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Analyst Meeting – Occidental Petroleum Corp

Occidental Petroleum Corp · May 19, 2010 · 197 slides

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Slides

  1. Analyst Meeting – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation 2010 Analyst Meeting New York City May 19, 2010
  2. Analyst Meeting – Occidental Petroleum Corp – slide 2
    Todays Meeting Agenda Welcome Chris Stavros, VP Investor Relations 8:30 am 8:45 am Introduction and Corporate Goal Dr. Ray R. Irani, Chairman and CEO 8:45 am 9:15 am International Oil & Gas Sandy Lowe, President, Oxy Oil & Gas…
  3. Analyst Meeting – Occidental Petroleum Corp – slide 3
    Dr. Ray R. Irani Chairman and Chief Executive Officer Dr. Ray R. Irani has been Chairman and Chief Executive Officer of Occidental Petroleum Corporation since 1990. He has been a director of the company since 1984 and served as…
  4. Analyst Meeting – Occidental Petroleum Corp – slide 4
    Stephen I. Chazen President and Chief Financial Officer Occidental Petroleum Corporation Stephen I. Chazen is President and Chief Financial Officer of Los Angeles-based Occidental Petroleum Corporation (Oxy), an international oil…
  5. Analyst Meeting – Occidental Petroleum Corp – slide 5
    Edward A. (Sandy) Lowe President, Oxy Oil and Gas International Production Vice President, Occidental Petroleum Corporation Edward A. (Sandy) Lowe is President, Oxy Oil and Gas International Production, and a Vice President of…
  6. Analyst Meeting – Occidental Petroleum Corp – slide 6
    William E. Albrecht President, Oxy Oil and Gas USA Vice President, Occidental Petroleum Corporation William E. (Bill) Albrecht is President of Oxy Oil and Gas USA and a Vice President of Occidental Petroleum Corporation (Oxy). Oxy…
  7. Analyst Meeting – Occidental Petroleum Corp – slide 7
    Anita M. Powers Executive Vice President, Oxy Oil and Gas Worldwide Exploration Vice President, Occidental Petroleum Corporation Anita M. Powers is Executive Vice President, Oxy Oil and Gas Worldwide Exploration, and a Vice…
  8. Analyst Meeting – Occidental Petroleum Corp – slide 8
    Todd A. Stevens Vice President, Acquisitions and Corporate Finance Occidental Petroleum Corporation Vice President, California Operations Todd A. Stevens is Vice President, Acquisitions and Corporate Finance, at Occidental…
  9. Analyst Meeting – Occidental Petroleum Corp – slide 9
    Occidental Petroleum Corporation Dr. Ray R. Irani Chairman and Chief Executive Officer May 19, 2010
  10. Analyst Meeting – Occidental Petroleum Corp – slide 10
    Oxy Goal Top quartile total shareholder return as compared to peers 2
  11. Analyst Meeting – Occidental Petroleum Corp – slide 11
    Key Elements to Achieve Goal Grow production 5-8% compounded over a multi-year period Maintain return-based focus 15+% after tax for U.S. assets 20+% after tax for foreign assets Increase dividend payout annually Low level of…
  12. Analyst Meeting – Occidental Petroleum Corp – slide 12
    Additional Elements to Achieve Goal Strong Health, Environment and Safety performance Bulk of the assets in the United States Maintain oil focus with significant natural gas exposure Capture new projects in the Middle East Make…
  13. Analyst Meeting – Occidental Petroleum Corp – slide 13
    Actual Worldwide Production 800 Thousand BOE/Day 675 714 7.9% 700 633 CAGR 601 600 519 500 400 300 200 100 0 2005 2006 2007 2008 2009 US International Notes: 1) From continuing operations; 2) This schedule reflects…
  14. Analyst Meeting – Occidental Petroleum Corp – slide 14
