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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 | |
---|---|---|---|---|---|---|---|---|
-0.26 | -0.40% | 64.40 | 64.91 | 63.66 | 64.80 | 6,771,520 | 01:00:00 |
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)
|
|
Class
|
|
Outstanding at September 30, 2016
|
|
|
Common stock $.20 par value
|
|
764,188,495
|
|
|
|
|
|
PAGE
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Part I
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Financial Information
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Item 1.
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September 30, 2016 and December 31, 2015
|
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Three and nine months ended September 30, 2016 and 2015
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Three and nine months ended September 30, 2016 and 2015
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Nine months ended September 30, 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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||
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Item 1.
|
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Item 2.
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|||
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Item 6.
|
Item 1.
|
Financial Statements (unaudited)
|
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
1,450
|
|
|
Accounts payable
|
|
3,392
|
|
|
3,069
|
|
|
||
Accrued liabilities
|
|
2,296
|
|
|
2,213
|
|
|
||
Liabilities of assets held for sale
|
|
—
|
|
|
110
|
|
|
||
Total current liabilities
|
|
5,688
|
|
|
6,842
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM DEBT, NET
|
|
8,333
|
|
|
6,855
|
|
|
||
|
|
|
|
|
|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|
||||
Deferred domestic and foreign income taxes
|
|
1,411
|
|
|
1,323
|
|
|
||
Other
|
|
3,902
|
|
|
4,039
|
|
|
||
|
|
5,313
|
|
|
5,362
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||
Common stock, at par value (892,165,801 shares at September 30, 2016 and 891,360,091 shares at December 31, 2015)
|
|
178
|
|
|
178
|
|
|
||
Treasury stock (127,977,306 shares at September 30, 2016 and 127,681,335 shares at December 31, 2015)
|
|
(9,143
|
)
|
|
(9,121
|
)
|
|
||
Additional paid-in capital
|
|
7,719
|
|
|
7,640
|
|
|
||
Retained earnings
|
|
23,836
|
|
|
25,960
|
|
|
||
Accumulated other comprehensive loss
|
|
(294
|
)
|
|
(307
|
)
|
|
||
Total stockholders’ equity
|
|
22,296
|
|
|
24,350
|
|
|
||
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
41,630
|
|
|
$
|
43,409
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
REVENUES AND OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
2,648
|
|
|
$
|
3,116
|
|
|
$
|
7,302
|
|
|
$
|
9,674
|
|
Interest, dividends and other income
|
|
25
|
|
|
31
|
|
|
72
|
|
|
88
|
|
||||
Gain on disposal of assets, net
|
|
60
|
|
|
99
|
|
|
198
|
|
|
94
|
|
||||
|
|
2,733
|
|
|
3,246
|
|
|
7,572
|
|
|
9,856
|
|
||||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
1,338
|
|
|
1,413
|
|
|
3,863
|
|
|
4,450
|
|
||||
Selling, general and administrative and other operating
expenses
|
|
316
|
|
|
292
|
|
|
926
|
|
|
950
|
|
||||
Taxes other than on income
|
|
61
|
|
|
79
|
|
|
210
|
|
|
293
|
|
||||
Depreciation, depletion and amortization
|
|
1,046
|
|
|
1,123
|
|
|
3,218
|
|
|
3,268
|
|
||||
Asset impairments and related items
|
|
221
|
|
|
3,397
|
|
|
299
|
|
|
3,721
|
|
||||
Exploration expense
|
|
9
|
|
|
5
|
|
|
45
|
|
|
23
|
|
||||
Interest and debt expense, net
|
|
68
|
|
|
48
|
|
|
216
|
|
|
86
|
|
||||
|
|
3,059
|
|
|
6,357
|
|
|
8,777
|
|
|
12,791
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes and other items
|
|
(326
|
)
|
|
(3,111
|
)
|
|
(1,205
|
)
|
|
(2,935
|
)
|
||||
Benefit from domestic and foreign income taxes
|
|
30
|
|
|
445
|
|
|
329
|
|
|
140
|
|
||||
Income from equity investments
|
|
58
|
|
