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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Occidental Petroleum Corporation | NYSE:OXY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 0.29% | 64.64 | 5,324 | 09:26:42 |
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
95-4035997
(I.R.S. Employer
Identification No.)
|
|
|
|
5 Greenway Plaza, Suite 110
Houston, Texas
(Address of principal executive offices)
|
|
77046
(Zip Code)
|
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Class
|
|
Outstanding at March 31, 2016
|
|
|
Common stock $.20 par value
|
|
763,741,497
|
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|
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PAGE
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Part I
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Financial Information
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Item 1.
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March 31, 2016 and December 31, 2015
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Three months ended March 31, 2016 and 2015
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Three months ended March 31, 2016 and 2015
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Three months ended March 31, 2016 and 2015
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Item 2.
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Item 3.
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Item 4.
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Part II
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Other Information
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Item 1.
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Item 2.
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Item 5.
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Item 6.
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Item 1.
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Financial Statements (unaudited)
|
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2016
|
|
2015
|
|
||||
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|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
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|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
2,000
|
|
|
$
|
1,450
|
|
|
Accounts payable
|
|
2,801
|
|
|
3,069
|
|
|
||
Accrued liabilities
|
|
2,025
|
|
|
2,213
|
|
|
||
Liabilities of assets held for sale
|
|
—
|
|
|
110
|
|
|
||
Total current liabilities
|
|
6,826
|
|
|
6,842
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM DEBT, NET
|
|
5,608
|
|
|
6,855
|
|
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||
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|
|
|
|
|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|
||||
Deferred domestic and foreign income taxes
|
|
1,642
|
|
|
1,323
|
|
|
||
Other
|
|
4,153
|
|
|
4,039
|
|
|
||
|
|
5,795
|
|
|
5,362
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||
Common stock, at par value (891,624,558 shares at March 31, 2016 and 891,360,091 shares at December 31, 2015)
|
|
178
|
|
|
178
|
|
|
||
Treasury stock (127,784,706 shares at March 31, 2016 and 127,681,335 shares at December 31, 2015)
|
|
(9,128
|
)
|
|
(9,121
|
)
|
|
||
Additional paid-in capital
|
|
7,668
|
|
|
7,640
|
|
|
||
Retained earnings
|
|
25,375
|
|
|
25,960
|
|
|
||
Accumulated other comprehensive loss
|
|
(304
|
)
|
|
(307
|
)
|
|
||
Total stockholders’ equity
|
|
23,789
|
|
|
24,350
|
|
|
||
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
42,018
|
|
|
$
|
43,409
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||
REVENUES AND OTHER INCOME
|
|
|
|
|
|
||||
Net sales
|
|
$
|
2,123
|
|
|
$
|
3,089
|
|
|
Interest, dividends and other income
|
|
20
|
|
|
31
|