    Worldwide Production Outlook Thousand BOE/Day (Assumes 75 WTI Price) 1200 1,118 1,033 R 1000 CAG 9.4% 946 6.2% 837 Base 800 CA GR 756 CAGR 7.9% 675 714 633 601 600 519 400 200 0 2005 2006 2007 2008 2009 2010 2011…
  15. Analyst Meeting – Occidental Petroleum Corp – slide 15
    Additional Middle East Opportunities Abu Dhabi Oman Iraq 7
  16. Analyst Meeting – Occidental Petroleum Corp – slide 16
    Todays Focus Sandy Lowe, President, Oxy Oil & Gas International Production Latin America Bahrain Oman Iraq Bill Albrecht, President, Oxy Oil & Gas USA Permian CO2 Growth Deep Inventory of Drilling Projects 8
  17. Analyst Meeting – Occidental Petroleum Corp – slide 17
    Todays Focus Anita Powers, EVP Worldwide Exploration California Conventional Exploration Todd Stevens, VP California Operations California Unconventional Plays 9
  18. Analyst Meeting – Occidental Petroleum Corp – slide 18
    Todays Focus Steve Chazen, President & Chief Financial Officer Midstream & Chemicals Production Forecast Capital Forecast Acquisition Strategy Cash Flow Priorities Investment Attributes Questions & Answers 10
  19. Analyst Meeting – Occidental Petroleum Corp – slide 19
    International Oil & Gas Sandy Lowe President, Oxy Oil & Gas International Production May 19, 2010
  20. Analyst Meeting – Occidental Petroleum Corp – slide 20
    International Producing Areas Libya Iraq Qatar Bahrain UAE Oman Yemen Colombia Bolivia Argentina Focus Areas 2
  21. Analyst Meeting – Occidental Petroleum Corp – slide 21
    Latin America Net Production Mboepd 2010 Outlook 79 2014 Outlook 95 - 105 75 WTI 3
  22. Analyst Meeting – Occidental Petroleum Corp – slide 22
    Colombia BU Highlights Llanos Basin 3 B boe Remaining Oil In Place (ROIP) Cano Limon - 15 infill wells in 2010 Covenas LLN-COV pipeline New Fields on trend with Cano Limon Venezuela Some stratigraphic reserves upside 2 exploration…
  23. Analyst Meeting – Occidental Petroleum Corp – slide 23
    Argentina Asset Overview Oxy Argentina Concessions Cuyo Basin Current Province Concessions Proved Reserves Net Production (MMboe) (Mboepd) Neuquen Basin Santa Cruz 15 118 39 Chubut 1 3 2 Mendoza 7 9 4 TOTAL 23 130 45…
  24. Analyst Meeting – Occidental Petroleum Corp – slide 24
    Argentina 2010 6 B boe ROIP Oxy Argentina currently operates 2,200 active wells 85% oil 26 waterflood projects, 13 gas plants 2010 plan Sign 10 year contract extension, adding over 72 MMboe of proven reserves Production growth of…
  25. Analyst Meeting – Occidental Petroleum Corp – slide 25
    Argentina Future Plans Contract extension increases the term to 2025 Opportunity to fully develop and exploit these prolific reservoirs Continue production growth at 9% per year through 2014 Perform near field, low risk exploration -…
  26. Analyst Meeting – Occidental Petroleum Corp – slide 26
    Middle East/North Africa Net Production Mboepd 2010 Outlook 286 2014 Outlook 358 - 381 75 WTI 8
  27. Analyst Meeting – Occidental Petroleum Corp – slide 27
    Libya Re-Development Plan 7 B boe ROIP Tripoli Mediterranean Sea Nafoora Augila Field 255 new wells and 32 workovers Benghazi Install 1 MMBD processing & water Gulf of Sidra NC143 NC145 injection facilities and 100 MW 29B…
  28. Analyst Meeting – Occidental Petroleum Corp – slide 28
    Yemen 2 B bo ROIP Saudi Arabia Block S-1 producing 9 Mbopd gross East Shabwa producing 60 Mbopd Block 14 Masila gross Yemen Shibam ( Block 10 Masila producing 71 Mbopd gross East Shabwa As Salif Sana ( Block S-1 Damis…
  29. Analyst Meeting – Occidental Petroleum Corp – slide 29
    Qatar Oil & Gas Fields Idd El Shargi North Dome Bahrain Al Rayyan (ISND) 4 B bo ROIP Idd El Shargi South Dome (ISSD) 800 MM bo ROIP Dolphin Gas Project Al Rayyan 300 MM bo ROIP 2010 Gross Production 118 Idd El Shargi Mbopd, Net…
