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OXY Occidental Petroleum

Filed: 3 Aug 21, 4:16pm


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Occidental Announces 2nd Quarter 2021 Results

Cash flow from continuing operations of $3.3 billion and cash flow from continuing operations before working capital of $2.7 billion
Maintained capital discipline with spending of $698 million, resulting in free cash flow excluding working capital of $2.0 billion
Executed debt tender offer and repaid over $3.0 billion of long-term debt in July
Advanced divestiture progress with Permian Basin non-strategic acreage sale
Exceeded production guidance midpoint by 48 Mboed, with production of 1,203 Mboed from continuing operations
Exceeded pre-tax income guidance for both OxyChem and midstream and marketing segments
OxyChem on track for record earnings with total year pre-tax guidance of $1.25 billion

HOUSTON — August 3, 2021 — Occidental (NYSE:OXY) today announced a net loss attributable to common stockholders for the second quarter of 2021 of $97 million, or $0.10 per diluted share, and adjusted income attributable to common stockholders of $311 million, or $0.32 per diluted share, compared to a net loss attributable to common stockholders for the prior quarter of $346 million, or $0.36 per diluted share, and an adjusted loss attributable to common stockholders of $136 million, or $0.15 per diluted share. Second quarter after-tax items affecting comparability of $389 million included $426 million of net derivative mark-to-market losses, partially offset by a state tax rate revaluation of $55 million.

“Our strong second quarter operational performance continued to drive robust financial performance, resulting in our highest level of free cash flow in over a decade for the second consecutive quarter," said President and Chief Executive Officer Vicki Hollub. "The successful execution of the tender offer is part of our ongoing commitment to reduce debt and improve our balance sheet. The excess cash we have available to apply to early debt retirement is a direct result of the progress we continue to make with our divestiture program and the substantial free cash flow we are positioned to generate in the current oil price environment.”





QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income on continuing operations for the second quarter of 2021 was $631 million, compared to a pre-tax loss of $62 million in the prior quarter. The second quarter results included pre-tax charges of $161 million, primarily related to derivative mark-to-market losses. Excluding items affecting comparability, second quarter of 2021 oil and gas results improved over the prior quarter due to higher crude oil prices, higher sales volumes across all products and lower operating expenses, partially offset by higher exploration expense and transportation costs. For the second quarter of 2021, average WTI and Brent marker prices were $66.07 per barrel and $69.02 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 15 percent from the prior quarter to $64.18 per barrel. Average worldwide realized natural gas liquids prices increased by approximately 7 percent from the prior quarter to $25.06 per barrel of oil equivalent. Average domestic realized gas prices increased slightly by roughly 1 percent from the prior quarter to $2.59 per Mcf.

Total average global production from continuing operations of 1,203 thousand of barrels of oil equivalent per day (Mboed) for the second quarter exceeded the midpoint of guidance by 48 Mboed, with Permian, Rockies and Gulf of Mexico production of 504 Mboed, 308 Mboed and 149 Mboed, respectively. International average daily production volumes were 242 Mboed.

OxyChem
Chemical pre-tax income of $312 million for the second quarter of 2021 exceeded guidance by $12 million. Compared to prior quarter pre-tax income of $251 million, the increase in second quarter of 2021 income was driven primarily by improved pricing and sales volumes across most product lines, along with favorable ethylene and energy costs.

Midstream and Marketing
Midstream and marketing's second quarter pre-tax income, excluding WES equity income, exceeded guidance. WES equity income for the second quarter of 2021 was $115 million. Midstream and marketing pre-tax loss for the second quarter of 2021 was $30 million, compared to pre-tax income of $282 million in the prior quarter. Second quarter loss included net derivative mark-to-market losses of $180 million along with a $22 million settlement gain. Excluding items affecting comparability, second quarter of 2021 midstream and marketing income decreased compared to the prior quarter, primarily due to the timing impact of crude export sales in the marketing business and lower margins on waterborne sales as well as the marketing business's ability to optimize long-haul gas transportation in the Rockies in the first quarter of 2021, partially offset by higher Dolphin Pipeline income as planned maintenance was completed in the first quarter and higher sulfur prices at Al Hosn Gas.






Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), cash flow from continuing operations before working capital and free cash flow, supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with cash flow from continuing operations before working capital and free cash flow and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss), cash flow from continuing operations before working capital and free cash flow may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

About Occidental
Occidental is an international energy company with assets in the United States, Middle East, Africa, and Latin America. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, and they include, but are not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,”




“goal,” “target,” “objective,” "commit," "advance," “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in response to the pandemic; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets, repay or refinance debt and the impact of changes in Occidental’s credit ratings; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of our proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; inflation; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate




benchmark; governmental actions and political conditions and events; legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deepwater and onshore drilling and permitting regulations, and environmental regulation (including regulations related to climate change); environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions); Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Oxy Low Carbon Ventures or announced greenhouse gas reduction targets; potential liability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

Additional information concerning these and other factors can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts
Media
 Investors
Eric MosesJeff Alvarez
713-497-2017713-215-7864
eric_moses@oxy.comjeff_alvarez@oxy.com




Occidental Petroleum Corporation
2nd Quarter 2021
Earnings Release Schedules Index

Schedule # and Description

Before Tax Allocations
After Tax Allocations    
Reported Results
Items Affecting Comparability
Adjusted Results (non-GAAP)
Reported Results
Items Affecting Comparability
Adjusted Results (non-GAAP)
Reconciliation - Diluted EPS
Detail of Capital Expenditures and Depreciation, Depletion and Amortization
MBOE/D
By Commodity
MBOE/D
Realized Prices and Related Index Prices





SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
20202021
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Net Loss ($ millions)
Reported loss attributable to common stockholders$(2,232)$(8,353)$(3,778)$(1,312)$(15,675)$(346)$(97)$(443)
Reported EPS - Diluted ($/share)$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$(0.47)
Effective tax rate on reported income (loss) (%)%18 %10 %19 %14 %%30 %13 %
Adjusted income (loss) attributable to common stockholders (Non-GAAP)(a)$(598)$(1,692)$(788)$(610)$(3,688)$(136)$311 $175 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$(0.67)$(1.85)$(0.85)$(0.65)$(4.01)$(0.15)$0.32 $0.18 
Effective tax rate on adjusted income (loss) (%)%15 %%%11 %(327)%31 %24 %
Average Shares Outstanding - Reported Loss
Basic (millions)896.7915.5929.3933.0918.7933.1934.2933.8
Diluted (millions)896.7915.5929.3933.0918.7947.9934.2933.8
Average Shares Outstanding - Adjusted Income (Loss)(b)
Basic (millions)896.7915.5929.3933.0918.7933.1934.2933.8
Diluted (millions)896.7915.5929.3933.0918.7933.1956.8952.4
Daily Production Volumes
Total US (MBOE/D)1,175 1,116 960 900 1,037 904 961 932 
US Oil (MBBL/D)662 603 508 477 561 488 517 502 
Worldwide - Reported (MBOE/D)1,497 1,434 1,265 1,195 1,347 1,139 1,225 1,182 
Worldwide - Continuing Operations (MBOE/D)1,437 1,373 1,204 1,143 1,289 1,117 1,203 1,160 
Worldwide Sales - Continuing Operations (MBOE/D)1,432 1,386 1,192 1,158 1,291 1,113 1,199 1,156 
Commodity Price Realizations
Worldwide oil ($/BBL)$46.96 $23.14 $38.51 $40.76 $37.34 $55.65 $64.18 $60.05 
Worldwide NGL ($/BBL)$13.09 $7.79 $14.85 $14.95 $12.58 $23.44 $25.06 $24.31 
Domestic gas ($/MCF)$1.18 $0.90 $1.18 $1.55 $1.18 $2.56 $2.59 $2.58 
Cash Flows - Continuing Operations ($ millions)
Operating cash flow before working capital (Non-GAAP)(c)$1,484 $587 $1,644 $1,405 $5,120 $2,135 $2,710 $4,845 
Working capital changes(189)(222)(829)(38)(1,278)(1,347)614 (733)
Operating cash flow$1,295 $365 $815 $1,367 $3,842 $788 $3,324 $4,112 
Capital expenditures$(1,300)$(375)$(246)$(614)$(2,535)$(579)$(698)$(1,277)
20202021
Year-to-dateMarJunSepDecMarJunSepDec
Net Loss ($ millions)
Reported loss attributable to common stockholders$(2,232)$(10,585)$(14,363)$(15,675)$(346)$(443)
Reported EPS - Diluted ($/share)$(2.49)$(11.68)$(15.72)$(17.06)$(0.36)$(0.47)
Effective tax rate on reported income (loss) (%)%15 %14 %14 %%13 %
Adjusted income (loss) attributable to common stockholders (Non-GAAP)(a)$(598)$(2,290)$(3,078)$(3,688)$(136)$175 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$(0.67)$(2.53)$(3.37)$(4.01)$(0.15)$0.18 
Effective tax rate on adjusted income (loss) (%)%13 %12 %11 %(327)%24 %
Average Shares Outstanding - Reported Loss
Basic (millions)896.7906.2913.9918.7933.1933.8
Diluted (millions)896.7906.2913.9918.7947.9933.8
Average Shares Outstanding - Adjusted Income (Loss)(b)
Basic (millions)896.7906.2913.9918.7933.1933.8
Diluted (millions)896.7906.2913.9918.7933.1952.4
Daily Production Volumes
Total US (MBOE/D)1,175 1,146 1,083 1,037 904 932 
US Oil (MBBL/D)662 633 591 561 488 502 
Worldwide - Reported (MBOE/D)1,497 1,466 1,398 1,347 1,139 1,182 
Worldwide - Continuing Operations (MBOE/D)1,437 1,405 1,337 1,289 1,117 1,160 
Worldwide Sales - Continuing Operations (MBOE/D)1,432 1,409 1,336 1,291 1,113 1,156 
Commodity Price Realizations
Worldwide oil ($/BBL)$46.96 $35.52 $36.44 $37.34 $55.65 $60.05 
Worldwide NGL ($/BBL)$13.09 $10.43 $11.84 $12.58 $23.44 $24.31 
Domestic gas ($/MCF)$1.18 $1.04 $1.09 $1.18 $2.56 $2.58 
Cash Flows - Continuing Operations ($ millions)
Operating cash flows before working capital (Non-GAAP)(c)$1,484 $2,071 $3,715 $5,120 $2,135 $4,845 
Working capital changes(189)(411)(1,240)(1,278)(1,347)(733)
Operating cash flow$1,295 $1,660 $2,475 $3,842 $788 $4,112 
Capital expenditures$(1,300)$(1,675)$(1,921)$(2,535)$(579)$(1,277)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation. The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.
(c) See schedule 7 for non-GAAP reconciliation.




SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(Amounts in millions)
20202021
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Asset impairments$(282)$(5,514)$(21)$(87)$(5,904)$(135)$(21)$(156)
Asset sales gains (losses), net— 14 (439)(850)(1,275)— — — 
Rig termination and others(35)(3)(23)(59)— — — 
Oil, gas and CO2 derivative gains (losses), net870 53 136 31 1,090 (40)(140)(180)
Total Domestic553 (5,450)(347)(904)(6,148)(175)(161)(336)
International
Asset impairments(264)(931)— — (1,195)— — — 
Asset sales gains (losses), net— — (356)(353)— — — 
Rig termination and others— (6)(4)(3)(13)— — — 
Total International(264)(937)(360)— (1,561)— — — 
Total Oil and Gas289 (6,387)(707)(904)(7,709)(175)(161)(336)
Chemical
No items affecting comparability— — — — — — — — 
Total Chemical— — — — — — — — 
Midstream & Marketing
Asset sales gains (losses) and others, net— — (46)— (46)102 22 124 
Goodwill impairment and equity losses(1,458)(7)(2,729)— (4,194)— — — 
Derivative gains (losses), net251 54 (20)(188)97 15 (180)(165)
Total Midstream & Marketing(1,207)47 (2,795)(188)(4,143)117 (158)(41)
Corporate
Anadarko acquisition-related costs(148)(149)(5)(37)(339)(41)(52)(93)
Acquisition-related pension & termination benefits— 114 — — 114 — — — 
Interest rate swap gains (losses), net(669)88 149 (428)399 (223)176 
Warrants gains (losses), net84 (79)— — — — — 
Total Corporate(733)(110)83 112 (648)358 (275)83 
Valuation allowance on tax assets— — (37)(35)— — — 
Income taxes17 1,204 386 239 1,846 (65)128 63 
Income (loss) from continuing operations(1,634)(5,246)(3,070)(739)(10,689)235 (411)(176)
Net loss attributable to noncontrolling interests— — — — — — — — 
Discontinued operations, net of taxes (a)— (1,415)80 37 (1,298)(445)(442)
Total$(1,634)$(6,661)$(2,990)$(702)$(11,987)$(210)$(408)$(618)
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Asset impairments$(219)$(4,299)$(17)$(67)$(4,602)$(106)$(16)$(122)
Asset sales gains (losses), net— 11 (342)(663)(994)— — — 
Rig termination and others(27)(18)(38)— — — 
Oil, gas and CO2 derivative gains (losses), net677 42 105 24 848 (31)(110)(141)
Total Domestic431 (4,241)(272)(704)(4,786)(137)(126)(263)
International
Asset impairments(264)(931)— — (1,195)— — — 
Asset sales gains (losses), net— — (356)(353)— — — 
Rig termination and others— (6)(4)(3)(13)— — — 
Total International(264)(937)(360)— (1,561)— — — 
Total Oil and Gas167 (5,178)(632)(704)(6,347)(137)(126)(263)
Chemical
No items affecting comparability— — — — — — — — 
Total Chemical— — — — — — — — 
Midstream & Marketing
Asset sales gains (losses), net— — (50)— (50)79 17 96 
Goodwill impairment and equity losses(1,443)(6)(2,402)23 (3,828)— — — 
Derivative gains (losses), net195 42 (15)(147)75 12 (141)(129)
Total Midstream & Marketing(1,248)36 (2,467)(124)(3,803)91 (124)(33)
Corporate
Anadarko acquisition-related costs(115)(117)(3)(29)(264)(31)(41)(72)
Acquisition-related pension & termination benefits— 89 — — 89 — — — 
Interest rate swap gains (losses), net(522)69 116 (334)312 (175)137 
Warrants gains (losses), net84 (79)— — — — — 
Total Corporate(553)(104)66 87 (504)281 (216)65 
Valuation allowance on tax assets— — (37)(35)— — — 
State tax rate revaluation— — — — — — 55 55 
Income (loss) from continuing operations(1,634)(5,246)(3,070)(739)(10,689)235 (411)(176)
Discontinued operations, net of taxes (a)— (1,415)80 37 (1,298)(445)(442)
Total$(1,634)$(6,661)$(2,990)$(702)$(11,987)$(210)$(408)$(618)
(a) The pre-tax impairment for the second quarter of 2020 was $2.2 billion.




SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
20202021
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$233 $(6,841)$(885)$(1,265)$(8,758)$(214)$367 $153 
International40 (860)(158)236 (742)180 350 530 
Exploration(37)(33)(29)(33)(132)(28)(86)(114)
Total Oil & Gas236 (7,734)(1,072)(1,062)(9,632)(62)631 569 
Chemical186 108 178 192 664 251 312 563 
Midstream & Marketing(1,287)(7)(2,791)(90)(4,175)282 (30)252 
Segment income (loss)(865)(7,633)(3,685)(960)(13,143)471 913 1,384 
Corporate
Interest(352)(310)(353)(409)(1,424)(395)(385)(780)
Other(821)(241)(20)(56)(1,138)239 (385)(146)
Income (loss) from continuing operations before taxes(2,038)(8,184)(4,058)(1,425)(15,705)315 143 458 
Taxes
Federal and state90 1,577 511 429 2,607 102 110 
International(65)(109)(108)(153)(435)(118)(51)(169)
Income (loss) from continuing operations(2,013)(6,716)(3,655)(1,149)(13,533)299 100 399 
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)(442)
Net income (loss)(2,013)(8,131)(3,575)(1,112)(14,831)(146)103 (43)
Less: Preferred stock dividends(219)(222)(203)(200)(844)(200)(200)(400)
Net loss attributable to common stockholders$(2,232)$(8,353)$(3,778)$(1,312)$(15,675)$(346)$(97)$(443)
Reported diluted loss per share$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$(0.47)
Effective Tax Rate%18 %10 %19 %14 %%30 %13 %
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$553 $(5,450)$(347)$(904)$(6,148)$(175)$(161)$(336)
International(264)(937)(360)— (1,561)— — — 
Exploration— — — — — — — — 
Total Oil & Gas289 (6,387)(707)(904)(7,709)(175)(161)(336)
Chemical— — — — — — — — 
Midstream & Marketing(1,207)47 (2,795)(188)(4,143)117 (158)(41)
Segment income (loss)(918)(6,340)(3,502)(1,092)(11,852)(58)(319)(377)
Corporate
Interest— — — — — — — — 
Other(733)(110)83 112 (648)358 (275)83 
Income (loss) from continuing operations before taxes(1,651)(6,450)(3,419)(980)(12,500)300 (594)(294)
Taxes
Federal and state17 1,204 349 241 1,811 (65)183 118 
International— — — — — — — — 
Income (loss) from continuing operations(1,634)(5,246)(3,070)(739)(10,689)235 (411)(176)
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)(442)
Net loss(1,634)(6,661)(2,990)(702)(11,987)(210)(408)(618)
Less: Preferred stock dividends— — — — — — — — 
Net loss attributable to common stockholders$(1,634)$(6,661)$(2,990)$(702)$(11,987)$(210)$(408)$(618)
Adjusted Income (Loss) (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$(320)$(1,391)$(538)$(361)$(2,610)$(39)$528 $489 
International304 77 202 236 819 180 350 530 
Exploration(37)(33)(29)(33)(132)(28)(86)(114)
Total Oil & Gas(53)(1,347)(365)(158)(1,923)113 792 905 
Chemical186 108 178 192 664 251 312 563 
Midstream & Marketing(80)(54)98 (32)165 128 293 
Adjusted segment income (loss)53 (1,293)(183)132 (1,291)529 1,232 1,761 
Corporate
Interest(352)(310)(353)(409)(1,424)(395)(385)(780)
Other(88)(131)(103)(168)(490)(119)(110)(229)
Adjusted income (loss) from continuing operations before taxes(387)(1,734)(639)(445)(3,205)15 737 752 
Taxes
Federal and state73 373 162 188 796 167 (175)(8)
International(65)(109)(108)(153)(435)(118)(51)(169)
Adjusted income (loss)(379)(1,470)(585)(410)(2,844)64 511 575 
Less: Preferred stock dividends(219)(222)(203)(200)(844)(200)(200)(400)
Adjusted income (loss) attributable to common stockholders$(598)$(1,692)$(788)$(610)$(3,688)$(136)$311 $175 
Adjusted diluted earnings (loss) per share (Non-GAAP)$(0.67)$(1.85)$(0.85)$(0.65)$(4.01)$(0.15)$0.32 $0.18 
Effective Tax Rate%15 %%%11 %(327)%31 %24 %
(a) Non-GAAP Measure Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. 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 net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.
.





