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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 77046
(Address of principal executive offices) (Zip Code)
|
|
Class
|
|
Outstanding at June 30, 2018
|
|
|
Common stock $.20 par value
|
|
764,721,453
|
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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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June 30, 2018, and December 31, 2017
|
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Three and six months ended June 30, 2018, and 2017
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Three and six months ended June 30, 2018, and 2017
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Six months ended June 30, 2018, and 2017
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Item 2.
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Item 3.
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Item 4.
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|||
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Part II
|
Other Information
|
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||
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Item 1.
|
|||
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Item 2.
|
|||
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Item 6.
|
Item 1.
|
Financial Statements (unaudited)
|
|
|
2018
|
|
2017
|
|
||||
|
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|
|
|
|
||||
ASSETS
|
|
|
|
|
|
||||
|
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|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,362
|
|
|
$
|
1,672
|
|
|
Trade receivables, net
|
|
5,521
|
|
|
4,145
|
|
|
||
Inventories
|
|
1,347
|
|
|
1,246
|
|
|
||
Assets held for sale
|
|
1,664
|
|
|
474
|
|
|
||
Other current assets
|
|
1,096
|
|
|
733
|
|
|
||
Total current assets
|
|
10,990
|
|
|
8,270
|
|
|
||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES
|
|
1,551
|
|
|
1,515
|
|
|
||
|
|
|
|
|
|
||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $40,782 at June 30, 2018, and $39,072 at December 31, 2017
|
|
30,432
|
|
|
31,174
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
|
|
1,094
|
|
|
1,067
|
|
|
||
|
|
|
|
|
|
||||
TOTAL ASSETS
|
|
$
|
44,067
|
|
|
$
|
42,026
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
2018
|
|
2017
|
|
||||
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
500
|
|
|
Accounts payable
|
|
5,412
|
|
|
4,408
|
|
|
||
Accrued liabilities
|
|
2,521
|
|
|
2,492
|
|
|
||
Liabilities held for sale
|
|
145
|
|
|
—
|
|
|
||
Total current liabilities
|
|
8,078
|
|
|
7,400
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM DEBT, NET
|
|
10,312
|
|
|
9,328
|
|
|
||
|
|
|
|
|
|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|
||||
Deferred domestic and foreign income taxes
|
|
738
|
|
|
581
|
|
|
||
Asset retirement obligations
|
|
1,244
|
|
|
1,241
|
|
|
||
Pension and postretirement obligations
|
|
1,010
|
|
|
1,005
|
|
|
||
Environmental remediation reserves
|
|
731
|
|
|
728
|
|
|
||
Other
|
|
1,023
|
|
|
1,171
|
|
|
||
|
|
4,746
|
|
|
4,726
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||
Common stock, at par value (894,243,621 shares at June 30, 2018 and 893,468,707 shares at December 31, 2017)
|
|
179
|
|
|
179
|
|
|
||
Treasury stock (129,562,168 shares at June 30, 2018, and 128,364,195 shares at December 31, 2017)
|
|
(9,268
|