|
60
|
|
|
142
|
|
|
154
|
|
||||
Loss from continuing operations
|
|
(238
|
)
|
|
(2,606
|
)
|
|
(734
|
)
|
|
(2,641
|
)
|
||||
Discontinued operations, net
|
|
(3
|
)
|
|
(3
|
)
|
|
432
|
|
|
(10
|
)
|
||||
NET LOSS
|
|
$
|
(241
|
)
|
|
$
|
(2,609
|
)
|
|
$
|
(302
|
)
|
|
$
|
(2,651
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
$
|
(0.31
|
)
|
|
$
|
(3.41
|
)
|
|
$
|
(0.96
|
)
|
|
$
|
(3.45
|
)
|
Discontinued operations, net
|
|
(0.01
|
)
|
|
(0.01
|
)
|
|
0.56
|
|
|
(0.01
|
)
|
||||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
(0.32
|
)
|
|
$
|
(3.42
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
$
|
(0.31
|
)
|
|
$
|
(3.41
|
)
|
|
$
|
(0.96
|
)
|
|
$
|
(3.45
|
)
|
Discontinued operations, net
|
|
(0.01
|
)
|
|
(0.01
|
)
|
|
0.56
|
|
|
(0.01
|
)
|
||||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
(0.32
|
)
|
|
$
|
(3.42
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
DIVIDENDS PER COMMON SHARE
|
|
$
|
0.76
|
|
|
$
|
0.75
|
|
|
$
|
2.26
|
|
|
$
|
2.22
|
|
|
|
|
|
|
|
|
|
|
||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
|
$
|
(241
|
)
|
|
$
|
(2,609
|
)
|
|
$
|
(302
|
)
|
|
$
|
(2,651
|
)
|
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation gains (losses)
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
(2
|
)
|
||||
Unrealized losses on available for sale investment
|
|
—
|
|
|
(246
|
)
|
|
—
|
|
|
(208
|
)
|
||||
Unrealized gains (losses) on derivatives
(a)
|
|
1
|
|
|
2
|
|
|
(12
|
)
|
|
2
|
|
||||
Pension and postretirement gains
(b)
|
|
4
|
|
|
1
|
|
|
16
|
|
|
5
|
|
||||
Reclassification to income of realized losses on derivatives
(c)
|
|
—
|
|
|
1
|
|
|
8
|
|
|
1
|
|
||||
Other comprehensive income (loss), net of tax
|
|
5
|
|
|
(243
|
)
|
|
13
|
|
|
(202
|
)
|
||||
Comprehensive loss
|
|
$
|
(236
|
)
|
|
$
|
(2,852
|
)
|
|
$
|
(289
|
)
|
|
$
|
(2,853
|
)
|
(a)
|
Net of tax of $(1) and $(1) for the three months ended September 30, 2016 and 2015, respectively, and $6 and $(1) for the nine months ended September 30, 2016 and 2015, respectively.
|
(b)
|
Net of tax of $(2) and $(1) for the three months ended September 30, 2016 and 2015, respectively, and $(9) and $(3) for the nine months ended September 30, 2016 and 2015, respectively.
|
(c)
|
Net of tax of zero for the three months ended September 30, 2016 and 2015, respectively, and $(4) and zero for the nine months ended September 30, 2016 and 2015, respectively.
|
|
|
2016
|
|
2015
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net Loss
|
|
$
|
(302
|
)
|
|
$
|
(2,651
|
)
|
|
Adjustments to reconcile net loss to net cash provided by
operating activities:
|
|
|
|
|
|
||||
Discontinued operations, net
|
|
(432
|
)
|
|
10
|
|
|
||
Depreciation, depletion and amortization of assets
|
|
3,218
|
|
|
3,268
|
|
|
||
Deferred income tax benefit
|
|
(162
|
)
|
|
(417
|
)
|
|
||
Other noncash charges to income
|
|
79
|
|
|
359
|
|
|
||
Asset impairments and related items
|
|
139
|
|
|
3,364
|
|
|
||
Gain on sale of assets, net
|
|
(198
|
)
|
|
(94
|
)
|
|
||
Undistributed earnings from affiliates
|
|
(4
|
)
|
|
(3
|
)
|
|
||
Dry hole expenses
|
|
33
|
|
|
4
|
|
|
||
Changes in operating assets and liabilities, net
|
|
(460
|
)
|
|
(938
|
)
|
|
||
Other operating, net
|
|
(313
|
)
|
|
(499
|
)
|
|
||
Operating cash flow from continuing operations
|
|
1,598
|
|
|
2,403
|
|
|
||
Operating cash flow from discontinued operations
|
|
870
|
|
|
(17
|
)
|
|
||
Net cash provided by operating activities
|
|
2,468
|
|
|
2,386
|
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(1,845
|
)
|
|
(4,192
|
)
|
|
||
Change in capital accrual
|
|
(207
|
)
|
|
(652
|
)
|
|
||
Purchase of businesses and assets, net
|
|
(82
|
)
|
|
(52
|
)
|
|
||
Proceeds from sale of assets and equity investments, net
|
|
323
|
|
|
151
|
|
|
||
Equity investments and other, net
|
|
(165
|
)
|
|
(373
|
)
|
|
||
Net cash used by investing activities
|
|
(1,976
|
)
|
|
(5,118
|
)
