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4Q 2019 Earnings Presentation – Occidental Petroleum Corp

Occidental Petroleum Corp · Feb 25, 2020 · 43 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. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 1
    Fourth Quarter Earnings Conference Call Occidental Petroleum Corporation February 28, 2020
  2. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 2
    Core Differentiators Low Cost Carbon Reduction Operator Leadership Best in class operator with top wells Leader in carbon capture utilization and Safety performance leadership sequestration (CCUS) development Unmatched reservoir…
  3. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 3
    Fourth Quarter Highlights Occidental Financial Results and Guidance Closing Remarks 4
  4. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 4
    Fourth Quarter 2019 Highlights 1.5 B 1.4 MMBOED 2.0 B Closed Asset Divestitures Continued to Demonstrate Capability as a Debt Repayment Premier Operator - Exceeded 4Q Total Production Guidance Midpoint by 78 MBOED 5
  5. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 5
    Value Capture Progress 1.2 B On track Annualized Synergies to meet 7.0 B or exceed Debt Reduction targets 10.2 B 1 Announced Divestitures 1.Net of expected taxes 6
  6. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 6
    Rapid Value Capture Silvertip TX Delaware Demonstrated Life of Field Value Creation Developing the best wells for lower cost Subsurface Drilling Completion Production Expect to recover 7% more oil per 22% reduction in downtime from…
  7. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 7
    Measures of Success Divest 15 B Non-core asset divestitures Assets Optimize SG&A Capture 2+ B Integrate Oxys distinctive operational expertise with differentiating legacy Anadarko Annual Cost Synergies practices for full synergy…
  8. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 8
    Fourth Quarter Highlights Occidental Financial Results and Guidance Closing Remarks 9
  9. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 9
    4Q19 Results Reported 4Q19 Reported versus Guidance Midpoint Mboed Reconciliation Adjusted EPS (0.30) Rockies: improved uptime, higher OBO Reported diluted EPS (1.50) production, and higher than expected non-op and +35 royalty…
  10. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 10
    1Q and Full-Year 2020 Guidance Estimates Oil & Gas OxyChem Corporate 1Q20 Production 150 MM pre-tax income in 1Q20 FY 2020 Domestic tax rate: 22% Total Company: 1,375 1,395 Mboed 650 - 700 MM pre-tax income in FY FY 2020…
  11. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 11
    Fourth Quarter Highlights Occidental Financial Results and Guidance Closing Remarks 12
  12. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 12
    Core Differentiators Low Cost Carbon Reduction Operator Leadership Best in class operator with top wells Leader in carbon capture utilization and Safety performance leadership sequestration (CCUS) development Unmatched reservoir…
  13. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 13
    Synergy Capture and Debt Repayment Update 2020 Budget Appendix Financial Information Well Performance Asset Overview Governance and HES OxyChem 14
  14. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 14
    Synergy Tracker On Track to Meet or Exceed Targets Annualized Pre-Tax Annual Synergies Synergies Identified and Capital and Capital Reduction Reduction Achieved Captured ( B)1 4.0 Target 1.5 B 3.5 B 3.5 Identified 3.0…
  15. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 15
    Applying Asset Divestiture Proceeds and Debt Repayment Free Cash Flow to Debt Repayment Tracker 11 10.2 B 10 Non-Core Asset Sale Net proceeds of 15 B from Real Estate Sale asset divestitures will be 9 Plains Interests Midland JV…
  16. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 16
    Synergy Capture and Debt Repayment Update 2020 Budget Appendix Financial Information Well Performance Asset Overview Governance and HES OxyChem 17
  17. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 17
    2020 Capital Efficiency Plan 2020 Capital Program by Asset 2020 Capital Program by Type 5.2 - 5.4 B Facilities 20% 0.1 0.2 Marketing & Midstream 0.3 0.4 Exploration & Corporate D&C 60% Base Maintenance 9% Oil & Gas 0.5 OxyChem…
  18. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 18
    2020 Capital Budget Domestic Unconventional Assets Permian Resources Rockies 2.2 B 15 Gross 9 - 10 Net 270 295 0.9 B 3 Gross 3 - 4 Net 225 250 Capex Rigs Rigs Wells Online Appraisal Capex Rigs Rigs Wells Online Appraisal 100% 100%…
  19. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 19
    Best-in-Class Capital Intensity 50% Improvement in Capital Intensity on Legacy Anadarko Permian Assets Permian Resources Capital Intensity MM/Mboepd 47 Oxys world-class Permian Resources portfolio, unique 43 subsurface capability,…
  20. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 20
    Conventional Assets Milestones 2019 2020 2021 2022 Constellation and Hadrian Progress Subsea Subsea Debottlenecking North Platforms Online Eastern GoM Tie-back Online GoM Eastern GoM Exploration Debottlenecking Evaluations…
  21. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 21
    Synergy Capture and Debt Repayment Update 2020 Budget Appendix Financial Information Well Performance Asset Overview Governance and HES OxyChem 22
  22. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 22
    2020 Oil Hedges Three-Way Costless Collar 80 Short Call Details 74.16 75 Summary December 2019 derivative instruments 70 2020 Settlement Short Put 65 45 Long Put Three-way collars (Oil MBBL/day) 350 55 Average price per barrel…
