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Q1 Earnings Conference Call – Occidental Petroleum Corp

Occidental Petroleum Corp · Apr 26, 2012 · 35 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. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation First Quarter 2012 Earnings Conference Call April 26, 2012
  2. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 2
    First Quarter 2012 Earnings Highlights Net Income - 1.6 Billion in 1Q12 vs. 1.5 Billion in 1Q11 EPS 1.92 (diluted) vs. 1.90 (diluted) in 1Q11. Several factors lowered earnings during 1Q12 by about 5 cents per diluted share,…
  3. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 3
    First Quarter 2012 Earnings Oil & Gas Segment Variance Analysis 1Q12 vs. 1Q11 Core Results for 1Q12 of 2.5 B vs. 2.5 B in 1Q11 ( in millions) * Includes higher foreign exchange losses and higher ad valorem taxes 3
  4. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 4
    First Quarter 2012 Earnings Oil & Gas Production 1Q12 1Q11 Oil and Gas Production Volumes (mboe/d) 755 730 1Q12 production of 755 mboe/d was the highest in the Companys history and was up over 3% from 1Q11. We are the largest liquids…
  5. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 5
    First Quarter 2012 Earnings Oil & Gas Production In the Middle East region: Libya production was 20 mb/d, which included additional entitlements related to the post-2011 civil-unrest period. In Iraq, we produced 5 mb/d, a decrease of…
  6. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 6
    First Quarter 2012 Earnings Oil & Gas Production As a result of higher year-over-year average oil prices and other factors affecting production sharing and similar contracts, 1Q12 production was lower by 10 mboe/d from 1Q11. These…
  7. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 7
    First Quarter 2012 Earnings Oil & Gas Segment Realized Prices 1Q12 realized prices were mixed for our products compared to 4Q11. Our worldwide crude oil realized price was 107.98 per barrel, an increase of 8%, worldwide NGLs were…
  8. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 8
    First Quarter 2012 Earnings Oil & Gas Segment 1Q12 1Q11 Reported Segment Earnings (mm) 2,504 2,468 WTI Oil Price (/bbl) 102.93 94.10 Brent Oil Price (/bbl) 118.35 104.96 NYMEX Gas Price (/mcf) 2.83 4.27 Oxys Realized Prices Worldwide…
  9. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 9
    First Quarter 2012 Earnings Oil & Gas Segment Production Costs and Taxes Oil and gas cash production costs were 14.00 a boe for 1Q12, compared with last year's twelve-month costs of 12.84 a boe and 4Q11 costs of 14.22 per boe. The…
  10. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 10
    First Quarter 2012 Earnings Chemical Segment Variance Analysis 1Q12 vs. 4Q11 Core Results for 1Q12 were 184 mm vs. 144 mm in 4Q11. The sequential quarterly improvement was primarily due to stronger domestic demand for PVC brought…
  11. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 11
    First Quarter 2012 Earnings Chemical Segment Variance Analysis 1Q12 vs. 1Q11 Core Results for 1Q12 were 184 mm vs. 219 mm in 1Q11. The year-over-year decrease was primarily a result of lower export volumes and higher raw material…
  12. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 12
    First Quarter 2012 Earnings Midstream Segment Variance Analysis 1Q12 vs. 4Q11 Core Results for 1Q12 were 184 mm vs. 144 mm in 4Q11. The improvement in earnings was in the marketing and trading businesses. ( in millions) 12
  13. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 13
    First Quarter 2012 Earnings Taxes The worldwide effective tax rate was 42% for 1Q12. The increase over our guidance was due to higher Libya liftings. Our 1Q12 US and foreign tax rates are included in the Investor Relations…
  14. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 14
    First Quarter 2012 Earnings 2012 YTD Cash Flow Cash flow from operations for 1Q12 was 2.8 billion, representing a 600 million increase from 1Q11. We also used about 300 million of cash for working capital during the quarter. 6,600…
  15. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 15
    First Quarter 2012 Earnings 1Q12 Capital Expenditures Capital expenditures for 1Q12 were 2.4 billion, slightly lower than the run rate incurred in 4Q11. Year-to-date capital expenditures by segment were 84% in oil and gas, 14% in…
  16. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 16
    First Quarter 2012 Earnings Shares Outstanding & Debt/Capital Shares Outstanding (mm) 1Q12 3/31/12 Weighted Average Basic 810.5 Weighted Average Diluted 811.3 Basic Shares Outstanding 810.5 Diluted Shares Outstanding 811.3…
  17. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 17
    First Quarter 2012 Earnings Key Performance Metrics Occidentals 1Q12 production set an all time record for the Company and, for the sixth consecutive quarter, the domestic oil and gas segment produced record volumes. 1Q12 domestic…
  18. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 18
