Occidental Petroleum Corporation
2nd Quarter 2021
Earnings Release Schedules Index
Schedule # and Description
- Summary Highlights
- Items Affecting Comparability Detail
- Before Tax Allocations
- After Tax Allocations
- Segment Results Before Tax Allocations
- Reported Results
- Items Affecting Comparability
- Adjusted Results (non-GAAP)
- Segment Results After Tax Allocations
- Reported Results
- Items Affecting Comparability
- Adjusted Results (non-GAAP)
- Reconciliation - Diluted EPS
- Consolidated Condensed Statements of Operations
- Consolidated Condensed Balance Sheets
- Consolidated Condensed Statements of Cash Flows
- Detail of Capital Expenditures and Depreciation, Depletion and Amortization
- Oil & Gas Net Production Volumes Per Day
- MBOE/D
- By Commodity
- Oil & Gas Net Sales Volumes Per Day and Realized Prices
- MBOE/D
- Realized Prices and Related Index Prices
- Oil and Gas Metrics
Occidental Petroleum Corporation | SCHEDULE 1 | |||||||||||||||||||
Summary Highlights | ||||||||||||||||||||
2020 | 2021 | |||||||||||||||||||
Quarterly | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||
Net Loss ($ millions) | ||||||||||||||||||||
Reported loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $(15,675) | $ | (346) | $ | (97) | $ | (443) | |||||
Reported EPS - Diluted ($/share) | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | (0.47) | ||||
Effective tax rate on reported income (loss) (%) | 1 % | 18 % | 10 % | 19 % | 14 % | 5 % | 30 % | 13 % | ||||||||||||
Adjusted income (loss) attributable to common stockholders (Non- | (a) | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 175 | |||
GAAP) | ||||||||||||||||||||
Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.18 | |||
Effective tax rate on adjusted income (loss) (%) | 2 % | 15 % | 8 % | 8 % | 11 % | (327)% | 31 % | 24 % | ||||||||||||
Average Shares Outstanding - Reported Loss | ||||||||||||||||||||
Basic (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 934.2 | 933.8 | ||||||||||||
Diluted (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 934.2 | 933.8 | ||||||||||||
Average Shares Outstanding - Adjusted Income (Loss) | (b) | |||||||||||||||||||
Basic (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 934.2 | 933.8 | ||||||||||||
Diluted (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 956.8 | 952.4 | ||||||||||||
Daily Production Volumes | ||||||||||||||||||||
Total US (MBOE/D) | 1,175 | 1,116 | 960 | 900 | 1,037 | 904 | 961 | 932 | ||||||||||||
US Oil (MBBL/D) | 662 | 603 | 508 | 477 | 561 | 488 | 517 | 502 | ||||||||||||
Worldwide - Reported (MBOE/D) | 1,497 | 1,434 | 1,265 | 1,195 | 1,347 | 1,139 | 1,225 | 1,182 | ||||||||||||
Worldwide - Continuing Operations (MBOE/D) | 1,437 | 1,373 | 1,204 | 1,143 | 1,289 | 1,117 | 1,203 | 1,160 | ||||||||||||
Worldwide Sales - Continuing Operations (MBOE/D) | 1,432 | 1,386 | 1,192 | 1,158 | 1,291 | 1,113 | 1,199 | 1,156 | ||||||||||||
Commodity Price Realizations | ||||||||||||||||||||
Worldwide oil ($/BBL) | $ | 46.96 | $ | 23.14 | $ | 38.51 | $ | 40.76 | $ | 37.34 | $ | 55.65 | $ | 64.18 | $ | 60.05 | ||||
Worldwide NGL ($/BBL) | $ | 13.09 | $ | 7.79 | $ | 14.85 | $ | 14.95 | $ | 12.58 | $ | 23.44 | $ | 25.06 | $ | 24.31 | ||||
Domestic gas ($/MCF) | $ | 1.18 | $ | 0.90 | $ | 1.18 | $ | 1.55 | $ | 1.18 | $ | 2.56 | $ | 2.59 | $ | 2.58 | ||||
Cash Flows - Continuing Operations ($ millions) | ||||||||||||||||||||