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Change in restricted cash
|
|
1,193
|
|
|
2,254
|
|
|
||
Proceeds from long-term debt, net
|
|
2,718
|
|
|
1,478
|
|
|
||
Payment of long-term debt, net
|
|
(2,710
|
)
|
|
—
|
|
|
||
Proceeds from issuance of common stock
|
|
32
|
|
|
34
|
|
|
||
Purchases of treasury stock
|
|
(22
|
)
|
|
(586
|
)
|
|
||
Cash dividends paid
|
|
(1,724
|
)
|
|
(1,690
|
)
|
|
||
Net cash (used) provided by financing activities
|
|
(513
|
)
|
|
1,490
|
|
|
||
|
|
|
|
|
|
||||
Decrease in cash and cash equivalents
|
|
(21
|
)
|
|
(1,242
|
)
|
|
||
Cash and cash equivalents — beginning of period
|
|
3,201
|
|
|
3,789
|
|
|
||
Cash and cash equivalents — end of period
|
|
$
|
3,180
|
|
|
$
|
2,547
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||
Raw materials
|
|
$
|
77
|
|
|
$
|
73
|
|
|
Materials and supplies
|
|
503
|
|
|
568
|
|
|
||
Finished goods
|
|
397
|
|
|
395
|
|
|
||
|
|
977
|
|
|
1,036
|
|
|
||
|
|
|
|
|
|
||||
Revaluation to LIFO
|
|
(50
|
)
|
|
(50
|
)
|
|
||
Total
|
|
$
|
927
|
|
|
$
|
986
|
|
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions) |
|
|||
|
|
|
|
|
|
|||
NPL sites
|
|
35
|
|
|
$
|
68
|
|
|
Third-party sites
|
|
69
|
|
|
126
|
|
|
|
Occidental-operated sites
|
|
17
|
|
|
100
|
|
|
|
Closed or non-operated Occidental sites
|
|
29
|
|
|
126
|
|
|
|
Total
|
|
150
|
|
|
$
|
420
|
|
|
Three months ended September 30
|
|
2016
|
|
2015
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
7
|
|
Interest cost
|
|
4
|
|
|
9
|
|
|
5
|
|
|
10
|
|
||||
Expected return on plan assets
|
|
(6
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
3
|
|
|
3
|
|
|
3
|
|
|
6
|
|
||||
Total
|
|
$
|
3
|
|
|
$
|
16
|
|
|
$
|
3
|
|
|
$
|
23
|
|
Nine months ended September 30
|
|
2016
|
|
2015
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
||||||||
Service cost
|
|
$
|
6
|
|
|
$
|
14
|
|
|
$
|
6
|
|
|
$
|
21
|
|
Interest cost
|
|
12
|
|
|
29
|
|
|
15
|
|
|
30
|
|
||||
Expected return on plan assets
|
|
(18
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
9
|
|
|
14
|
|
|
7
|
|
|
20
|
|
||||
Settlement loss
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
11
|
|
|
$
|
57
|
|
|
$
|
7
|
|
|
$
|
71
|
|
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
(a)
|
|
Total Pre-tax
(Non-cash) Impairment Loss
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||||||
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
|
||||||||||||||
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Unrealized losses (gains) on derivatives
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
(13
|
)
|
|
$
|
2
|
|
Reclassification to income of realized loss on derivatives
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
|
Net Outstanding Position
|
||||
|
|
Long / (Short)
|
||||
Commodity
|
|
2016
|
|
2015
|
||
Oil (million barrels)
|
|
44
|
|
|
83
|
|
Natural gas (billion cubic feet)
|
|
(49
|
)
|
|
(5
|
)
|
Carbon dioxide
(billion cubic feet)
|
|
555
|
|
|
603
|
|
|
|
Asset Derivatives
|
|
Fair
|
|
Liability Derivatives
|
|
Fair
|
||||
September 30, 2016
|
|
Balance Sheet Location
|
|
Value
|
|
Balance Sheet Location
|
|
Value
|
||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
$
|
—
|
|
|
Accrued liabilities
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
171
|
|
|
Accrued liabilities
|
|
242
|
|
||
Long-term receivables and other assets, net
|
|
13
|
|
|
Deferred credits and other liabilities
|
|
215
|
|
||||
|
|
|
|
184
|
|
|
|
|
457
|
|
||
Total gross fair value
|
|
|
|
184
|
|
|
|
|
460
|
|
||
Less: counterparty netting and cash collateral
(b,c)
|
|
|
|
(149
|
)
|
|
|
|
(171
|
)
|
||
Total net fair value of derivatives
|
|
|
|
$
|
35
|
|
|
|
|
$
|
289
|
|
|
|
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
September 30, 2016
, collateral received of zero has been netted against the derivative assets, and collateral paid of $22 million has been netted against derivative liabilities.