)
|
|
(9,168
|
)
|
|
||
Additional paid-in capital
|
|
7,967
|
|
|
7,884
|
|
|
||
Retained earnings
|
|
22,361
|
|
|
21,935
|
|
|
||
Accumulated other comprehensive loss
|
|
(308
|
)
|
|
(258
|
)
|
|
||
Total stockholders’ equity
|
|
20,931
|
|
|
20,572
|
|
|
||
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
44,067
|
|
|
$
|
42,026
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
REVENUES AND OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
4,083
|
|
|
$
|
3,060
|
|
|
$
|
7,846
|
|
|
$
|
6,017
|
|
Interest, dividends and other income
|
|
38
|
|
|
31
|
|
|
67
|
|
|
52
|
|
||||
Gain on sale of assets, net
|
|
10
|
|
|
512
|
|
|
43
|
|
|
512
|
|
||||
|
|
4,131
|
|
|
3,603
|
|
|
7,956
|
|
|
6,581
|
|
||||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
1,465
|
|
|
1,486
|
|
|
2,828
|
|
|
2,912
|
|
||||
Selling, general and administrative and other operating expenses
|
|
402
|
|
|
352
|
|
|
709
|
|
|
624
|
|
||||
Taxes other than on income
|
|
115
|
|
|
77
|
|
|
223
|
|
|
145
|
|
||||
Depreciation, depletion and amortization
|
|
947
|
|
|
989
|
|
|
1,868
|
|
|
1,931
|
|
||||
Asset impairments and related items
|
|
12
|
|
|
—
|
|
|
42
|
|
|
13
|
|
||||
Exploration expense
|
|
21
|
|
|
8
|
|
|
36
|
|
|
19
|
|
||||
Interest and debt expense, net
|
|
97
|
|
|
86
|
|
|
194
|
|
|
167
|
|
||||
|
|
3,059
|
|
|
2,998
|
|
|
5,900
|
|
|
5,811
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes and other items
|
|
1,072
|
|
|
605
|
|
|
2,056
|
|
|
770
|
|
||||
Provision for domestic and foreign income taxes
|
|
(302
|
)
|
|
(285
|
)
|
|
(641
|
)
|
|
(363
|
)
|
||||
Income from equity investments
|
|
78
|
|
|
187
|
|
|
141
|
|
|
217
|
|
||||
NET INCOME
|
|
$
|
848
|
|
|
$
|
507
|
|
|
$
|
1,556
|
|
|
$
|
624
|
|
|
|
|
|
|
|
|
|
|
||||||||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
1.10
|
|
|
$
|
0.66
|
|
|
$
|
2.02
|
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
|
||||||||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
1.10
|
|
|
$
|
0.66
|
|
|
$
|
2.02
|
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
|
||||||||
DIVIDENDS PER COMMON SHARE
|
|
$
|
0.77
|
|
|
$
|
0.76
|
|
|
$
|
1.54
|
|
|
$
|
1.52
|
|
|
|
|
|
|
|
|
|
|
||||||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
848
|
|
|
$
|
507
|
|
|
$
|
1,556
|
|
|
$
|
624
|
|
|
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation (losses) gains
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
||||
Unrealized gains (losses) on derivatives
(a)
|
|
(1
|
)
|
|
1
|
|
|
(4
|
)
|
|
6
|
|
|
||||
Pension and postretirement gains (losses)
(b)
|
|
5
|
|
|
(1
|
)
|
|
9
|
|
|
8
|
|
|
||||
Reclassification of realized (gains) losses on derivatives
(c)
|
|
1
|
|
|
1
|
|
|
3
|
|
|
(1
|
)
|
|
||||
Other comprehensive income, net of tax
|
|
4
|
|
|
1
|
|
|
8
|
|
|
14
|
|
|
||||
Comprehensive income
|
|
$
|
852
|
|
|
$
|
508
|
|
|
$
|
1,564
|
|
|
$
|
638
|
|
|
(a)
|
Net of tax of zero for the three months ended June 30, 2018, and 2017, and $1 and $(3) for the six months ended June 30, 2018, and 2017, respectively.
|
(b)
|
Net of tax of $(2) and $1 for the three months ended June 30, 2018, and 2017, respectively, and $(3) and $(4) for the six months ended June 30, 2018, and 2017, respectively.
|
(c)
|
Net of tax of zero for each of the three months ended June 30, 2018, and 2017, and $(1) and $1 for the six months ended June 30, 2018, and 2017, respectively.
