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Q3 2015 Earnings Call – Occidental Petroleum Corp

Occidental Petroleum Corp · Oct 28, 2015 · 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 2015 Earnings Call – Occidental Petroleum Corp – slide 1
    OCCIDENTAL PETROLEUM CORPORATION Third Quarter 2015 Earnings Conference Call October 28, 2015
  2. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 2
    Third Quarter 2015 Earnings Highlights 3Q15 production increased 16% to 689,000 BOED from last years 595,000 BOED 39,000 BOED year over year growth in Permian Resources 50,000 BOED year over year growth from Al Hosn which reached…
  3. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 3
    Third Quarter 2015 Earnings Production Growth Oil production growth driven Total Oil Production by: (MBOD) Focused development 433 436 program in Permian 426 Resources Al Hosn 401 382 Resilient base 369 372…
  4. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 4
    Third Quarter 2015 Earnings 2015 Objectives Adjust to Lower Product Prices CASH FLOW GROWTH Permian Resources production growth Al Hosn start-up Improvement in price realizations COST SAVINGS Operating Cash Flow to cover dividend…
  5. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 5
    Third Quarter 2015 Earnings Portfolio Review Williston Basin Sale Agreement Reached an agreement to divest Williston basin assets; expected to close in 4th Quarter Due to curtailed spending and nature of unconventional assets,…
  6. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 6
    Third Quarter 2015 Earnings Portfolio Review Non-Core Middle East Continue to pursue strategies to substantially reduce our activities and exposure to our non-core operations in Bahrain, Iraq, Libya and Yemen As a result of these…
  7. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 7
    Third Quarter 2015 Earnings 2015 Capital Program Evolution 2015 Capital Budget and Domestic Drilling Rigs Capital spending declined by 300 100% Capital million from 2Q15. Budget Domestic As we capture price savings from Drilling Rigs…
  8. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 8
    Third Quarter 2015 Earnings Committed Project Capital Declining Committed Project Capital Multiple long-term investments to ( in millions) drive cash flow and earnings 1,300 growth Al Hosn Ethylene cracker JV 800 Ingleside…
  9. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 9
    Third Quarter 2015 Earnings Permian Resources Production Growth Total production grew 51% year- Oil NGL Gas over-year to 116 MBOED. Oil production grew 72% 116 118 year-over-year to 74 MBOD. 109 Total production is expected to…
  10. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 10
    Third Quarter 2015 Earnings Permian Resources - Activity Summary Expect 4Q activity to be similar to 3Q levels with lower rig count 140 120 100 80 Total Well Count 60 40 44 Hz 36 Hz 56 Hz 47 Hz 61 Hz 67 Hz 20 42 Hz…
  11. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 11
    Third Quarter Earnings 2015 Permian Resources Manufacturing Mode: Drilling / Completions Move to Manufacturing Mode Significantly Reduced Well Cost WELL COST DRILL DAYS Delaware Wolfcamp A 4,500 HZ Delaware Wolfcamp A 4,500 HZ 12.0…
  12. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 12
    Third Quarter 2015 Earnings Delaware Basin Recent Performance Well Performance: Texas Delaware Wolfcamp A Boepd / Peak 24 Hour 30 Day 1000 LEIGH STATE 40 1,790 383 11H 82% Oil 1,528 327 1,711 366 BETTY LOU 1013H 82% Oil…
  13. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 13
    Third Quarter 2015 Earnings Permian Resources Manufacturing Mode: Drilling / Completions Move to Manufacturing Mode Significantly Reduced Well Cost WELL COST DRILL DAYS East Midland East Midland Wolfcamp A 7,500' Hz Wolfcamp A 7,500…
  14. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 14
    Third Quarter 2015 Earnings East Midland Basin Recent Performance Well Performance: Wolfcamp A Boepd / 1000 Peak 24 Hour 30 Day ADAMS 1,698 178 4201WA 1,495 90% Oil 157 YOUNG A 1,611 260 2124WA 89% Oil 1,237 200 1,165 140…
  15. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 15
    Third Quarter 2015 Earnings Permian Resources Cash Operating Expense Reduction Permian Resources Opex / Boe 15.00 13.20 Focus on reducing field 13.03 operating costs during 2015 11.39 10.87 Downhole expense (/boe) 10.00 reduced…
  16. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 16