|
(c)
|
Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $32 million and $3 million deposited by Occidental has not been reflected in these derivative fair value tables as of September 30, 2016 and December 31, 2015, respectively. This collateral is included in other current assets in the consolidated balance sheets as of
September 30, 2016
and
December 31, 2015
, respectively.
|
(d)
|
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.
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Three months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
1,660
|
|
|
$
|
988
|
|
|
$
|
202
|
|
|
$
|
(202
|
)
|
|
$
|
2,648
|
|
Pre-tax operating profit (loss)
|
|
$
|
(51
|
)
|
(a)
|
$
|
117
|
|
|
$
|
(180
|
)
|
|
$
|
(154
|
)
|
(b)
|
$
|
(268
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
(c)
|
30
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Net income (loss)
|
|
$
|
(51
|
)
|
|
$
|
117
|
|
|
$
|
(180
|
)
|
|
$
|
(127
|
)
|
|
$
|
(241
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,054
|
|
|
$
|
1,008
|
|
|
$
|
231
|
|
|
$
|
(177
|
)
|
|
$
|
3,116
|
|
Pre-tax operating profit (loss)
|
|
$
|
(3,128
|
)
|
(d)
|
$
|
272
|
|
(e)
|
$
|
24
|
|
|
$
|
(219
|
)
|
(b)
|
$
|
(3,051
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
445
|
|
(c)
|
445
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Net income (loss)
|
|
$
|
(3,128
|
)
|
|
$
|
272
|
|
|
$
|
24
|
|
|
$
|
223
|
|
|
$
|
(2,609
|
)
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Nine months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
4,560
|
|
|
$
|
2,786
|
|
|
$
|
476
|
|
|
$
|
(520
|
)
|
|
$
|
7,302
|
|
Pre-tax operating profit (loss)
|
|
$
|
(653
|
)
|
(a)
|
$
|
419
|
|
(e)
|
$
|
(333
|
)
|
|
$
|
(496
|
)
|
(b)
|
$
|
(1,063
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
329
|
|
(c)
|
329
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
432
|
|
|
432
|
|
|||||
Net income (loss)
|
|
$
|
(653
|
)
|
|
$
|
419
|
|
|
$
|
(333
|
)
|
|
$
|
265
|
|
|
$
|
(302
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine months ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
6,405
|
|
|
$
|
3,038
|
|
|
$
|
722
|
|
|
$
|
(491
|
)
|
|
$
|
9,674
|
|
Pre-tax operating profit (loss)
|
|
$
|
(3,039
|
)
|
(d)
|
$
|
547
|
|
(e)
|
$
|
96
|
|
|
$
|
(385
|
)
|
(b)
|
$
|
(2,781
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140
|
|
(c)
|
140
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|||||
Net income (loss)
|
|
$
|
(3,039
|
)
|
|
$
|
547
|
|
|
$
|
96
|
|
|
$
|
(255
|
)
|
|
$
|
(2,651
|
)
|
(a)
|
The three and nine months ended September 30, 2016 include pre-tax impairment charges of $112 million related to Occidental's Libya operations and $160 million related to terminated crude oil supply contracts partially offset by pre-tax gains of $59 million on the sale of South Texas Eagle Ford non-operated properties. The nine months ended
September 30, 2016
also reflected a $121 million pre-tax gain on the sale of Occidental's Piceance Basin operations in Colorado.
|
(b)
|
Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items.
|
(c)
|
Includes all foreign and domestic income taxes from continuing operations.
|
(d)
|
The three months ended September 30, 2015 includes pre-tax impairment charges of $3.1 billion. In September 2015, Occidental entered into a sales agreement to sell its Williston operations in North Dakota, and as such an impairment charge of $756 million was recorded to write down the net book value of the assets and liabilities held for sale to the sales price. Due to the significant decline in oil and gas futures prices, Occidental also recorded impairment charges on proved and unproved properties related to Occidental's domestic gas operations of $924 million, Iraq operations of $760 million and Libya operations of $676 million. The nine months ended September 30, 2015 also reflected first quarter impairment charges of $195 million for Occidental's South Texas Eagle Ford non-operated properties and $41 million to write-off the remaining investment in Yemen due to the collapse of the country's government.