Operating cash flow before working capital (Non-GAAP) | (c) | $ | 1,484 | $ | 587 | $ | 1,644 | $ | 1,405 | $ | 5,120 | $ | 2,135 | $ | 2,710 | $ | 4,845 | |||
Working capital changes | (189) | (222) | (829) | (38) | (1,278) | (1,347) | 614 | (733) | ||||||||||||
Operating cash flow | $ | 1,295 | $ | 365 | $ | 815 | $ | 1,367 | $ | 3,842 | $ | 788 | $ | 3,324 | $ | 4,112 | ||||
Capital expenditures | $ | (1,300) | $ | (375) | $ | (246) | $ | (614) | $ | (2,535) | $ | (579) | $ | (698) | $ | (1,277) | ||||
2020 | 2021 | |||||||||||||||||||
Year-to-date | Mar | Jun | Sep | Dec | Mar | Jun | Sep | Dec | ||||||||||||
Net Loss ($ millions) | ||||||||||||||||||||
Reported loss attributable to common stockholders | $ | (2,232) | $(10,585) | $(14,363) | $(15,675) | $ | (346) | $ | (443) | |||||||||||
Reported EPS - Diluted ($/share) | $ | (2.49) | $ | (11.68) | $ | (15.72) | $ | (17.06) | $ | (0.36) | $ | (0.47) | ||||||||
Effective tax rate on reported income (loss) (%) | 1 % | 15 % | 14 % | 14 % | 5 % | 13 % | ||||||||||||||
Adjusted income (loss) attributable to common stockholders (Non- | (a) | $ | (598) | $ | (2,290) | $ | (3,078) | $ | (3,688) | $ | (136) | $ | 175 | |||||||
GAAP) | ||||||||||||||||||||
Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | $ | (2.53) | $ | (3.37) | $ | (4.01) | $ | (0.15) | $ | 0.18 | |||||||
Effective tax rate on adjusted income (loss) (%) | 2 % | 13 % | 12 % | 11 % | (327)% | 24 % | ||||||||||||||
Average Shares Outstanding - Reported Loss | ||||||||||||||||||||
Basic (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 933.8 | ||||||||||||||
Diluted (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 947.9 | 933.8 | ||||||||||||||
Average Shares Outstanding - Adjusted Income (Loss) | (b) | |||||||||||||||||||
Basic (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 933.8 | ||||||||||||||
Diluted (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 952.4 | ||||||||||||||
Daily Production Volumes | ||||||||||||||||||||
Total US (MBOE/D) | 1,175 | 1,146 | 1,083 | 1,037 | 904 | 932 | ||||||||||||||
US Oil (MBBL/D) | 662 | 633 | 591 | 561 | 488 | 502 | ||||||||||||||
Worldwide - Reported (MBOE/D) | 1,497 | 1,466 | 1,398 | 1,347 | 1,139 | 1,182 | ||||||||||||||
Worldwide - Continuing Operations (MBOE/D) | 1,437 | 1,405 | 1,337 | 1,289 | 1,117 | 1,160 | ||||||||||||||
Worldwide Sales - Continuing Operations (MBOE/D) | 1,432 | 1,409 | 1,336 | 1,291 | 1,113 | 1,156 | ||||||||||||||
Commodity Price Realizations | ||||||||||||||||||||
Worldwide oil ($/BBL) | $ | 46.96 | $ | 35.52 | $ | 36.44 | $ | 37.34 | $ | 55.65 | $ | 60.05 | ||||||||
Worldwide NGL ($/BBL) | $ | 13.09 | $ | 10.43 | $ | 11.84 | $ | 12.58 | $ | 23.44 | $ | 24.31 | ||||||||
Domestic gas ($/MCF) | $ | 1.18 | $ | 1.04 | $ | 1.09 | $ | 1.18 | $ | 2.56 | $ | 2.58 | ||||||||
Cash Flows - Continuing Operations ($ millions) | ||||||||||||||||||||
Operating cash flows before working capital (Non-GAAP) | (c) | $ | 1,484 | $ | 2,071 | $ | 3,715 | $ | 5,120 | $ | 2,135 | $ | 4,845 | |||||||
Working capital changes | (189) | (411) | (1,240) | (1,278) | (1,347) | (733) | ||||||||||||||
Operating cash flow | $ | 1,295 | $ | 1,660 | $ | 2,475 | $ | 3,842 | $ | 788 | $ | 4,112 | ||||||||
Capital expenditures | $ | (1,300) | $ | (1,675) | $ | (1,921) | $ | (2,535) | $ | (579) | $ | (1,277) |
- See schedule 3 for non-GAAP reconciliation.