  23. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 23
    Cash Flow Sensitivities Oil & Gas Annualized cash flow changes 260 MM per 1.00 / bbl change in oil prices 240 MM per 1.00 / bbl change in WTI prices 20 MM per 1.00 / bbl change in Brent prices Annualized cash flow changes 185 MM per…
  24. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 24
    Oxy Consistently Returns Capital to Shareholders Over 35 B of Total Capital Returned Since 2002 5,000 3.50 Dividend Sustainable Long-term at 40 WTI 4,500 Consecutive Dividend Growth Since 2002 - 12% CAGR 3.00 MM Returned to Common…
  25. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 25
    WES Operating as an Independent Company Changes at a Glance Effective Dec. 2019, WESs management team transferred from Oxy to WES with additional employees to transfer in 2020 Oxy will provide limited administrative services to WES…
  26. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 26
    Synergy Capture and Debt Repayment Update 2020 Budget Appendix Financial Information Well Performance Asset Overview Governance and HES OxyChem 27
  27. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 27
    Basin Leading Improvement in Permian Resources Hz Unconventional Well Performance Well Performance 180 Day Cum Improvement 1st Year Cum Improvement +199% from 2015 to 2019 +164% from 2015 to 2019 4D Frac Modeling 400 +23% from 2018 to…
  28. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 28
    Leading Delaware Basin Well Performance 6 Month Cumulative Oil Top 100 Wells 1 12 Month Cumulative Oil Top 100 Wells 2 Oxys subsurface expertise delivers Basin leading wells Oxy has 20% of the best wells, while drilling less than for…
  29. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 29
    Synergy Capture and Debt Repayment Update 2020 Budget Appendix Financial Information Well Performance Asset Overview Governance and HES OxyChem 30
  30. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 30
    Pro Forma Production Full Year 2019 and 2020 Guide Net MBOED FY 2019 Pro Forma Net MBOED FY 2019 Pro Forma Total Company 1,382 International ex. Qatar1 247 Legacy Oxy 732 Total Company ex. Qatar1 1,346 Legacy Anadarko 650 Permian…
  31. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 31
    Largest U.S. Acreage Holder 14.4 MM Net Total U.S. Acres Rockies Permian 1.5 MM Acres 3.1 MM Acres Powder River Basin 0.4 MM Permian Unconventional 1.7 MM DJ Basin 0.9 MM Excludes acreage outside of active operating Permian…
  32. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 32
    U.S. Onshore Overview Rockies Land Grant Permian 1.5 MM Acres 7.0 MM Acres1 3.1 MM Acres 4Q19 Net Production Oil NGLs Gas Total (MBOED) (MBBLD) (MMCFD) Permian Resources 273 106 580 476 Permian EOR 117 29 41 153 DJ Basin 120…
  33. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 33
    Gulf of Mexico Overview Gulf of Mexico 1.0 MM Acres 4Q19 Net Production Total Oil (MBOED) 117 NGLs (MBBLD) 10 Gas (MMCFD) 86 Total 141 34
  34. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 34
    International Overview Colombia U.A.E. Oman 2.0 MM Acres 1.5 MM Acres 6.0 MM Acres 4Q19 Net Production Oil NGLs Gas Total (MBOED) (MBBLD) (MMCFD) Latin America 34 - 8 35 Al Hosn 14 26 257 83 Dolphin 7 8 166 43 Oman 67 - 152…
  35. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 35
    Midland Basin Joint Venture with Ecopetrol Deal Structure Midland Basin Strategic Partnership Oxy and Ecopetrol successfully closed strategic partnership to develop 97,000 net acres in the Midland Basin on November 13 JV ownership…
  36. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 36
    New Mexico Continues Well Performance Continues to Improve to Deliver 10,000 Well Performance 500 Continued improvement in well 450 performance Cumulative Mboe 400 Industry Leading Well Performance 350 300 Higher sectional…
  37. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 37
    Synergy Capture and Debt Repayment Update 2020 Budget Appendix Financial Information Well Performance Asset Overview Governance and HES OxyChem 38
  38. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 38
    Highly Skilled and Diverse Board Provides Strategic Oversight Focused on Creating Shareholder Value Andrew Gould elected to the board effective March 1, 2020 Independence1 Former Chairman and Chief Executive Officer of Schlumberger…
  39. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 39
    Success Starts With Safety Employee + Contractor IIR1 Oxys culture is built on safety 2017 2018 2019 Safety remains top priority during integration .39 .39 .29 Expanding process safety/risk programs Best safety performance ever in…
  40. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 40
    New Mexico Water Recycling Program Water infrastructure drives value and New Mexico Recycled Water environmental benefits Less than 1% fresh water used in 2019 2019 Average 3.05 savings per barrel1 Targeting more than 85% recycled…
  41. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 41
    Synergy Capture and Debt Repayment Update 2020 Budget Appendix Financial Information Well Performance Asset Overview Governance and HES OxyChem 42
  42. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 42
    OxyChem: Market Leading Position OxyChem at a Glance Earnings Highlights Winner of Tennessee Valley Authority (TVA) Carbon Reduction Award Positive cash flow generation throughout cycle OxyChem in New Johnsonville, Tennessee had…
  43. 4Q 2019 Earnings Presentation – Occidental Petroleum Corp – slide 43

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