|
(e)
|
The nine months ended September 30, 2016 and 2015 include gains on sale of the Occidental Tower and Indspec for $88 million and an idled chemical site for $98 million, respectively.
|
|
|
Three months ended
September 30
|
|
Nine months ended
September 30
|
|
||||||||||||
|
|
|
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Basic EPS
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
$
|
(238
|
)
|
|
$
|
(2,606
|
)
|
|
$
|
(734
|
)
|
|
$
|
(2,641
|
)
|
|
Discontinued operations, net
|
|
(3
|
)
|
|
(3
|
)
|
|
432
|
|
|
(10
|
)
|
|
||||
Net loss
|
|
(241
|
)
|
|
(2,609
|
)
|
|
(302
|
)
|
|
(2,651
|
)
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Less: Net income allocated to participating securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Net loss, net of participating securities
|
|
(241
|
)
|
|
(2,609
|
)
|
|
(302
|
)
|
|
(2,651
|
)
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of basic shares
|
|
764.0
|
|
|
763.3
|
|
|
763.7
|
|
|
766.4
|
|
|
||||
Basic EPS
|
|
$
|
(0.32
|
)
|
|
$
|
(3.42
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss, net of participating securities
|
|
$
|
(241
|
)
|
|
$
|
(2,609
|
)
|
|
$
|
(302
|
)
|
|
$
|
(2,651
|
)
|
|
Weighted average number of basic shares
|
|
764.0
|
|
|
763.3
|
|
|
763.7
|
|
|
766.4
|
|
|
||||
Dilutive effect of potentially dilutive securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Total diluted weighted average common shares
|
|
764.0
|
|
|
763.3
|
|
|
763.7
|
|
|
766.4
|
|
|
||||
Diluted EPS
|
|
$
|
(0.32
|
)
|
|
$
|
(3.42
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Net Sales
(a)
|
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
1,660
|
|
|
$
|
2,054
|
|
|
$
|
4,560
|
|
|
$
|
6,405
|
|
|
Chemical
|
|
988
|
|
|
1,008
|
|
|
2,786
|
|
|
3,038
|
|
|
||||
Midstream and Marketing
|
|
202
|
|
|
231
|
|
|
476
|
|
|
722
|
|
|
||||
Eliminations
|
|
(202
|
)
|
|
(177
|
)
|
|
(520
|
)
|
|
(491
|
)
|
|
||||
|
|
$
|
2,648
|
|
|
$
|
3,116
|
|
|
$
|
7,302
|
|
|
$
|
9,674
|
|
|
Segment Results
(b)
|
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
(51
|
)
|
|
$
|
(3,128
|
)
|
|
$
|
(653
|
)
|
|
$
|
(3,039
|
)
|
|
Chemical
|
|
117
|
|
|
272
|
|
|
419
|
|
|
547
|
|
|
||||
Midstream and Marketing
|
|
(180
|
)
|
|
24
|
|
|
(333
|
)
|
|
96
|
|
|
||||
|
|
(114
|
)
|
|
(2,832
|
)
|
|
(567
|
)
|
|
(2,396
|
)
|
|
||||
Unallocated Corporate Items
(b)
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
(62
|
)
|
|
(47
|
)
|
|
(203
|
)
|
|
(82
|
)
|
|
||||
Income tax benefit
|
|
30
|
|
|
445
|
|
|
329
|
|
|
140
|
|
|
||||
Other expense, net
|
|
(92
|
)
|
|
(172
|
)
|
|
(293
|
)
|
|
(303
|
)
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loss from continuing operations
|
|
(238
|
)
|
|
(2,606
|
)
|
|
(734
|
)
|
|
(2,641
|
)
|
|
||||
Discontinued operations, net
|
|
(3
|
)
|
|
(3
|
)
|
|
432
|
|
|
(10
|
)
|
|
||||
Net loss
|
|
$
|
(241
|
)
|
|
$
|
(2,609
|
)
|
|
$
|
(302
|
)
|
|
$
|
(2,651
|
)
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
||||||||
Asset sales gains and other
|
|
$
|
59
|
|
|
$
|
—
|
|
|
$
|
82
|
|
|
$
|
5
|
|
Asset impairments and related items - Domestic
|
|
—
|
|
|
(1,852
|
)
|
|
—
|
|
|
(2,102
|
)
|
||||
Asset impairments and related items - International
|
|
(61
|
)
|
|
(1,438
|
)
|
|
(61
|
)
|
|
(1,485
|
)
|
||||
Total Oil and Gas
|
|
$
|
(2
|
)
|
|
$
|
