Skip to main content 1Q 2023 Earnings Presentation – Occidental Petroleum Corp | Shale Experts
Loading...
Pm

1Q 2023 Earnings Presentation – Occidental Petroleum Corp

Occidental Petroleum Corp · May 10, 2023 · 39 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. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 1
    05.10.23 First Quarter Earnings Conference Call
  2. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 2
    3 OUTLINE First Quarter Highlights Cash Flow Priorities Financials Closing Remarks
  3. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 3
    HIGHLIGHTS 4 FIRST QUARTER 2023 PERFORMANCE 1.7 B 750 MM 650 MM Free Cash Flow Shares Preferred Equity Generation Repurchased Redemption Triggered OIL & GAS OXYCHEM INVESTMENT Production of 1,220 Mboed Pre-Tax Income of…
  4. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 4
    HIGHLIGHTS 5 OIL & GAS UPDATE Al Hosn expansion ahead of schedule; production ramp-up initiated New Oxy single-well initial production record in the DJ Basin driven by well design optimization Drilled longest well by any…
  5. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 5
    6 OUTLINE First Quarter Highlights Cash Flow Priorities Financials Closing Remarks
  6. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 6
    ONGOING FOCUS 2023 7 Maintain Production Base CASH FLOW Preserve asset base integrity PRIORITIES and longevity Sustainable & Growing Dividend Apply technical and Through-the-cycle sustainability with long-term growth potential…
  7. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 7
    NEXT PHASE COMMENCED PREFERRED EQUITY REDEMPTION 8 ENTERPRISE VALUE REBALANCING Enterprise Value Reallocation Delivers Value for Shareholders 9/30/2020 3/31/2023 Allocation of Excess Cash Flow for deleveraging a key driver of EV…
  8. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 8
    9 OUTLINE First Quarter Highlights Cash Flow Priorities Financials Closing Remarks
  9. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 9
    FINANCIALS 10 PREFERRED EQUITY REDEMPTION 4Q22 0.81 Year-To-Date 4/Share Shareholder Distributions 1Q23 3Q22 and Preferred Equity Redemption1 0.95 2.18 712 MM excess distributions Distribution added to 4.671 2Q22 to common…
  10. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 10
    FINANCIALS 11 FIRST QUARTER 2023 RESULTS Reported Production versus Mboed Reported Guidance Midpoint Reconciliation GULF OF MEXICO Adjusted diluted EPS1 1.09 Higher uptime performance and planned +15 downtime optimization…
  11. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 11
    FINANCIALS 12 SECOND QUARTER AND FULL-YEAR 2023 GUIDANCE OIL & GAS 2Q23 FY 2023 MIDSTREAM2 2Q23 FY 2023 Total Company Production (Mboed) 1,156 - 1,196 1,170 - 1,220 Pre-tax Income (100) - 0 MM (100) - 100 MM Permian Production (Mboed)…
  12. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 12
    13 OUTLINE First Quarter Highlights Cash Flow Priorities Financials Closing Remarks
  13. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 13
    14 ZERO IN ON VALUE COMPLEMENTARY SHAREHOLDER STRENGTHENING PATHWAY TO BUSINESSES RETURNS FINANCIAL PROFILE NET ZERO Oil & Gas Sustainable Common Dividend Partial Preferred Equity Direct Air Capture OxyChem Share Repurchase…
  14. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 14
    15 Appendix
  15. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 15
    16 APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Overview
  16. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 16
    SHAREHOLDER RETURN FRAMEWORK 17 Sustainable & Recently increased quarterly dividend to 0.18 per share Growing Dividend Dividend sustainable at 40 WTI 3 B of share repurchases completed in 2022 Share v Refreshed 3 B share…
  17. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 17
    FINANCIAL INFORMATION 18 CASH FLOW SENSITIVITIES OIL & GAS MIDSTREAM & MARKETING Annualized cash flow changes 225 MM per 1.00 / Annualized cash flow changes 65 MM per 0.25 / bbl bbl change in oil prices change in Midland to MEH…
  18. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 18
    FINANCIAL INFORMATION Capital B 2022 Actuals 2023 Plan 19 2023 CAPITAL PLAN Oil & Gas 3.8 4.3 - 4.7 Chemicals 0.3 0.6 Sustaining Capital1 Midstream & Corporate 0.3 0.3 300 MM change from 2022: Subtotal 4.4 5.2 - 5.6 Sustaining…
  19. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 19
    FINANCIAL INFORMATION 20 DILUTED SHARE COUNT EXAMPLE Basic Shares Outstanding + Incremental Diluted Shares = Total Diluted Outstanding Shares Incremental diluted shares include June 2020 warrants, Berkshire Hathaway warrants, and…
  20. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 20
    21 APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Overview
  21. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 21
