, we expect the back half of the year oil and gas production to be as follows: Domestic volumes are expected to increase by…
Second Quarter 2011 Earnings Oil and Gas Production & Sales 2H11 Outlook The Middle East region production is expected as follows (contd): In Qatar, we expect to gradually regain the production rate lost due to planned maintenance and…
Second Quarter 2011 Earnings 2H11 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 37 mm; The average…
Second Quarter 2011 Earnings 2H11 Outlook The Chemical segment 3Q11 earnings are expected to moderate to about 225 mm, mostly due to seasonal factors. 3Q11 Chemical segment results are expected to reflect continued strong export…
Second Quarter 2011 Earnings Activity In California, we expect our current drilling program should result in more predictable production growth going forward. The status of permitting is generally unchanged from the prior quarter. We…
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