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1Q 2014 Earnings Conference – Occidental Petroleum Corp

Occidental Petroleum Corp · May 5, 2014 · 24 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 2014 Earnings Conference – Occidental Petroleum Corp – slide 1
    Occidental Petroleum Corporation First Quarter 2014 Earnings Conference Call May 5, 2014
  2. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 2
    First Quarter 2014 Earnings Highlights Results Domestic oil production (Bbl/d) 274,000 Total production (boe/d) 745,000 Core earnings* 1.4 billion Core diluted EPS* 1.75 1Q14 CFFO before WC 2.9 billion Cash balance 3/31/2014 2.3…
  3. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 3
    First Quarter 2014 Earnings Oil & Gas Segment Earnings 1Q14 vs. 4Q13 ( in millions) 82 (155) 2,118 56 (39) 37 2,104 5 Core Results 1Q14 2.1 B 4Q13 2.1 B 1Q13 1.9 B 4Q13 Sales Price Sales Lower Higher DD&A Lower All…
  4. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 4
    First Quarter 2014 Earnings Oil and Gas Total Company Production Company-wide Oil & Gas Production (mboe/d) 763 5 (1) (4) 750 (5) 745 1Q13 4Q13 Permian Other Dolphin Other MENA 1Q14 Domestic Maintenance effects 4
  5. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 5
    First Quarter 2014 Earnings Oil and Gas Domestic Production Domestic Oil & Gas Production (mboe/d) 478 2 (2) 474 4 470 1Q13 4Q13 Oil NGLs Natural Gas 1Q14 5
  6. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 6
    First Quarter 2014 Earnings 2014 Cash Margin (/boe) 1Q14 exploration expense 69.92* 70.80* was 55 mm. 66.08* We expect 2Q14 exploration expense to be 80 mm. 53.34 53.53 Oil & Gas Cash Margin 49.52 Production Costs Taxes…
  7. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 7
    First Quarter 2014 Earnings Chemical Segment Core Earnings 1Q14 vs. 4Q13 Guidance ( in millions) 2Q14 expected 41 (39) to be 130 mm. 11 (5) 136 128 Core Results 1Q14 136 mm 4Q13 128 mm 1Q13 159 mm 4Q13 Sales Price…
  8. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 8
    First Quarter 2014 Earnings Midstream, Marketing & Other Segment Earnings 1Q14 vs. 4Q13 ( in millions) 53 (52) 16 170 85 Core Results 1Q14 170 mm 68 4Q13 68 mm 1Q13 215 mm 4Q13 Marketing & Power Gas Processing…
  9. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 9
    First Quarter 2014 Earnings 1Q 2014 Cash Flow 1Q 2014 ( in millions) 1Q14 6,300 (240) (2,200) Debt / Capital 14% Return on Equity* 13% Return on Capital Employed* 11% CFFO before Working Capital changes (515) 2,900 (945)…
  10. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 10
    First Quarter 2014 Earnings 2Q14 & FY 2014 Guidance Summary Oil & Gas Segment * Pre-tax Income Domestic 2Q 2014 Production* Price Sensitivity Impact Oil 7,000 - 9,000 bbls/d growth. (Quarter) Oil +/- 1/bbl = +/- 38 mm NGLs flat.…
  11. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 11
    First Quarter 2014 Earnings Strategic Initiative Update We closed the sale of our Hugoton asset for Strategic Initiatives pre-tax proceeds of 1.3 bn. We sold 25% of our interest in PAGP for pre-tax Hugoton Sale proceeds of 1.4 bn in…
  12. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 12
    First Quarter 2014 Earnings Capitalization We have repurchased more than 20 mm shares since the announcement of our strategic initiatives in 4Q13, of which 10.5 mm shares were purchased in 1Q14. Remaining shares under the current…
  13. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 13
    First Quarter 2014 Earnings California Resources Corporation California Resources Corporation will be a growth oriented business with a large resource base and self-sufficient cash flow. Pure play California resources company able…
  14. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 14
    First Quarter 2014 Earnings Remaining Occidental Business Oil and Gas Focus Areas OxyChem United States Leading position High FCF, moderate in the Permian Basin. growth business. Permian Resources is a growth driver. Oxy…
  15. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 15
    First Quarter 2014 Earnings Permian Basin Overview Permian Resources is the cornerstone growth operation of the domestic business. Substantial acreage position with significant resource development potential. We have used our…
  16. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 16
    First Quarter 2014 Earnings Free Cash Flow from New Projects Offsets California Separation We expect that new operating cash flow from long lead-time projects combined with significant reductions in spending will more than offset the…
  17. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 17
    First Quarter 2014 Earnings Improving ROCE Return on Capital Employed Improved capital efficiency and operating cost structure. 15% Long-lead-time project start-ups: Al Hosn Sour Gas, BridgeTex Pipeline and the New Johnsonville…
  18. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 18
    First Quarter 2014 Earnings Share Repurchases We expect that we will be able to reduce our share count by 40 - 50 mm through the dividends from the California separation and by 25 mm shares from the monetization of our remaining…
  19. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 19
    First Quarter 2014 Earnings Permian 1Q14 Results Permian Resources Permian Resources Goals 5% production growth Q / Q Continue evaluating potential 328 million CapEx across acreage position. Averaged 22 rigs (15 horizontal) Pilot…
  20. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 20
    First Quarter 2014 Earnings Midland Basin Focus Areas S. Curtis Ranch & Dora Roberts 18 Horizontal Wells on Production, Mabee 9,060 acres 12 drilled this year. 750 boepd IP average 500 boepd 30 day average 91% liquids SCR 10,777…
  21. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 21
    First Quarter 2014 Earnings Texas Delaware Basin Focus Area - Barilla Draw 5 Wolfcamp Horizontals 1A, 2B, 2C A & B benches averaged: IP 1,150 boepd 30 Day Rate 760 boepd 88% Liquids 5 Wolfcamp wells brought on production in A,…
  22. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 22
    First Quarter 2014 Earnings SE New Mexico New Mexico Permian 26 Hz wells drilled (since end of 2012) 17 Bone Spring IP 700 boepd 30 Day Rate of 400 boepd 90% Liquids 9 Brushy Canyon IP 1,100 boepd with ESP (3 wells) Average…
  23. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 23
    First Quarter 2014 Earnings Permian Resources Identified several key ways to improve well performance and completion techniques. Transition from gel to slick water fracs. Reviewing cluster spacing. Evaluating optimal lateral…
  24. 1Q 2014 Earnings Conference – Occidental Petroleum Corp – slide 24
    First Quarter 2014 Earnings Conference Call Q&A

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