|
|
||
Gain (loss) on sale of assets, net
|
|
138
|
|
|
(24
|
)
|
|
||
|
|
2,281
|
|
|
3,096
|
|
|
||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
|
||||
Cost of sales
|
|
1,281
|
|
|
1,557
|
|
|
||
Selling, general and administrative and other operating
expenses
|
|
272
|
|
|
311
|
|
|
||
Taxes other than on income
|
|
75
|
|
|
107
|
|
|
||
Depreciation, depletion and amortization
|
|
1,102
|
|
|
1,029
|
|
|
||
Asset impairments and related items
|
|
78
|
|
|
324
|
|
|
||
Exploration expense
|
|
9
|
|
|
8
|
|
|
||
Interest and debt expense, net
|
|
60
|
|
|
30
|
|
|
||
|
|
2,877
|
|
|
3,366
|
|
|
||
|
|
|
|
|
|
||||
Loss before income taxes and other items
|
|
(596
|
)
|
|
(270
|
)
|
|
||
Benefit for domestic and foreign income taxes
|
|
203
|
|
|
19
|
|
|
||
Income from equity investments
|
|
33
|
|
|
36
|
|
|
||
Loss from continuing operations
|
|
(360
|
)
|
|
(215
|
)
|
|
||
Discontinued operations, net
|
|
438
|
|
|
(3
|
)
|
|
||
NET INCOME (LOSS)
|
|
$
|
78
|
|
|
$
|
(218
|
)
|
|
|
|
|
|
|
|
||||
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
|
|
||||
Loss from continuing operations
|
|
$
|
(0.47
|
)
|
|
$
|
(0.28
|
)
|
|
Discontinued operations, net
|
|
0.57
|
|
|
—
|
|
|
||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
0.10
|
|
|
$
|
(0.28
|
)
|
|
|
|
|
|
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|
||||
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
|
|
||||
Loss from continuing operations
|
|
$
|
(0.47
|
)
|
|
$
|
(0.28
|
)
|
|
Discontinued operations, net
|
|
0.57
|
|
|
—
|
|
|
||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
0.10
|
|
|
$
|
(0.28
|
)
|
|
|
|
|
|
|
|
||||
DIVIDENDS PER COMMON SHARE
|
|
$
|
0.75
|
|
|
$
|
0.72
|
|
|
|
|
|
|
|
|
||||
|
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
78
|
|
|
$
|
(218
|
)
|
|
Other comprehensive (loss) income items:
|
|
|
|
|
|
||||
Foreign currency translation gains (losses)
|
|
1
|
|
|
(1
|
)
|
|
||
Unrealized gain on available for sale investment
|
|
—
|
|
|
150
|
|
|
||
Unrealized losses on derivatives
(a)
|
|
(10
|
)
|
|
—
|
|
|
||
Pension and postretirement gain
(b)
|
|
5
|
|
|
2
|
|
|
||
Reclassification to income of realized loss on derivatives
(c)
|
|
7
|
|
|
—
|
|
|
||
Other comprehensive income, net of tax
|
|
3
|
|
|
151
|
|
|
||
Comprehensive income (loss)
|
|
$
|
81
|
|
|
$
|
(67
|
)
|
|
(a)
|
Net of tax of $6 for the three months ended March 31, 2016.
|
(b)
|
Net of tax of $(3) and $(1) for the three months ended March 31, 2016 and 2015, respectively.
|
(c)
|
Net of tax of $(4) for the three months ended March 31, 2016.
|
|
|
2016
|
|
2015
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net Income (loss)
|
|
$
|
78
|
|
|
$
|
(218
|
)
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
||||
Discontinued operations, net
|
|
(438
|
)
|
|
3
|
|
|
||
Depreciation, depletion and amortization of assets
|
|
1,102
|
|
|
1,029
|
|
|
||
Deferred income tax (benefit) provision
|
|
77
|
|
|
(63
|
)
|
|
||
Other noncash charges to income
|
|
63
|
|
|
110
|
|
|
||
Asset impairments
|
|
78
|
|
|
236
|
|
|
||
(Gain) loss on sale of assets, net
|
|
(138
|
)
|
|
24
|
|
|
||
Changes in operating assets and liabilities, net
|
|
(316
|
)
|
|
(555
|
)
|
|
||
Other operating, net
|
|
(367
|
)
|
|
—
|
|
|
||
Operating cash flow from continuing operations
|
|
139
|
|
|
566
|
|
|
||
Operating cash flow from discontinued operations
|
|
550
|
|
|
(5
|
)
|
|
||
Net cash provided by operating activities
|
|
689
|
|
|
561
|
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(646
|
)
|
|
(1,675
|
)
|
|
||
Change in capital accrual
|
|
(208
|
)
|
|
(458
|
)
|
|
||
Proceeds from sale of assets and equity investments, net
|
|
285
|
|
|
20
|
|
|
||
Purchases of assets, net
|
|
(24
|
)
|
|
(6
|
)
|
|
||
