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1Q 2013 Earnings Conference – Occidental Petroleum Corp

Occidental Petroleum Corp · Apr 25, 2013 · 37 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 2013 Earnings Conference – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation First Quarter 2013 Earnings Conference Call April 25, 2013
  2. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 2
    First Quarter 2013 Earnings Highlights Core Income - 1.4 billion in 1Q13 vs. 1.6 billion in 1Q12 or 1.5 billion in 4Q12. EPS 1.69 (diluted) vs. 1.92 (diluted) in 1Q12 or 1.83 in 4Q12. Compared to 4Q12, current quarter results…
  3. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 3
    First Quarter 2013 Earnings Oil & Gas Segment Higher realized oil prices and lower operating expenses offset Variance Analysis 1Q13 vs. 4Q12 by lower Middle East/North Africa volumes and higher DD&A rates. ( in millions) Lower…
  4. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 4
    First Quarter 2013 Earnings Oil & Gas Segment Production Costs 1Q13 production costs were 13.93 per barrel, compared with 14.99 per barrel for FY 2012. Lower costs were attributable to our domestic operations where production costs…
  5. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 5
    First Quarter 2013 Earnings Oil & Gas Segment Production Volumes 1Q13 1Q12 4Q12 Oil and Gas Production (mboe/d) 763 755 779 Approximately 13,000 barrels of the total sequential decrease in quarterly production came from Qatar and…
  6. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 6
    First Quarter 2013 Earnings Oil & Gas Segment Production Volumes Latin America volumes were 31 mboe/d, which was 1 mboe/d lower compared to 4Q12 and 5 mboe/d higher than 1Q12. The reduction from 4Q12 was due to a heightened level of…
  7. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 7
    First Quarter 2013 Earnings Oil & Gas Segment 1Q13 1Q12 Reported Segment Income (mm) 1,920 2,504 WTI Oil Price (/bbl) 94.37 102.93 Brent Oil Price (/bbl) 112.64 118.35 NYMEX Gas Price (/mcf) 3.37 2.83 Oxys Realized Prices Worldwide…
  8. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 8
    First Quarter 2013 Earnings Oil & Gas Segment Realized Prices Realized oil prices for 1Q13 represented 104% of the average WTI price and 87% of the average Brent price. Realized NGL prices were 43% of the average WTI price and…
  9. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 9
    First Quarter 2013 Earnings Oil & Gas Segment Taxes, Exploration Expense and DD&A Taxes other than on income, which are generally related to product prices, were 2.63 per boe for 1Q13, compared with 2.39 per boe for the full year of…
  10. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 10
    First Quarter 2013 Earnings Chemical Segment The sequential quarterly Variance Analysis 1Q13 vs. 4Q12 decrease was due to higher ( in millions) ethylene costs and increased competitive activity, particularly 23 50 in the domestic…
  11. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 11
    First Quarter 2013 Earnings Midstream Segment Variance Analysis 1Q13 vs. 4Q12 ( in millions) Over 70 % of the sequential quarterly 11 1 215 increase resulted from 18 improved marketing and 11 99 trading performance. The…
  12. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 12
    First Quarter 2013 Earnings Income Taxes The worldwide effective tax rate on core income was 38% for the 1Q13. included a benefit resulting from the relinquishment of an international exploration block. Our 4Q12 U.S. and foreign…
  13. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 13
    First Quarter 2013 Earnings 2013 Cash Flow In 1Q13, we generated 2.9 billion of cash flow from operations before changes in working capital. Working capital changes reduced our cash flow from operations by approximately 200 million to…
  14. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 14
    First Quarter 2013 Earnings 2013 Cash Flow Capital expenditures for 1Q13 were 2.1 billion. 1Q13 capital spend was 440 million lower than 4Q12, with about half of the decrease in the oil and gas business . 1Q13 capital…
  15. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 15
    First Quarter 2013 Earnings Shares Outstanding, Debt/Capital, ROE & ROCE Shares Outstanding (mm) 1Q13 3/31/13 Weighted Average Basic 804.7 Weighted Average Diluted 805.2 Shares Outstanding 805.6 1Q13 3/31/13 Debt / Capital…
  16. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 16
    First Quarter 2013 Earnings Key Performance Metrics Production Occidentals domestic oil and gas segment produced record volumes for the tenth consecutive quarter and continued to execute on our liquids production growth strategy.…
  17. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 17
    First Quarter 2013 Earnings Capital Efficiency & Operating Cost Reduction Program We are executing a focused drilling program in our core areas and to date we are running ahead of our full-year objectives in our program to improve…
  18. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 18
    First Quarter 2013 Earnings Capital Efficiency & Operating Cost Reduction Program Production Costs (/boe) 15.99 16 14.99 14.95 Production Costs per boe 14.22 14.00 13.93 14…
  19. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 19