|
|
|
2018
|
|
2017
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income
|
|
$
|
1,556
|
|
|
$
|
624
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
||||
Depreciation, depletion and amortization of assets
|
|
1,868
|
|
|
1,931
|
|
|
||
Deferred income tax (benefit) provision
|
|
171
|
|
|
(24
|
)
|
|
||
Other noncash charges to income
|
|
96
|
|
|
167
|
|
|
||
Gain on sale of assets, net
|
|
(43
|
)
|
|
(512
|
)
|
|
||
Asset impairments and related items
|
|
42
|
|
|
13
|
|
|
||
Net distributions from equity investments
|
|
(20
|
)
|
|
(127
|
)
|
|
||
Dry hole expenses
|
|
15
|
|
|
7
|
|
|
||
Changes in operating assets and liabilities, net
|
|
(920
|
)
|
|
(454
|
)
|
|
||
Other operating, net
|
|
—
|
|
|
729
|
|
|
||
Net cash provided by operating activities
|
|
2,765
|
|
|
2,354
|
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(2,319
|
)
|
|
(1,492
|
)
|
|
||
Change in capital accrual
|
|
(6
|
)
|
|
(35
|
)
|
|
||
Payments for purchases of assets and businesses
|
|
(242
|
)
|
|
(377
|
)
|
|
||
Sales of assets, net
|
|
330
|
|
|
609
|
|
|
||
Other investing, net
|
|
(49
|
)
|
|
84
|
|
|
||
Net cash used by investing activities
|
|
(2,286
|
)
|
|
(1,211
|
)
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Proceeds from long-term debt, net
|
|
978
|
|
|
—
|
|
|
||
Payments of long-term debt
|
|
(500
|
)
|
|
—
|
|
|
||
Proceeds from issuance of common stock
|
|
13
|
|
|
16
|
|
|
||
Purchases of treasury stock
|
|
(97
|
)
|
|
(6
|
)
|
|
||
Cash dividends paid
|
|
(1,185
|
)
|
|
(1,168
|
)
|
|
||
Other financing, net
|
|
2
|
|
|
—
|
|
|
||
Net cash used by financing activities
|
|
(789
|
)
|
|
(1,158
|
)
|
|
||
|
|
|
|
|
|
||||
Decrease in cash and cash equivalents
|
|
(310
|
)
|
|
(15
|
)
|
|
||
Cash and cash equivalents — beginning of period
|
|
1,672
|
|
|
2,233
|
|
|
||
Cash and cash equivalents — end of period
|
|
$
|
1,362
|
|
|
$
|
2,218
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
Three Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2018
|
||||
|
|
|
|
|
||||
Revenue from customers
|
|
$
|
3,831
|
|
|
$
|
7,556
|
|
All other revenues
(a)
|
|
252
|
|
|
290
|
|
||
Total net sales
|
|
$
|
4,083
|
|
|
$
|
7,846
|
|
|
|
2018
|
|
2017
|
|
||||
|
|
|
|
|
|
||||
Raw materials
|
|
$
|
68
|
|
|
$
|
66
|
|
|
Materials and supplies
|
|
466
|
|
|
447
|
|
|
||
Finished goods
|
|
858
|
|
|
776
|
|
|
||
|
|
1,392
|
|
|
1,289
|
|
|
||
Revaluation to LIFO
|
|
(45
|
)
|
|
(43
|
)
|
|
||
Total
|
|
$
|
1,347
|
|
|
$
|
1,246
|
|
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions) |
|
|||
|
|
|
|
|
|
|||
NPL sites
|
|
34
|
|
|
$
|
454
|
|
|
Third-party sites
|
|
70
|
|
|
173
|
|
|
|
Occidental-operated sites
|
|
15
|
|
|
105
|
|
|
|
Closed or non-operated Occidental sites
|
|
29
|
|
|
139
|
|
|
|
Total
|
|
148
|
|
|
$
|
871
|
|
|
Three months ended June 30
|
|
2018
|
|
2017
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Postretirement Benefit
|
|
Pension Benefit
|
|
Postretirement Benefit
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
5
|
|
Interest cost
|
|
4
|
|
|
9
|
|
|
4
|
|
|
10
|
|
||||
Expected return on plan assets
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
1
|
|
|
6
|
|
|
2
|
|
|
4
|
|
||||
Total
|
|
$
|