- See schedule 4 for non-GAAP reconciliation. The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.
- See schedule 7 for non-GAAP reconciliation.
Before Tax Allocations
Oil & Gas Domestic
Asset impairments
Asset sales gains (losses), net Rig termination and others
Oil, gas and CO2 derivative gains (losses), net Total Domestic
International
Asset impairments
Asset sales gains (losses), net Rig termination and others Total International
Total Oil and Gas
Chemical
No items affecting comparability
Total Chemical
Midstream & Marketing
Asset sales gains (losses) and others, net Goodwill impairment and equity losses Derivative gains (losses), net
Total Midstream & Marketing
Corporate
Anadarko acquisition-related costs Acquisition-related pension & termination benefits Interest rate swap gains (losses), net Warrants gains (losses), net
Total Corporate
Valuation allowance on tax assets Income taxes
Income (loss) from continuing operations
Net loss attributable to noncontrolling interests Discontinued operations, net of taxes (a) Total
After Tax Allocations
Oil & Gas Domestic
Asset impairments
Asset sales gains (losses), net Rig termination and others
Oil, gas and CO2 derivative gains (losses), net Total Domestic
International
Asset impairments
Asset sales gains (losses), net Rig termination and others Total International
Total Oil and Gas
Chemical
No items affecting comparability
Total Chemical
Midstream & Marketing
Asset sales gains (losses), net
Goodwill impairment and equity losses
Derivative gains (losses), net
Total Midstream & Marketing
Corporate
Anadarko acquisition-related costs Acquisition-related pension & termination benefits Interest rate swap gains (losses), net Warrants gains (losses), net
Total Corporate
Valuation allowance on tax assets
State tax rate revaluation
Income (loss) from continuing operations
Discontinued operations, net of taxes (a)
Total
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(Amounts in millions)
2020
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||
$ | (282) | $ | (5,514) | $ | (21) | $ | (87) | $ | (5,904) |
- | 14 | (439) | (850) | (1,275) | |||||
(35) | (3) | (23) | 2 | (59) | |||||
870 | 53 | 136 | 31 | 1,090 | |||||
553 | (5,450) | (347) | (904) | (6,148) | |||||
(264) | (931) | - | - | (1,195) | |||||
- | - | (356) | 3 | (353) | |||||
- | (6) | (4) | (3) | (13) | |||||
(264) | (937) | (360) | - | (1,561) | |||||
289 | (6,387) | (707) | (904) | (7,709) | |||||
- | - | - | - | - | |||||
- | - | - | - | - | |||||
- | - | (46) | - | (46) | |||||
(1,458) | (7) | (2,729) | - | (4,194) | |||||
251 | 54 | (20) | (188) | 97 | |||||
(1,207) | 47 | (2,795) | (188) | (4,143) | |||||
(148) | (149) | (5) | (37) | (339) | |||||
- | 114 | - | - | 114 | |||||
(669) | 4 | 88 | 149 | (428) | |||||
84 | (79) | - | - | 5 | |||||
(733) | (110) | 83 | 112 | (648) |
