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3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp

Occidental Petroleum Corp · Oct 23, 2014 · 32 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 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation p Third Quarter 2014 Earnings Conference Call October 23, 2014
  2. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 2
    Third Quarter 2014 Earnings Highlights Results Domestic D ti oil il production d ti (Bbl/d) 282 000 282,000 8% year / year growth Total company production (boe/d) 755,000 Core earnings* 1.2 billion Core diluted EPS* 1.58 YTD…
  3. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 3
    Third Quarter 2014 Earnings Oil & Gas Segment Pre-Tax Earnings PRE-TAX 3Q14 vs. 2Q14 ( in millions) 2,118 (259) 70 (37) 1,902 10 Core Results 3Q14 1.9 B 2Q14 2.1 B 3Q13 2.4 B 2Q14 Sales Price Sales Volumes Higher…
  4. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 4
    Third Quarter 2014 Earnings Oil and Gas Total Company Production Total company oil and gas production volume, averaged 755,000 BOE per day, an increase of 19,000 BOE in daily production from the second quarter. Company-wide Oil &…
  5. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 5
    Third Quarter 2014 Earnings Oil and Gas Domestic Production Met our domestic oil production growth guidance with a year over year increase of 20,000 BOE per day or about 8 percent, led by our Permian and California assets. Domestic…
  6. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 6
    Third Quarter 2014 Earnings Oil and Gas Domestic Production Domestic Oil & Gas Production Excluding California (mboe/d) 4 315 3 308 305 3Q13 2Q14 Oil Natural Gas & 3Q14 NGLs Note: Excludes California and Hugoton…
  7. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 7
    Third Quarter 2014 Earnings Oil & Gas Realized Prices Realized Prices Benchmark Prices Worldwide Worldwide Domestic Nat. Oil ((/bbl)) NGLs ((/bbl)) Gas ((/mmbtu)) WTI Brent NYMEX 3Q14 94.68 40.26 3.91 97.17 103.39 4.17 WTI % 97%…
  8. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 8
    Third Quarter 2014 Earnings Oil & Gas Production Costs Production Costs (/boe) FY13 1Q14 2Q14 3Q14 YTD14 13.76 14.33 14.68 14.89 14.64 DD&A (/boe) FY13 1Q14 2Q14 3Q14 YTD14 17.10 16.86 17.25 17.45 17.19 Taxes other than Income…
  9. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 9
    Third Quarter 2014 Earnings Chemical Segment Core Earnings PRE-TAX 3Q14 vs. 2Q14 Guidance ( in millions) 4Q14 expected t be to b 115 115 mm. 9 (6) ((1)) 5 133 140 Core Results 3Q14 140 mm 2Q14 133 mm 3Q13 181 mm…
  10. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 10
    Third Quarter 2014 Earnings Midstream, Marketing & Other Segment Earnings PRE-TAX 3Q14 vs. 2Q14 ( in millions) 219 (115) 10 125 11 Core Results 3Q14 125 mm 2Q14 219 mm 3Q13 212 mm 2Q14 Trading Power Generation All Others…
  11. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 11
    Third Quarter 2014 Earnings YTD 2014 Cash Flow The first nine months of 2014 included tax payments of 570 million related to the gain on the sale of the PAGP units and our Hugoton assets 12,000 (400) YTD 2014 3Q14 (6,600) ( in…
  12. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 12
    Third Quarter 2014 Earnings California Resources We received cash proceeds of approximately 5 billion from the bond offering completed by California Resources. IRS rules mandate that use of these proceeds be restricted to share…
  13. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 13
    Third Quarter 2014 Earnings US Oil & Gas Pro Forma Data Production (Mboe/d) 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 Permian Resources 77 72 67 64 62 64 68 Permian EOR 148 144 145 143 150 146 149 Midcontinent and Other 90 92 90 88 93 88 91…
  14. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 14
    Third Quarter 2014 Earnings 4Q14 & FY 2014 Guidance Summary Oil & Gas Segment * Domestic 4Q 2014 Production* Pre-tax Income Price Sensitivity (excludes Impact Oil: continued Permian production growth. growth California) (Quarter)…
  15. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 15
    Third Quarter 2014 Earnings Permian Permian Resources 24% production growth (year / year) in 3Q14 80,000+ boe/d exit rate in 2014E 100,000+ boe/d exit rate in 2015E Production Permian EOR Permian Resources 216 226 207 211 212…
  16. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 16
    Third Quarter 2014 Earnings California Resources Spin-Off Update Board of Directors authorized California Major Resources spin-off Producing Distribution expected to occur on November 30 Basins Record date is November 17 Oxy…
