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Q3 Earnings Conference Call – Occidental Petroleum Corp

Occidental Petroleum Corp · Oct 27, 2011 · 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. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation Third Quarter 2011 Earnings Conference Call October 27, 2011
  2. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 2
    Third Quarter 2011 Earnings Highlights Core Results - 1.8 Billion vs. 1.2 Billion in 3Q10 Core EPS 2.18 (diluted) vs. 1.48 in 3Q10. Net Income - 1.8 Billion vs. 1.2 Billion in 3Q10 EPS 2.17 (diluted) vs. 1.46 in 3Q10. The…
  3. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 3
    Third Quarter 2011 Earnings Oil & Gas Segment Variance Analysis 3Q11 vs. 3Q10 Core Results for 3Q11 of 2.6 B vs. 1.8 B in 3Q10 and 2.6 B in 2Q11 Higher volumes in 3Q11, compared to 2Q11, resulted in flat quarter-to-quarter income…
  4. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 4
    Third Quarter 2011 Earnings Oil & Gas Segment 3Q11 3Q10 Reported Segment Earnings (mm) 2,612 1,757 WTI Oil Price (/bbl) 89.76 76.20 Brent Oil Price (/bbl) 112.22 76.41 NYMEX Gas Price (/mcf) 4.28 4.53 Oxys Realized Prices Worldwide Oil…
  5. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 5
    Third Quarter 2011 Earnings Oil & Gas Volumes 3Q11 3Q10 Oil and Gas Sales Volumes (mboe/d) 743 713 Oil and Gas Production Volumes (mboe/d) 739 706 Year-over-year increase of greater than 4.5% (2010 volumes included production from…
  6. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 6
    Third Quarter 2011 Earnings Oil & Gas Production US production was 436 mboe/d, representing the highest ever domestic production volumes for the company, compared to our guidance of 430 to 432 mboe/d. Our production in CA rose by 6…
  7. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 7
    Third Quarter 2011 Earnings Oil & Gas Production In the Middle East region: We recorded no production in Libya. In Iraq, we produced 4 mboe/d. Yemen production was 28 mboe/d, slightly ahead of our guidance. In Oman, 3Q11…
  8. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 8
    Third Quarter 2011 Earnings Oil & Gas Segment Realized Prices and Differentials 3Q11 realized prices declined for all our products from 2Q11: Worldwide crude oil realized price was 97.24 p/b, a decrease of 6%. Worldwide NGLs were…
  9. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 9
    Third Quarter 2011 Earnings Oil & Gas Segment Cash Production Costs and Taxes Oil and gas cash production costs were 12.36 per boe for the first nine months of 2011, compared with last year's twelve-month costs of 10.19 per boe. The…
  10. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 10
    Third Quarter 2011 Earnings Chemical Segment Variance Analysis 3Q11 vs. 3Q10 Core Results for 3Q11 were 245 mm vs. 253 mm in 2Q11 and 189 mm in 3Q10. The year-over-year improvement reflects higher margins across most product lines.…
  11. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 11
    Third Quarter 2011 Earnings Midstream Segment Variance Analysis 3Q11 vs. 3Q10 Core Results for 3Q11 were 77 mm vs. 187 mm in 2Q11 and 163 mm in 3Q10. The decreases from 2Q11 and 3Q10 earnings were due to losses from our Phibro unit…
  12. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 12
    Third Quarter 2011 Earnings Taxes The worldwide effective tax rate was 38% for 3Q11. Our higher proportionate domestic income brought us closer to the US statutory rates. Our 3Q11 US and foreign tax rates are included in the…
  13. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 13
    Third Quarter 2011 Earnings Nine Months Results & Capital Spending YTD2011 YTD2010 Core Income (mm) 5,187 3,377 Core EPS (diluted) 6.37 4.14 Net Income (mm) 5,137 3,318 EPS (diluted) 6.31 4.07 Cash flow from operations for 9…
  14. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 14
    Third 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 2.6 billion. 600 5,000 11,200 ( in millions) Cash Flow…
  15. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 15
    Third Quarter 2011 Earnings Net Acquisition Expenditures Our net acquisition expenditures in the first nine months were 1.5 billion, which are net of proceeds from the sale of our Argentina operations. The acquisitions included the…
  16. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 16