- | - | (37) | 2 | (35) | |||||
17 | 1,204 | 386 | 239 | 1,846 | |||||
(1,634) | (5,246) | (3,070) | (739) | (10,689) | |||||
- | - | - | - | - | |||||
- | (1,415) | 80 | 37 | (1,298) | |||||
$ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) |
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY |
$ | (219) | $ | (4,299) | $ | (17) | $ | (67) | $ | (4,602) |
- | 11 | (342) | (663) | (994) | |||||
(27) | 5 | (18) | 2 | (38) | |||||
677 | 42 | 105 | 24 | 848 | |||||
431 | (4,241) | (272) | (704) | (4,786) | |||||
(264) | (931) | - | - | (1,195) | |||||
- | - | (356) | 3 | (353) | |||||
- | (6) | (4) | (3) | (13) | |||||
(264) | (937) | (360) | - | (1,561) | |||||
167 | (5,178) | (632) | (704) | (6,347) | |||||
- | - | - | - | - | |||||
- | - | - | - | - | |||||
- | - | (50) | - | (50) | |||||
(1,443) | (6) | (2,402) | 23 | (3,828) | |||||
195 | 42 | (15) | (147) | 75 | |||||
(1,248) | 36 | (2,467) | (124) | (3,803) | |||||
(115) | (117) | (3) | (29) | (264) | |||||
- | 89 | - | - | 89 | |||||
(522) | 3 | 69 | 116 | (334) | |||||
84 | (79) | - | - | 5 | |||||
(553) | (104) | 66 | 87 | (504) | |||||
- | - | (37) | 2 | (35) | |||||
- | - | - | - | - | |||||
(1,634) | (5,246) | (3,070) | (739) | (10,689) | |||||
- | (1,415) | 80 | 37 | (1,298) | |||||
$ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) |
SCHEDULE 2
2021
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||
$ | (135) | $ | (21) | $ | (156) | |||
- | - | - | ||||||
- | - | - | ||||||
(40) | (140) | (180) | ||||||
(175) | (161) | (336) | ||||||
- | - | - | ||||||
- | - | - | ||||||
- | - | - | ||||||
- | - | - | ||||||
(175) | (161) | (336) | ||||||
- | - | - | ||||||
- | - | - | ||||||
102 | 22 | 124 | ||||||
- | - | - | ||||||
15 | (180) | (165) | ||||||
117 | (158) | (41) | ||||||
(41) | (52) | (93) | ||||||
- | - | - | ||||||
399 | (223) | 176 | ||||||
- | - | - | ||||||
358 | (275) | 83 | ||||||
- | - | - | ||||||
(65) | 128 | 63 | ||||||
235 | (411) | (176) | ||||||
- | - | - | ||||||
(445) | 3 | (442) | ||||||
$ | (210) | $ | (408) | $ | (618) | |||
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||
$ | (106) | $ | (16) | $ | (122) | |||
- | - | - | ||||||
- | - | - | ||||||
(31) | (110) | (141) | ||||||
(137) | (126) | (263) | ||||||
- | - | - | ||||||
- | - | - | ||||||
- | - | - | ||||||
- | - | - | ||||||
(137) | (126) | (263) | ||||||
- | - | - | ||||||
- | - | - | ||||||
79 | 17 | 96 | ||||||
- | - | - | ||||||
12 | (141) | (129) | ||||||
91 | (124) | (33) | ||||||
(31) | (41) | (72) | ||||||
- | - | - | ||||||
312 | (175) | 137 | ||||||
- | - | - | ||||||
281 | (216) | 65 | ||||||
- | - | - | ||||||
- | 55 | 55 | ||||||
235 | (411) | (176) | ||||||
(445) | 3 | (442) | ||||||
$ | (210) | $ | (408) | $ | (618) |
(a) The pre-tax impairment for the second quarter of 2020 was $2.2 billion.