1
|
|
|
$
|
21
|
|
|
$
|
2
|
|
|
$
|
19
|
|
Six months ended June 30
|
|
2018
|
|
2017
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Postretirement Benefit
|
|
Pension Benefit
|
|
Postretirement Benefit
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
4
|
|
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
10
|
|
Interest cost
|
|
8
|
|
|
18
|
|
|
8
|
|
|
20
|
|
||||
Expected return on plan assets
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
2
|
|
|
10
|
|
|
4
|
|
|
8
|
|
||||
Total
|
|
$
|
2
|
|
|
$
|
40
|
|
|
$
|
4
|
|
|
$
|
38
|
|
(in millions, except Long/(Short) volumes)
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
Unrealized gain (loss) on derivatives not designated as hedges
|
|
|
|
|
||||
Crude Oil Commodity Contracts
|
|
$
|
(73
|
)
|
|
$
|
(47
|
)
|
Natural Gas Commodity Contracts
|
|
$
|
—
|
|
|
$
|
1
|
|
Outstanding net volumes on derivatives not designated as hedges
|
|
|
|
|
||||
Crude Oil Commodity Contracts
|
|
|
|
|
||||
Volume (MMBL)
|
|
45
|
|
|
61
|
|
||
Natural Gas Commodity Contracts
|
|
|
|
|
||||
Volume (Bcf)
|
|
(57
|
)
|
|
(47
|
)
|
As of December 31, 2017
|
|
Fair Value Measurements Using
|
|
Netting
(b)
|
|
Total Fair Value
|
|||||||||||
(in millions)
|
|
Balance Sheet Location
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commodity contracts
|
|
Other current assets
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity contracts
|
|
Other current assets
|
|
485
|
|
|
227
|
|
|
—
|
|
|
(517
|
)
|
|
195
|
|
|
Long-term receivables and other assets, net
|
|
1
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
2
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity contracts
|
|
Accrued liabilities
|
|
535
|
|
|
222
|
|
|
—
|
|
|
(517
|
)
|
|
240
|
|
|
Deferred credits and other liabilities
|
|
1
|
|
|
3
|
|
|
—
|
|
|
(1
|
)
|
|
3
|
|
(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 condensed balance sheets.
|
(b)
|
These amounts do not include collateral. As of June 30, 2018, collateral received of $4 million has been netted against derivative assets and collateral paid of $40 million has been netted against derivative liabilities. As of December 31, 2017, no collateral received has been netted against derivative assets and collateral paid of $54 million has been netted against derivative liabilities. Select clearinghouse and brokers require Occidental to post an initial margin deposit. Collateral deposited by Occidental, mainly for initial margin, of $73 million and $53 million as of June 30, 2018 and December 31, 2017, respectively, has not been reflected in these derivative fair value tables. This collateral is included in other current assets in the consolidated condensed balance sheets.
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,531
|
|
|
$
|
1,176
|
|
|
$
|
603
|
|
|
$
|
(227
|
)
|
|
$
|
4,083
|
|
Pre-tax operating profit (loss)
|
|
$
|
780
|
|
|
$
|
317
|
|
|
$
|
250
|
|
|
$
|
(197
|
)
|
(a)
|
$
|
1,150
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(302
|
)
|
(b)
|
(302
|
)
|
|||||
Net income (loss)
|
|
$
|
780
|
|
|
$
|
317
|
|
|
$
|
250
|
|
|
$
|
(499
|
)
|
|
$
|
848
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
1,848
|
|
|
$
|
1,156
|
|
|
$
|
270