  30. Analyst Meeting – Occidental Petroleum Corp – slide 30
    Qatar ISND Enhancing Production ISND applying modern Bahrain Bahrain technology Gross Production 105 Mbopd Extensive Horizontal Drilling Tight matrix waterflood Idd El Shargi North Dome (ISND) Multi-lateral production Qatar…
  31. Analyst Meeting – Occidental Petroleum Corp – slide 31
    Qatar Projects Phase 1 1994 2001 Drilled 77 Wells Added gas lift and water injection facilities Multi-lateral production and injection Phase 2 2002 2005 Drilled 50 Wells Added power, gas compression and water injection facilities…
  32. Analyst Meeting – Occidental Petroleum Corp – slide 32
    14
  33. Analyst Meeting – Occidental Petroleum Corp – slide 33
    Oxy Qatar Gross Oil Production 140 Oxy operated since 1994 thousands of barrels of oil per day 120 100 80 60 previous operators 40 20 0 87 89 91 93 95 97 99 01 03 05 07 09 19 19 19 19…
  34. Analyst Meeting – Occidental Petroleum Corp – slide 34
    Dolphin Project Iran Delivering 2.0 Bcfd to UAE Block 12 Al Rayyan and 200 MMcfd to Oman Dolphin markets Al Hawailah 48 Export Pipeline Gross Production over Doha ISND ISSD Dubai Fujayrah 530 Mboepd Jebel Ali Qatar Umm Said…
  35. Analyst Meeting – Occidental Petroleum Corp – slide 35
    Dolphin Gas Project Oxy Metrics Ras Laffan Plant Oxy share 24.5% 2010 Gross production 537 Mboepd, Net production 64 Mboepd Fee income for UAE distribution and 3rd party sales increasing 2014 expected Gross production 535…
  36. Analyst Meeting – Occidental Petroleum Corp – slide 36
    Dolphin Fee Income 300 250 200 Millions 150 100 50 0 2009 2014 Long Term Avg 18
  37. Analyst Meeting – Occidental Petroleum Corp – slide 37
    Oxy Oman History Oxy commenced operation of the UAE Gulf of Oman Safah field in 1984 Safah Over 500 wells drilled and 30 fields 9 Block 62 discovered in Blocks 9 and 27 Muscat 27 62 Mukhaizna acquired in 2005 Saudi Arabia…
  38. Analyst Meeting – Occidental Petroleum Corp – slide 38
    Oman Gross Production Growth 1984 2010 Mboepd 200 190 180 154 160 140 115 120 97 100 100 87 80 70 60 50 36 40 42 44 39 41 45 46 31 35 40 24 26 27 12 19 20 2 3 6 1 0 96 98 00 02 04 06 Es 08 84 86 88 90…
  39. Analyst Meeting – Occidental Petroleum Corp – slide 39
    Oman Blocks 9 & 27 2.1 B boe ROIP Gross Production 3D Seismic Coverage currently at record 91 Safah Field Mboepd Exploration Block 9 Near field, low risk Added 50Mmboe over last five years Block 27 Multi-year inventory Expect…
  40. Analyst Meeting – Occidental Petroleum Corp – slide 40
    Oman Block 62 Oman Block 62 Oxy is partnered with Oman Oil Company and Mubadala Maradi Huraymah Field KM-1H1 Develop Maradi Huraymah Field Appraise 3 gas discoveries Rasafah Discovery 5 wells Habiba Discovery 2 drilled at…
  41. Analyst Meeting – Occidental Petroleum Corp – slide 41
    Oman Mukhaizna World Class Steam flood UAE Gulf of Oman 2 B bo ROIP Safah Discovered in 1975 in South 9 Block 62 Central Oman Muscat 27 62 Cold production commenced 1992 Saudi Arabia Oxy assumed operation Oman September 1,…
  42. Analyst Meeting – Occidental Petroleum Corp – slide 42
    Water Treatment Plant 2010 MECHANICAL VAPOR COMPRESSORS 7 TRAINS LARGEST EVER BUILT CONDITION WATER FOR BOILER FEED 43 MBWPD PER TRAIN 24
  43. Analyst Meeting – Occidental Petroleum Corp – slide 43
    Bahrain Field Development Plan Increase long term gross oil production from 30,000 to over 100,000 Bopd Increase total sales gas rate from 1.1 Bcfd to over 2 Bcfd Gross oil production expected to be 70,000 to 75,000 Bopd by 2014…
  44. Analyst Meeting – Occidental Petroleum Corp – slide 44