    OIL & GAS UPDATE 22 DOMESTIC ONSHORE ASSETS PERMIAN 2023 ACTIVITY ROCKIES 2023 ACTIVITY 2.3 B - 2.6 B 23 Gross 10 Net 380 - 410 0.7 - 0.8 B 3 Gross 2 Net 90 - 105 Capex Rigs Rigs Wells Online Capex Rigs Rigs Wells Online 100% OBO…
  22. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 22
    TOP TIER WELL PERFORMANCE CONTINUES DELAWARE TO IMPROVE 23 BASIN WELL 450 PRODUCTIVITY 400 Superior-quality 350 inventory combined with subsurface expertise Cumulative Mboe 300 drives continuous improvement and value 250 200…
  23. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 23
    OIL & GAS UPDATE 24 LEADING DELAWARE BASIN WELL PERFORMANCE AVERAGE 6-MONTH CUMULATIVE OIL BY OPERATOR1 AVERAGE 12-MONTH CUMULATIVE OIL BY OPERATOR2 Oxy is 31% above the 6-month basin average Oxy is 21% above the 12-month basin…
  24. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 24
    DOMESTIC Domestic Onshore Operated Inventory Total Gross Operated Locations 8,000 25 INVENTORY & 6,885 INNOVATION 6,000 5,592 4,000 3,812 Depth of low-breakeven inventory demonstrates quality 2,000 1,321 and quantity of…
  25. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 25
    Al Hosn Gas Project Execution and Operational Excellence 26 World-class, state-of-the-art sour-gas project Plant capacity increased twice between 2016 and 2018 with minimal capital investment 2021: Expansion project commenced;…
  26. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 26
    27 APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Overview
  27. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 27
    OXYS COMBINED INTEGRATED PORTFOLIO 28 Oil & Gas OxyChem Oxy Midstream Focused in world class Leading manufacturer of basic Integrated infrastructure and basins with a history of chemicals and significant cash marketing provide…
  28. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 28
    OXYCHEM 2,500 Pre-Tax Earnings (EBIT)1 29 MARKET LEADING POSITION 2,000 23 owned facilities worldwide 1,500 MM Integrated assets capture benefits of favorable market conditions 1,000 Top tier global producer in every product…
  29. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 29
    OXYCHEM PROJECTS UPDATE 30 BATTLEGROUND MODERNIZATION & EXPANSION PROJECT Modernization and expansion of the Battleground plant expected to increase cash flow through improved margins and higher product volumes, while enhancing…
  30. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 30
    MIDSTREAM & MARKETING 31 GUIDANCE RECONCILIATION PHYSICAL MIDSTREAM BUSINESS 1Q23 income approximated guidance. 2Q23 1Q23 Guide 1Q23 Actuals 2Q23 Guide guidance higher than 1Q23 due to completed 200 annual plant turnarounds at…
  31. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 31
    ONE OF THE LARGEST U.S. ACREAGE HOLDERS 32 9.5 MM Net Total U.S. Acres ROCKIES 1.1 MM ACRES PERMIAN 2.8 MM ACRES POWDER RIVER UNCONVENTIONAL 0.3 MM POWDER RIVER 1.4 MM DJ BASIN CONVENTIONAL 0.8 MM 1.4 MM Excludes acreage…
  32. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 32
    U.S. ONSHORE OVERVIEW 33 1Q23 NET PRODUCTION ROCKIES Oil NGLs Gas Total 1.1 MM ACRES (Mbod) (Mbbld) MMcfd) (Mboed) Permian 337 136 637 579 Rockies & Other Dmstc. 73 94 583 264 Total 410 230 1,220 843 OPTIMIZED ADVANCED…
  33. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 33
    GULF OF MEXICO OVERVIEW 34 ALABAMA GULF OF MEXICO MISSISSIPPI TOTAL ACREAGE 1.0 MM TEXAS LOUISIANA 1Q23 NET PRODUCTION MARLIN Oil (Mbod) 141 HORN MOUNTAIN NGLs (Mbbld) 13 HOLSTEIN NANSEN CONSTITUTION Gas (MMcfd)…
  34. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 34
    INTERNATIONAL OVERVIEW 35 U.A.E. 1Q23 NET PRODUCTION 2.5 MM ACRES Oil NGLs Gas Total (Mbod) (Mbbld) MMcfd) (Mboed) Algeria & Other Intl. 34 4 15 41 Al Hosn 10 18 196 61 Dolphin 6 7 140 36 Oman 58 - 62 68 ALGERIA OMAN Total 108…
  35. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 35
    36 APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Overview
  36. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 36
    CCUS TECHNOLOGY AND MARKET ADVANCEMENT 37 ROADMAP TO COMMERCIAL DEVELOPMENTS VOLUNTARY & COMPLIANCE POLICY 2021 2024 2025 2030 DE-RISK & INNOVATE MANUFACTURING MODE CURRENT DIRECT AIR MAR 2022 CAPTURE & REVENUE SEQUESTRATION…
  37. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 37
    DIRECT AIR CAPTURE 38 PROGRESS TOWARD DAC 1 - STRATOS LICENSE TO BUILD Exclusive DAC and AIR TO FUELS license for U.S. deployment. OLCV has a worldwide agreement with Carbon Engineering as the execution partner for all DAC and AIR…
  38. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 38
    OXY TO UTILIZE CLEAN ENERGY GENERATED BY NET POWERS FIRST UTILITY SCALE PLANT 39 Oxy, 40% equity ownership in NET Power, expected to be the primary offtaker of clean energy generated by NET Power's first commercial plant using a…
  39. 1Q 2023 Earnings Presentation – Occidental Petroleum Corp – slide 39

From the store

Browse maps, data & reports in the Shale Experts store