|
|
|
$
|
(214
|
)
|
|
$
|
3,060
|
|
Pre-tax operating profit (loss)
|
|
$
|
627
|
|
(c)
|
$
|
230
|
|
|
$
|
119
|
|
(d)
|
$
|
(184
|
)
|
(a)
|
$
|
792
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(285
|
)
|
(b)
|
(285
|
)
|
|||||
Net income (loss)
|
|
$
|
627
|
|
|
$
|
230
|
|
|
$
|
119
|
|
|
$
|
(469
|
)
|
|
$
|
507
|
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
4,985
|
|
|
$
|
2,330
|
|
|
$
|
992
|
|
|
$
|
(461
|
)
|
|
$
|
7,846
|
|
Pre-tax operating profit (loss)
|
|
$
|
1,530
|
|
|
$
|
615
|
|
|
$
|
429
|
|
|
$
|
(377
|
)
|
(a)
|
$
|
2,197
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(641
|
)
|
(b)
|
(641
|
)
|
|||||
Net income (loss)
|
|
$
|
1,530
|
|
|
$
|
615
|
|
|
$
|
429
|
|
|
$
|
(1,018
|
)
|
|
$
|
1,556
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Six months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
3,742
|
|
|
$
|
2,224
|
|
|
$
|
481
|
|
|
$
|
(430
|
)
|
|
$
|
6,017
|
|
Pre-tax operating profit (loss)
|
|
$
|
847
|
|
(c)
|
$
|
400
|
|
|
$
|
72
|
|
(d)
|
$
|
(332
|
)
|
(a)
|
$
|
987
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(363
|
)
|
(b)
|
(363
|
)
|
|||||
Net income (loss)
|
|
$
|
847
|
|
|
$
|
400
|
|
|
$
|
72
|
|
|
$
|
(695
|
)
|
|
$
|
624
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
|
||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Basic EPS
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
848
|
|
|
$
|
507
|
|
|
$
|
1,556
|
|
|
$
|
624
|
|
Less: Net income allocated to participating securities
|
|
(5
|
)
|
|
(2
|
)
|
|
(8
|
)
|
|
(2
|
)
|
||||
Net Income, net of participating securities
|
|
843
|
|
|
505
|
|
|
1,548
|
|
|
622
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of basic shares
|
|
765.7
|
|
|
764.9
|
|
|
765.7
|
|
|
764.7
|
|
||||
Basic EPS
|
|
$
|
1.10
|
|
|
$
|
0.66
|
|
|
$
|
2.02
|
|
|
$
|
0.81
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
||||||||
Net income, net of participating securities
|
|
$
|
843
|
|
|
$
|
505
|
|
|
$
|
1,548
|
|
|
$
|
622
|
|
Weighted average number of basic shares
|
|
765.7
|
|
|
764.9
|
|
|
765.7
|
|
|
764.7
|
|
||||
Dilutive effect of potentially dilutive securities
|
|
1.7
|
|
|
1.0
|
|
|
1.5
|
|
|
0.8
|
|
||||
Total diluted weighted average common shares
|
|
767.4
|
|
|
765.9
|
|
|
767.2
|
|
|
765.5
|
|
||||
Diluted EPS
|
|
$
|
1.10
|
|
|
$
|
0.66
|
|
|
$
|
2.02
|
|
|
$
|
0.81
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net Sales
(a)
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
2,531
|
|
|
$
|
1,848
|
|
|
$
|
4,985
|
|
|
$
|
3,742
|
|
Chemical
|
|
1,176
|
|
|
1,156
|
|
|
2,330
|
|
|
2,224
|
|
||||
Midstream and Marketing
|
|
603
|
|
|
270
|
|
|
992
|
|
|
481
|
|
||||
Eliminations
|
|
(227
|
)
|
|
(214
|
)
|
|
(461
|
)
|
|
(430
|
)
|
||||
|
|
$
|
4,083
|
|
|
$
|
3,060
|
|
|
$
|
7,846
|
|
|
$
|
6,017
|
|
Segment Results
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
780
|
|
|
$
|
627
|
|
|
$
|
1,530
|
|
|
$
|
847
|
|
Chemical
|
|
317
|
|
|
230
|
|
|
615
|
|
|
400
|
|
||||
Midstream and Marketing
|
|
250
|
|
|
119
|
|
|
429
|
|
|
72
|
|
||||
|
|
1,347
|
|
|
976
|
|
|
2,574
|
|
|
1,319
|
|
||||
Unallocated Corporate Items
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
(91
|
)
|
|
(81
|