    Bahrain Field Development Kingdom 7 B bo ROIP Arabian of Bahrain Gulf 17 TCF remaining gas in place (RGIP) Bahrain JV with OXY, Mubadala & Nogaholding Field 19 Reservoirs Development includes several new reservoirs including…
  45. Analyst Meeting – Occidental Petroleum Corp – slide 45
    Bahrain Work Activities Drilling over 2,500 wells Increase the rig fleet building up to 6 drilling rigs and 6 workover rigs Implement new recovery processes Waterfloods Steam injection Increase fluid and gas handling capacity…
  46. Analyst Meeting – Occidental Petroleum Corp – slide 46
    Iraq Zubair Field Agreement Signed January 2010 allows Oxy to: (CNPC, Halfaya CNPC, Total, & Petronas) Petronas) Produce oil Iraq Iran Take payment in kind West Qurna- Qurna-2 (Lukoil & Statoil) Majnoon (Shell, Petronas)…
  47. Analyst Meeting – Occidental Petroleum Corp – slide 47
    Iraq Contract Features Contract allows for quick cost recovery At current prices, payback occurs in 4 years, sooner if prices rise Maximum cash outlay at risk is 800 million Ultimate recovery net to Oxy is 210 MMBO at current…
  48. Analyst Meeting – Occidental Petroleum Corp – slide 48
    Iraq Current Activities Consortium presence of 40 personnel currently in Zubair increasing to 150 by year end Consortium working with the Iraqi South Operating Company (SOC) to form the Zubair Field Operating Division (ZFOD)…
  49. Analyst Meeting – Occidental Petroleum Corp – slide 49
    International Net Production MBOEPD 2010 2014 Outlook Estimate Middle East / Africa 286 358-381 Latin America 79 95-105 TOTAL 365 453-486 31
  50. Analyst Meeting – Occidental Petroleum Corp – slide 50
    International Summary 5 years Grow: Oman gross production from 190 to 240 Mboepd Bahrain gross oil production from 30 to 75 Mbopd Bahrain gross gas production from 1.1 to 1.6 Bcfd Argentina gross production from 50 to 85 Mboepd Iraq…
  51. Analyst Meeting – Occidental Petroleum Corp – slide 51
    United States Production Operations Bill Albrecht President, Oxy Oil & Gas USA May 19, 2010
  52. Analyst Meeting – Occidental Petroleum Corp – slide 52
    Overview Permian Primary Development CO2 Growth Opportunities California Elk Hills Development Other California Mid-Continent Piceance Overview Hugoton Overview Domestic Summary 2
  53. Analyst Meeting – Occidental Petroleum Corp – slide 53
    PERMIAN 3
  54. Analyst Meeting – Occidental Petroleum Corp – slide 54
    Permian Overview Oxys largest business unit 180,000 BOEPD Largest oil producer in Texas Largest oil producer in Permian (20% of total) Largest operator in Permian (of 1,500+ operators) 10,000+ interest owners 100,000 square mile…
  55. Analyst Meeting – Occidental Petroleum Corp – slide 55
    Permian Growth Opportunities Permian Basin Primary Development (1,000+ locations) Plan a 6-7 rig program Dora Roberts Wolfberry Houston Continued southeast New Mexico exploitation Deeper added plays Bravo Dome CO2 Source Oklahoma…
  56. Analyst Meeting – Occidental Petroleum Corp – slide 56
    Permian Primary Development Shallow (4,000-10,000 feet) Delaware Sands (Oil) 200+ locations; 20+ mmboe Wolfberry (Oil) 550+ locations; 70+ mmboe Non-traditional pays, e.g., Wolfberry Wolfberry play at Dora Delaware Sands Roberts…
  57. Analyst Meeting – Occidental Petroleum Corp – slide 57
    Potential Added Plays Deep (10,000-15,000 feet) Devonian (Oil) 375+ locations; 30+ mmboe Fusselman Fusselman (Oil) 75+ locations; 15+ mmboe Ellenburger (Oil) Ellenburger 125+ locations; 25+ mmboe Horizontal Devonian Wolfberry…
  58. Analyst Meeting – Occidental Petroleum Corp – slide 58
    Permian Added Plays Added plays inventory 1,000 locations and 90-100 MMBOE net risked reserves Infill drilling inventory 1,100+ locations, greater than a 10-year inventory at existing drilling pace Higher oil prices bringing new…