(3,290
|
)
|
|
$
|
21
|
|
|
$
|
(3,582
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Chemical
|
|
|
|
|
|
|
|
|
||||||||
Asset sales gains
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
88
|
|
|
$
|
98
|
|
Total Chemical
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
88
|
|
|
$
|
98
|
|
|
|
|
|
|
|
|
|
|
||||||||
Midstream and Marketing
|
|
|
|
|
|
|
|
|
||||||||
Asset impairments and related items
|
|
$
|
(160
|
)
|
|
$
|
(7
|
)
|
|
$
|
(160
|
)
|
|
$
|
(14
|
)
|
Total Midstream and Marketing
|
|
$
|
(160
|
)
|
|
$
|
(7
|
)
|
|
$
|
(160
|
)
|
|
$
|
(14
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate
|
|
|
|
|
|
|
|
|
||||||||
Asset impairments
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
Spin-off costs and related items
|
|
—
|
|
|
(95
|
)
|
|
(78
|
)
|
|
(115
|
)
|
||||
Asset sales gains (losses)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(9
|
)
|
||||
Tax effect of pre-tax adjustments
(a)
|
|
36
|
|
|
667
|
|
|
69
|
|
|
766
|
|
||||
Discontinued operations, net
(b)
|
|
(3
|
)
|
|
(3
|
)
|
|
432
|
|
|
(10
|
)
|
||||
Total Corporate
|
|
$
|
33
|
|
|
$
|
566
|
|
|
$
|
423
|
|
|
$
|
627
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
|
$
|
(129
|
)
|
|
$
|
(2,633
|
)
|
|
$
|
372
|
|
|
$
|
(2,871
|
)
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas results
|
|
$
|
(51
|
)
|
|
$
|
(3,128
|
)
|
|
$
|
(653
|
)
|
|
$
|
(3,039
|
)
|
Chemical results
|
|
117
|
|
|
272
|
|
|
419
|
|
|
547
|
|
||||
Midstream and Marketing results
|
|
(180
|
)
|
|
24
|
|
|
(333
|
)
|
|
96
|
|
||||
Unallocated corporate items
|
|
(154
|
)
|
|
(219
|
)
|
|
(496
|
)
|
|
(385
|
)
|
||||
Pre-tax loss
|
|
(268
|
)
|
|
(3,051
|
)
|
|
(1,063
|
)
|
|
(2,781
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income tax benefit (provision)
|
|
|
|
|
|
|
|
|
||||||||
Federal and state
|
|
242
|
|
|
747
|
|
|
767
|
|
|
919
|
|
||||
Foreign
|
|
(212
|
)
|
|
(302
|
)
|
|
(438
|
)
|
|
(779
|
)
|
||||
Total
|
|
30
|
|
|
445
|
|
|
329
|
|
|
140
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
$
|
(238
|
)
|
|
$
|
(2,606
|
)
|
|
$
|
(734
|
)
|
|
$
|
(2,641
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Worldwide effective tax rate
|
|
11
|
%
|
|
15
|
%
|
|
31
|
%
|
|
5
|
%
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
|
||||||||
Production Volumes per Day
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
||||
United States
|
|
181
|
|
|
204
|
|
|
189
|
|
|
203
|
|
|
Middle East/North Africa
|
|
164
|
|
|
207
|
|
|
172
|
|
|
195
|
|
|
Latin America
|
|
26
|
|
|
25
|
|
|
33
|
|
|
34
|
|
|
NGLs (MBBL)
|
|
|
|
|
|
|
|
|
|
||||
United States
|
|
55
|
|
|
58
|
|
|
54
|
|
|
55
|
|
|
Middle East/North Africa
|
|
31
|
|
|
22
|
|
|
27
|
|
|
15
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
||||
United States
|
|
349
|
|
|
419
|
|
|
364
|
|
|
434
|
|
|
Middle East/North Africa
|
|
531
|
|
|
607
|
|
|
608
|
|
|
529
|
|
|
Latin America
|
|
8
|
|
|
9
|
|
|
8
|
|
|
10
|
|
|
Total Production Volumes (MBOE)
(a)
|
|
605
|
|
|
689
|
|
|
638
|
|
|
665
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
|
||||||||
Sales Volumes per Day
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
||||
United States
|
|
181
|
|
|
204
|
|
|
189
|
|
|
203
|
|
|
Middle East/North Africa
|
|
163
|
|
|
179
|
|
|
173
|
|
|
185
|
|
|
Latin America
|
|
31
|
|
|
34
|
|
|
34
|