)
|
|
(183
|
)
|
|
(159
|
)
|
||||
Income tax provision
|
|
(302
|
)
|
|
(285
|
)
|
|
(641
|
)
|
|
(363
|
)
|
||||
Other expense, net
|
|
(106
|
)
|
|
(103
|
)
|
|
(194
|
)
|
|
(173
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
848
|
|
|
$
|
507
|
|
|
$
|
1,556
|
|
|
$
|
624
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
||||||||
Gain on sale of assets and other
|
|
$
|
—
|
|
|
$
|
510
|
|
|
$
|
—
|
|
|
$
|
510
|
|
|
|
|
|
|
|
|
|
|
||||||||
Chemical
|
|
|
|
|
|
|
|
|
||||||||
No significant items
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Midstream and Marketing
|
|
|
|
|
|
|
|
|
||||||||
Non-cash fair value gain on Plains equity investment
|
|
$
|
—
|
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
94
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate
|
|
|
|
|
|
|
|
|
||||||||
Tax effect of pre-tax adjustments
|
|
$
|
—
|
|
|
$
|
(216
|
)
|
|
$
|
—
|
|
|
$
|
(216
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
|
$
|
—
|
|
|
$
|
388
|
|
|
$
|
—
|
|
|
$
|
388
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
780
|
|
|
$
|
627
|
|
|
$
|
1,530
|
|
|
$
|
847
|
|
Chemical
|
|
317
|
|
|
230
|
|
|
615
|
|
|
400
|
|
||||
Midstream and Marketing
|
|
250
|
|
|
119
|
|
|
429
|
|
|
72
|
|
||||
Unallocated Corporate Items
|
|
(197
|
)
|
|
(184
|
)
|
|
(377
|
)
|
|
(332
|
)
|
||||
Pre-tax Income
|
|
1,150
|
|
|
792
|
|
|
2,197
|
|
|
987
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income tax (provision) benefit
|
|
|
|
|
|
|
|
|
||||||||
Federal and state
|
|
(76
|
)
|
|
(79
|
)
|
|
(171
|
)
|
|
34
|
|
||||
Foreign
|
|
(226
|
)
|
|
(206
|
)
|
|
(470
|
)
|
|
(397
|
)
|
||||
Total
|
|
(302
|
)
|
|
(285
|
)
|
|
(641
|
)
|
|
(363
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
848
|
|
|
$
|
507
|
|
|
$
|
1,556
|
|
|
$
|
624
|
|
|
|
|
|
|
|
|
|
|
||||||||
Worldwide effective tax rate
|
|
26
|
%
|
|
36
|
%
|
|
29
|
%
|
|
37
|
%
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||
Production Volumes per Day
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
240
|
|
|
195
|
|
|
234
|
|
|
193
|
|
Middle East
|
|
135
|
|
|
151
|
|
|
138
|
|
|
151
|
|
Latin America
|
|
31
|
|
|
32
|
|
|
31
|
|
|
30
|
|
NGL (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
65
|
|
|
51
|
|
|
62
|
|
|
49
|
|
Middle East
|
|
30
|
|
|
32
|
|
|
27
|
|
|
30
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
316
|
|
|
254
|
|
|
305
|
|
|
251
|
|
Middle East
|
|
506
|
|
|
532
|
|
|
478
|
|
|
487
|
|
Latin America
|
|
6
|
|
|
7
|
|
|
6
|
|
|
7
|
|
Total Production Ongoing Operations (MBOE)
|
|
639
|
|
|
594
|
|
|
624
|
|
|
577
|
|
Operations Exited
|
|
—
|
|
|
7
|
|
|
—
|
|
|
16
|
|
Total Production Volumes (MBOE)
(a)
|
|
639
|
|
|
601
|
|
|
624
|
|
|
593
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||
Sales Volumes per Day
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
240
|
|
|
195
|
|
|
234
|
|
|
193
|
|
Middle East
|
|
119
|
|
|
151
|
|
|
130
|
|
|
151
|
|
Latin America
|
|
30
|
|
|
34
|
|
|
31
|
|
|
30
|
|
NGL (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
65
|
|
|
51
|
|
|
62
|
|
|
49
|
|
Middle East
|
|
30
|
|
|
32
|
|
|
27
|
|
|
30
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
||||
United States
(b)
