News Column

Occidental Petroleum Announces 2nd Quarter and Six Months 2014 Financial Results

July 31, 2014

  • Q2 2014 net income of $1.4 billion, or $1.82 per diluted share
  • Q2 2014 core income of $1.4 billion, or $1.79 per diluted share
  • Q2 2014 record domestic oil production of 278,000 barrels per day

    HOUSTON--(BUSINESS WIRE)-- Occidental Petroleum Corporation (NYSE:OXY) announced net income for the second quarter of 2014 of $1.4 billion ($1.82 per diluted share), compared with $1.3 billion ($1.64 per diluted share) for the second quarter of 2013. Core income was $1.4 billion ($1.79 per diluted share) for the second quarter of 2014, compared with $1.3 billion ($1.58 per diluted share) for the second quarter of 2013.

    In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, "For the fourth consecutive quarter, we have delivered strong domestic oil production growth, with increases coming from both our Permian and California assets. Domestic oil production was 278,000 barrels per day for the second quarter of 2014. Excluding the effect from the Hugoton sale, domestic oil production increased 21,000 barrels per day from the second quarter of 2013 with our Permian Resources business growing its oil production by over 21 percent. For the first half of 2014, our cash flow from operations was $5.6 billion. Capital expenditures, net of contributions from partners, were $4.7 billion and we purchased approximately 16.6 million shares of our stock.”

    QUARTERLY RESULTS

    Oil and Gas

    Domestic core earnings were $1.1 billion pre-tax or $679 million after-tax for the second quarter of 2014, compared to $1.0 billion pre-tax or $635 million after-tax for the second quarter of 2013. The current quarter domestic results reflected higher realized prices across all products and higher oil volumes, partially offset by higher operating costs and higher DD&A. The increase in operating costs was due to increased maintenance activities and higher costs for CO2, steam and power, which are influenced by crude oil and natural gas prices. International core earnings were $1.1 billion pre-tax or $576 million after-tax for the second quarter of 2014, compared to $1.2 billion pre-tax or $641 million after-tax for the second quarter of 2013. The current quarter international results reflected lower oil volumes, partially offset by higher oil prices and lower operating costs.

    For the second quarter of 2014, total company average daily oil and gas production volumes, excluding the Hugoton production, averaged 736,000 barrels of oil equivalent (BOE), compared with 753,000 BOE in the second quarter of 2013. The sale of Hugoton assets closed on April 30, 2014. Hugoton production averaged 6,000 BOE per day and 19,000 BOE per day for the second quarter of 2014 and 2013, respectively. Domestic average daily production increased by 13,000 BOE to 464,000 BOE in the second quarter of 2014 compared to 451,000 BOE in the second quarter of 2013. Domestic average oil production increased by 21,000 barrels per day, primarily from California and Permian Resources. International average daily production decreased to 272,000 BOE in the second quarter of 2014 from 302,000 BOE in second quarter of 2013. The decrease primarily resulted from insurgent activities in Colombia, continued field and port strikes in Libya and lower cost recovery barrels in Iraq. Total company average daily sales volumes decreased to 735,000 BOE in the second quarter of 2014 from 745,000 BOE in the second quarter of 2013, mainly due to the timing of liftings.

    Worldwide realized crude oil prices increased by 3 percent to $100.38 per barrel for the second quarter of 2014 compared with $97.91 per barrel for the second quarter of 2013 and improved slightly compared to the first quarter of 2014. Worldwide NGL prices increased by 10 percent to $42.82 per barrel in the second quarter of 2014, compared with $38.78 per barrel in the second quarter of 2013, but decreased by 7 percent compared with $46.05 in the first quarter of 2014. Domestic natural gas prices increased 12 percent in the second quarter of 2014 to $4.28 per MCF, compared with $3.82 in the second quarter of 2013, and fell by 6 percent compared with the first quarter of 2014.