  17. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 17
    Third Quarter 2014 Earnings Strategic Initiative Update Strategic Initiatives In the Williston and Piceance basins, given the current product price environment we plan to operate these assets with less capital p in order to…
  18. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 18
    Third Quarter 2014 Earnings Use of Proceeds Expect to generate a large amount of cash proceeds from the strategic initiatives The bulk of these proceeds will be used for to share repurchases, we also hope to reinvest i t in i the…
  19. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 19
    Third Quarter 2014 Earnings Capital Outlook Significant amount of long-term investment, including capital for the BridgeTex pipeline and the Capital Breakdown Excluding Al Hosn Gas project, is nearing completion. California Expect…
  20. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 20
    Third Quarter 2014 Earnings Production Outlook Expect Permian Resources to deliver production growth of at least 20% in 2015, primarily from oil. Expect the Resources business to exit 2014 at over 80,000 BOE per day and to exit 2015 at…
  21. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 21
    Third Quarter 2014 Earnings Outlook We expect our cash balance to exceed our total debt at year end. Oxy is built to thrive in this environment with our core properties in the Permian EOR business and production sharing contracts in…
  22. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 22
    Third Quarter 2014 Earnings Permian Resources Summary Growing production and increasing operational efficiency Active Rigs Total Production (boe/d) 77 000 77,000 4Q14 26 4 Oil Production (bbls/d) 43,000 vs. 2Q-2014 8% Increase 3Q14…
  23. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 23
    Third Quarter 2014 Earnings Permian Resources Core Areas Midland Basin Delaware Basin Delaware Basin Bench Gross Wells Bench Gross Wells B Bone Spring S i 1,500 1 500 Spraberry 450 Wolfcamp A 800 Wolfcamp A 250 Midland Basin…
  24. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 24
    Third Quarter 2014 Earnings Permian Resources Delaware Benches Active Rigs Geologic Delaware Basin Age Bell Canyon 4Q14 15 2 Cherry Canyon Delaware Basin Brushy Canyon Avalon 3Q14 11 1 1st Bone Spring 2nd Bone Spring…
  25. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 25
    Third Quarter 2014 Earnings Permian Resources Delaware Well Performance Texas Delaware Wolfcamp A/B BOEPD / 1000 1,600 292 Ryman 14 5H 249 1,365 1,355 311 Q3 Avg 1 067 1,067 245 Barilla Draw 1,175 303 Q2 YTD Avg 215 834…
  26. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 26
    Third Quarter 2014 Earnings Permian Resources Midland Basin Benches Active Rigs Geologic Age Midland Basin Midland Y t Yates Basin 4Q14 Grayburg 11 2 San Andres Clear Fork Upper Spraberry 3Q14 8 4 Permian Middle Spraberry…
  27. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 27
    Third Quarter 2014 Earnings Permian Resources Midland Basin Well Performance St. Andrews Spraberry, Wolfcamp A / B BOEPD / 1000 Mabee 128 Ranch 934 SCR 3526H 125 Guitar 913 1,437 170 DR 4027H 79 671 South Curtis Ranch (SCR) 731 129 Q3…
  28. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 28
    Third Quarter 2014 Earnings Permian Resources Guidance Strong 2014 performance Production (Mboe/d) Rapidly translating the knowledge 120+ gained in our appraisal efforts to value Positioned required resources to execute…
  29. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 29
    Third Quarter 2014 Earnings OXY Permian Gathering g / Takeaway y Cushing Centurion Central/ SENM/ Midland Basins DE Basins Basin Slaughter Colorado City y Seaway Sea ay WTG Midland- BridgeTex (50%) South LongHorn…
  30. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 30
    Third Quarter 2014 Earnings Takeaway Capacity Impact on Prices Midland WTI to LLS Differential (/Bbl) 2009 2010 2011 2012 2013 2014 10 5 2011-14 YTD Avg. -(16)/Bbl 2014 YTD Avg. - (12)/Bbl 0 (5) (10) (15) BridgeTex (20)…
  31. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 31
    Third Quarter 2014 Earnings Permian Infrastructure Value Drivers 20 18 16 14 12 0-10+/Bbl /Bbl 10 8 6 4 1-3/Bbl 2 1-3/Bbl 0 T Tariff T iff iff Revenue Tariff Revenue R R Shi Shipper Shi Shipper P…
  32. 3Q 2014 EARNINGS CONFERENCE – Occidental Petroleum Corp – slide 32
    Third Quarter 2014 Earnings Conference Call Q&A

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