|
|
316
|
|
|
254
|
|
|
305
|
|
|
251
|
|
Middle East
|
|
506
|
|
|
532
|
|
|
480
|
|
|
487
|
|
Latin America
|
|
6
|
|
|
7
|
|
|
6
|
|
|
7
|
|
Total Sales Ongoing Operations (MBOE)
|
|
622
|
|
|
596
|
|
|
616
|
|
|
577
|
|
Operations Exited
|
|
—
|
|
|
7
|
|
|
—
|
|
|
16
|
|
Total Sales Volumes (MBOE)
(a
)
|
|
622
|
|
|
603
|
|
|
616
|
|
|
593
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
Average Realized Prices
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Oil ($/BBL)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
61.08
|
|
|
$
|
44.94
|
|
|
$
|
61.06
|
|
|
$
|
46.78
|
|
Middle East
|
|
$
|
66.59
|
|
|
$
|
49.51
|
|
|
$
|
63.83
|
|
|
$
|
49.57
|
|
Latin America
|
|
$
|
65.66
|
|
|
$
|
42.60
|
|
|
$
|
62.38
|
|
|
$
|
45.12
|
|
Total Worldwide
|
|
$
|
63.12
|
|
|
$
|
46.55
|
|
|
$
|
62.07
|
|
|
$
|
47.77
|
|
NGL ($/BBL)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
28.87
|
|
|
$
|
20.47
|
|
|
$
|
27.93
|
|
|
$
|
21.75
|
|
Middle East
|
|
$
|
23.58
|
|
|
$
|
16.31
|
|
|
$
|
22.79
|
|
|
$
|
17.35
|
|
Total Worldwide
|
|
$
|
27.21
|
|
|
$
|
18.90
|
|
|
$
|
26.34
|
|
|
$
|
20.18
|
|
Natural Gas ($/MCF)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
1.49
|
|
|
$
|
2.23
|
|
|
$
|
1.76
|
|
|
$
|
2.48
|
|
Latin America
|
|
$
|
6.07
|
|
|
$
|
5.18
|
|
|
$
|
5.87
|
|
|
$
|
4.96
|
|
Total Worldwide
|
|
$
|
1.58
|
|
|
$
|
1.81
|
|
|
$
|
1.69
|
|
|
$
|
1.93
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
Average Index Prices
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
WTI oil ($/BBL)
|
|
$
|
67.88
|
|
|
$
|
48.29
|
|
|
$
|
65.37
|
|
|
$
|
50.10
|
|
Brent oil ($/BBL)
|
|
$
|
74.90
|
|
|
$
|
50.92
|
|
|
$
|
71.04
|
|
|
$
|
52.79
|
|
NYMEX gas ($/MCF)
|
|
$
|
2.75
|
|
|
$
|
3.14
|
|
|
$
|
2.81
|
|
|
$
|
3.20
|
|
Average Realized Prices as Percentage of Average Index Prices
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||
Worldwide oil as a percentage of average WTI
|
|
93
|
%
|
|
96
|
%
|
|
95
|
%
|
|
95
|
%
|
Worldwide oil as a percentage of average Brent
|
|
84
|
%
|
|
91
|
%
|
|
87
|
%
|
|
90
|
%
|
Worldwide NGL as a percentage of average WTI
|
|
40
|
%
|
|
39
|
%
|
|
40
|
%
|
|
40
|
%
|
Domestic natural gas as a percentage of average NYMEX
|
|
54
|
%
|
|
71
|
%
|
|
63
|
%
|
|
78
|
%
|
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 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
April 1 - 30, 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
May 1 - 31, 2018
|
|
616,463
|
|
(b)
|
$
|
83.43
|
|
|
380,000
|
|
|
|
|
June 1 - 30, 2018
|
|
581,510
|
|
(b)
|
$
|
83.48
|
|
|
492,000
|
|
|
|
|
Second Quarter 2018
|
|
1,197,973
|
|
|
$
|
83.46
|
|
|
872,000
|
|
|
|
|
Total
|
|
1,197,973
|
|
|
$
|
83.46
|
|
|
872,000
|
|
|
62,884,544
|
|
(a)
|
Represents the total number of shares remaining at June 30, 2018, 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.
|
12
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
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
|
August 8, 2018
|
/s/ Jennifer M. Kirk
|
|
|
|
Jennifer M. Kirk
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
1 Year Occidental Petroleum Chart |
1 Month Occidental Petroleum Chart |
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