    Chemical

    Chemical core earnings for the second quarter of 2014 were $133 million, compared to $144 million in the second quarter of 2013, excluding the $131 million gain on the sale of our investment in Carbocloro. The decrease in second quarter of 2014 earnings reflected lower caustic soda prices driven by new chlor-alkali capacity in the industry and higher natural gas costs, partially offset by higher vinyl margins resulting from improvement in the U.S. construction markets.

    Midstream, Marketing and Other

    Midstream core earnings were $219 million for the second quarter of 2014, compared with $48 million for the second quarter of 2013. The increase in earnings reflected improved marketing and trading performance.

    Non-Core Items

    The second quarter of 2014 included a net non-core income benefit of $27 million, which included a $341 million after-tax gain from the sale of Hugoton oil and gas assets, a $300 million after-tax charge for the impairment of certain non-producing domestic oil and gas acreage and on-going costs related to the California spin-off. The non-core items in the second quarter of 2013 provided a net income benefit of $46 million.

    SIX-MONTH RESULTS

    Net income for the first six months of 2014 was $2.8 billion ($3.58 per diluted share), compared with $2.7 billion ($3.32 per diluted share) for the same period in 2013. Core income for the first six months of 2014 was $2.8 billion ($3.54 per diluted share), compared with $2.6 billion ($3.27 per diluted share) for the same period in 2013.

    Oil and Gas

    Domestic core earnings were $2.1 billion pre-tax or $1.4 billion after-tax for the first six months of 2014, compared to $1.9 billion pre-tax or $1.2 billion after-tax for the first six months of 2013. The increase in domestic core earnings reflected higher realized prices across all products and higher oil volumes, partially offset by higher costs for CO2, steam and power and higher DD&A. International core earnings were $2.2 billion pre-tax or $1.1 billion after-tax for the first six months of 2014, compared to $2.2 billion pre-tax or $1.2 billion after-tax for the first six months of 2013. International core earnings reflected lower Middle East/North Africa volumes, partially offset by lower operating costs.

    Oil and gas production volumes, excluding Hugoton production, for the first six months of 2014 averaged 731,000 BOE per day, compared with 749,000 BOE per day for the first six months of 2013. Domestic daily production averaged 460,000 BOE and 455,000 BOE for the first six months of 2014 and 2013, respectively. Average domestic oil production increased by 15,000 barrels per day in the first six months of 2014, compared to the first six months of 2013. Average international daily production volumes decreased to 271,000 BOE for the first six months of 2014 from 294,000 BOE for the first six months of 2013. The decrease was primarily due to insurgent activities in Colombia, continued field and port strikes in Libya and lower cost recovery barrels in Iraq. Total company daily sales volumes averaged 726,000 BOE in the first six months of 2014, compared with 736,000 BOE for 2013. Sales volumes were lower than production volumes due to the timing of liftings in Middle East/North Africa.

    Worldwide realized crude oil prices rose by 2 percent to $99.70 per barrel for the first six months of 2014, compared with $97.99 per barrel for the first six months of 2013. Worldwide NGL prices increased by 12 percent to $44.43 per barrel for the first six months of 2014, compared with $39.52 per barrel for the first six months of 2013. Domestic gas prices increased by 29 percent to $4.43 per MCF for the first six months of 2014, compared to $3.44 per MCF for the first six months of 2013.

    Chemical

    Chemical core earnings were $269 million for the first six months of 2014, compared with $303 million for the same period of 2013, excluding the $131 million gain on the sale of our investment in Carbocloro. The lower earnings reflected lower caustic soda prices, driven by new chlor-alkali capacity in the industry and higher natural gas costs, partially offset by higher vinyl margins and volume improvements across most products.

    Midstream, Marketing and Other

    Midstream core earnings were $389 million for the first six months of 2014, compared with $263 million for the same period of 2013. The increase in earnings reflected improved marketing and trading performance.

