Delaware
|
1-9210
|
95-4035997
|
(State or other jurisdiction
|
(Commission
|
(I.R.S. Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
10889 Wilshire Boulevard
|
||
Los Angeles, California
|
90024
|
|
(Address of principal executive offices)
|
(ZIP code)
|
Attachment 1
|
||||||||||||||||
SUMMARY OF SEGMENT NET SALES AND EARNINGS
|
||||||||||||||||
Fourth Quarter
|
Twelve Months
|
|||||||||||||||
($ millions, except per-share amounts)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
SEGMENT NET SALES
|
||||||||||||||||
Oil and Gas
|
$
|
4,953
|
$
|
4,874
|
$
|
19,132
|
$
|
18,906
|
||||||||
Chemical
|
1,111
|
1,141
|
4,673
|
4,580
|
||||||||||||
Midstream, Marketing and Other
|
374
|
355
|
1,538
|
1,399
|
||||||||||||
Eliminations
|
(266
|
)
|
(199
|
)
|
(888
|
)
|
(713
|
)
|
||||||||
Net Sales
|
$
|
6,172
|
$
|
6,171
|
$
|
24,455
|
$
|
24,172
|
||||||||
SEGMENT EARNINGS
|
||||||||||||||||
Oil and Gas (a)
|
$
|
1,511
|
$
|
522
|
$
|
7,894
|
$
|
7,095
|
||||||||
Chemical (b)
|
128
|
180
|
743
|
720
|
||||||||||||
Midstream, Marketing and Other (c)
|
1,098
|
75
|
1,573
|
439
|
||||||||||||
2,737
|
777
|
10,210
|
8,254
|
|||||||||||||
Unallocated Corporate Items
|
||||||||||||||||
Interest expense, net
|
(23
|
)
|
(30
|
)
|
(110
|
)
|
(117
|
)
|
||||||||
Income taxes
|
(973
|
)
|
(249
|
)
|
(3,755
|
)
|
(3,118
|
)
|
||||||||
Other (d)
|
(93
|
)
|
(134
|
)
|
(423
|
)
|
(384
|
)
|
||||||||
Income from Continuing Operations
|
1,648
|
364
|
5,922
|
4,635
|
||||||||||||
Discontinued operations, net
|
(5
|
)
|
(28
|
)
|
(19
|
)
|
(37
|
)
|
||||||||
NET INCOME
|
$
|
1,643
|
$
|
336
|
$
|
5,903
|
$
|
4,598
|
||||||||
BASIC EARNINGS PER COMMON SHARE
|
||||||||||||||||
Income from continuing operations
|
$
|
2.05
|
$
|
0.45
|
$
|
7.35
|
$
|
5.72
|
||||||||
Discontinued operations, net
|
(0.01
|
)
|
(0.03
|
)
|
(0.02
|
)
|
(0.05
|
)
|
||||||||
$
|
2.04
|
$
|
0.42
|
$
|
7.33
|
$
|
5.67
|
|||||||||
DILUTED EARNINGS PER COMMON SHARE
|
||||||||||||||||
Income from continuing operations
|
$
|
2.05
|
$
|
0.45
|
$
|
7.34
|
$
|
5.71
|
||||||||
Discontinued operations, net
|
(0.01
|
)
|
(0.03
|
)
|
(0.02
|
)
|
(0.04
|
)
|
||||||||
$
|
2.04
|
$
|
0.42
|
$
|
7.32
|
$
|
5.67
|
|||||||||
AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||
BASIC
|
801.7
|
807.1
|
804.1
|
809.3
|
||||||||||||
DILUTED
|
802.1
|
807.7
|
804.6
|
810.0
|
||||||||||||
(a) Oil and Gas - The fourth quarter and twelve months of 2013 include $607 million of pre-tax charges related
|
||||||||||||||||
to the impairment of domestic non-producing acreage. The fourth quarter and twelve months of 2012 include
|
||||||||||||||||
$1.7 billion of pre-tax charges related to the impairment of domestic gas assets and related items.
