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3Q 2021 Investor Presentation – Occidental Petroleum Corp

Occidental Petroleum Corp · Nov 5, 2021 · 35 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. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 1
    Third Quarter Earnings Conference Call Occidental Petroleum Corporation November 5, 2021
  2. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 2
    Occidental Third Quarter Highlights Financial Results and Guidance Closing Remarks 3
  3. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 3
    Third Quarter 2021 Highlights 2.3 B Oil & Gas: 5.1 B Free Cash Flow Strong Operational Balance Sheet Generation Performance with Improvement 1.16 MMboed Highest Level of OxyChem: 2.1 B Cash Balance1 Free Cash Flow this Highest…
  4. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 4
    Oil & Gas Operational Performance 3Q21 Highlights and Achievements Record drilling cycle times in GoM, Permian, Rockies, and Oman Oxys first 15,000 laterals drilled in Midland Basin including one well under 10 days Oxy record 9,702…
  5. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 5
    Large-Scale Divestiture Program Complete 750MM 10 9 10 B of Divestitures 700 MM 370 MM 285 MM 200 MM 510 MM 2.1 B 8 Cumulative Asset Sales ( B) 1.3 B 7 2.4 B 6 260 MM 565 MM 90 MM 75 MM 5 750 MM 200 MM 3.3 B 4…
  6. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 6
    Occidental Third Quarter Highlights Financial Results and Guidance Closing Remarks 7
  7. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 7
    Third Quarter 2021 Results Reported Production versus Guidance Reported Mboed Midpoint Reconciliation Rockies: better well performance, higher Adjusted diluted EPS1 0.87 uptime, stronger operated by others (OBO) and +11 royalty…
  8. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 8
    Fourth Quarter 2021 Guidance Estimates Oil & Gas OxyChem Corporate 4Q21 4Q21 Production 4Q21 Pre-tax income: 480 MM Domestic tax rate: 22% Total Company: 1,125 - 1,155 Mboed Midstream & Marketing1 International tax rate: 45% Oil /…
  9. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 9
    Balance Sheet Improvement Drives Shareholder Value Enterprise Value ( B) Prioritizing Debt Reduction 70 Market capitalization becoming a 18% 20% 17% 60 larger percentage of Enterprise 7% Value as debt is reduced 16% 27% 36% 41%…
  10. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 10
    Occidental Third Quarter Highlights Financial Results and Guidance Closing Remarks 11
  11. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 11
    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…
  12. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 12
    Appendix 2021 Activity Financial Information Oil & Gas Update Asset Overview Environment, Social, and Governance 13
  13. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 13
    2021 Activity Domestic Onshore Assets Permian Rockies 4Q Activity 4Q Activity 0.4 B 13 Gross 7 Net 35 45 0.1 B 2 Gross 2 Net 25 35 Capex Rigs Rigs Wells Online Capex Rigs Rigs Wells Online 100% 100% Base Maint OBO Powder OBO Base…
  14. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 14
    Appendix 2021 Activity Financial Information Oil & Gas Update Asset Overview Environment, Social, and Governance 15
  15. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 15
    Continuing to Deliver Delivering On Milestones Achieved Next Steps Balance sheet Extended 7 B of near-term improvement debt maturities Ongoing balance sheet 14 B of principal repaid improvement through organic free cash flow…
  16. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 16
    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…
  17. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 17
    Midstream & Marketing Guidance Reconciliation 3Q21 Guide 3Q21 Actuals 4Q21 Guide 100 Physical Midstream Business 3Q21 above guidance due to higher Al Hosn sulfur prices and volumes. 4Q21 50 expected to be lower partially due to…
  18. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 18
    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…
  19. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 19
    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…
  20. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 20
    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…
  21. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 21
    3Q21 Cash Flow and Cash Balance Reconciliation 0.5 (0.2) (4.3) B 3.0 4.8 (0.8) (0.7) 2.3 Beginning Cash CFFO Before Asset Sale Dividends Retired Settled Interest Capital Ending Cash Balance Working Capital Proceeds Debt…
  22. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 22
    Appendix 2021 Activity Financial Information Oil & Gas Update Asset Overview Environment, Social, and Governance 23
  23. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 23
    Leading Delaware Basin Well Performance 6 Month Cumulative Oil Top 100 Wells1 12 Month Cumulative Oil Top 100 Wells2 Oxy has 36% of the best wells, while completing less than 10% of Oxys subsurface expertise delivers Basin leading…
  24. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 24
    Appendix 2021 Activity Financial Information Oil & Gas Update Asset Overview Environment, Social, and Governance 25
  25. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 25
    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 provide access to maximizing…
  26. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 26
    One of the Largest U.S. Acreage Holders 9.4 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…
  27. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 27
    U.S. Onshore Overview Rockies Permian 1.2 MM Acres 2.9 MM Acres 3Q21 Net Production Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Permian 292 116 548 499 Rockies & Other Dmstc. 85 94 675 292 Total 377 210 1,223 791…
  28. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 28
    Gulf of Mexico Overview Gulf of Mexico 0.7 MM Acres MARLIN HORN MOUNTAIN 3Q21 Net Production NANSEN HOLSTEIN BOOMVANG CONSTITUTION Oil (Mbod) 106 CAESAR/TONGA MARCO POLO GUNNISON NGLs (Mbbld) 9 HEIDELBERG LUCIUS Gas…
  29. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 29
    International Overview U.A.E. 2.5 MM Acres 3Q21 Net Production1 Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 42 3 7 46 Al Hosn 14 26 255 83 Dolphin 6 8 154 40 Oman 61 - 77 73 Algeria Oman Total 123 37…
  30. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 30
    OxyChem Market Leading Position 1,500 Pre-Tax Earnings (EBIT)1 24 owned facilities worldwide 1,250 Integrated assets capture benefits of 1,000 MM favorable market conditions 750 Top tier global producer in every product 500…
  31. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 31
    Appendix 2021 Activity Financial Information Oil & Gas Update Asset Overview Environment, Social, and Governance 32
  32. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 32
    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…
  33. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 33
    Pathway to Achieve Net-Zero 34
  34. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 34
    Direct Air Capture for Atmospheric CO2 Removal Oxys development company 1PointFive plans to build a first-of-its-kind direct air capture facility with technology licensed from Carbon Engineering. The technology pulls CO2 directly from the…
  35. 3Q 2021 Investor Presentation – Occidental Petroleum Corp – slide 35

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