    About Oxy

    Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities in support of Occidental’s businesses. Occidental’s wholly owned subsidiary OxyChem manufactures and markets chlor-alkali products and vinyls. Occidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.

    Forward-Looking Statements

    Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental's products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental's operations, including any delay of, or other negative developments affecting, the spin-off of California Resources Corporation; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental's results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2013 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

    For further analysis of Occidental's quarterly performance, please visit the website: www.oxy.com

    Attachment 1
     
    SUMMARY OF SEGMENT NET SALES AND AFTER-TAX EARNINGS
     
            Second Quarter     Six Months
    ($ millions, except per-share amounts) 2014     2013 2014     2013
    SEGMENT NET SALES
    Oil and Gas $4,807 $ 4,721 $9,483 $ 9,161
    Chemical 1,242 1,187 2,462 2,362
    Midstream, Marketing and Other 530 269 965 722
    Eliminations   (304)   (215 )   (547)   (411 )
     
    Net Sales $6,275   $ 5,962   $12,363   $ 11,834  
     
    SEGMENT EARNINGS - AFTER-TAX
    Oil and Gas
    Domestic $720 $ 635 $1,394 $ 1,201
    Foreign 576 641 1,128 1,177
    Exploration   (36)   (56 )   (68)   (29 )
    1,260 1,220 2,454 2,349
    Chemical 84 172 170 271
    Midstream, Marketing and Other (a)   160     46     278     192  
    1,5041,4382,9022,812
     
    Unallocated Corporate Items
    Interest expense, net (15) (29 ) (34) (59 )
    Income taxes 73 84 153 160
    Other   (130)   (166 )   (202)   (227 )
     
    Income from Continuing Operations (a)1,432 1,327 2,819 2,686
    Discontinued operations, net   (1)   (5 )   2     (9 )
     
    NET INCOME (a)$1,431   $ 1,322   $2,821   $ 2,677  
     
    BASIC EARNINGS PER COMMON SHARE
    Income from continuing operations $1.83 $ 1.65 $3.58 $ 3.33
    Discontinued operations, net   -     (0.01 )   -     (0.01 )
    $1.83   $ 1.64   $3.58   $ 3.32  
     
    DILUTED EARNINGS PER COMMON SHARE
    Income from continuing operations $1.82 $ 1.64 $3.58 $ 3.33
    Discontinued operations, net   -     -     -     (0.01 )
    $1.82   $ 1.64   $3.58   $ 3.32  
    AVERAGE COMMON SHARES OUTSTANDING
    BASIC 782.6 804.9 786.9 804.8
    DILUTED   782.9     805.4     787.3     805.3  
     

    (a) Net income and income from continuing operations represent amounts attributable to Common Stock, after deducting non-controlling interest of $3 million and $5 million for the second quarter and first six months of 2014, respectively. Midstream segment earnings are presented net of these non-controlling interest amounts.

     
     
    Attachment 2
     
    SUMMARY OF SEGMENT PRE-TAX EARNINGS
     
    Second Quarter Six Months
    ($ millions) 2014 2013 2014 2013
    SEGMENT EARNINGS - PRE-TAX
    Oil and Gas
    Domestic $1,132 $ 997 $2,190 $ 1,886
    Foreign 1,096 1,173 2,188 2,246
    Exploration   (46)   (70 )   (92)   (112 )
    2,182 2,100 4,286 4,020
    Chemical 133 275 269 434
    Midstream, Marketing and Other (a)   219     48     389     263  
    2,5342,4234,9444,717
     
    Unallocated Corporate Items
    Interest expense, net (15) (29 ) (34) (59 )
    Income taxes (957) (901 ) (1,889) (1,745 )
    Other   (130)   (166 )   (202)   (227 )
     
    Income from Continuing Operations (a)1,432 1,327 2,819 2,686
    Discontinued operations, net   (1)   (5 )   2     (9 )
     
    NET INCOME (a)$1,431   $ 1,322   $2,821   $ 2,677  
     

    (a) Net income and income from continuing operations represent amounts attributable to Common Stock, after deducting non-controlling interest of $3 million and $5 million for the second quarter and first six months of 2014, respectively. Midstream segment earnings are presented net of these non-controlling interest amounts.