Equity investments and other, net
|
|
(44
|
)
|
|
(87
|
)
|
|
||
Net cash used by investing activities
|
|
(637
|
)
|
|
(2,206
|
)
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Change in restricted cash
|
|
1,193
|
|
|
754
|
|
|
||
Payment of long-term debt
|
|
(700
|
)
|
|
—
|
|
|
||
Proceeds from issuance of common stock
|
|
11
|
|
|
19
|
|
|
||
Purchases of treasury stock
|
|
(7
|
)
|
|
(207
|
)
|
|
||
Cash dividends paid
|
|
(574
|
)
|
|
(557
|
)
|
|
||
Net cash provided (used) by financing activities
|
|
(77
|
)
|
|
9
|
|
|
||
|
|
|
|
|
|
||||
Decrease in cash and cash equivalents
|
|
(25
|
)
|
|
(1,636
|
)
|
|
||
Cash and cash equivalents — beginning of period
|
|
3,201
|
|
|
3,789
|
|
|
||
Cash and cash equivalents — end of period
|
|
$
|
3,176
|
|
|
$
|
2,153
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||
Raw materials
|
|
$
|
77
|
|
|
$
|
73
|
|
|
Materials and supplies
|
|
504
|
|
|
568
|
|
|
||
Finished goods
|
|
466
|
|
|
395
|
|
|
||
|
|
1,047
|
|
|
1,036
|
|
|
||
|
|
|
|
|
|
||||
Revaluation to LIFO
|
|
(50
|
)
|
|
(50
|
)
|
|
||
Total
|
|
$
|
997
|
|
|
$
|
986
|
|
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions) |
|
|||
|
|
|
|
|
|
|||
NPL sites
|
|
34
|
|
|
$
|
28
|
|
|
Third-party sites
|
|
66
|
|
|
127
|
|
|
|
Occidental-operated sites
|
|
18
|
|
|
105
|
|
|
|
Closed or non-operated Occidental sites
|
|
31
|
|
|
124
|
|
|
|
Total
|
|
149
|
|
|
$
|
384
|
|
|
Three months ended March 31
|
|
2016
|
|
2015
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
7
|
|
Interest cost
|
|
4
|
|
|
10
|
|
|
5
|
|
|
10
|
|
||||
Expected return on plan assets
|
|
(6
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
3
|
|
|
5
|
|
|
2
|
|
|
7
|
|
||||
Total
|
|
$
|
3
|
|
|
$
|
20
|
|
|
$
|
2
|
|
|
$
|
24
|
|
Ø
|
Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date.
O
ccidental values its available for sale investment based on the common stock closing share price as of the balance sheet date. These derivatives and investments are classified as Level 1.
|
Ø
|
Over-the-Counter (OTC) bilateral financial commodity contracts, foreign exchange contracts, options and physical commodity forward purchase and sale contracts are generally classified as Level 2 and are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, and can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace.
|
Ø
|
Occidental values commodity derivatives based on a market approach that considers various assumptions, including quoted forward commodity prices and market yield curves. The assumptions used include inputs that are generally unobservable in the marketplace, or are observable but have been adjusted based upon various assumptions and the fair value is designated as Level 3 within the valuation hierarchy.
|
Fair Value Measurements at December 31, 2015:
|
|
|
|
|
|
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral
|
|
Total Fair
Value
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
557
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
(535
|
)
|
|
$
|
109
|
|
Available for sale investment
|
|
$
|
167
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
167
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
544
|
|
|
$
|
404
|
|
|
$
|
—
|
|
|
$
|
(525
|
)
|
|
$
|
423
|
|
(in millions)
|
|
Fair Value Measurements at December 31, 2015 Using
|
|
Net
Book Value
|
|
Total Pre-tax
(Non-cash) Impairment Loss
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
(a)
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired proved oil and gas assets - international
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,666
|
|
|
$
|
7,359
|
|
|
$
|
4,693
|
|
Impaired proved oil and gas assets - domestic
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
625
|
|
|
$
|
1,655
|
|
|
$
|