|
||||||||||||||||
(b) Chemical - Twelve months of 2013 includes a $131 million pre-tax gain for the sale of an investment in Carbocloro,
|
||||||||||||||||
a Brazilian chemical operation.
|
||||||||||||||||
(c) Midstream - The fourth quarter and twelve months of 2013 include a $1,030 million pre-tax gain for the sale of a
|
||||||||||||||||
portion of an investment in Plains Pipeline and other items.
|
||||||||||||||||
(d) Unallocated Corporate Items - Other - Twelve months of 2013 includes a $55 million pre-tax charge for the
|
||||||||||||||||
estimated cost related to the employment and post-employment benefits for the Company's former Executive
|
||||||||||||||||
Chairman and termination of certain other employees and consulting arrangements.
|
Attachment 2
|
||||||||||||||||
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
|
||||||||||||||||
Fourth Quarter
|
Twelve Months
|
|||||||||||||||
($ millions)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
CAPITAL EXPENDITURES
|
$
|
2,486
|
(a)
|
$
|
2,510
|
$
|
9,037
|
(a)
|
$
|
10,226
|
||||||
DEPRECIATION, DEPLETION AND
|
||||||||||||||||
AMORTIZATION OF ASSETS
|
$
|
1,451
|
$
|
1,191
|
$
|
5,347
|
$
|
4,511
|
||||||||
(a) Includes 100 percent of the capital expenditures for BridgeTex Pipeline, which is being consolidated in Oxy's financial
|
||||||||||||||||
statements. Our partner contributes its share of the capital. The Company's net capital expenditures after these
|
||||||||||||||||
reimbursements were $8.8 billion and $2.4 billion for the twelve months and fourth quarter of 2013, respectively.
|
Attachment 3
|
||||||||||||||||
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS
|
||||||||||||||||
Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. Therefore, management uses a measure called "core results," which excludes those items. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported earnings are considered representative of management's performance over the long term. Core results is not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.
|
||||||||||||||||
Fourth Quarter
|
||||||||||||||||
($ millions, except per-share amounts)
|
2013
|
Diluted
EPS
|
2012
|
Diluted
EPS
|
||||||||||||
TOTAL REPORTED EARNINGS
|
$
|
1,643
|
$
|
2.04
|
$
|
336
|
$
|
0.42
|
||||||||
Oil and Gas
|
||||||||||||||||
Segment Earnings
|
$
|
1,511
|
$
|
522
|
||||||||||||
Add:
|
||||||||||||||||
Asset impairments and related items
|
607
|
1,731
|
||||||||||||||
Segment Core Results
|
2,118
|
2,253
|
||||||||||||||
Chemicals
|
||||||||||||||||
Segment Earnings
|
128
|
180
|
||||||||||||||
Add:
|
||||||||||||||||
No significant items affecting earnings
|
-
|
-
|
||||||||||||||
Segment Core Results
|
128
|
180
|
||||||||||||||
Midstream, Marketing and Other
|
||||||||||||||||
Segment Earnings
|
1,098
|
75
|
||||||||||||||
Add:
|
||||||||||||||||
Plains Pipeline sale gain and other
|
(1,030
|
)
|
-
|
|||||||||||||
Segment Core Results
|
68
|
75
|
||||||||||||||
Total Segment Core Results
|
2,314
|
2,508
|
||||||||||||||
Corporate
|
||||||||||||||||
Corporate Results --
|
||||||||||||||||
Non Segment (a)
|
(1,094
|
)
|
(441
|
)
|
||||||||||||
Add:
|
||||||||||||||||
Litigation reserves
|
-
|
20
|
||||||||||||||
Tax effect of pre-tax adjustments
|
154
|
(636
|
)
|
|||||||||||||
Discontinued operations, net (b)
|
5
|
28
|
||||||||||||||
Corporate Core Results - Non Segment
|
(935
|
)
|
(1,029
|
)
|
||||||||||||
TOTAL CORE RESULTS
|
$
|
1,379
|
$
|
1.72
|
$
|
1,479
|
$
|
1.83
|
||||||||
(a) Interest expense, income taxes, G&A expense and other.