    Third Quarter 2015 Earnings Permian EOR CO2 Supply & Processing Stable and low-decline base production at an advantaged cost Permian EOR business remains profitable in the current downturn EOR business is expected to generate…
  17. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 17
    Third Quarter 2015 Earnings Update on Hobbs: CO2 Flood and Expansion Areas North Hobbs: South Hobbs: Phase 1 added 35 MMBOE (Injection started Started CO2 injection into Phase 1 in September in 2003) (ahead of schedule) Phase 2A…
  18. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 18
    Third Quarter 2015 Earnings Permian Summary Continue to execute focused EOR Resources development strategy in Permian Resources 262 254 260 Expect to drill 50 horizontal 243 wells in 4Q15 222 211 Expect to exit 2015 with…
  19. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 19
    Third Quarter 2015 Earnings Highlights Results Domestic oil production (Bbl/d) 204,000 12% year / year growth* Total company production (BOED) 689,000 Core earnings** 24 million Core diluted EPS** 0.03 3Q15 CFFO before Working…
  20. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 20
    Third Quarter 2015 Earnings Non-Core Items Oxy follows the Successful Efforts method of accounting where we review our proved oil and gas properties for indications of impairment whenever events or circumstances indicate that the…
  21. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 21
    Third Quarter 2015 Earnings Oil & Gas Segment Pre-Tax Core Earnings PRE-TAX 3Q15 vs. 2Q15 Core Results ( in millions) 3Q15 162 mm 2Q15 324 mm 3Q14 1.6 B 324 (261) 68 162 45 (14) 2Q15 Sales Price Sales Volumes Lower…
  22. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 22
    Third Quarter 2015 Earnings Oil and Gas Total Company Production Total company oil and gas production volumes averaged 689,000 BOED, an increase of 31,000 BOE in daily production from 2Q 2015. Company-wide Oil & Gas Production (MBOED)…
  23. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 23
    Third Quarter 2015 Earnings Oil and Gas Domestic Production Exceeded our domestic oil production growth guidance with a year over year increase of 22,000 BOD or about 12% led by our Permian Resources assets. Domestic Oil & Gas…
  24. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 24
    Third Quarter 2015 Earnings Oil & Gas Realized Prices Realized Prices Benchmark Prices Worldwide Worldwide Domestic Nat. Oil (/bbl) NGLs (/bbl) Gas (/mmbtu) WTI Brent NYMEX 3Q15 47.78 14.68 2.24 46.43 51.17 2.78 WTI % 103% 32% 81%*…
  25. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 25
    Third Quarter 2015 Earnings Chemical Segment Core Earnings 3Q15 vs. 2Q15 PRE-TAX ( in millions) Guidance 4Q15 expected Core Results to be 130 mm. 3Q15 174 mm 8 174 2Q15 136 mm 80 3Q14 140 mm 136 (42) (8) 2Q15 Sales…
  26. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 26
    Third Quarter 2015 Earnings Midstream & Marketing Segment Core Earnings PRE-TAX 3Q15 vs. 2Q15 Core Results ( in millions) 3Q15 31 mm 2Q15 84 mm 3Q14 155 mm 23 (91) 84 17 31 (2) 2Q15 Pipelines Marketing Gas Plants All…
  27. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 27
    Third Quarter 2015 Earnings YTD 2015 Cash Flow Expect to receive proceeds from asset sales of 650 million in 4Q15 3,800 (2,100) 3Q15 YTD 2015 ( in millions) LT Debt / Capital 19% (4,400) 7,800 (1,700) 1,500 4,300 (600)…
  28. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 28
    Third Quarter 2015 Earnings Capital Program Total company capital expenditures for the 2015 Capital Budget 3Q15 were 1.2 billion and we expect our 4Q15 to be 1.1 to 1.2 billion. 1.7 bn 1.5 bn Oil and Gas spent 3.6 billion YTD,…
  29. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 29
    Third Quarter 2015 Earnings Targeted Overhead Reductions Annual G&A Expense Expect to continue to reduce ( in millions) SG&A costs 1,800 300 Costs associated with exiting non-core assets 300 Elimination of contract workers,…
  30. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 30
    Third Quarter 2015 Earnings 4Q15 Production Outlook 4Q15 US Production Outlook Permian Resources of 118,000 BOED Total Domestic of 310,000 320,000 BOED Growth in Permian with declines in Midcontinent gas production and adjusted…
  31. Q3 2015 Earnings Call – Occidental Petroleum Corp – slide 31
    Third Quarter 2015 Earnings 4Q15 & FY 2015 Guidance Summary Oil & Gas Segment Price Sensitivity Pre-tax Income Impact (Quarter) 2015 total production is expected to be Oil +/- 1/bbl = +/- 30 mm between 660,000 670,000 BOED. NGL…

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