     

     

    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.
     
    Second Quarter 2014
    ($ millions) PRE-TAX

    Reported

    Income

    Significant

    Items

    Core

    Results

    Oil and Gas
    Domestic $ 1,132 $ (535 )

    (a)

     

    $ 1,068
    471

    (b)

     

    Foreign 1,096 1,096
    Exploration   (46 )   (46 )
    2,182 2,118
     
    Chemical 133 133
     
    Midstream, Marketing and Other 219 219
     
    Corporate
    Interest expense (15 ) (15 )
    Other (130 ) 17

    (c)

     

    (113 )
    Taxes (957 ) 19 (938 )
         
    Income from continuing operations 1,432 (28 ) 1,404
    Discontinued operations, net   (1 )   1     -  
    Net Income $ 1,431   $ (27 ) $ 1,404  
     
    Second Quarter 2014
    ($ millions) AFTER-TAX

    Reported

    Income

    Significant

    Items

    Core

    Results

    Oil and Gas
    Domestic $ 720 $ (341 )

    (a)

     

    $ 679
    300

    (b)

     

    Foreign 576 576
    Exploration   (36 )   (36 )
    1,260 1,219
     
    Chemical 84 84
     
    Midstream, Marketing and Other 160 160
     
    Corporate
    Interest expense (15 ) (15 )
    Other (130 ) 13

    (c)

     

    (117 )
    Unallocated taxes 73 73
         
    Income from continuing operations 1,432 (28 ) 1,404
    Discontinued operations, net   (1 )   1     -  
    Net Income $ 1,431   $ (27 ) $ 1,404  
     
    Diluted Earnings Per Common Share $ 1.82   $ 1.79  
     
    (a) Hugoton sale gain.
    (b) Asset impairments.
    (c) Spin-off and other costs.
     
     
    Attachment 4
     
    SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS
     
    Second Quarter 2013
    ($ millions) PRE-TAX

    Reported

    Income

    Significant

    Items

    Core

    Results

    Oil and Gas
    Domestic $ 997 $ 997
    Foreign 1,173 1,173
    Exploration   (70 )   (70 )
    2,100 2,100
     
    Chemical 275 $ (131 )

    (a)

     

    144
     
    Midstream, Marketing and Other 48 48
     
    Corporate
    Interest expense (29 ) (29 )
    Other (166 ) 55

    (b)

     

    (111 )
    Taxes (901 ) 25 (876 )
         
    Income from continuing operations 1,327 (51 ) 1,276
    Discontinued operations, net   (5 )   5     -  
    Net Income $ 1,322   $ (46 ) $ 1,276  
     
    Second Quarter 2013
    ($ millions) AFTER-TAX

    Reported

    Income

    Significant

    Items

    Core

    Results

    Oil and Gas
    Domestic $ 635 $ 635
    Foreign 641 641
    Exploration   (56 )   (56 )
    1,220 1,220
     
    Chemical 172 $ (85 )

    (a)

     

    87
     
    Midstream, Marketing and Other 46 46
     
    Corporate
    Interest expense (29 ) (29 )
    Other (166 ) 34

    (b)

     

    (132 )
    Unallocated taxes 84 84
         
    Income from continuing operations 1,327 (51 ) 1,276
    Discontinued operations, net   (5 )   5     -  
    Net Income $ 1,322   $ (46 ) $ 1,276  
     
    Diluted Earnings Per Common Share $ 1.64   $ 1.58  
     
    (a) Carbocloro sale gain.

    (b) Employment charges related to post-employment benefits for the Company's former Chairman and termination of certain other employees and consulting arrangements.