Occidental Petroleum Corporation | SCHEDULE 3 | ||||||||||||||||||
Segment Results BeforeTax Allocations | |||||||||||||||||||
(Amounts in millions, except per share and effective tax rate amounts) | |||||||||||||||||||
2020 | 2021 | ||||||||||||||||||
Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||
Oil & Gas | |||||||||||||||||||
Domestic | $ | 233 | $ | (6,841) | $ | (885) | $ | (1,265) | $ | (8,758) | $ | (214) | $ | 367 | $ | 153 | |||
International | 40 | (860) | (158) | 236 | (742) | 180 | 350 | 530 | |||||||||||
Exploration | (37) | (33) | (29) | (33) | (132) | (28) | (86) | (114) | |||||||||||
Total Oil & Gas | 236 | (7,734) | (1,072) | (1,062) | (9,632) | (62) | 631 | 569 | |||||||||||
Chemical | 186 | 108 | 178 | 192 | 664 | 251 | 312 | 563 | |||||||||||
Midstream & Marketing | (1,287) | (7) | (2,791) | (90) | (4,175) | 282 | (30) | 252 | |||||||||||
Segment income (loss) | (865) | (7,633) | (3,685) | (960) | (13,143) | 471 | 913 | 1,384 | |||||||||||
Corporate | |||||||||||||||||||
Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (780) | |||||||||||
Other | (821) | (241) | (20) | (56) | (1,138) | 239 | (385) | (146) | |||||||||||
Income (loss) from continuing operations before taxes | (2,038) | (8,184) | (4,058) | (1,425) | (15,705) | 315 | 143 | 458 | |||||||||||
Taxes | |||||||||||||||||||
Federal and state | 90 | 1,577 | 511 | 429 | 2,607 | 102 | 8 | 110 | |||||||||||
International | (65) | (109) | (108) | (153) | (435) | (118) | (51) | (169) | |||||||||||
Income (loss) from continuing operations | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 100 | 399 | |||||||||||
Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | |||||||||||
Net income (loss) | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | 103 | (43) | |||||||||||
Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | |||||||||||
Net loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | (443) | |||
Reported diluted loss per share | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | (0.47) | |||
Effective Tax Rate | 1 % | 18 % | 10 % | 19 % | 14 % | 5 % | 30 % | 13 % | |||||||||||
Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||
Oil & Gas | |||||||||||||||||||
Domestic | $ | 553 | $ | (5,450) | $ | (347) | $ | (904) | $ | (6,148) | $ | (175) | $ | (161) | $ | (336) | |||
International | (264) | (937) | (360) | - | (1,561) | - | - | - | |||||||||||
Exploration | - | - | - | - | - | - | - | - | |||||||||||
Total Oil & Gas | 289 | (6,387) | (707) | (904) | (7,709) | (175) | (161) | (336) | |||||||||||
Chemical | - | - | - | - | - | - | - | - | |||||||||||
Midstream & Marketing | (1,207) | 47 | (2,795) | (188) | (4,143) | 117 | (158) | (41) | |||||||||||
Segment income (loss) | (918) | (6,340) | (3,502) | (1,092) | (11,852) | (58) | (319) | (377) | |||||||||||
Corporate | |||||||||||||||||||
Interest | - | - | - | - | - | - | - | - | |||||||||||
Other | (733) | (110) | 83 | 112 | (648) | 358 | (275) | 83 | |||||||||||
Income (loss) from continuing operations before taxes | (1,651) | (6,450) | (3,419) | (980) | (12,500) | 300 | (594) | (294) | |||||||||||
Taxes | |||||||||||||||||||
Federal and state | 17 | 1,204 | 349 | 241 | 1,811 | (65) | 183 | 118 | |||||||||||
International | - | - | - | - | - | - | - | - | |||||||||||
Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (176) | |||||||||||
Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | |||||||||||
Net loss | (1,634) | (6,661) | (2,990) | (702) | (11,987) | (210) | (408) | (618) | |||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | - | |||||||||||
Net loss attributable to common stockholders | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (618) | |||
Adjusted Income (Loss) (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||
Oil & Gas | |||||||||||||||||||
Domestic | $ | (320) | $ | (1,391) | $ | (538) | $ | (361) | $ | (2,610) | $ | (39) | $ | 528 | $ | 489 | |||