  59. Analyst Meeting – Occidental Petroleum Corp – slide 59
    Permian Basin CO2 Floods EOR Production is Growing 200 EOR Production - Thousand Bbl/day 175 22% of Permian Basins Oil Production 150 125 100 75 50 25 0 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004…
  60. Analyst Meeting – Occidental Petroleum Corp – slide 60
    Permian Basin CO2 Floods Number of Active Operated CO2 Projects 35 30 Permian Basin CO2 Floods 25 First floods initiated 35 years ago 20 Over 50 CO2 floods in Permian Basin 15 14 other companies 10 5 0 il ss o…
  61. Analyst Meeting – Occidental Petroleum Corp – slide 61
    Permian Basin CO2 Floods Operated CO2 Projects EOR Production, BOPD 100,000 90,000 Permian Basin CO2 Floods 80,000 First floods initiated 35 years ago 70,000 Over 50 CO2 floods in Permian Basin 60,000 50,000 14 other…
  62. Analyst Meeting – Occidental Petroleum Corp – slide 62
    Permian Oil Production 10% 28 active CO2 floods Limited CO2 supply has: Impacted oil production 30% Limited new projects Significant growth 60% opportunity remains CO2 Flood Waterflood Primary 12
  63. Analyst Meeting – Occidental Petroleum Corp – slide 63
    Examples of CO2 Flood Response SUNDOWN ANTON SLAUGHTER IRISH (CVX) COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS IGOE SMITH LEVELLAND SLAUGHTER LUBBOCK HT BOYD NM YOAKUM PRENTICE FRAZIER TERRY LYNN GARZA SALT CREEK…
  64. Analyst Meeting – Occidental Petroleum Corp – slide 64
    Examples of CO2 Flood Response Slaughter Estate Unit SUNDOWN SLAUGHTER ANTON IRISH (CVX) 25 125 COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS IGOE SMITH LEVELLAND SLAUGHTER LUBBOCK 20 100 HT BOYD NM FRAZIER SALT CREEK Oil…
  65. Analyst Meeting – Occidental Petroleum Corp – slide 65
    Examples of CO2 Flood Response Slaughter Estate Unit SUNDOWN SLAUGHTER ANTON IRISH (CVX) 25 125 COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS IGOE SMITH LEVELLAND SLAUGHTER LUBBOCK 20 100 HT BOYD North Hobbs Unit NM FRAZIER…
  66. Analyst Meeting – Occidental Petroleum Corp – slide 66
    Examples of CO2 Flood Response Slaughter Estate Unit SUNDOWN SLAUGHTER ANTON IRISH (CVX) 25 125 COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS IGOE SMITH LEVELLAND SLAUGHTER LUBBOCK 20 100 HT BOYD North Hobbs Unit NM FRAZIER…
  67. Analyst Meeting – Occidental Petroleum Corp – slide 67
    Examples of CO2 Flood Response Slaughter Estate Unit SUNDOWN SLAUGHTER ANTON IRISH (CVX) 25 125 COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS IGOE SMITH LEVELLAND SLAUGHTER LUBBOCK 20 100 HT BOYD North Hobbs Unit NM FRAZIER…
  68. Analyst Meeting – Occidental Petroleum Corp – slide 68
    CO2 Surveillance Step Change Traditional Process New Process Flood specific tools Standardized approach Only applied to largest Applied to all CO2 floods projects Visualization software Limited to senior Monthly updates engineers…
  69. Analyst Meeting – Occidental Petroleum Corp – slide 69
    Permian CO2 Surveillance Results of Surveillance Effort Constructed new tools to enable review of 1,600 patterns in two months Re-allocated CO2 to better performing patterns Defined 3,000+ BOPD improvement with equal volume of CO2…
  70. Analyst Meeting – Occidental Petroleum Corp – slide 70
    EOR Opportunities Permian properties 7.8 BBO Net Remaining initially had 11.9 BBO net in place 3P Reserves 4.1 BBO have been produced, 0.8 BBO leaving 7.8 BBO net EOR Likely remaining 1.4 BBO 4.6 BBO 1.0 BBO Residual EOR…
  71. Analyst Meeting – Occidental Petroleum Corp – slide 71
    Reserves and CO2 Requirements The next billion barrels Net Net CO2 Reserves* Required (MMBOE) (TCF) Developed 570 2.8 Undeveloped 430 2.2 TOTAL 1,000 5.0 * 3P Reserves 21