    First Quarter 2012 Earnings Key Performance Metrics Focusing on total return to our shareholders, in February, we increased our annual dividends by 0.32, or by 17%, to 2.16 per share. Our annualized return on equity for the first…
  19. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 19
    First Quarter 2012 Earnings Capital Program In 1Q12, our capital spending was 2.4 billion. The current capital run rate may come down over the course of the year as certain projects, such as the Elk Hills gas plant, are…
  20. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 20
    First Quarter 2012 Earnings Capital Program Domestic Operations California The rig count at the end of the 1Q12 was about the same as the 31 we were running at year-end 2011. We expect the rig count to remain at current levels…
  21. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 21
    First Quarter 2012 Earnings Capital Program Domestic Operations California Our traditional Elk Hills production on a BOE basis has declined 14% since we began this program, while the remainder of our California production,…
  22. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 22
    First Quarter 2012 Earnings California Total Production Volumes Our traditional Elk Hills production on a BOE basis has declined 14% since we shifted our development program focusing on opportunities outside traditional Elk Hills.…
  23. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 23
    First Quarter 2012 Earnings California Liquids Production Volumes Essentially all of the production increase outside traditional Elk Hills came from liquids. Excluding the traditional Elk Hills, liquids production was up about 35%,…
  24. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 24
    First Quarter 2012 Earnings California Total Production Volumes OCCIDENTAL PETROLEUM TOTAL CALIFORNIA PRODUCTION VOLUMES Volumes in MBOEPD Change from Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q4'10 vs Q1'12 Traditional Elk Hills 63…
  25. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 25
    First Quarter 2012 Earnings California Liquids Production Volumes OCCIDENTAL PETROLEUM TOTAL CALIFORNIA PRODUCTION VOLUMES Liquids in MBOEPD; Gas Volumes in MMCFPD Change from Liquids Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q4'10 vs…
  26. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 26
    First Quarter 2012 Earnings Capital Program Domestic Operations Permian The rig count at the end of 1Q12 was 26, three more than we were running at year-end 2011. We expect our rig count to remain at about this level during the…
  27. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 27
    First Quarter 2012 Earnings Oxy Acreage in Select Permian Basin Plays Acreage in Select Permian Basin Plays Thousands of Acres Oxy Acreage in Likely Oxy Acreage Limits Net Working Net Working Play Gross Interest Gross Interest…
  28. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 28
    First Quarter 2012 Earnings Capital Program Domestic Operations Midcontinent and Other In Williston, our rig count was 13 at March 31, down from 14 at year-end 2011. We expect that our rig count will be about 6 by the end of 2012.…
  29. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 29
    First Quarter 2012 Earnings Capital Program International Operations The Al Hosn Shah gas project is approximately 38% complete and is progressing as planned. This project made up about 10% of our total capital program for 1Q12. If…
  30. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 30
    First Quarter 2012 Earnings Oil and Gas 2Q12 Production Outlook As we look ahead to 2Q12, we expect oil and gas production to be as follows: We expect our domestic production to grow by 3 to 4 mboe/d each month from the current…
  31. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 31
    First Quarter 2012 Earnings Oil and Gas 2Q12 Production Outlook The Middle East region production is expected to be as follows: Production has resumed in our operations in Libya and averaged 20 mb/d in 1Q12, including entitlements…
  32. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 32
    First Quarter 2012 Earnings 2Q12 Outlook Oil and Gas We expect sales and production volumes in 2Q12 to be about equal, subject to the scheduling of liftings. A 5.00 change in global oil prices would impact our PSC daily volumes by…
  33. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 33
    First Quarter 2012 Earnings 2Q12 Outlook Chemicals & Taxes The chemical segment 2Q12 earnings are estimated to be about 175 million. We expect lower natural gas prices and improvements in the exports of vinyl chloride monomer (VCM)…
  34. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 34
    First Quarter 2012 Earnings Summary To summarize: We closed the quarter with an all time record total Company production and the sixth consecutive record domestic oil and gas production. As the largest liquids producer in the lower 48…
  35. Q1 Earnings Conference Call – Occidental Petroleum Corp – slide 35
    First Quarter 2012 Earnings Q&A 35

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