|
|
34
|
|
|
NGLs (MBBL)
|
|
|
|
|
|
|
|
|
|
||||
United States
|
|
55
|
|
|
58
|
|
|
54
|
|
|
55
|
|
|
Middle East/North Africa
|
|
31
|
|
|
22
|
|
|
27
|
|
|
15
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
||||
United States
|
|
349
|
|
|
419
|
|
|
364
|
|
|
434
|
|
|
Middle East/North Africa
|
|
531
|
|
|
607
|
|
|
608
|
|
|
529
|
|
|
Latin America
|
|
8
|
|
|
9
|
|
|
8
|
|
|
10
|
|
|
Total Sales Volumes (MBOE)
(a
)
|
|
609
|
|
|
670
|
|
|
640
|
|
|
655
|
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
|
||||||||
Production Volumes per Day
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
181
|
|
|
188
|
|
|
189
|
|
|
186
|
|
|
Middle East/North Africa
(c)
|
|
164
|
|
|
168
|
|
|
163
|
|
|
159
|
|
|
Latin America
|
|
26
|
|
|
25
|
|
|
33
|
|
|
34
|
|
|
NGLs (MBBL)
|
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
55
|
|
|
55
|
|
|
53
|
|
|
52
|
|
|
Middle East/North Africa
|
|
31
|
|
|
22
|
|
|
27
|
|
|
15
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
349
|
|
|
343
|
|
|
350
|
|
|
353
|
|
|
Middle East/North Africa
(c)
|
|
531
|
|
|
365
|
|
|
457
|
|
|
287
|
|
|
Latin America
|
|
8
|
|
|
9
|
|
|
8
|
|
|
10
|
|
|
Total Production Ongoing Operations (MBOE)
|
|
605
|
|
|
578
|
|
|
601
|
|
|
555
|
|
|
Operations Sold, Exited and Exiting
|
|
—
|
|
|
111
|
|
|
37
|
|
|
110
|
|
|
Total Production Volumes (MBOE)
(a)
|
|
605
|
|
|
689
|
|
|
638
|
|
|
665
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
|
||||||||
Sales Volumes per Day
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
181
|
|
|
188
|
|
|
189
|
|
|
186
|
|
|
Middle East/North Africa
(d)
|
|
163
|
|
|
162
|
|
|
164
|
|
|
158
|
|
|
Latin America
|
|
31
|
|
|
34
|
|
|
34
|
|
|
34
|
|
|
NGLs (MBBL)
|
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
55
|
|
|
55
|
|
|
53
|
|
|
52
|
|
|
Middle East/North Africa
|
|
31
|
|
|
22
|
|
|
27
|
|
|
15
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
349
|
|
|
343
|
|
|
350
|
|
|
353
|
|
|
Middle East/North Africa
(d)
|
|
531
|
|
|
365
|
|
|
457
|
|
|
287
|
|
|
Latin America
|
|
8
|
|
|
9
|
|
|
8
|
|
|
10
|
|
|
Total Sales Ongoing Operations (MBOE)
|
|
609
|
|
|
581
|
|
|
603
|
|
|
554
|
|
|
Operations Sold, Exited and Exiting
|
|
—
|
|
|
89
|
|
|
37
|
|
|
101
|
|
|
Total Sales Volumes (MBOE)
(a
)
|
|
609
|
|
|
670
|
|
|
640
|
|
|
655
|
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
|
||||||||||||
Average Realized Prices
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Oil ($/BBL)
|
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
41.49
|
|
|
$
|
44.48
|
|
|
$
|
37.31
|
|
|
$
|
46.97
|
|
|
Middle East/North Africa
|
|
$
|
41.84
|
|
|
$
|
52.53
|
|
|
$
|
36.26
|
|
|
$
|
54.37
|
|
|
Latin America
|
|
$
|
39.66
|
|
|
$
|
42.46
|
|
|
$
|
35.50
|
|
|
$
|
48.53
|
|
|
Total Worldwide
|
|
$
|
41.49
|
|
|
$
|
47.78
|
|
|
$
|
36.70
|
|
|
$
|
50.33
|
|
|
NGLs ($/BBL)
|
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
15.21
|
|
|
$
|
13.72
|
|
|
$
|
13.12
|
|
|
$
|
16.06
|
|
|
Middle East/North Africa
|
|
$
|
14.63
|
|
|
$
|
17.12
|
|
|
$
|
14.47
|
|
|
$
|
19.25
|
|
|
Total Worldwide
|
|
$
|
14.99
|
|
|
$
|
14.68
|
|
|
$
|
13.58
|
|
|
$
|
16.73
|
|
|
Natural Gas ($/MCF)
|
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
2.30
|
|
|
$
|
2.24
|
|
|
$
|
1.74
|
|
|
$
|
2.28
|
|
|
Latin America
|
|
$
|
3.48
|
|
|
$
|
5.67
|
|
|