  72. Analyst Meeting – Occidental Petroleum Corp – slide 72
    CO2 Growth Opportunities Currently produce 1.7 BCF/day (0.5 TCF/year) Short term CO2 purchase opportunities (1.1TCF) More opportunity to purchase additional CO2 volumes Recently contracted for additional 100 MMCFD Oxy produced CO2…
  73. Analyst Meeting – Occidental Petroleum Corp – slide 73
    Additional CO2 Supply vs. Demand Should Pion development cease, currently developed CO2 would continue to be available to Oxy at similar rates If Century Plant CO2 delivery schedule not met, adequate CO2 supply exists today on the…
  74. Analyst Meeting – Occidental Petroleum Corp – slide 74
    Permian Century CO2 Plant Project Plant design Inlet = 675 MMCFD Train I = 260 MMCFD CO2 Train II = 180 MMCFD CO2 Expected start up: Train I 4th Quarter 2010 Train II Early 2012 24
  75. Analyst Meeting – Occidental Petroleum Corp – slide 75
    Permian CO2 Floods (with additional CO2) Flood Expansions: SUNDOWN SLAUGHTER (CVX) ANTON IRISH COCHRAN IGOE HOCKLEY LUBBOCK CROSBY DICKENS Slaughter (in 6 Units) SMITH LEVELLAND LUBBOCK HT BOYD SLAUGHTER Levelland (3…
  76. Analyst Meeting – Occidental Petroleum Corp – slide 76
    Typical CO2 Project Cost Structure 80 70 13.00 60 4.30 9.80 50 5.70 40 75.00 3.80 / BOE 30 20 38.40 10 - lty t e l x n t ita os os u Ta gi a en ap C ar C oy n…
  77. Analyst Meeting – Occidental Petroleum Corp – slide 77
    Permian Summary Primary development Deep inventory of 2,000+ drilling locations, mostly oil, with 150+ MMBOE risked reserve exposure Locations on acreage Oxy already owns CO2 growth 1-3 billion BBLS net of enhanced recovery…
  78. Analyst Meeting – Occidental Petroleum Corp – slide 78
    CALIFORNIA 28
  79. Analyst Meeting – Occidental Petroleum Corp – slide 79
    California Overview 143,000 BOEPD 780 MMBOE net proved reserves (24% of Oxy total) Main producing assets are Elk Hills, Sacramento Wilmington, and other assets in the San Francisco San Joaquin, Ventura, Sacramento and LA basins…
  80. Analyst Meeting – Occidental Petroleum Corp – slide 80
    Elk Hills Key Facts Took over operations in February 1998 Approximately 78% ownership 538 million BOE proved reserves (70% of CA total) Produced 400 million BOE (1998-2009) 125% production replacement Largest CA gas & NGL producer…
  81. Analyst Meeting – Occidental Petroleum Corp – slide 81
    California Development Elk Hills Development Drilling Continued focus on Stevens sands and shales (60+ wells in 2010) Re-focused effort on eastern shallow oil zone development (129 wells and 57 workovers) Maintain a 7-rig…
  82. Analyst Meeting – Occidental Petroleum Corp – slide 82
    Elk Hills Drilling Location Inventory Drilling Inventory Shallow Oil 1,060 Stevens Sands & Shales 700 Total 1,760 32
  83. Analyst Meeting – Occidental Petroleum Corp – slide 83
    Elk Hills Gas Plant Expansions Gas Plant Capacity MMCFD Current 420 (at capacity) Late 2Q 2010 Skid Plant 90 (will be at capacity) Q1 2012 Cryo Plant 200 Total 710 200 MMCFD plantlargest that could be built in 20-24 months Awarded…
  84. Analyst Meeting – Occidental Petroleum Corp – slide 84
    California Development Kern County Discovery Currently have 24 wells capable of producing 45 MBOEPD Currently gas plant constrained When 90 MMCFPD skid mounted facility is brought online, it will be filled Planning to drill an…
  85. Analyst Meeting – Occidental Petroleum Corp – slide 85
    California Development North Shafter North Shafter Field Acquired 58% in 2004, and the remainder in 2009 Now 100% Oxy 140+ MMBOEIP 7.3% current Recovery Factor 44 active wells Potential to reduce 80 acre well spacing to 40…