International | 304 | 77 | 202 | 236 | 819 | 180 | 350 | 530 | |||||||||||
Exploration | (37) | (33) | (29) | (33) | (132) | (28) | (86) | (114) | |||||||||||
Total Oil & Gas | (53) | (1,347) | (365) | (158) | (1,923) | 113 | 792 | 905 | |||||||||||
Chemical | 186 | 108 | 178 | 192 | 664 | 251 | 312 | 563 | |||||||||||
Midstream & Marketing | (80) | (54) | 4 | 98 | (32) | 165 | 128 | 293 | |||||||||||
Adjusted segment income (loss) | 53 | (1,293) | (183) | 132 | (1,291) | 529 | 1,232 | 1,761 | |||||||||||
Corporate | |||||||||||||||||||
Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (780) | |||||||||||
Other | (88) | (131) | (103) | (168) | (490) | (119) | (110) | (229) | |||||||||||
Adjusted income (loss) from continuing operations before | (387) | (1,734) | (639) | (445) | (3,205) | 15 | 737 | 752 | |||||||||||
taxes | |||||||||||||||||||
Taxes | |||||||||||||||||||
Federal and state | 73 | 373 | 162 | 188 | 796 | 167 | (175) | (8) | |||||||||||
International | (65) | (109) | (108) | (153) | (435) | (118) | (51) | (169) | |||||||||||
Adjusted income (loss) | (379) | (1,470) | (585) | (410) | (2,844) | 64 | 511 | 575 | |||||||||||
Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | |||||||||||
Adjusted income (loss) attributable to common | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 175 | |||
stockholders | |||||||||||||||||||
Adjusted diluted earnings (loss) per share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.18 | |||
Effective Tax Rate | 2 % | 15 % | 8 % | 8 % | 11 % | (327)% | 31 % | 24 % |
- Non-GAAPMeasureAdjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported net income is considered representative of management's performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.
.
Occidental Petroleum Corporation | SCHEDULE 4 |
Segment Results AfterTax Allocations |
(Amounts in millions, except per share and effective tax rate amounts)
2020 | 2021 | ||||||||||||||||||
Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||
Oil & Gas | |||||||||||||||||||
Domestic | $ | 182 | $ | (5,336) | $ | (690) | $ | (987) | $ | (6,831) | $ | (167) | $ | 286 | $ | 119 | |||
International | (85) | (926) | (233) | 98 | (1,146) | 69 | 193 | 262 | |||||||||||
Exploration | (32) | (26) | (26) | (29) | (113) | (23) | (72) | (95) | |||||||||||
Total Oil & Gas | 65 | (6,288) | (949) | (918) | (8,090) | (121) | 407 | 286 | |||||||||||
Chemical | 142 | 82 | 137 | 146 | 507 | 193 | 240 | 433 | |||||||||||
Midstream & Marketing | (1,306) | 2 | (2,455) | (64) | (3,823) | 251 | (3) | 248 | |||||||||||
Segment income (loss) | (1,099) | (6,204) | (3,267) | (836) | (11,406) | 323 | 644 | 967 | |||||||||||
Corporate | |||||||||||||||||||
Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (780) | |||||||||||
Other | (641) | (235) | (20) | (56) | (952) | 162 | (271) | (109) | |||||||||||
Taxes | 79 | 33 | (15) | 152 | 249 | 209 | 112 | 321 | |||||||||||
Income (loss) from continuing operations | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 100 | 399 | |||||||||||
Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | |||||||||||
Net income (loss) | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | 103 | (43) | |||||||||||
Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | |||||||||||
Net loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | (443) | |||
Reported diluted loss per share | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | (0.47) | |||
Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | |||||||||||
TY | YTD | ||||||||||||||||||
Oil & Gas | |||||||||||||||||||
Domestic | $ | 431 | $ | (4,241) | $ | (272) | $ | (704) | $ | (4,786) | $ | (137) | $ | (126) | $ | (263) | |||
International | (264) | (937) | (360) | - | (1,561) | - | - | - | |||||||||||
Exploration | - | - | - | - | - | - | - | - | |||||||||||
