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4Q 2020 Earnings Presentation – Occidental Petroleum Corp

Occidental Petroleum Corp · Feb 23, 2021 · 45 slides

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Slides

  1. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 1
    Fourth Quarter Earnings Conference Call Occidental Petroleum Corporation February 23, 2021
  2. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 2
    Occidental Fourth Quarter Highlights Financial Results and Guidance 3
  3. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 3
    Fourth Quarter 2020 Highlights 0.8 B 2.4 B 2.0 B Free Cash Flow Divestitures Refinancing Generation Closed Completed Strong Operational Land Grant Near-Term Excellence and Colombia Onshore Maturities Moved Efficiency Non-Core…
  4. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 4
    Transitioned into 2021 with Improved Financial Position 2020 Success Supports 2021 Financial Position 2.4 B 7.0 B Debt reduced in 2020 Near-term debt extended through 2025+ 1.8 B 22% 1 Reduced overhead budget 2021 Base…
  5. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 5
    Best-in-Class Sustaining Capital 2.9 B of Capital Stabilizes Full Year Production at 1,140 Mboed Leading Capital Intensity: Capital intensity continues to improve World-class assets with low breakevens and subsurface expertise to…
  6. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 6
    Divestiture Progress Continues 12 11 10 8.2 B Divestitures Cumulative Asset Sales ( B) 9 2-3 B 350 MM 700 MM 8 1.3 B 7 2.4 B 6 565 MM 90 MM 70 MM 260 MM 5 750 MM 200 MM 3.3 B 4 Remaining Divestiture Target 3 5.5 B 2…
  7. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 7
    Fourth Quarter Oil & Gas Highlights Record-Setting Efficiency: Continued to lower drilling and completion times improving time to market GoM Record cycle time of 68 days from spud to first production on Lucius platform Permian Record…
  8. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 8
    Cash Flow Maintain Production Base Current Focus Priorities Debt Reduction Near-term, excess cash flow and divestiture proceeds Sustainable Dividend Medium to be allocated to Term debt reduction Dividend increases Growth…
  9. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 9
    Occidental Fourth Quarter Highlights Financial Results and Guidance 10
  10. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 10
    Fourth Quarter 2020 Results Reported Adjusted EPS (0.78) 4Q20 Reported versus Guidance Midpoint Mboed Reconciliation Reported diluted EPS (1.41) Permian Resources: improved new well performance, better uptime and ethane recovery…
  11. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 11
    1Q and Full-Year 2021 Guidance Estimates Oil & Gas OxyChem Corporate 1Q21 Production 1Q21 Pre-tax income: 225 MM FY 2021 Domestic tax rate: 22% Total Company: 1,085 1,115 Mboed FY 2021 pre-tax income: 775 - 825 MM FY 2021…
  12. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 12
    2021 Capital Plan 2.9 B Capital Program by Asset Capital Program by Type Facilities 23% 0.1 Midstream & Marketing 0.2 Exploration & Corporate D,C&E 56% 0.3 Oil & Gas 0.3 OxyChem Base Maintenance 10% 0.4 GoM Exploration 6% OBO…
  13. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 13
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 14
  14. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 14
    2021 Activity Domestic Onshore Assets Permian Rockies 1.2 B 11 Gross 5 Net 175 205 0.4 B 2 Gross 2 Net 145 175 Capex Rigs Rigs Wells Online Appraisal Capex Rigs Rigs Wells Online 100% 100% Powder OBO Base Maint River Basin Base…
  15. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 15
    Intl + GOM Milestones - 2021 2020 2021 2022 2023 Lucius, N Hadrian, Holstein HMW (3 wells), Lucius Caesar-Tonga (CTE), Lucius Holstein, Blind Faith (OBO) Yellowfin, Fiesta, Cactus Exploration wells SS pumping online Lucius OBN HMW…
  16. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 16
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 17
  17. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 17
    Midstream & Marketing Guidance Reconciliation 100 4Q20 Guide 4Q20 Actual 1Q21 Guide Physical Midstream Business 4Q20 above guidance due to improved commodity pricing and lower operating 50 costs. 1Q21 guidance reflects Dolphin…
  18. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 18
    Cash Flow Sensitivities Oil & Gas Midstream & Marketing OxyChem Annualized cash flow changes Annualized cash flow changes Annualized cash flow changes 215 MM per 1.00 / bbl 65 MM per 0.25 / bbl 30 MM per 10 / ton change change in oil…
  19. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 19
    2021 Natural Gas Hedges Two-Way Costless Collar Secures Natural Gas Price Floor of Short Call 2.50 For 530 MMcfd 4.00 3.64 530 MMcfd Hedge Details 3.50 Long Put Summary 2021 2.50 2021 Settlement Realized Price (/Mcf) 3.00…
  20. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 20
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 21
  21. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 21
    Leading Delaware Basin Well Performance 6 Month Cumulative Oil Top 100 Wells1 12 Month Cumulative Oil Top 100 Wells2 Oxys subsurface expertise delivers Basin leading wells for less cost: Oxy has 39% of the best wells, while completing…
  22. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 22
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 23
