Occidental Petroleum Corporation Second Quarter 2010 Earnings Conference Call July 27, 2010
Second Quarter 2010 Earnings Highlights Core Results - 1.1 Billion vs. 689 Million in 2Q09 Core EPS 1.31 (diluted) vs. 0.85 in 2Q09. Net Income - 1.1 Billion vs. 682 Million in 2Q09 EPS 1.31 (diluted) vs. 0.84 in 2Q09. 2
Second Quarter 2010 Earnings Oil & Gas Segment Variance Analysis 2Q10 vs. 2Q09 Core Results for 2Q10 of 1.853 B vs. 1.083 B in 2Q09 Improvement in 2010 driven mostly by higher commodity prices with additional contributions from…
Second Quarter 2010 Earnings Oil & Gas Segment 2Q10 2Q09 Oil and Gas Production Volumes (mboe/d) 743 717 Year-over-year increase of over 3.5%. 2Q10 production was lower than our guidance due primarily to shortfalls in California and…
Second Quarter 2010 Earnings Oil & Gas Segment Cash Production Costs and Taxes Oil and gas cash production costs, excluding production and property taxes, were 9.90 per boe for 1H10. 2Q10 per boe production costs were slightly lower…
Second Quarter 2010 Earnings Chemical Segment Variance Analysis 2Q10 vs. 2Q09 Core Results for 2Q10 of 108 mm vs. 115 mm in 2Q09 Results reflect improvement from the first quarter 2010 in margins and volumes across most product…
Second Quarter 2010 Earnings Midstream Segment Variance Analysis 2Q10 vs. 2Q09 Core Results for 2Q10 of 13 mm vs. 63 mm in 2Q09 The decrease in earnings was mainly due to a pre-tax 104 million (0.07 after-tax per diluted share) loss at…
Second Quarter 2010 Earnings Six Months Results & Capital Spending YTD2010 YTD2009 Net Income ( mm) 2,127 1,050 EPS (diluted) 2.61 1.29 Capital spending for 2Q10 was about 865 million and 1.7 billion for 1H10. Year to-date…
Second Quarter 2010 Earnings Cash Flow 2010 YTD Free Cash Flow for 1H10 after capex and dividends but before acquisition activity and debt retirements was about 2.1 billion. 5,500 1,700 ( in millions) 760 Cash Flow From 540…
Second Quarter 2010 Earnings Shares Outstanding and Debt Shares Outstanding (mm) YTD10 6/30/10 Weighted Average Basic 812.3 Weighted Average Diluted 813.7 Basic Shares Outstanding 812.8 Diluted Shares Outstanding 814.2 6/30/10…
Second Quarter 2010 Earnings Oil and Gas Production 3Q10 Outlook We expect oil and gas production and sales volumes to be in the range of 750 to 760 mboe/d at about current oil prices. Volume increases in 3Q10 are expected to come…
Second Quarter 2010 Earnings 3Q10 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; A swing of…
Second Quarter 2010 Earnings 3Q10 Outlook For the Chemical segment: Modest volume and margin improvement is expected over 2Q10 levels for chlor-alkali and vinyl products. The Chemical segment is expected to provide earnings for 3Q10…
Second Quarter 2010 Earnings Acquisitions 3Q10 Outlook We have recently negotiated a number of asset acquisitions in the Oil and Gas business that in aggregate would be about 1.5 billion. These expected acquisitions are mainly from…
Second Quarter 2010 Earnings California Update Conventional Drilling Opportunities: During 1H10, we drilled 6 conventional exploration and extension wells in California. Of these, 5 were outside of the Kern County Discovery area.…
Second Quarter 2010 Earnings California Update Unconventional Drilling Opportunities: We also drilled 7 unconventional exploration wells in 1H10, of which 2 were successful and 2 are being tested. We plan to drill 15 additional…
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