1,030
|
|
Impaired Midstream assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
891
|
|
|
$
|
841
|
|
Impaired Chemical property, plant, and equipment
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
124
|
|
|
$
|
121
|
|
|
|
After-tax
|
|
||||||
As of March 31, (in millions)
|
|
2016
|
|
2015
|
|
||||
Unrealized losses on derivatives
|
|
$
|
(12
|
)
|
|
$
|
—
|
|
|
Reclassification to income of realized loss on derivatives
|
|
$
|
7
|
|
|
$
|
—
|
|
|
|
|
Net Outstanding Position
|
|
||||
|
|
Long / (Short)
|
|
||||
Commodity
|
|
2016
|
|
2015
|
|
||
Oil (million barrels)
|
|
152
|
|
|
83
|
|
|
Natural gas (billion cubic feet)
|
|
(84
|
)
|
|
(58
|
)
|
|
Carbon dioxide
(billion cubic feet)
|
|
587
|
|
|
603
|
|
|
|
|
Asset Derivatives
|
|
Fair
|
|
Liability Derivatives
|
|
Fair
|
||||
March 31, 2016
|
|
Balance Sheet Location
|
|
Value
|
|
Balance Sheet Location
|
|
Value
|
||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
$
|
—
|
|
|
Accrued liabilities
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
535
|
|
|
Accrued liabilities
|
|
618
|
|
||
Long-term receivables and other assets, net
|
|
8
|
|
|
Deferred credits and other liabilities
|
|
293
|
|
||||
|
|
|
|
543
|
|
|
|
|
911
|
|
||
Total gross fair value
|
|
|
|
543
|
|
|
|
|
912
|
|
||
Less: counterparty netting and cash collateral
(b,d)
|
|
|
|
(498
|
)
|
|
|
|
(527
|
)
|
||
Total net fair value of derivatives
|
|
|
|
$
|
45
|
|
|
|
|
$
|
385
|
|
|
|
Asset Derivatives
|
|
Fair
|
|
Liability Derivatives
|
|
Fair
|
||||
December 31, 2015
|
|
Balance Sheet Location
|
|
Value
|
|
Balance Sheet Location
|
|
Value
|
||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
$
|
9
|
|
|
Accrued liabilities
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
626
|
|
|
Accrued liabilities
|
|
672
|
|
||
Long-term receivables and other assets, net
|
|
9
|
|
|
Deferred credits and other liabilities
|
|
275
|
|
||||
|
|
|
|
635
|
|
|
|
|
947
|
|
||
Total gross fair value
|
|
|
|
644
|
|
|
|
|
948
|
|
||
Less: counterparty netting and cash collateral
(c,d)
|
|
|
|
(535
|
)
|
|
|
|
(525
|
)
|
||
Total net fair value of derivatives
|
|
|
|
$
|
109
|
|
|
|
|
$
|
423
|
|
(a)
|
Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated balance sheets.
|
(b)
|
As of
March 31, 2016
, collateral received of zero has been netted against the derivative assets and collateral paid of $29 million has been netted against derivative liabilities.
|
(c)
|
As of
December 31, 2015
, collateral received of $14 million has been netted against derivative assets and collateral paid of $4 million has been netted against derivative liabilities.
|
(d)
|
Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $33 million and $3 million deposited by Occidental has not been reflected in these derivative fair value tables as of March 31, 2016 and December 31, 2015, respectively. This collateral is included in other current assets in the consolidated balance sheets as of
March 31, 2016
and
December 31, 2015
, respectively.
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Three months ended March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
1,275
|
|
|
$
|
890
|
|
|
$
|
133
|
|
|
$
|
(175
|
)
|
|
$
|
2,123
|
|
Pre-tax operating profit (loss)
|
|
$
|
(485
|
)
|
|
$
|
214
|
|
|
$
|
(95
|
)
|
|
$
|
(197
|
)
|
(a)
|
$
|
(563
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
203
|
|
(b)
|
203
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
438
|
|
|
438
|
|
|||||
Net income (loss)
|
|
$
|
(485
|
)
|
|
$
|
214
|
|
|
$
|
(95
|
)
|
|
$
|
444
|
|
|
$
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,009
|
|
|
$
|
1,000
|
|
|
$
|
197
|
|
|
$
|
(117
|
)
|
|
$
|
3,089
|
|
Pre-tax operating profit (loss)
|
|
$
|
(266
|
)
|
(c)
|
$
|
139
|
|
|
$
|
(15
|
)
|
|