  23. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 23
    Oxys Combined Integrated Portfolio Oil & Gas OxyChem Oxy Midstream and WES Focused in world class Leading manufacturer of Integrated infrastructure and basins with a history of basic chemicals and marketing provides access to…
  24. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 24
    One of the Largest U.S. Acreage Holders 9.5 MM Net Total U.S. Acres Rockies Permian 1.1 MM Acres 3.0 MM Acres Powder River Basin 0.4 MM Permian Unconventional 1.6 MM DJ Basin 0.7 MM Excludes acreage outside of active operating…
  25. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 25
    U.S. Onshore Overview Rockies Permian 1.1 MM Acres 3.0 MM Acres 4Q20 Net Production Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Permian Resources 201 89 550 382 Permian EOR 102 28 29 135 DJ Basin 75 82 618 260 Other…
  26. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 26
    Gulf of Mexico Overview Gulf of Mexico 0.8 MM Acres MARLIN HORN MOUNTAIN 4Q20 Net Production NANSEN HOLSTEIN BOOMVANG CONSTITUTION Total CAESAR/TONGA MARCO POLO GUNNISON Oil (Mbod) 89 HEIDELBERG LUCIUS NGLs (Mbbld) 7 Gas…
  27. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 27
    International Overview U.A.E. 4Q20 Net Production1 2.5 MM Acres Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Latin America 27 - 7 28 Algeria 37 1 - 38 Al Hosn 14 25 240 79 Dolphin 7 8 167 43 Oman 66 - 98 82 Total 151 34…
  28. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 28
    Abu Dhabi United Arab Emirates BLOCK 9 Block ON-3 ON-5 BLOCK 27 AL HOSN BLOCK 30 & ON-5 ON-3 2.5 million gross acres BLOCK 65 BLOCK 51 BLOCK 62 Multi-reservoir discovery in Block ON-3 High potential location…
  29. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 29
    OxyChem: Market Leading Position OxyChem at a Glance Earnings Highlights Major global exporter of all core products Positive cash flow generation Top tier global producer in every product produced throughout cycle Largest merchant…
  30. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 30
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 31
  31. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 31
    Leader in Lower Permian Emissions Intensity Strategically Focused on Greenhouse Gas Emissions Reduction Low Emission Intensity with Leading Basin Production Low Emission Intensity with More Producing Wells 60 800 60 Size by Gross…
  32. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 32
    New Mexico Water Recycling Program Water infrastructure drives value and New Mexico Recycled Water Usage1 environmental benefits 100% Continue to increase the percentage of 90% recycled water used in operations 80% Demonstrating water…
  33. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 33
    Continued Focus on Employee Safety Employee + Contractor IIR1 Safety remains top priority during the pandemic 2017 2018 2019 20202 .39 .39 .29 .193 Safety improved in 2020 despite historically active GoM storm season and the…
  34. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 34
    TCFD-Aligned Climate Report Highlights 35
  35. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 35
    Decarbonizing Operations and Reducing GHG Emissions 36
  36. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 36
    Reducing Operational Emissions 37
  37. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 37
    Pathway to Achieve Net-Zero 38
  38. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 38
    Oxy Low Carbon Ventures MAJOR INITATIVES Oxy is using our long-standing, industry-leading 01 expertise in carbon management to lower our own CCUS Project Development emissions and accelerate a global low-carbon economy…
  39. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 39
    Occidental Carbon Management Timeline 1972 1983 2000 2008 2010 2015 2017 CO2-EOR initiated in Denver Unit begins CO2- Acquired Altura Original 45Q tax credit CO2 Century Plant came Denver Unit CO2 field Hobbs CO2 field Crane/Upton…
  40. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 40
    Producing a Lower Carbon Barrel of Oil First look at the worlds largest Direct Air Capture plant Oxy Low Carbon Ventures and the management team from Rusheen Capital formed development company 1PointFive 1PointFive licensed technology…
  41. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 41
    Climate-Related Commitments and Targets Net-zero for our operational and energy use emissions (Scope 1 and 2) before 2040, with ambition to achieve before 2035 Net-zero for our total emissions inventory including product use (Scope 1,…
  42. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 42
    Diversity, Inclusion, and Belonging Occidentals culture of Diversity, Inclusion, and Belonging creates an environment where differences are appreciated, all employees are included and everyone feels that they belong. As part of our…
  43. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 43
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 44
  44. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 44
    WES Operating as an Independent Company Relationship at a Glance Effective Dec. 2019, WESs management team transferred from Oxy to WES; the remaining WES employees transferred in 2020 Rights of WES unitholders to replace WESs general…
  45. 4Q 2020 Earnings Presentation – Occidental Petroleum Corp – slide 45

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