    Third Quarter 2011 Earnings Shares Outstanding, Debt and ROE Shares Outstanding (mm) YTD11 9/30/11 Weighted Average Basic 812.6 Weighted Average Diluted 813.3 Basic Shares Outstanding 811.2 Diluted Shares Outstanding 812.1…
  17. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 17
    Third Quarter 2011 Earnings Oxys Strategy Oxys overriding goal is to maximize Total Shareholder Return. We believe this can be achieved through a combination of: 1. Growing our oil and gas production by 5% to 8% per year on…
  18. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 18
    Third Quarter 2011 Earnings Oxys Strategy Oil and gas production The impact of our capital program and increase in drilling activity has started to have a visible impact on our domestic oil and gas production volumes. Compared to…
  19. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 19
    Third Quarter 2011 Earnings Oxys Strategy Oil and gas production Compared to the prior year, total company 3Q11 production of 739 mboe/d was affected by a 7% decline in our international production. This reduction was the result of…
  20. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 20
    Third Quarter 2011 Earnings Oxys Strategy Returns ROE Oxys annualized return on equity for the first nine months of 2011 was 20%. ROCE Oxys annualized return on capital employed for the first nine months of 2011 was 18%. We…
  21. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 21
    Third Quarter 2011 Earnings Oxys Strategy Dividend growth Our ability to pay dividends is indicated by our free cash flow generation. Free cash flow after interest, taxes and capital spending, but before dividends, acquisitions and…
  22. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 22
    Third Quarter 2011 Earnings 4Q11 Outlook US oil and gas production We expect 4Q11 oil and gas production to be as follows: Domestic volumes are expected to increase by about 3 to 4 mboe/d per month from the current quarterly…
  23. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 23
    Third Quarter 2011 Earnings 4Q11 Outlook Domestic Asset Review California For the year, we expect to drill and complete 154 shale wells outside Elk Hills, compared to the 107 wells we had indicated at the beginning of the year.…
  24. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 24
    Third Quarter 2011 Earnings 4Q11 Outlook Domestic Asset Review California Our conventional drilling program is progressing somewhat better than planned. There has been no significant change in the status of permitting issues in the…
  25. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 25
    Third Quarter 2011 Earnings 4Q11 Outlook Domestic Asset Review Permian & Williston In the Permian operations: Our CO2 flood production is progressing according to plan. We expect our rig count to be about 24 in 4Q11. Our non-CO2…
  26. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 26
    Third Quarter 2011 Earnings 4Q11 Outlook International Oil and Gas Internationally, we believe that once the current uncertainties are behind us, including the resolution of the situation in Libya and the achievement of a sustained…
  27. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 27
    Third Quarter 2011 Earnings 4Q11 Outlook International Oil and Gas The Middle East region production is expected to be as follows for 4Q11: At this point, we expect no significant production from Libya. Our joint venture…
  28. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 28
    Third Quarter 2011 Earnings 4Q11 Outlook Oil and Gas At quarter-end prices, we expect total production to increase to around 745 mboe/d as a result of the 3 to 4 mboe/d per month coming from domestic production. We expect sales…
  29. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 29
    Third Quarter 2011 Earnings 4Q11 Outlook Chemicals & Taxes The chemical segment earnings in 4Q11, historically the weakest quarter, are expected to be about 100 mm. This reduction from the third quarter is due to seasonal slowdowns…
  30. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 30
    Third Quarter 2011 Earnings Summary Our 3Q11 core income of 2.18 per share was about 12% higher than the analysts consensus estimate. Our 3Q11 oil and gas earnings of 2.6 billion were essentially unchanged from 2Q11, despite a 6 p/b…
  31. Q3 Earnings Conference Call – Occidental Petroleum Corp – slide 31
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