SCHEDULE 4
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
20202021
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$182 $(5,336)$(690)$(987)$(6,831)$(167)$286 $119 
International(85)(926)(233)98 (1,146)69 193 262 
Exploration(32)(26)(26)(29)(113)(23)(72)(95)
Total Oil & Gas65 (6,288)(949)(918)(8,090)(121)407 286 
Chemical142 82 137 146 507 193 240 433 
Midstream & Marketing(1,306)(2,455)(64)(3,823)251 (3)248 
Segment income (loss)(1,099)(6,204)(3,267)(836)(11,406)323 644 967 
Corporate
Interest(352)(310)(353)(409)(1,424)(395)(385)(780)
Other(641)(235)(20)(56)(952)162 (271)(109)
Taxes79 33 (15)152 249 209 112 321 
Income (loss) from continuing operations(2,013)(6,716)(3,655)(1,149)(13,533)299 100 399 
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)(442)
Net income (loss)(2,013)(8,131)(3,575)(1,112)(14,831)(146)103 (43)
Less: Preferred stock dividends(219)(222)(203)(200)(844)(200)(200)(400)
Net loss attributable to common stockholders$(2,232)$(8,353)$(3,778)$(1,312)$(15,675)$(346)$(97)$(443)
Reported diluted loss per share$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$(0.47)
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$431 $(4,241)$(272)$(704)$(4,786)$(137)$(126)$(263)
International(264)(937)(360)— (1,561)— — — 
Exploration— — — — — — — — 
Total Oil & Gas167 (5,178)(632)(704)(6,347)(137)(126)(263)
Chemical— — — — — — — — 
Midstream & Marketing(1,248)36 (2,467)(124)(3,803)91 (124)(33)
Segment loss(1,081)(5,142)(3,099)(828)(10,150)(46)(250)(296)
Corporate
Interest— — — — — — — — 
Other(553)(104)66 87 (504)281 (216)65 
Taxes— — (37)(35)— 55 55 
Income (loss) from continuing operations(1,634)(5,246)(3,070)(739)(10,689)235 (411)(176)
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)(442)
Net loss(1,634)(6,661)(2,990)(702)(11,987)(210)(408)(618)
Less: Preferred stock dividends— — — — — — — — 
Net loss attributable to common stockholders$(1,634)$(6,661)$(2,990)$(702)$(11,987)$(210)$(408)$(618)
Adjusted Income (Loss) (Non-GAAP)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$(249)$(1,095)$(418)$(283)$(2,045)$(30)$412 $382 
International179 11 127 98 415 69 193 262 
Exploration(32)(26)(26)(29)(113)(23)(72)(95)
Total Oil & Gas(102)(1,110)(317)(214)(1,743)16 533 549 
Chemical142 82 137 146 507 193 240 433 
Midstream & Marketing(58)(34)12 60 (20)160 121 281 
Segment income(18)(1,062)(168)(8)(1,256)369 894 1,263 
Corporate
Interest(352)(310)(353)(409)(1,424)(395)(385)(780)
Other(88)(131)(86)(143)(448)(119)(55)(174)
Taxes79 33 22 150 284 209 57 266 
Income (loss) from continuing operations(379)(1,470)(585)(410)(2,844)64 511 575 
Less: Preferred stock dividends(219)(222)(203)(200)(844)(200)(200)(400)
Adjusted income (loss) attributable to common stockholders$(598)$(1,692)$(788)$(610)$(3,688)$(136)$311 $175 
Adjusted diluted earnings per share (Non-GAAP)$(0.67)$(1.85)$(0.85)$(0.65)$(4.01)$(0.15)$0.32 $0.18 
Reconciliation - Diluted Earnings Per Share (a)
Reported Diluted Loss Per Share (GAAP)$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$(0.47)
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$0.48 $(4.63)$(0.30)$(0.76)$(5.21)$(0.14)$(0.13)$(0.28)
International(0.29)(1.02)(0.39)— (1.70)— — — 
Exploration— — — — — — — — 
Chemical— — — — — — — — 
Midstream & Marketing(1.39)0.04 (2.65)(0.13)(4.14)0.10 (0.13)(0.04)
Corporate
Interest— — — — — — — — 
Other(0.62)(0.11)0.07 0.09 (0.55)0.30 (0.22)0.07 
Taxes— — (0.04)— (0.04)— 0.06 0.06 
Discontinued Operations— (1.55)0.09 0.04 (1.41)(0.47)— (0.46)
Total After-Tax Adjustments for Items Affecting Comparability$(1.82)$(7.27)$(3.22)$(0.76)$(13.05)$(0.21)$(0.42)$(0.65)
Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP)$(0.67)$(1.85)$(0.85)$(0.65)$(4.01)$(0.15)$0.32 $0.18 
Average Diluted Shares Outstanding -Reported (millions)896.7915.5929.3933.0918.7947.9934.2933.8
(a) The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.





SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(Amounts in millions, except per share amounts)
20202021
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$5,060 $2,040 $2,989 $2,977 $13,066 $3,664 $4,505 $8,169 
Chemical962 846 937 988 3,733 1,088 1,187 2,275 
Midstream & Marketing790 204 364 410 1,768 807 497 1,304 
Eliminations(199)(162)(182)(215)(758)(266)(231)(497)
Total6,613 2,928 4,108 4,160 17,809 5,293 5,958 11,251 
Interest, dividends and other income34 33 21 30 118 75 49 124 
Gains (losses) on sale of assets, net15 (846)(842)(1,666)111 114 
Total6,654 2,976 3,283 3,348 16,261 5,479 6,010 11,489 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense1,069 631 656 709 3,065 776 712 1,488 
Transportation and gathering expense565 367 343 325 1,600 329 364 693 
Chemical and midstream costs of sales612 577 618 601 2,408 594 676 1,270 
Purchased commodities393 214 333 455 1,395 558 487 1,045 
Selling, general and administrative264 225 166 209 864 166 177 343 
Other operating and non-operating expense197 114 231 342 884 258 248 506 
Taxes other than on income225 68 180 149 622 210 244 454 
Depreciation, depletion and amortization2,309 2,119 1,915 1,754 8,097 2,194 2,371 4,565 
Asset impairments and other charges1,803 6,470 2,723 87 11,083 135 21 156 
Anadarko acquisition-related costs148 149 37 339 41 52 93 
Exploration expense37 33 29 33 132 28 86 114 
Interest and debt expense, net352 310 353 409 1,424 395 385 780 
Total7,974 11,277 7,552 5,110 31,913 5,684 5,823 11,507 
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS(1,320)(8,301)(4,269)(1,762)(15,652)(205)187 (18)
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net(585)(76)88 150 (423)399 (223)176 
Income (loss) from equity investments(133)193 123 187 370 121 179 300 
Total(718)117 211 337 (53)520 (44)476 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES(2,038)(8,184)(4,058)(1,425)(15,705)315 143 458 
Income tax benefit (expense)25 1,468 403 276 2,172 (16)(43)(59)
INCOME (LOSS) FROM CONTINUING OPERATIONS(2,013)(6,716)(3,655)(1,149)(13,533)299 100 399 
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)(442)
NET INCOME (LOSS)(2,013)(8,131)(3,575)(1,112)(14,831)(146)103 (43)
Less: Net loss attributable to noncontrolling interests— — — — — — — — 
Less: Preferred stock dividend(219)(222)(203)(200)(844)(200)(200)(400)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(2,232)$(8,353)$(3,778)$(1,312)$(15,675)$(346)$(97)$(443)
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations$(2.49)$(7.58)$(4.16)$(1.45)$(15.65)$0.11 $(0.11)$— 
Discontinued operations, net— (1.54)0.09 0.04 (1.41)(0.48)0.01 (0.47)
BASIC EARNINGS PER COMMON SHARE$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.37)$(0.10)$(0.47)
DILUTED EARNINGS PER COMMON SHARE$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$(0.47)
DIVIDENDS PER COMMON SHARE$0.79 $0.01 $0.01 $0.01 $0.82 $0.01 $0.01 $0.02 
AVERAGE COMMON SHARES OUTSTANDING
BASIC896.7915.5929.3933.0918.7933.1934.2933.8
DILUTED896.7915.5929.3933.0918.7947.9934.2933.8





SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(Amounts in millions)
20202021
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents$2,021 $1,011 $1,896 $2,008 $2,270 $4,569 
Restricted cash and restricted cash equivalents269 124 51 170 183 180 
Trade receivables, net2,458 2,359 2,083 2,115 3,046 3,288 
Inventories1,567 1,477 1,660 1,898 2,173 1,837 
Assets held for sale3,606 1,412 3,559 1,433 1,249 1,774 
Other current assets2,398 2,054 1,445 1,195 1,153 1,196 
Total current assets12,319 8,437 10,694 8,819 10,074 12,844 
INVESTMENTS IN UNCONSOLIDATED ENTITIES6,050 6,128 3,125 3,250 3,170 3,249 
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment125,388 125,523 120,459 118,964 119,278 116,566 
Accumulated depreciation, depletion and amortization(44,615)(52,919)(52,038)(53,075)(55,205)(54,720)
Net property, plant and equipment80,773 72,604 68,421 65,889 64,073 61,846 
OPERATING LEASE ASSETS1,216 1,129 1,196 1,062 949 860 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET1,285 1,154 998 1,044 1,089 1,138 
TOTAL ASSETS$101,643 $89,452 $84,434 $80,064 $79,355 $79,937 
CURRENT LIABILITIES
Current maturities of long-term debt$2,464 $2,460 $2,558 $440 $559 $651 
Current operating lease liabilities461 420 459 473 369 331 
Accounts payable3,888 3,034 2,682 2,987 3,416 3,544 
Accrued liabilities3,504 3,215 3,470 3,570 3,566 4,325 
Liabilities of assets held for sale1,589 790 1,331 753 721 735 
Total current liabilities11,906 9,919 10,500 8,223 8,631 9,586 
LONG-TERM DEBT, NET36,058 36,034 35,899 35,745 35,466 35,352 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes,net9,403 7,887 7,508 7,113 6,941 6,808 
Asset retirement obligations4,454 4,316 4,135 3,977 4,030 3,949 
Pension and postretirement obligations1,983 1,816 1,728 1,763 1,553 1,551 
Environmental remediation liabilities1,017 1,000 975 1,028 1,029 1,020 
Operating lease liabilities784 740 786 641 628 583 
Other4,743 4,394 3,043 3,001 2,777 2,844 
Total deferred credits and other liabilities22,384 20,153 18,175 17,523 16,958 16,755 
EQUITY
Preferred stock, $1.00 per share par value9,762 9,762 9,762 9,762 9,762 9,762 
Common stock, $0.20 per share par value210 213 216 216 217 217 
Treasury stock(10,653)(10,657)(10,657)(10,665)(10,668)(10,668)
Additional paid-in capital15,081 16,235 16,505 16,552 16,585 16,638 
Retained earnings17,229 8,105 4,317 2,996 2,639 2,533 
Accumulated other comprehensive loss(334)(312)(283)(288)(235)(238)
Total equity31,295 23,346 19,860 18,573 18,300 18,244 
TOTAL LIABILITIES AND EQUITY$101,643 $89,452 $84,434 $80,064 $79,355 $79,937 





SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(Amounts in millions)
20202021
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
OPERATING CASH FLOW FROM CONTINUING OPERATIONS
Net loss$(2,013)$(8,131)$(3,575)$(1,112)$(14,831)$(146)$103 $(43)
Depreciation, depletion and amortization (see detail below)2,309 2,119 1,915 1,754 8,097 2,194 2,371 4,565 
Deferred income tax benefit(218)(1,525)(374)(400)(2,517)(81)(131)(212)
Asset impairments and other non-cash charges1,406 8,124 3,678 1,163 14,371 168 367 535 
Operating cash flow from continuing operations before
     working capital (Non-GAAP) (see below) (a)
1,484 587 1,644 1,405 5,120 2,135 2,710 4,845 
Working capital changes(189)(222)(829)(38)(1,278)(1,347)614 (733)
Operating cash flow from continuing operations (GAAP)1,295 365 815 1,367 3,842 788 3,324 4,112 
INVESTING CASH FLOW FROM CONTINUING OPERATIONS
Capital expenditures (see detail below)(1,300)(375)(246)(614)(2,535)(579)(698)(1,277)
Payments for purchases of assets and businesses(35)(13)(54)(12)(114)(105)(8)(113)
Sales of assets, net112 69 12 2,088 2,281 496 503 
Changes in capital accrual(435)(307)17 206 (519)(75)(19)(94)
Other investing activities142 61 (15)(79)109 (10)(17)(27)
Investing cash flow from continuing operations(1,516)(565)(286)1,589 (778)(273)(735)(1,008)
FINANCING CASH FLOW FROM CONTINUING OPERATIONS
Cash dividends paid(913)(714)(7)(211)(1,845)(211)(209)(420)
Purchases of treasury stock— — (4)(8)(12)(3)— (3)
Proceeds from debt— — 4,956 1,980 6,936 — — — 
Payments of debt— — (4,615)(4,301)(8,916)(174)— (174)
Other financing activities(106)(217)(27)(321)(671)36 (50)(14)
Financing cash flow from continuing operations(1,019)(931)303 (2,861)(4,508)(352)(259)(611)
Cash Flow From Discontinued Operations30 (20)29 25 64 111 (32)79 
Increase (decrease) in cash and cash equivalents and
     restricted cash and restricted cash equivalents
(1,210)(1,151)861 120 (1,380)274 2,298 2,572 
Cash and cash equivalents and restricted cash and
     restricted cash equivalents - beginning of period
3,574 2,364 1,213 2,074 3,574 2,194 2,468 2,194 
Cash and cash equivalents and restricted cash and
     cash equivalents - end of period
$2,364 $1,213 $2,074 $2,194 $2,194 $2,468 $4,766 $4,766 
Capital ExpendituresQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas$(1,244)$(317)$(186)$(461)$(2,208)$(513)$(599)$(1,112)
Chemical(41)(41)(55)(118)(255)(47)(67)(114)
Midstream & Marketing(13)(16)(2)(19)(50)(17)(24)(41)
Corporate(2)(1)(3)(16)(22)(2)(8)(10)
Total Capital Expenditures$(1,300)$(375)$(246)$(614)$(2,535)$(579)$(698)$(1,277)
Depreciation, Depletion and AmortizationQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
United States$1,881 $1,764 $1,563 $1,403 $6,611 $1,852 $2,024 $3,876 
International242 206 182 173 803 166 174 340 
Chemical90 86 90 90 356 84 84 168 
Midstream & Marketing80 74 78 80 312 82 80 162 
Corporate16 (11)15 10 19 
Total Depreciation, Depletion and Amortization$2,309 $2,119 $1,915 $1,754 $8,097 $2,194 $2,371 $4,565 
Free Cash Flow (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Operating cash flow from continuing operations (GAAP)$1,295 $365 $815 $1,367 $3,842 $788 $3,324 $ $ $4,112 
Plus: Working capital and other, net189 222 829 38 1,278 1,347 (614)— — 733 
Operating cash flow from continuing operations
  before working capital (Non-GAAP)
1,484 587 1,644 1,405 5,120 2,135 2,710   4,845 
Less: Capital Expenditures (GAAP)(1,300)(375)(246)(614)(2,535)(579)(698)— — (1,277)
Free Cash Flow (Non-GAAP)$184 $212 $1,398 $791 $2,585 $1,556 $2,012 $ $ $3,568 
(a) Non-GAAP Measures. Operating cash flow before working capital and free cash flow are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash from continuing operations less working capital and free cash flow as operating cash flow before working capital less capital expenditures. These non-GAAP measures are 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 performance between periods. Reported operating cash flow from continuing operations is considered representative of management's performance over the long term, and operating cash flow before working capital and free cash flow are not considered to be alternatives to reported operating cash flow in accordance with GAAP.





SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
20202021
REPORTED NET MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States
Permian625 606 554 517 575 457 504 480 
Rockies & Other Domestic387 368 297 278 332 296 308 302 
Gulf of Mexico163 142 109 105 130 151 149 150 
Total1,175 1,116 960 900 1,037 904 961 932 
International
Algeria & Other International55 41 42 39 45 39 43 42 
Al Hosn77 80 76 79 78 57 81 69 
Dolphin40 49 46 43 44 38 42 40 
Oman90 87 80 82 85 79 76 77 
Total262 257 244 243 252 213 242 228 
TOTAL CONTINUING OPERATIONS PRODUCTION1,437 1,373 1,204 1,143 1,289 1,117 1,203 1,160 
OPERATIONS EXITED OR EXITING60 61 61 52 58 22 22 22 
TOTAL REPORTED PRODUCTION1,497 1,434 1,265 1,195 1,347 1,139 1,225 1,182 
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian388 363 324 303 343 271 297 284 
Rockies & Other Domestic138 122 93 85 109 92 96 94 
Gulf of Mexico136 118 91 89 109 125 124 124 
Total662 603 508 477 561 488 517 502 
NGL (MBOE)
Permian131 135 126 117 129 97 113 105 
Rockies & Other Domestic87 85 78 84 83 92 100 96 
Gulf of Mexico12 10 11 11 11 
Total230 230 212 208 221 200 224 212 
Natural Gas (MMCF)
Permian633 647 625 579 620 531 563 547 
Rockies & Other Domestic972 967 757 656 838 673 674 672 
Gulf of Mexico90 83 57 54 71 90 85 87 
Total1,695 1,697 1,439 1,289 1,529 1,294 1,322 1,306 
International
Oil (MBBL)
Algeria and Other International50 37 38 37 41 36 39 38 
Al Hosn13 14 13 14 14 10 14 12 
Dolphin
Oman67 65 61 66 65 64 62 63 
Total136 124 120 124 127 116 122 119 
NGL (MBOE)
Algeria and Other International
Al Hosn25 25 24 25 24 18 25 22 
Dolphin10 
Total37 38 36 34 36 28 36 33 
Natural Gas (MMCF)
Algeria and Other International
Al Hosn234 244 233 240 238 174 252 212 
Dolphin155 188 176 167 170 146 160 153 
Oman139 132 111 98 120 89 83 86 
Total536 571 527 512 535 416 502 458 





SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
20202021
NET SALES MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States1,175 1,116 960 900 1,037 904 961 932 
International
Algeria & Other International51 51 32 51 46 36 39 38 
Al Hosn77 80 76 79 78 57 81 69 
Dolphin40 49 46 43 45 37 42 40 
Oman89 90 78 85 85 79 76 77 
Total257 270 232 258 254 209 238 224 
TOTAL CONTINUING OPERATIONS SALES1,432 1,386 1,192 1,158 1,291 1,113 1,199 1,156 
OPERATIONS EXITED OR EXITING63 58 64 54 60 28 9 19 
TOTAL REPORTED SALES1,495 1,444 1,256 1,212 1,351 1,141 1,208 1,175 
REALIZED PRICES
United States
Oil ($/BBL)$45.71 $21.27 $38.22 $40.54 $36.39 $56.18 $64.39 $60.43 
NGL ($/BOE)$11.98 $7.22 $14.62 $14.50 $11.98 $23.62 $25.33 $24.53 
Natural Gas ($/MCF)$1.18 $0.90 $1.18 $1.55 $1.18 $2.56 $2.59 $2.58 
International
Oil ($/BBL)$53.24 $31.42 $39.86 $41.52 $41.50 $53.39 $63.26 $58.44 
NGL ($/BOE)$20.32 $11.23 $16.24 $17.51 $16.22 $22.11 $23.36 $22.84 
Natural Gas ($/MCF)$1.73 $1.67 $1.64 $1.62 $1.67 $1.70 $1.68 $1.69 
Total Worldwide
Oil ($/BBL)$46.96 $23.14 $38.51 $40.76 $37.34 $55.65 $64.18 $60.05 
NGL ($/BOE)$13.09 $7.79 $14.85 $14.95 $12.58 $23.44 $25.06 $24.31 
Natural Gas ($/MCF)$1.31 $1.10 $1.31 $1.57 $1.31 $2.36 $2.34 $2.35 
Index Prices
WTI Oil ($/BBL)$46.17 $27.85 $40.93 $42.66 $39.40 $57.84 $66.07 $61.96 
Brent Oil ($/BBL)$50.95 $33.26 $43.37 $45.24 $43.21 $61.10 $69.02 $65.06 
NYMEX Natural Gas ($/MCF)$2.05 $1.77 $1.94 $2.66 $2.11 $2.72 $2.76 $2.74 
Percentage of Index Prices
Worldwide oil as a percentage of WTI102 %83 %94 %96 %95 %96 %97 %97 %
Worldwide oil as a percentage of Brent92 %70 %89 %90 %87 %91 %93 %92 %
Worldwide NGL as a percentage of WTI28 %28 %36 %35 %32 %41 %38 %39 %
Worldwide NGL as a percentage of Brent26 %23 %34 %33 %29 %38 %36 %37 %
Domestic gas as a percentage of NYMEX58 %51 %61 %58 %56 %94 %94 %94 %





SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics
20202021
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Lease operating expenses ($/BOE)
United States$6.70 $4.69 $5.38 $6.05 $5.71 $7.20 $6.00 $6.58 
International$10.18 $7.42 $8.40 $9.20 $8.80 $11.83 $9.81 $10.75 
Total Oil and Gas$7.39 $5.27 $6.04 $6.80 $6.38 $8.07 $6.76 $7.39 
Transportation costs ($/BOE)
United States$4.21 $3.41 $3.66 $3.70 $3.75 $3.81 $3.96 $3.89 
Total Oil and Gas$3.52 $2.83 $3.02 $2.95 $3.09 $3.24 $3.31 $3.28 
Taxes other than on income ($/BOE)
United States$1.65 $0.63 $1.70 $1.36 $1.32 $2.11 $2.24 $2.18 
Total Oil and Gas$1.66 $0.54 $1.56 $1.35 $1.27 $2.06 $2.21 $2.14 
DD&A expense ($/BOE)
United States$17.72 $17.23 $17.73 $16.91 $17.41 $22.77 $23.16 $22.97 
International$9.13 $7.52 $7.40 $6.57 $7.66 $8.82 $7.98 $8.37 
Total Oil and Gas$16.01 $15.17 $15.48 $14.42 $15.31 $20.14 $20.14 $20.14 
G&A and other operating expenses ($/BOE)$2.34 $2.14 $2.33 $2.98 $2.44 $2.41 $2.37 $2.39 
Exploration Expense ($ millions)
United States$16 $22 $23 $$68 $22 $64 $86 
International21 11 26 64 22 28 
Total Exploration Expense$37 $33 $29 $33 $132 $28 $86 $114 
Capital Expenditures ($ millions)
Permian$(696)$(122)$(65)$(159)$(1,042)$(223)$(277)$(500)
Rockies & Other Domestic(194)(20)(25)(109)(348)(122)(112)(234)
Gulf of Mexico(102)(40)(21)(82)(245)(73)(66)(139)
International(152)(107)(77)(108)(444)(84)(88)(172)
Exploration Drilling(100)(28)(3)(129)(11)(56)(67)
Total Oil and Gas$(1,244)$(317)$(186)$(461)$(2,208)$(513)$(599)$(1,112)