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Acquisition of Anadarko Petroleum – Occidental Petroleum Corp

Occidental Petroleum Corp · Apr 24, 2019 · 26 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. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 1
    Occidental Proposal to Acquire Anadarko April 24, 2019
  2. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 2
    Compelling Strategic & Financial Merits Highly accretive to CFPS and Free CFPS after dividends 3.5 B free cash flow improvements through synergies and capital reduction 10-15 B of planned portfolio optimization and free cash flow…
  3. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 3
    Proposal Details Oxy proposal to acquire Anadarko for 76.00 per share 38.00 cash and 0.6094 Oxy shares per Anadarko share Equity purchase price of 38 B Structure and Total transaction value of 57 B (including Western Midstream debt…
  4. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 4
    Substantial Scale Industry-Leading Returns Disciplined Growth Oxy & Anadarko: 100 B 20%+ 2021 PF 3.12/share Growing Dividend and CROCE Enterprise Value (1) Creating A High Attractive mix of U.S. unconventional, global Strong mix…
  5. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 5
    Premier, Complementary Global Asset Portfolio 1 Producer in the Permian 4 Producer in Gulf of Mexico 1 in CO2 EOR Projects Leading Positions in Algeria and Colombia 1 Producer in the DJ Basin Top 3 Producer of PVC, Chlorine,…
  6. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 6
    Well Positioned, Balanced Global Asset Portfolio Q4 2018A Production (Mboe/d) Oman Qatar UAE Colombia 1% 7 8 9 10 30 year production 2nd Largest Oil Producer 30 Year Joint Venture Llanos Norte Basin and history in Oman in Offshore…
  7. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 7
    Enhances Oxy as The Leading Operator in the Permian Combined Permian Position Current Permian Net Production (Mboe/d) 600 500 24% 400 Midland Basin 300 76% 200 100 0 EOG(3) (3) FANG(2) RDS CVX LPI PF…
  8. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 8
    Significant Identified Synergies with Potential Upside Expected Pre-Tax Annual Synergies and Capital Reduction ( B) 1.5 3.5 Capital Synergies: 0.9 B 0.9 Opex/G&A Synergies: 0.6 1.1 B 0.5 Capital Reduction: 1.5 B Permian…
  9. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 9
    Top 100 Permian Basin Wells 6 Month Cumulative Oil Top 100 Wells Basin Leading Wells with Less Proppant Oxy has 23% of the Best Wells, While Only Competitors use 27% more Proppant: 500 M Drilling 4% of Total Permian Wells…
  10. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 10
    Permian Expertise Applied Worldwide Oman Example: Increased from 5 productive horizons to 17 producing and appraisal horizons ARUMA NATIH A NATIH A Subsurface Characterization Expertise NATIH B UNC NATIH C Apply learnings from…
  11. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 11
    Delivering Value Pro Forma Per Share Accretion(1) Continued commitment to 2020 +25% 2021 +15% return of capital through growing dividend and share 10X 4X repurchases Debt reduction via CFPS (2) Capex (2) Dividend FCF Free…
  12. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 12
    Appendix World Class Upstream, Midstream, Chemicals, and Low Carbon Businesses 15
  13. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 13
    Oxy Consistently Returns Capital to Shareholders 5,000 Dividend Sustainable at 40 WTI 3.50 4,500 Consecutive Dividend Growth Since 2002 - 12% CAGR 3.00 MM Returned to Shareholders 4,000 33 B of Total Capital Returned Since…
  14. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 14
    Oxys Recent Major Projects Delivered On-time and On-budget Complex, Major Project Capability Domestic Projects Ingleside, TX Ethylene Cracker Ingleside, TX Oil Terminal Industry-leading execution Geismar, LA 4CPe Plant performance…
  15. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 15
    Leading Position in the DJ Basin DJ Basin Free Cash DJ DEVELOPMENT AREA Flow and 400,000+ net acres 250+ Mboepd of production Growth Oil Treating Online Additional NPV uplift from mineral interest ownership Potential 155 MBOPD…
  16. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 16
    Gulf of Mexico Position Gulf of Significant cash flow generation Mexico Infrastructure in place Stable Free allows for ample tie- Cash Flow back opportunities Three year outlook for production 140 Mboe/d Rate of Return and…
  17. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 17
    International Portfolio Middle East Colombia Strong performance record and technical High margin opportunities expertise Acquired six blocks totaling 2 MM gross Recently awarded onshore Blocks 72, 51 acres and 700 MMboe of resources…
  18. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 18
    Mozambique LNG Progressing Towards FID Large Scale LNG Project: Mozambique Total Five-Year Net Investment(1) is 2.0 2.5 B Net Recoverable Resource 750 MMboe Liquification Capacity of 12.88 MTPA Competitive Onshore Costs of…
  19. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 19
    OxyChem: Market Leading Position OxyChem at a Glance Earnings Highlights Major global exporter of all core products Positive cash flow generation throughout cycle Top tier global producer in every product produced Integrated assets…
  20. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 20
    Leading Midstream Assets and MLP NM Selected Domestic Asset Overview Oxy Midstream & Marketing Western Midstream DJ Basin Domestic: 600 MM of distributions from owned Permian EOR infrastructure MLP units including 13 processing…
  21. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 21
    Original Low Carbon Ventures Strategy Transaction Expands Mission Scale and Expertise to Leverage Oxy's CO2 enhanced EOR Apply Oxys Low Carbon Strategy to Lead Energy infrastructure and expertise for economic and social benefit…
  22. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 22
    Appendix Permian Performance Enhancement Potential not Captured in Synergies 25
  23. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 23
    Continuous Improvement in Oxy Permian Resources Hz Unconventional Well Performance Permian Resources Well Performance 250 147% Improvement since 2015 Subsurface 25% Improvement from 2017 to 2018 Characterization 200 2018 Cumulative…
  24. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 24
    Oxys Play Leading Delaware Basin Performance Average 6 Month Cumulative Oil by Operator 160 140 Oxys Subsurface Knowledge, Data 120 Analytics and Execution Drive Basin 100 Leading Results Cumulative Mbo 80 60 Top Delaware…
  25. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 25
    Appendix Other 28
  26. Acquisition of Anadarko Petroleum – Occidental Petroleum Corp – slide 26
    Unique Scale and Industry Leading Returns Current Production (Mboe/d) Current Dividend Yield 4.9% 38.0% 58.0% 30.3% 3,277 % Permian of Current Production 5% 5% 5% 1,401 700 2% 579 Major Average PF Oxy Oxy Top 10 Independent…

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