     
     
    Attachment 5
     
    SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS
     
    Six Months 2014
    ($ millions) PRE-TAX

    Reported

    Income

    Significant

    Items


    Core

    Results

    Oil and Gas
    Domestic $ 2,190 $ (535 )

    (a)

     

    $ 2,126
    471

    (b)

     

    Foreign 2,188 2,188
    Exploration   (92 )   (92 )
    4,286 4,222
     
    Chemical 269 269
     
    Midstream, Marketing and Other 389 389
     
    Corporate
    Interest expense (34 ) (34 )
    Other (202 ) 17

    (c)

     

    (185 )
    Taxes (1,889 ) 19 (1,870 )
         
    Income from continuing operations 2,819 (28 ) 2,791
    Discontinued operations, net   2     (2 )   -  
    Net Income $ 2,821   $ (30 ) $ 2,791  
     
    Six Months 2014
    ($ millions) AFTER-TAX

    Reported

    Income

    Significant

    Items

    Core

    Results

    Oil and Gas
    Domestic $ 1,394 $ (341 )

    (a)

     

    $ 1,353
    300

    (b)

     

    Foreign 1,128 1,128
    Exploration   (68 )   (68 )
    2,454 2,413
     
    Chemical 170 170
     
    Midstream, Marketing and Other 278 278
     
    Corporate
    Interest expense (34 ) (34 )
    Other (202 ) 13

    (c)

     

    (189 )
    Unallocated taxes 153 153
         
    Income from continuing operations 2,819 (28 ) 2,791
    Discontinued operations, net   2     (2 )   -  
    Net Income $ 2,821   $ (30 ) $ 2,791  
     
    Diluted Earnings Per Common Share $ 3.58   $ 3.54  
     
    (a) Hugoton sale gain.
    (b) Asset impairments.
    (c) Spin-off and other costs.
     
     
    Attachment 6
     
    SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS
     
    Six Months 2013
    ($ millions) PRE-TAX

    Reported

    Income

    Significant

    Items

    Core

    Results

    Oil and Gas
    Domestic $ 1,886 $ 1,886
    Foreign 2,246 2,246
    Exploration   (112 )   (112 )
    4,020 4,020
     
    Chemical 434 $ (131 )

    (a)

     

    303
     
    Midstream, Marketing and Other 263 263
     
    Corporate
    Interest expense (59 ) (59 )
    Other (227 ) 55

    (b)

     

    (172 )
    Taxes (1,745 ) 25 (1,720 )
         
    Income from continuing operations 2,686 (51 ) $ 2,635
    Discontinued operations, net   (9 )   9     -  
    Net Income $ 2,677   $ (42 ) $ 2,635  
     
    Six Months 2013
    ($ millions) AFTER-TAX

    Reported

    Income

    Significant

    Items

    Core

    Results

    Oil and Gas
    Domestic $ 1,201 $ 1,201
    Foreign 1,177 1,177
    Exploration   (29 )   (29 )
    2,349 2,349
     
    Chemical 271 $ (85 )

    (a)

     

    186
     
    Midstream, Marketing and Other 192 192
     
    Corporate
    Interest expense (59 ) (59 )
    Other (227 ) 34

    (b)

     

    (193 )
    Unallocated taxes 160 160
         
    Income from continuing operations 2,686 (51 ) 2,635
    Discontinued operations, net   (9 )   9     -  
    Net Income $ 2,677   $ (42 ) $ 2,635  
     
    Diluted Earnings Per Common Share $ 3.32   $ 3.27  
     
    (a) Carbocloro sale gain.

    (b) Employment charges related to post-employment benefits for the Company's former Chairman and termination of certain other employees and consulting arrangements.