$
|
(92
|
)
|
(a,c)
|
$
|
(234
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
(b)
|
19
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Net income (loss)
|
|
$
|
(266
|
)
|
|
$
|
139
|
|
|
$
|
(15
|
)
|
|
$
|
(76
|
)
|
|
$
|
(218
|
)
|
|
|
Three months ended March 31
|
|
||||||
|
|
|
|||||||
|
|
2016
|
|
2015
|
|
||||
Basic EPS
|
|
|
|
|
|
||||
Loss from continuing operations
|
|
$
|
(360
|
)
|
|
$
|
(215
|
)
|
|
Discontinued operations, net
|
|
438
|
|
|
(3
|
)
|
|
||
Net income (loss)
|
|
78
|
|
|
(218
|
)
|
|
||
|
|
|
|
|
|
||||
Less: Net income allocated to participating securities
|
|
—
|
|
|
—
|
|
|
||
Net income (loss), net of participating securities
|
|
78
|
|
|
(218
|
)
|
|
||
|
|
|
|
|
|
||||
Weighted average number of basic shares
|
|
763.4
|
|
|
769.6
|
|
|
||
Basic EPS
|
|
$
|
0.10
|
|
|
$
|
(0.28
|
)
|
|
|
|
|
|
|
|
||||
Diluted EPS
|
|
|
|
|
|
||||
Net income (loss), net of participating securities
|
|
$
|
78
|
|
|
$
|
(218
|
)
|
|
Weighted average number of basic shares
|
|
763.4
|
|
|
769.6
|
|
|
||
Dilutive effect of potentially dilutive securities
|
|
—
|
|
|
—
|
|
|
||
Total diluted weighted average common shares
|
|
763.4
|
|
|
769.6
|
|
|
||
Diluted EPS
|
|
$
|
0.10
|
|
|
$
|
(0.28
|
)
|
|
|
|
Three months ended March 31
|
|
||||||
|
|
2016
|
|
2015
|
|
||||
Net Sales
(a)
|
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
1,275
|
|
|
$
|
2,009
|
|
|
Chemical
|
|
890
|
|
|
1,000
|
|
|
||
Midstream and Marketing
|
|
133
|
|
|
197
|
|
|
||
Eliminations
|
|
(175
|
)
|
|
(117
|
)
|
|
||
|
|
$
|
2,123
|
|
|
$
|
3,089
|
|
|
Segment Results
(b)
|
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
(485
|
)
|
|
$
|
(266
|
)
|
|
Chemical
|
|
214
|
|
|
139
|
|
|
||
Midstream and Marketing
|
|
(95
|
)
|
|
(15
|
)
|
|
||
|
|
(366
|
)
|
|
(142
|
)
|
|
||
Unallocated Corporate Items
(b)
|
|
|
|
|
|
||||
Interest expense, net
|
|
(57
|
)
|
|
(28
|
)
|
|
||
Income tax benefit
|
|
203
|
|
|
19
|
|
|
||
Other expense, net
|
|
(140
|
)
|
|
(64
|
)
|
|
||
|
|
|
|
|
|
||||
Loss from continuing operations
|
|
(360
|
)
|
|
(215
|
)
|
|
||
Discontinued operations, net
|
|
438
|
|
|
(3
|
)
|
|
||
Net Income (loss)
|
|
$
|
78
|
|
|
$
|
(218
|
)
|
|
|
|
Three months ended March 31
|
|
||||||
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||
Oil and Gas
|
|
|
|
|
|
||||
Asset sales gains (losses) and other
|
|
$
|
23
|
|
|
$
|
(13
|
)
|
|
Asset impairments and related items - Domestic
|
|
—
|
|
|
(264
|
)
|
|
||
Asset impairments and related items - International
|
|
—
|
|
|
(46
|
)
|
|
||
Total Oil and Gas
|
|
$
|
23
|
|
|
$
|
(323
|
)
|
|
|
|
|
|
|
|
||||
Chemical
|
|
|
|
|
|
||||
Asset sales gains
|
|
$
|
88
|
|
|
$
|
—
|
|
|
Total Chemical
|
|
$
|
88
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
||||
Midstream and Marketing
|
|
|
|
|
|
||||
Total Midstream and Marketing
|
|
$
|
—
|
|
|
$
|
(10
|
)
|
|
|
|
|
|
|
|
||||
Corporate
|
|
|
|
|
|
||||
Asset impairments and related items
|
|
(78
|
)
|
|
(14
|
)
|
|
||
Asset sales losses
|
|
—
|
|
|
(11
|
)
|
|
||
Tax effect of pre-tax adjustments
(a)
|
|
33
|
|
|
112
|
|
|
||
Discontinued operations, net
(b)
|
|
438
|
|
|
(3
|
)
|
|
||
Total Corporate
|
|
$
|
393
|
|
|
$
|
84
|
|
|
|
|
|
|
|
|
||||
Total
|
|
$
|
504
|
|
|
$
|
(249
|
)
|
|
|
|
Three months ended March 31
|
|
||||||
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||
Oil and Gas results
|
|
$
|
(485
|
)
|
|
$
|
(266
|
)
|
|
Chemical results
|
|
214
|
|
|
139
|
|
|
||
Midstream and Marketing results
|
|
(95
|
)
|
|
(15
|
)
|
|
||
Unallocated corporate items
|
|
(197
|
)
|
|
(92
|
)
|
|
||
Pre-tax loss
|
|
(563
|
)
|
|
(234
|
)
|
|
||
|
|
|
|
|
|
||||
Income tax expense (benefit)
|
|
|
|
|
|
||||
Federal and state
|
|
(291
|
)
|
|
(125
|
)
|
|
||
Foreign
|
|
88
|