    First Quarter 2013 Earnings 2013 Domestic Program Three main objectives of 2013 domestic program. Delineate our core drilling areas in the Permian Basin Accumulated more than 1.7 million net acres covering both established and…
  20. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 20
    First Quarter 2013 Earnings 2013 Domestic Program Permian Basin Delineate our core areas in the Permian Basin 1.9 billion capital program to deliver growth from oil production 2/3 of capital will be spent in non-CO2 business Expect…
  21. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 21
    First Quarter 2013 Earnings 2013 Domestic Program Permian Basin Acreage in Select Permian Plays Matador Arch (Thousands of Acres) Northwest Shelf Delaware Basin Gross Oxy Share Midland Basin Avalon 340 120 Wolfberry Bone Spring…
  22. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 22
    First Quarter 2013 Earnings 2013 Domestic Program Permian Basin Wolfberry Solid, core play for many years and represents the largest proportion of activity. Mix of infill wells in already established core areas, and step out wells in…
  23. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 23
    First Quarter 2013 Earnings 2013 Domestic Program Permian Basin Emerging Wolfbone play in Reeves County, Texas Throughout 2012, we were able to acquire a meaningful, contiguous acreage position. We drilled a handful of wells in 2012…
  24. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 24
    First Quarter 2013 Earnings 2013 Domestic Program Drive Capital Efficiency Drive capital efficiency, particularly in core drilling programs. Four elements to our overall capital efficiency strategy. Locking in drilling programs.…
  25. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 25
    First Quarter 2013 Earnings 2013 Domestic Program Capital Efficiency Locking in drilling programs. Results in significant efficiencies. Fit-for-purpose drilling rigs in each core area. Minimize the number of drill site contractors.…
  26. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 26
    First Quarter 2013 Earnings 2013 Domestic Program Capital Efficiency Modification of well objectives and designs. In our Wolfberry program: Two casing strings instead of three, which has saved 250,000 per well. Reduced costs by 47%…
  27. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 27
    First Quarter 2013 Earnings 2013 Domestic Program Capital Efficiency Improving operational execution. Numerous incremental changes in all businesses and significant improvements in the Permian and Williston business units. Optimizing…
  28. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 28
    First Quarter 2013 Earnings 2013 Domestic Program Capital Efficiency Progress in the Williston, Permian and Elk Hills. Reduction in stimulation contract pricing and fluid hauling costs. Williston Reduced well costs from 10 million…
  29. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 29
    First Quarter 2013 Earnings 2013 Domestic Program Operating Cost Reductions Enhancing cash margins through reductions in operating costs Additional steps specific to reducing our operating costs, especially in the areas of downhole…
  30. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 30
    First Quarter 2013 Earnings 2013 Domestic Program Operating Cost Reductions Enhancing cash margins through reductions in operating costs Maintenance crews Evaluating and prioritizing most efficient crews. More direct on-location…
  31. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 31
    First Quarter 2013 Earnings 2013 Domestic Program Operating Cost Reductions Enhancing cash margins through reductions in operating costs Compared to the 2012 levels, downhole maintenance and workover costs have dropped 36% and…
  32. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 32
    First Quarter 2013 Earnings 2013 Domestic Program - Summary We are still in the early stages of this process and, therefore, our data is based on a relatively small portion of our overall program. In addition, we executed a…
  33. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 33
    First Quarter 2013 Earnings Dividends In February we increased our dividend 18.5% to an annual rate of 2.56 per share, from the previous annual rate of 2.16 per share. We have now increased our dividend every year for 11…
  34. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 34
    First Quarter 2013 Earnings 2013 Production Outlook Domestically, we continue to expect solid growth in our oil production for the year. As a result of the nature and timing of our drilling program, such as steam flood drilling in…
  35. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 35
    First Quarter 2013 Earnings 2013 Production Outlook Internationally, excluding Iraq, at current prices we expect production to be higher in 2Q13, back to around the 4Q12 levels, with the increase coming mainly from the resumption…
  36. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 36
    First Quarter 2013 Earnings 2013 Capital Outlook 1Q13 capital spending was 2.1 billion. We expect the second quarter rate to be higher. Our annual spending levels are unchanged and expected to be in line with the 9.6 billion…
  37. 1Q 2013 Earnings Conference – Occidental Petroleum Corp – slide 37
    First Quarter 2013 Earnings Conference Call Q&A

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