|
||||||||||||||||
(b) Amounts shown after tax.
|
Attachment 4
|
||||||||||||||||
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)
|
||||||||||||||||
Twelve Months
|
||||||||||||||||
($ millions, except per-share amounts)
|
2013
|
Diluted
EPS
|
2012
|
Diluted
EPS
|
||||||||||||
TOTAL REPORTED EARNINGS
|
$
|
5,903
|
$
|
7.32
|
$
|
4,598
|
$
|
5.67
|
||||||||
Oil and Gas
|
||||||||||||||||
Segment Earnings
|
$
|
7,894
|
$
|
7,095
|
||||||||||||
Add:
|
||||||||||||||||
Asset impairments and related items
|
607
|
1,731
|
||||||||||||||
Segment Core Results
|
8,501
|
8,826
|
||||||||||||||
Chemicals
|
||||||||||||||||
Segment Earnings
|
743
|
720
|
||||||||||||||
Add:
|
||||||||||||||||
Carbocloro sale gain
|
(131
|
)
|
-
|
|||||||||||||
Segment Core Results
|
612
|
720
|
||||||||||||||
Midstream, Marketing and Other
|
||||||||||||||||
Segment Earnings
|
1,573
|
439
|
||||||||||||||
Add:
|
||||||||||||||||
Plains Pipeline sale gain and other
|
(1,030
|
)
|
-
|
|||||||||||||
Segment Core Results
|
543
|
439
|
||||||||||||||
Total Segment Core Results
|
9,656
|
9,985
|
||||||||||||||
Corporate
|
||||||||||||||||
Corporate Results --
|
||||||||||||||||
Non Segment (a)
|
(4,307
|
)
|
(3,656
|
)
|
||||||||||||
Add:
|
||||||||||||||||
Charge for former executives and
|
||||||||||||||||
consultants (b)
|
55
|
-
|
||||||||||||||
Litigation reserves
|
-
|
20
|
||||||||||||||
Tax effect of pre-tax adjustments
|
179
|
(636
|
)
|
|||||||||||||
Discontinued operations, net (c)
|
19
|
37
|
||||||||||||||
Corporate Core Results - Non Segment
|
(4,054
|
)
|
(4,235
|
)
|
||||||||||||
TOTAL CORE RESULTS
|
$
|
5,602
|
$
|
6.95
|
$
|
5,750
|
$
|
7.09
|
||||||||
(a) Interest expense, income taxes, G&A expense and other.
|
||||||||||||||||
(b) Reflects pre-tax charge for the estimated cost related to the employment and post-employment benefits for the
|
||||||||||||||||
Company's former Executive Chairman and termination of certain other employees and consulting arrangements.
|
||||||||||||||||
(c) Amounts shown after tax.
|
Attachment 5
|
||||||||||||
SUMMARY OF OPERATING STATISTICS - PRODUCTION
|
||||||||||||
Fourth Quarter
|
Twelve Months
|
|||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
|
||||||||||||
United States
|
||||||||||||
Oil (MBBL)
|
||||||||||||
California
|
94
|
92
|
90
|
88
|
||||||||
Permian
|
146
|
146
|
146
|
142
|
||||||||
Midcontinent and Other
|
30
|
27
|
30
|
25
|
||||||||
Total
|
270
|
265
|
266
|
255
|
||||||||
NGLs (MBBL)
|
||||||||||||
California
|
20
|
21
|
20
|
17
|
||||||||
Permian
|
36
|
40
|
39
|
39
|
||||||||
Midcontinent and Other
|
17
|
16
|
18
|
17
|
||||||||
Total
|
73
|
77
|
77
|
73
|
||||||||
Natural Gas (MMCF)
|
||||||||||||
California
|
260
|
242
|
260
|
256
|
||||||||
Permian
|
147
|
162
|