|
|
106
|
|
|
||
Total
|
|
(203
|
)
|
|
(19
|
)
|
|
||
|
|
|
|
|
|
||||
Loss from continuing operations
|
|
$
|
(360
|
)
|
|
$
|
(215
|
)
|
|
|
|
|
|
|
|
||||
Worldwide effective tax rate
|
|
36
|
%
|
|
8
|
%
|
|
|
|
Three months ended March 31
|
|
||||
Production Volumes per Day
|
|
2016
|
|
2015
|
|
||
|
|
|
|
|
|
||
Oil (MBBL)
|
|
|
|
|
|
||
United States
(a)
|
|
197
|
|
|
180
|
|
|
Middle East/North Africa
(b)
|
|
162
|
|
|
153
|
|
|
Latin America
|
|
38
|
|
|
38
|
|
|
NGLs (MBBL)
|
|
|
|
|
|
||
United States
(a)
|
|
52
|
|
|
50
|
|
|
Middle East/North Africa
|
|
22
|
|
|
9
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
||
United States
(a)
|
|
345
|
|
|
361
|
|
|
Middle East/North Africa
(b)
|
|
358
|
|
|
236
|
|
|
Latin America
|
|
8
|
|
|
12
|
|
|
Total Production Ongoing Operations (MBOE)
|
|
590
|
|
|
531
|
|
|
Operations Sold, Exited and Exiting
|
|
67
|
|
|
114
|
|
|
Total Production Volumes (MBOE)
(c)
|
|
657
|
|
|
645
|
|
|
|
|
|
|
|
|
||
|
|
Three months ended March 31
|
|
||||
Sales Volumes per Day
|
|
2016
|
|
2015
|
|
||
|
|
|
|
|
|
||
Oil (MBBL)
|
|
|
|
|
|
||
United States
(a)
|
|
197
|
|
|
180
|
|
|
Middle East/North Africa
(d)
|
|
160
|
|
|
157
|
|
|
Latin America
|
|
34
|
|
|
36
|
|
|
NGLs (MBBL)
|
|
|
|
|
|
||
United States
(a)
|
|
52
|
|
|
50
|
|
|
Middle East/North Africa
|
|
22
|
|
|
9
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
||
United States
(a)
|
|
345
|
|
|
361
|
|
|
Middle East/North Africa
(d)
|
|
358
|
|
|
236
|
|
|
Latin America
|
|
8
|
|
|
12
|
|
|
Total Sales Ongoing Operations (MBOE)
|
|
584
|
|
|
533
|
|
|
Operations Sold, Exited and Exiting
|
|
67
|
|
|
104
|
|
|
Total Sales Volumes (MBOE)
(c
)
|
|
651
|
|
|
637
|
|
|
|
|
Three months ended March 31
|
|
||||||
Average Realized Prices
|
|
2016
|
|
2015
|
|
||||
Oil ($/BBL)
|
|
|
|
|
|
||||
United States
|
|
$
|
29.48
|
|
|
$
|
43.66
|
|
|
Middle East/North Africa
|
|
$
|
29.68
|
|
|
$
|
53.98
|
|
|
Latin America
|
|
$
|
27.63
|
|
|
$
|
47.70
|
|
|
Total Worldwide
|
|
$
|
29.42
|
|
|
$
|
48.50
|
|
|
NGLs ($/BBL)
|
|
|
|
|
|
||||
United States
|
|
$
|
9.91
|
|
|
$
|
17.32
|
|
|
Middle East/North Africa
|
|
$
|
13.25
|
|
|
$
|
21.57
|
|
|
Total Worldwide
|
|
$
|
10.86
|
|
|
$
|
17.96
|
|
|
Natural Gas ($/MCF)
|
|
|
|
|
|
||||
United States
|
|
$
|
1.50
|
|
|
$
|
2.49
|
|
|
Latin America
|
|
$
|
4.19
|
|
|
$
|
4.53
|
|
|
Total Worldwide
|
|
$
|
1.25
|
|
|
$
|
1.66
|
|
|
|
|
Three months ended March 31
|
|
||||||
Average Index Prices
|
|
2016
|
|
2015
|
|
||||
WTI oil ($/BBL)
|
|
$
|
33.45
|
|
|
$
|
48.63
|
|
|
Brent oil ($/BBL)
|
|
$
|
35.08
|
|
|
$
|
55.17
|
|
|
NYMEX gas ($/MCF)
|
|
$
|
2.07
|
|
|
$
|
3.07
|
|
|
Average Realized Prices as Percentage of Average Index Prices
|
|
Three months ended March 31
|
|
||||
|
2016
|
|
2015
|
|
|||
Worldwide oil as a percentage of average WTI
|
|
88
|
%
|
|
100
|
%
|
|
Worldwide oil as a percentage of average Brent
|
|
84
|
%
|
|
88
|
%
|
|
Worldwide NGLs as a percentage of average WTI
|
|
32
|
%
|
|
37
|
%
|
|
Domestic natural gas as a percentage of average NYMEX
|
|
73
|
%
|
|
81
|
%
|
|
Period
|
|
Total Number
of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs
(a)
|
|||||
|
|
|
|
|
|
|
|
|
|||||
January 1 - 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
February 1 - 29, 2016
|
|
103,371
|
|
(b)
|
$
|
70.63
|
|
|
|
|
|
||
March 1 - 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
Total
|
|
103,371
|
|
|
$
|
70.63
|
|
|
—
|
|
|
63,756,544
|
|
(a)
|
Represents the total number of shares remaining at March 31, 2016 under Occidental's share repurchase program of 185 million shares. The program was initially announced in 2005. The program does not obligate Occidental to acquire any specific number of shares and may be discontinued at any time.
