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Q4 2010 Earnings Conference Call – Occidental Petroleum Corp

Occidental Petroleum Corp · Jan 26, 2011 · 22 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 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation Fourth Quarter 2010 Earnings Conference Call January 26, 2011
  2. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 2
    Fourth Quarter 2010 Earnings Highlights Core Results - 1.3 Billion vs. 1.1 Billion in 4Q09 Core EPS 1.58 (diluted) vs. 1.35 in 4Q09. Net Income - 1.2 Billion vs. 938 Million in 4Q09 EPS 1.49 (diluted) vs. 1.15 in 4Q09. 2
  3. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 3
    Fourth Quarter 2010 Earnings Highlights Argentina has been classified as a discontinued operation; therefore, its results have been excluded from continuing operations, net of tax, for all periods. Argentina has not been profitable…
  4. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 4
    Fourth Quarter 2010 Earnings Oil & Gas Segment Variance Analysis 4Q10 vs. 4Q09 Core Results for 4Q10 of 1.941 B vs. 1.869 B in 4Q09 Realized crude oil prices increased 11 percent in 2010 but domestic natural gas prices declined 5…
  5. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 5
    Fourth Quarter 2010 Earnings Oil & Gas Segment 4Q10 4Q09 Oil and Gas Production Volumes (mboe/d) 753 717 Year-over-year increase of 5%. 4Q10 production of 753 mboe/d was slightly higher than 3Q10 of 751 mboe/d. 4Q10 volumes,…
  6. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 6
    Fourth Quarter 2010 Earnings Oil & Gas Segment 4Q10 4Q09 Oil and Gas Sales Volumes (mboe/d) 751 722 Sales volumes differ from production volumes above due mainly to a 4Q10 lifting in Argentina, which slipped from 3Q10, partially…
  7. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 7
    Fourth Quarter 2010 Earnings Oil & Gas Segment 4Q10 4Q09 Reported Segment Earnings ( mm) 1,666 1,869 WTI Oil Price (/bbl) 85.17 76.19 NYMEX Gas Price (/mcf) 3.85 4.29 Oxys Realized Prices Worldwide Oil (/bbl) 79.96 71.74 US…
  8. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 8
    Fourth Quarter 2010 Earnings Chemical Segment Variance Analysis 4Q10 vs. 4Q09 Core Results for 4Q10 of 111 mm vs. 33 mm in 4Q09 Chemical segment earnings for 4Q10 were 111 million and in line with our earlier guidance. ( in…
  9. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 9
    Fourth Quarter 2010 Earnings Midstream Segment Variance Analysis 4Q10 vs. 4Q09 Core Results for 4Q10 of 202 mm vs. 81 mm in 4Q09 Midstream segment earnings for 4Q10 increased compared to 163 mm in 3Q10 and 81 mm in 4Q09. The increase…
  10. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 10
    Fourth Quarter 2010 Earnings Full Year 2010 Results & Capital Spending FY2010 FY2009 Net Income (mm) 4,530 2,915 EPS (diluted) 5.56 3.58 Core Income (mm) 4,664 3,192 EPS (diluted) 5.72 3.92 Income for the twelve months of…
  11. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 11
    Fourth Quarter 2010 Earnings Oil & Gas Segment Cash Production Costs and Taxes Oil and gas cash production costs, which exclude production and property taxes, were 10.19 per boe for 2010, excluding Argentina. Full-year 2009 costs were…
  12. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 12
    Fourth Quarter 2010 Earnings Full Year 2010 Cash Flow Free cash flow from continuing operations after capex and dividends but before acquisition activity and debt retirements was about 4.3 billion. 2,600 3,900 ( in millions)…
  13. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 13
    Fourth Quarter 2010 Earnings Shares Outstanding, Debt and Returns Shares Outstanding (mm) 2010 12/31/10 Weighted Average Basic 812.5 Weighted Average Diluted 813.8 Basic Shares Outstanding 812.5 Diluted Shares Outstanding 813.9…
  14. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 14
    Fourth Quarter 2010 Earnings Acquisitions & Reserve Replacement Our acquisition costs in 4Q10 were 3.1 billion, which included the previously announced purchases and oil and gas bolt-on properties, mainly in the Permian. We expect to…
  15. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 15
    Fourth Quarter 2010 Earnings Oil and Gas Production 1Q11 Outlook Our 1Q11 production will be impacted by the following factors: We will no longer report Argentina production; The timing of the completion of the new acquisitions;…
  16. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 16
    Fourth Quarter 2010 Earnings Oil and Gas Production 1Q11 Outlook Production for 1Q11 is expected to grow 4% to 5% on a sequential basis. (assumes 85 WTI) (thousand boe/d) 49 750 714 8 5 39 740 4Q10 without Elk Hills Dolphin…
  17. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 17
    Fourth Quarter 2010 Earnings 1Q11 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 41 mm; The average…
  18. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 18
    Fourth Quarter 2010 Earnings 1Q11 Outlook The Chemical segment is expected to provide earnings for 1Q11 of about 125 million. We expect margins and volumes to continue to improve as the economy strengthens. We expect our combined…
  19. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 19
    Fourth Quarter 2010 Earnings Capital Spending and DD&A Full Year 2011 Outlook We expect capital spending for the total year 2011 to be about 6.1 billion compared to the total 2010 capital of 3.9 billion. Both amounts exclude…
  20. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 20
    Fourth Quarter 2010 Earnings Capital Spending 2010 Actual & 2011 Outlook Chemicals & Chemicals & Midstream California Midstream California 20% 21% 15% 20% Exploration 7% Exploration 5% Permian Permian 13% 14% MENA MENA 27%…
  21. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 21
    Fourth Quarter 2010 Earnings California Update We have about 520 geologically viable (so-called de-risked) shale drilling locations in California excluding traditional Elk Hills. Of these locations, about 250 are both outside of Elk…
  22. Q4 2010 Earnings Conference Call – Occidental Petroleum Corp – slide 22
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