157
|
155
|
||||||||
Midcontinent and Other
|
355
|
396
|
371
|
410
|
||||||||
Total
|
762
|
800
|
788
|
821
|
||||||||
Latin America
|
||||||||||||
Oil (MBBL) - Colombia
|
29
|
30
|
29
|
29
|
||||||||
Natural Gas (MMCF) - Bolivia
|
12
|
12
|
12
|
13
|
||||||||
Middle East / North Africa
|
||||||||||||
Oil (MBBL)
|
||||||||||||
Dolphin
|
7
|
7
|
6
|
8
|
||||||||
Oman
|
64
|
74
|
66
|
67
|
||||||||
Qatar
|
69
|
71
|
68
|
71
|
||||||||
Other
|
29
|
40
|
39
|
40
|
||||||||
Total
|
169
|
192
|
179
|
186
|
||||||||
NGLs (MBBL)
|
||||||||||||
Dolphin
|
7
|
7
|
7
|
8
|
||||||||
Other
|
-
|
-
|
-
|
1
|
||||||||
Total
|
7
|
7
|
7
|
9
|
||||||||
Natural Gas (MMCF)
|
||||||||||||
Dolphin
|
145
|
138
|
142
|
163
|
||||||||
Oman
|
42
|
56
|
51
|
57
|
||||||||
Other
|
253
|
242
|
241
|
232
|
||||||||
Total
|
440
|
436
|
434
|
452
|
||||||||
Barrels of Oil Equivalent (MBOE)
|
750
|
779
|
763
|
766
|
Attachment 6
|
||||||||||||
SUMMARY OF OPERATING STATISTICS - SALES
|
||||||||||||
Fourth Quarter
|
Twelve Months
|
|||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||
NET OIL, GAS AND LIQUIDS SALES PER DAY
|
||||||||||||
United States
|
||||||||||||
Oil (MBBL)
|
270
|
265
|
266
|
255
|
||||||||
NGLs (MBBL)
|
73
|
77
|
77
|
73
|
||||||||
Natural Gas (MMCF)
|
762
|
800
|
789
|
819
|
||||||||
Latin America
|
||||||||||||
Oil (MBBL) - Colombia
|
23
|
30
|
27
|
28
|
||||||||
Natural Gas (MMCF) - Bolivia
|
12
|
12
|
12
|
13
|
||||||||
Middle East / North Africa
|
||||||||||||
Oil (MBBL)
|
||||||||||||
Dolphin
|
7
|
7
|
6
|
8
|
||||||||
Oman
|
65
|
70
|
68
|
66
|
||||||||
Qatar
|
66
|
75
|
67
|
71
|
||||||||
Other
|
59
|
43
|
38
|
40
|
||||||||
Total
|
197
|
195
|
179
|
185
|
||||||||
NGLs (MBBL)
|
||||||||||||
Dolphin
|
7
|
7
|
7
|
8
|
||||||||
Other
|
-
|
2
|
-
|
1
|
||||||||
Total
|
7
|
9
|
7
|
9
|
||||||||
Natural Gas (MMCF)
|
440
|
436
|
434
|
452
|
||||||||
Barrels of Oil Equivalent (MBOE)
|
772
|
784
|
762
|
764
|
(d)
|
Exhibits
|
|
99.1
|
Press release dated January 30, 2014.
|
|
99.2
|
Full text of presentations of Stephen Chazen, Vicki Hollub and Cynthia Walker.
|
|
99.3
|
Investor Relations Supplemental Schedules.
|
|
99.4
|
Earnings Conference Call Slides.
|
|
99.5
|
Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.
|
OCCIDENTAL PETROLEUM CORPORATION
|
||
(Registrant)
|
||
DATE: January 30, 2014
|
/s/ ROY PINECI
|
|
Roy Pineci, Vice President, Controller
|
||
and Principal Accounting Officer
|
Exhibit
Number
|
Description
|
|
99.1
|
Press release dated January 30, 2014.
|
|
99.2
|
Full text of presentations of Stephen Chazen, Vicki Hollub and Cynthia Walker.
|
|
99.3
|
Investor Relations Supplemental Schedules.
|
|
99.4
|
Earnings Conference Call Slides.
|
|
99.5
|
Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.
|