|
(b)
|
Includes purchases from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs.
|
1.
|
The eleven nominees proposed by the Board of Directors were elected by the following votes:
|
Nominee
|
|
For
|
|
Against
|
|
Abstain
|
|
Broker
Non-Votes
|
Spencer Abraham
|
|
440,999,924
|
|
156,001,791
|
|
4,180,826
|
|
74,648,227
|
Howard I. Atkins
|
|
592,493,143
|
|
7,993,528
|
|
695,870
|
|
74,648,227
|
Eugene L. Batchelder
|
|
597,271,520
|
|
3,256,401
|
|
654,620
|
|
74,648,227
|
Stephen I. Chazen
|
|
597,674,356
|
|
2,846,184
|
|
662,001
|
|
74,648,227
|
John E. Feick
|
|
587,238,988
|
|
12,065,450
|
|
1,878,103
|
|
74,648,227
|
Margaret M. Foran
|
|
589,628,559
|
|
10,452,529
|
|
1,101,453
|
|
74,648,227
|
Carlos M. Gutierrez
|
|
595,285,315
|
|
5,193,202
|
|
704,024
|
|
74,648,227
|
Vicki A. Hollub
|
|
598,427,571
|
|
1,701,073
|
|
1,053,897
|
|
74,648,227
|
William R. Klesse
|
|
549,132,564
|
|
51,346,345
|
|
703,632
|
|
74,648,227
|
Avedick B. Poladian
|
|
592,892,110
|
|
7,581,832
|
|
708,599
|
|
74,648,227
|
Elisse B. Walter
|
|
597,197,825
|
|
3,296,483
|
|
688,233
|
|
74,648,227
|
2.
|
The advisory vote approving executive compensation was approved. The proposal received 575,505,087 votes for; 19,073,584 votes against; 6,599,638 abstentions and 74,652,459 broker non-votes.
|
3.
|
The ratification of the selection of KPMG as independent auditors was approved. The proposal received 671,188,492 votes for; 3,862,273 votes against and 780,003 abstentions.
|
4.
|
The stockholder proposal regarding a review of public policy advocacy on climate was not approved. The proposal received 144,584,338 votes for; 373,058,511 votes against; 83,535,432 abstentions and 74,652,487 broker non-votes.
|
5.
|
The stockholder proposal regarding a carbon legislation impact assessment was not approved. The proposal received 249,214,918 votes for; 259,442,365 votes against; 92,523,282 abstentions and 74,650,203 broker non-votes.
|
6.
|
The stockholder proposal regarding special shareowner meetings was not approved. The proposal received 283,733,165 votes for; 315,577,258 votes against; 1,870,142 abstentions and 74,650,203 broker non-votes.
|
7.
|
The stockholder proposal regarding a report on methane emissions and flaring was not approved. The proposal received 157,496,377 votes for; 321,584,877 votes against; 122,099,311 abstentions and 74,650,203 broker non-votes.
|
4.1*
|
Indenture, dated as of August 18, 2011, between Occidental and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 4.1 to the Current Report on Form 8-K of Occidental dated August 15, 2011 (date of earliest event reported), filed August 19, 2011, File No. 1-9210).