Total Oil & Gas | 167 | (5,178) | (632) | (704) | (6,347) | (137) | (126) | (263) | |||||||||||
Chemical | - | - | - | - | - | - | - | - | |||||||||||
Midstream & Marketing | (1,248) | 36 | (2,467) | (124) | (3,803) | 91 | (124) | (33) | |||||||||||
Segment loss | (1,081) | (5,142) | (3,099) | (828) | (10,150) | (46) | (250) | (296) | |||||||||||
Corporate | |||||||||||||||||||
Interest | - | - | - | - | - | - | - | - | |||||||||||
Other | (553) | (104) | 66 | 87 | (504) | 281 | (216) | 65 | |||||||||||
Taxes | - | - | (37) | 2 | (35) | - | 55 | 55 | |||||||||||
Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (176) | |||||||||||
Discontinued operations, net of taxes | - | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | |||||||||||
Net loss | (1,634) | (6,661) | (2,990) | (702) | (11,987) | (210) | (408) | (618) | |||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | - | |||||||||||
Net loss attributable to common stockholders | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (618) | |||
Adjusted Income (Loss) (Non-GAAP) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||
Oil & Gas | |||||||||||||||||||
Domestic | $ | (249) | $ | (1,095) | $ | (418) | $ | (283) | $ | (2,045) | $ | (30) | $ | 412 | $ | 382 | |||
International | 179 | 11 | 127 | 98 | 415 | 69 | 193 | 262 | |||||||||||
Exploration | (32) | (26) | (26) | (29) | (113) | (23) | (72) | (95) | |||||||||||
Total Oil & Gas | (102) | (1,110) | (317) | (214) | (1,743) | 16 | 533 | 549 | |||||||||||
Chemical | 142 | 82 | 137 | 146 | 507 | 193 | 240 | 433 | |||||||||||
Midstream & Marketing | (58) | (34) | 12 | 60 | (20) | 160 | 121 | 281 | |||||||||||
Segment income | (18) | (1,062) | (168) | (8) | (1,256) | 369 | 894 | 1,263 | |||||||||||
Corporate | |||||||||||||||||||
Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (780) | |||||||||||
Other | (88) | (131) | (86) | (143) | (448) | (119) | (55) | (174) | |||||||||||
Taxes | 79 | 33 | 22 | 150 | 284 | 209 | 57 | 266 | |||||||||||
Income (loss) from continuing operations | (379) | (1,470) | (585) | (410) | (2,844) | 64 | 511 | 575 | |||||||||||
Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | |||||||||||
Adjusted income (loss) attributable to common stockholders | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 175 | |||
Adjusted diluted earnings per share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.18 | |||
Reconciliation - Diluted Earnings Per Share (a)
Reported Diluted Loss Per Share (GAAP) | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) |
After-Tax Adjustments for Items Affecting Comparability | ||||||||||
Oil & Gas | ||||||||||
Domestic | $ | 0.48 | $ | (4.63) | $ | (0.30) | $ | (0.76) | $ | (5.21) |
International | (0.29) | (1.02) | (0.39) | - | (1.70) | |||||
Exploration | - | - | - | - | - | |||||
Chemical | - | - | - | - | - | |||||
Midstream & Marketing | (1.39) | 0.04 | (2.65) | (0.13) | (4.14) | |||||
Corporate | ||||||||||
Interest | - | - | - | - | - | |||||
Other | (0.62) | (0.11) | 0.07 | 0.09 | (0.55) | |||||
Taxes | - | - | (0.04) | - | (0.04) | |||||
Discontinued Operations | - | (1.55) | 0.09 | 0.04 | (1.41) | |||||
Total After-Tax Adjustments for Items Affecting Comparability | $ | (1.82) | $ | (7.27) | $ | (3.22) | $ | (0.76) | $ | (13.05) |
Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) |
Average Diluted Shares Outstanding -Reported (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 |
$ (0.36) $ (0.10)
$ (0.14) $ (0.13)
- -
- -
- -
0.10 (0.13)
- -
0.30 (0.22)
- 0.06
(0.47) -
$ (0.21) $ (0.42)
$ | (0.15) | $ | 0.32 |
947.9 934.2
$ | (0.47) |
$ | (0.28) |
- | |
- | |
- | |
(0.04) | |
- | |
0.07 | |
0.06 | |
(0.46) | |
$ | (0.65) |
$ | 0.18 |
933.8 |
- The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.
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OXY - Occidental Petroleum Corporation published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 20:22:19 UTC.