  86. Analyst Meeting – Occidental Petroleum Corp – slide 86
    California Development Heavy Oil Historical Steam Producing: Development 580 Wells, 22 MMbo Net Undeveloped: Proved Undeveloped 720 Wells, 42 MMbo Net Kern Front Historical Production & 2009 Reserves Forecast [Oxy Operated…
  87. Analyst Meeting – Occidental Petroleum Corp – slide 87
    Oxy Long Beach Overview Wilmington Field Among Top 10 largest oilfields in North America 6-8 Billion barrels in place 2+ Billion recovered to date Significant redevelopment upside Oxy partnering with State, City of Long Beach,…
  88. Analyst Meeting – Occidental Petroleum Corp – slide 88
    Oxy Long Beach Development Steadily growing field Oxy Pico Properties ownership Oxy Ox y P IC O Current stake in over NWU Oxy Long Beach Unit 80% of properties WTU Oxy Oxy Tidelands is a service PICO Oxy Belmont contract;…
  89. Analyst Meeting – Occidental Petroleum Corp – slide 89
    California Summary Primary development Current inventory of 3,700+ drilling locations Locations on HBP or Oxy owned fee minerals Recent Kern county discovery does not materially change gas/oil production mix Long Beach is a growth…
  90. Analyst Meeting – Occidental Petroleum Corp – slide 90
    MID-CONTINENT 40
  91. Analyst Meeting – Occidental Petroleum Corp – slide 91
    Mid-Continent Gas Business Unit 41
  92. Analyst Meeting – Occidental Petroleum Corp – slide 92
    Piceance Position Overview Cascade Creek 54 Miles Collbran Valley Colorado Utah Legend Oxy Acreage 65 Miles 120,000 net acres 640 mmboe total resource base ( 3.8 TCFE) 6,000 undrilled locations 42
  93. Analyst Meeting – Occidental Petroleum Corp – slide 93
    Piceance Development Prudent development approach short term, because of low current gas prices One rig program currently Excellent acreage Own legacy fee acreage with low royalty (15,000…
  94. Analyst Meeting – Occidental Petroleum Corp – slide 94
    Piceance Development Economics Realized NYMEX Price Price Capital Reserves/Well ROR (/MMBTU) (MM) (BCFE) 4.00/MMBTU 3.62 2.1 1.6 19% 6.00/MMBTU 5.36 2.1 1.6 40% 44
  95. Analyst Meeting – Occidental Petroleum Corp – slide 95
    Hugoton Oil Drilling Opportunities 185 miles long by 45 miles wide 2,500 active Oxy wells & 500 miles of pipeline 25,000 boepd (100 mmcfpd, 5,500 bopd, 3,000 bcpd) Oxy operated since 1940s 2500 Summer Recently doubled acreage from…
  96. Analyst Meeting – Occidental Petroleum Corp – slide 96
    Mid-Continent Gas Summary Primary development Prudent approach to gas drilling 3.8 TCFE Resource 6,000+ drilling locations Low royalty burden enhances economics Recent Hugoton acquisition doubles acreage position and adds…
  97. Analyst Meeting – Occidental Petroleum Corp – slide 97
    DOMESTIC SUMMARY 47
  98. Analyst Meeting – Occidental Petroleum Corp – slide 98
    Domestic Drilling Location Inventory Drilling Inventory Mid-Continent 6,500 Other California 1,870 Permian Primary 1,350 Elk Hills Shallow Oil 1,060 Permian ROZ deepenings 800 Elk Hills Stevens 700 Kern County discovery 50 TOTAL…
  99. Analyst Meeting – Occidental Petroleum Corp – slide 99
    Domestic Net Production MBOEPD 2010 2014 2008 2009 Outlook Estimate Permian 184 185 180 220-230 California 128 134 151 212-222 Mid-Continent 49 57 60 80-100 TOTAL 361 376 391 512-552 CAGR, % 6.4 8.0 49
  100. Analyst Meeting – Occidental Petroleum Corp – slide 100
    Domestic Summary Stable, low decline base production Deep inventory of drilling projects, mostly oil, across all domestic business units (12,000+ locations) Large inventory of existing and new CO2 floods with adequate CO2 supplies…

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