     

     
    Attachment 7
     
    SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
     
    Second Quarter Six Months
    ($ millions) 2014 2013 2014 2013
    CAPITAL EXPENDITURES (a)$2,658   $ 2,210   $4,927   $ 4,280  
     

    DEPRECIATION, DEPLETION AND AMORTIZATION OF ASSETS

    $1,317   $ 1,303   $2,583   $ 2,562  
     

    (a) Includes 100 percent of the capital 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 and inclusion of our contributions for the Chemical joint venture cracker were $2.5 billion and $2.2 billion for the second quarter of 2014 and 2013, respectively, and $4.7 billion and $4.2 billion for the six months ended June 30, 2014 and 2013, respectively.

     
     
    Attachment 8
     
    SUMMARY OF OPERATING STATISTICS - PRODUCTION
     
    Second Quarter Six Months
      2014 2013 2014 2013
    NET OIL, LIQUIDS AND GAS PRODUCTION PER DAY
    United States
    Oil (MBBL)
    California97 88 96 88
    Permian Resources 40 33 38 34
    Permian EOR 110 112 110 112
    Midcontinent and Other   29     22     27     22  
    Total excluding Hugoton 276 255 271 256
    Hugoton   2     6     4     6  
    Total 278 261 275 262
     
    NGLs (MBBL)
    California18 21 18 20
    Permian Resources 12 11 11 10
    Permian EOR 29 28 29 29
    Midcontinent and Other   12     14     14     15  
    Total excluding Hugoton 71 74 72 74
    Hugoton   1     3     2     3  
    Total 72 77 74 77
     
    Natural Gas (MMCF)
    California243 260 243 262
    Permian Resources 120 121 117 126
    Permian EOR 34 39 37 42
    Midcontinent and Other   305     312     305     318  
    Total excluding Hugoton 702 732 702 748
    Hugoton   16     60     35     60  
    Total 718 792 737 808
     
    Latin America
    Oil (MBBL) - Colombia19 28 24 29
     
    Natural Gas (MMCF) - Bolivia12 13 12 13
     
    Middle East / North Africa
    Oil (MBBL)
    Dolphin 7 7 6 6
    Oman70 67 68 66
    Qatar69 75 68 67
    Other   28     44     27     45  

    Total

    174 193 169 184
     
    NGLs (MBBL)
    Dolphin 7 7 7 7
     
    Natural Gas (MMCF)
    Dolphin 144 145 138 139
    Oman40 56 40 56
    Other   236     232     234     238  
    Total 420 433 412 433
     
     
    Barrels of Oil Equivalent excluding
    Hugoton (MBOE)736 753 731 749
    Hugoton   6     19     12     19  
    Barrels of Oil Equivalent (MBOE)   742     772     743     768  
     
     
    Attachment 9
     
    SUMMARY OF OPERATING STATISTICS - SALES
     
    Second Quarter Six Months
      2014 2013 2014 2013
    NET OIL, LIQUIDS AND GAS SALES PER DAY
     
    United States
    Oil (MBBL) 278 261 275 262
    NGLs (MBBL) 72 77 74 77
    Natural Gas (MMCF) 720 795 738 810
     
    Latin America
    Oil (MBBL) - Colombia24 26 28 28
     
    Natural Gas (MMCF) - Bolivia12 13 12 13
     
    Middle East / North Africa
    Oil (MBBL)
    Dolphin 7 7 6 6
    Oman71 63 68 68
    Qatar66 80 69 66
    Other   24     36     17     32  
    Total 168 186 160 172
     
    NGLs (MBBL)
    Dolphin 7 7 7 7
     
    Natural Gas (MMCF) 420 433 412 433
     
     
    Barrels of Oil Equivalent excluding
    Hugoton (MBOE)735 745 726 736
    Hugoton   6     19     12     19  
    Barrels of Oil Equivalent (MBOE)   741     764     738     755  





    Occidental Petroleum Corporation

    Melissa E. Schoeb (media)

    melissa_schoeb@oxy.com

    713-366-5615

    or

    Christopher M. Degner (investors)

    christopher_degner@oxy.com

    212-603-8185

    Source: Occidental Petroleum Corporation


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