$
|
3.66
|
|
|
$
|
5.18
|
|
|
Total Worldwide
|
|
$
|
1.84
|
|
|
$
|
1.51
|
|
|
$
|
1.43
|
|
|
$
|
1.55
|
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
|
||||||||||||
Average Index Prices
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
WTI oil ($/BBL)
|
|
$
|
44.94
|
|
|
$
|
46.43
|
|
|
$
|
41.33
|
|
|
$
|
51.00
|
|
|
Brent oil ($/BBL)
|
|
$
|
46.98
|
|
|
$
|
51.17
|
|
|
$
|
43.01
|
|
|
$
|
56.61
|
|
|
NYMEX gas ($/MCF)
|
|
$
|
2.70
|
|
|
$
|
2.78
|
|
|
$
|
2.24
|
|
|
$
|
2.86
|
|
|
Average Realized Prices as Percentage of Average Index Prices
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|||||
Worldwide oil as a percentage of average WTI
|
|
92
|
%
|
|
103
|
%
|
|
89
|
%
|
|
99
|
%
|
|
Worldwide oil as a percentage of average Brent
|
|
88
|
%
|
|
93
|
%
|
|
85
|
%
|
|
89
|
%
|
|
Worldwide NGLs as a percentage of average WTI
|
|
33
|
%
|
|
32
|
%
|
|
33
|
%
|
|
33
|
%
|
|
Domestic natural gas as a percentage of average NYMEX
|
|
85
|
%
|
|
81
|
%
|
|
78
|
%
|
|
80
|
%
|
|
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)
|
|||||
|
|
|
|
|
|
|
|
|
|||||
First Quarter 2016
|
|
103,371
|
|
(b)
|
$
|
70.63
|
|
|
—
|
|
|
|
|
Second Quarter 2016
|
|
96,449
|
|
|
$
|
76.06
|
|
|
|
|
|
||
July 1- 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
August 1 - 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
September 1 - 30, 2016
|
|
96,151
|
|
|
$
|
70.50
|
|
|
—
|
|
|
|
|
Third Quarter 2016
|
|
96,151
|
|
|
$
|
70.50
|
|
|
—
|
|
|
|
|
Total
|
|
295,971
|
|
|
$
|
72.36
|
|
|
—
|
|
|
63,756,544
|
|
(a)
|
Represents the total number of shares remaining at September 30, 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.
|
10.1
|
First Amendment to the Occidental Petroleum Corporation 2015 Long-Term Incentive Plan.
|
|
|
10.2
|
Form of Occidental Petroleum Corporation Supplemental Retirement Plan II (Effective as of January 1, 2005, Amended and Restated as of November 1, 2008 and Restated as of October 31, 2016 solely to incorporate all interim amendments).
|
|
|
10.3
|
Form of Occidental Petroleum Corporation Modified Deferred Compensation Plan (Effective as of December 31, 2006, Amended and Restated effective as of November 1, 2008 and Restated as of October 31, 2016 solely to incorporate all interim amendments).
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the nine months ended September 30, 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:
|
November 1, 2016
|
/s/ Jennifer M. Kirk
|
|
|
|
Jennifer M. Kirk
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
10.1
|
First Amendment to the Occidental Petroleum Corporation 2015 Long-Term Incentive Plan.
|
|
|
10.2
|
Form of Occidental Petroleum Corporation Supplemental Retirement Plan II (Effective as of January 1, 2005, Amended and Restated as of November 1, 2008 and Restated as of October 31, 2016 solely to incorporate all interim amendments).
|
|
|
10.3
|
Form of Occidental Petroleum Corporation Modified Deferred Compensation Plan (Effective as of December 31, 2006, Amended and Restated effective as of November 1, 2008 and Restated as of October 31, 2016 solely to incorporate all interim amendments).
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the nine months ended September 30, 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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