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2Q 2021 Earnings Presentation – Occidental Petroleum Corp

Occidental Petroleum Corp · Aug 4, 2021 · 39 slides

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Slides

  1. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 1
    Second Quarter Earnings Conference Call Occidental Petroleum Corporation August 4, 2021
  2. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 2
    Occidental Second Quarter Highlights Financial Results and Guidance Closing Remarks 3
  3. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 3
    Second Quarter 2021 Highlights 2.0 B 1.2 MMboed 3.1 B Free Cash Flow Strong Operational Debt Tender Generation Performance Offer Highest Level of Raised Full-Year Retired Selected Free Cash Flow in Guidance for all 2022-26 Debt…
  4. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 4
    Best-in-Class Capital Intensity 2.9 B of Capital Stabilizes Full-Year Production Leading Capital Intensity: Continues to Improve World-class assets with low breakevens and subsurface expertise to maximize value Efficient execution…
  5. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 5
    Divestiture Progress 11 10 9 9.2 B Completed 365 MM 285 MM 200 MM 510 MM 2-3 B Cumulative Asset Sales ( B) 700 MM 8 1.3 B 7 2.4 B 6 260 MM 565 MM 90 MM 70 MM 200 MM 5 750 MM 3.3 B 4 Post-Colombia Divestitures 3…
  6. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 6
    OxyChem Update Market Leading Position 1,250 Pre-Tax Earnings (EBIT)1 24 owned facilities worldwide 1,000 Integrated assets capture benefits of MM favorable market conditions 750 Global export portfolio leverages low 500…
  7. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 7
    Occidental Second Quarter Highlights Financial Results and Guidance Closing Remarks 8
  8. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 8
    Second Quarter 2021 Results Reported Production versus Guidance Reported Mboed Midpoint Reconciliation Gulf of Mexico: higher uptime, maintenance Adjusted diluted EPS1 0.32 schedule optimization, and positive prior +22 period…
  9. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 9
    Third Quarter & Full-Year 2021 Guidance Estimates Oil & Gas OxyChem Corporate 3Q21 Production 3Q21 Pre-tax income: 390 MM FY 2021 Domestic tax rate: 22% Total Company: 1,130 - 1,160 Mboed FY 2021 Pre-tax income: 1,225 - 1,275 MM FY…
  10. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 10
    Balance Sheet Improvement Milestones 12.7 B of principal repaid since August 2019 In 2Q21, announced tender offer for 3.1 B of 2022-26 debt maturities Completed In 2020, extended 7.0 B of near-term debt maturities to 2025+ 3.6 B…
  11. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 11
    Occidental Second Quarter Highlights Financial Results and Guidance Closing Remarks 12
  12. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 12
    Delivering Near-Term Cash Flow Priorities Deleverage De-risk In Progress Return of Capital Complete Future Near and medium-term: Maintaining production reduce debt to mid-20 B Increase return of range and restore mid- capital to…
  13. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 13
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 14
  14. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 14
    2021 Activity Domestic Onshore Assets Permian Rockies 3Q 4Q Activity 3Q 4Q Activity 0.7 B 11 Gross 5 Net 90 110 0.2 B 2 Gross 2 Net 45 65 Capex Rigs Rigs Wells Online Appraisal Capex Rigs Rigs Wells Online 100% 100% Base Maint OBO…
  15. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 15
    International & Gulf of Mexico Milestones 2021 2022 2023 Lucius, N Hadrian, Holstein Caesar-Tonga (CT), Lucius HMW (3 wells), Lucius Fiesta, Cactus, Yellowfin CTSSE online Exploration wells Horn Mountain West (HMW) umbilical,…
  16. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 16
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 17
  17. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 17
    Continuing to Deliver Delivering On Milestones Achieved Next Steps Balance sheet Extended 7 B of near-term improvement debt maturities Ongoing balance sheet 12.7 B of principal repaid improvement through organic free cash flow…
  18. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 18
    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…
  19. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 19
    Midstream & Marketing Guidance Reconciliation 2Q21 Guide 2Q21 Act 3Q21 Guide Physical Midstream Business 100 2Q21 above guidance due to improving sulfur prices for Al Hosn. 3Q21 earnings are expected to be better than 2Q due to the…
  20. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 20
    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…
  21. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 21
    Cash Flow Sensitivities Oil & Gas Midstream & Marketing Annualized cash flow changes 215 MM per 1.00 / Annualized cash flow changes 65 MM per bbl change in oil prices 0.25 / bbl change in Midland to MEH spread 195 MM per 1.00 / bbl…
  22. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 22
    2021 Natural Gas Hedges Two-Way Costless Collar Secures Natural Gas Price Floor of Short Call 2.50 For 630 MMcfd 4.00 3.61 630 MMcfd Hedge Details 3.50 Summary 2021 Long Put 2.50 2021 Settlement Realized Price (/Mcf) 3.00…
  23. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 23
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 24
  24. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 24
    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 35% of the best wells, while completing…
  25. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 25
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 26
  26. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 26
    Oxys Combined Integrated Portfolio Oil & Gas OxyChem Oxy Midstream Focused in world class Leading manufacturer of Integrated infrastructure and basins with a history of basic chemicals and marketing provides access to maximizing…
  27. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 27
    One of the Largest U.S. Acreage Holders 9.5 MM Net Total U.S. Acres Rockies Permian 1.2 MM Acres 2.9 MM Acres Powder River Basin 0.4 MM Permian Unconventional 1.5 MM DJ Basin 0.8 MM Excludes acreage outside of active operating…
  28. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 28
    U.S. Onshore Overview Rockies Permian 1.2 MM Acres 2.9 MM Acres 2Q21 Net Production Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Permian 297 113 563 504 Rockies & Other Dmstc. 96 100 674 308 Total 393 213 1,237 812…
  29. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 29
    Gulf of Mexico Overview Gulf of Mexico 0.8 MM Acres MARLIN HORN MOUNTAIN 2Q21 Net Production NANSEN HOLSTEIN BOOMVANG CONSTITUTION Oil (Mbod) 124 CAESAR/TONGA MARCO POLO GUNNISON NGLs (Mbbld) 11 HEIDELBERG LUCIUS Gas…
  30. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 30
    International Overview U.A.E. 2.5 MM Acres 2Q21 Net Production1 Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 39 3 7 43 Al Hosn 14 25 252 81 Dolphin 7 8 160 42 Oman 62 - 83 76 Algeria Oman Total 122 36…
  31. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 31
    OxyChem Integrated Chlorovinyl Chain OxyChem is one of the few producers that can extract value from every step of the chlorovinyl chain Ability to optimize production portfolio throughout the value chain to maximize returns Logistics…
  32. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 32
    OxyChem Facilities 24 Owned Facilities Worldwide Domestic Locations Alabama Multiple Facilities with Deepwater Access Georgia Illinois Kansas Louisiana Michigan New York New Jersey Ohio Tennessee Texas Core Product OxyChem…
  33. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 33
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 34
  34. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 34
    Midland Basin Water Recycling Facility Partnership with an industry-leading 3rd party water midstream company Next generation produced water recycling facility Supports all South Curtis Ranch development Located in Midland Basin at…
  35. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 35
    Decarbonizing Operations and Reducing GHG Emissions 36
  36. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 36
    Pathway to Achieve Net-Zero 37
  37. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 37
    Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 38
  38. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 38
    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…
  39. 2Q 2021 Earnings Presentation – Occidental Petroleum Corp – slide 39

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