|
|
|
4.2*
|
Officers’ Certificate of Occidental Petroleum Corporation dated April 4, 2016 establishing the 2.600% Senior Notes due 2022, the 3.400% Senior Notes due 2026 and the 4.400% Senior Notes due 2046 (filed as Exhibit 4.2 to the Current Report on Form 8-K of Occidental dated April 4, 2016 (date of earliest event reported), filed April 4, 2016, File No. 1-9210).
|
|
|
4.3*
|
Form of 2.600% Senior Notes due 2022 (included as Exhibit A to Exhibit 4.2) (filed as Exhibit 4.3 to the Current Report on Form 8-K of Occidental dated April 4, 2016 (date of earliest event reported), filed April 4, 2016, File No. 1-9210).
|
|
|
4.4*
|
Form of 3.400% Senior Notes due 2026 (included as Exhibit B to Exhibit 4.2) (filed as Exhibit 4.4 to the Current Report on Form 8-K of Occidental dated April 4, 2016 (date of earliest event reported), filed April 4, 2016, File No. 1-9210).
|
|
|
4.5*
|
Form of 4.400% Senior Notes due 2046 (included as Exhibit C to Exhibit 4.2) (filed as Exhibit 4.4 to the Current Report on Form 8-K of Occidental dated April 4, 2016 (date of earliest event reported), filed April 4, 2016, File No. 1-9210).
|
|
|
10.1
|
Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Form of Notice of Grant of Restricted Stock Unit Incentive Award.
|
|
|
10.2
|
Letter Agreement relating to Dividend Reinvestments with CEO.
|
|
|
10.3
|
Amended and Restated Occidental Petroleum Corporation Executive Incentive Compensation Plan.
|
|
|
10.4
|
Sign-on agreement with General Counsel.
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the three months ended March 31, 2016 and 2015, and for each of the five years in the period ended December 31, 2015.
|
|
|
31.1
|
Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
31.2
|
Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
32.1
|
Certifications of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
101.INS
|
XBRL Instance Document.
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
OCCIDENTAL PETROLEUM CORPORATION
|
|
DATE:
|
May 5, 2016
|
/s/ Jennifer M. Kirk
|
|
|
|
Jennifer M. Kirk
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
4.1*
|
Indenture, dated as of August 18, 2011, between Occidental and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 4.1 to the Current Report on Form 8-K of Occidental dated August 15, 2011 (date of earliest event reported), filed August 19, 2011, File No. 1-9210).
|
|
|
4.2*
|
Officers’ Certificate of Occidental Petroleum Corporation dated April 4, 2016 establishing the 2.600% Senior Notes due 2022, the 3.400% Senior Notes due 2026 and the 4.400% Senior Notes due 2046 (filed as Exhibit 4.2 to the Current Report on Form 8-K of Occidental dated April 4, 2016 (date of earliest event reported), filed April 4, 2016, File No. 1-9210).
|
|
|
4.3*
|
Form of 2.600% Senior Notes due 2022 (included as Exhibit A to Exhibit 4.2) (filed as Exhibit 4.3 to the Current Report on Form 8-K of Occidental dated April 4, 2016 (date of earliest event reported), filed April 4, 2016, File No. 1-9210).
|
|
|
4.4*
|
Form of 3.400% Senior Notes due 2026 (included as Exhibit B to Exhibit 4.2) (filed as Exhibit 4.4 to the Current Report on Form 8-K of Occidental dated April 4, 2016 (date of earliest event reported), filed April 4, 2016, File No. 1-9210).
|
|
|
4.5*
|
Form of 4.400% Senior Notes due 2046 (included as Exhibit C to Exhibit 4.2) (filed as Exhibit 4.4 to the Current Report on Form 8-K of Occidental dated April 4, 2016 (date of earliest event reported), filed April 4, 2016, File No. 1-9210).
|
|
|
10.1
|
Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Form of Notice of Grant of Restricted Stock Unit Incentive Award.
|
|
|
10.2
|
Letter Agreement relating to Dividend Reinvestments with CEO.
|
|
|
10.3
|
Amended and Restated Occidental Petroleum Corporation Executive Incentive Compensation Plan.
|
|
|
10.4
|
Sign-on agreement with General Counsel.
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the three months ended March 31, 2016 and 2015, and for each of the five years in the period ended December 31, 2015.
|
|
|
31.1
|
Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
31.2
|
Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
32.1
|
Certifications of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
101.INS
|
XBRL Instance Document.
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
1 Year Occidental Petroleum Chart |
1 Month Occidental Petroleum Chart |
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