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Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
95-4035997
(I.R.S. Employer
Identification No.)
|
|
|
|
10889 Wilshire Boulevard
Los Angeles, California
(Address of principal executive offices)
|
|
90024
(Zip Code)
|
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Class
|
|
Outstanding at March 31, 2014
|
|
|
Common stock $.20 par value
|
|
785,614,144 shares
|
|
|
|
|
|
PAGE
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|
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Part I
|
Financial Information
|
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||
|
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Item 1.
|
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||
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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
|
|
||
|
|
|
|
|
|
Item 1.
|
|||
|
|
|
|
|
|
Item 2.
|
|||
|
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|
|
|
Item 6.
|
Item 1.
|
Financial Statements (unaudited)
|
|
|
2014
|
|
|
2013
|
|
|
||
|
|
|
|
|
|
||||
ASSETS
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2,332
|
|
|
$
|
3,393
|
|
|
|
|
|
|
|
|
||||
Trade receivables, net
|
|
5,233
|
|
|
5,674
|
|
|
||
|
|
|
|
|
|
||||
Inventories
|
|
1,308
|
|
|
1,200
|
|
|
||
|
|
|
|
|
|
||||
Assets held for sale
|
|
825
|
|
|
—
|
|
|
||
|
|
|
|
|
|
||||
Other current assets
|
|
1,201
|
|
|
1,056
|
|
|
||
|
|
|
|
|
|
||||
Total current assets
|
|
10,899
|
|
|
11,323
|
|
|
||
|
|
|
|
|
|
||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES
|
|
1,511
|
|
|
1,459
|
|
|
||
|
|
|
|
|
|
||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $33,746 at March 31, 2014 and $33,231 at December 31, 2013
|
|
56,044
|
|
|
55,821
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
|
|
821
|
|
|
840
|
|
|
||
|
|
|
|
|
|
||||
TOTAL ASSETS
|
|
$
|
69,275
|
|
|
$
|
69,443
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
2014
|
|
|
2013
|
|
|
||
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Accounts payable
|
|
$
|
5,423
|
|
|
$
|
5,520
|
|
|
|
|
|
|
|
|
||||
Accrued liabilities
|
|
2,346
|
|
|
2,556
|
|
|
||
|
|
|
|
|
|
||||
Domestic and foreign income taxes
|
|
326
|
|
|
358
|
|
|
||
|
|
|
|
|
|
||||
Liabilities of assets held for sale
|
|
95
|
|
|
—
|
|
|
||
|
|
|
|
|
|
||||
Total current liabilities
|
|
8,190
|
|
|
8,434
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM DEBT, NET
|
|
6,877
|
|
|
6,939
|
|
|
||
|
|
|
|
|
|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Deferred domestic and foreign income taxes
|
|
7,398
|
|
|
7,197
|
|
|
||
|
|
|
|
|
|
||||
Other
|
|
3,441
|
|
|
3,501
|
|
|
||
|
|
|
|
|
|
||||
|
|
10,839
|
|
|
10,698
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Common stock, at par value
|
|
178
|
|
|
178
|
|
|
||
|
|
|
|
|
|
||||
Treasury stock
|
|
(7,079
|
)
|
|
(6,095
|
)
|
|
||
|
|
|
|
|
|
||||
Additional paid-in capital
|
|
7,543
|
|
|
7,515
|
|
|
||
|
|
|
|
|
|
||||
Retained earnings
|
|
42,652
|
|
|
41,831
|
|
|
||
|
|
|
|
|
|
||||
Accumulated other comprehensive loss
|
|
(296
|
)
|
|
(303
|
)
|
|
||
|
|
|
|
|
|
||||
Total equity attributable to common stock
|
|
42,998
|
|
|
43,126
|
|
|
||
|
|
|
|
|
|
||||
Noncontrolling interest
|
|
371
|
|
|
246
|
|
|
||
|
|
|
|
|
|
||||
Total stockholders’ equity
|
|
43,369
|
|
|
43,372
|
|
|
||
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
69,275
|
|
|
$
|
69,443
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
2014
|
|
|
2013
|
|
||
REVENUES AND OTHER INCOME
|
|
|
|
|
||||
Net sales
|
|
$
|
6,088
|
|
|
$
|
5,872
|
|
Interest, dividends and other income
|
|
30
|
|
|
35
|
|
||
|
|
6,118
|
|
|
5,907
|
|
||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
||||
Cost of sales
|
|
3,198
|
|
|
3,137
|
|
||
Selling, general and administrative and other operating expenses
|
|
388
|
|
|
393
|
|
||
Taxes other than on income
|
|
203
|
|
|
186
|
|
||
Exploration expense
|
|
55
|
|
|
50
|
|
||
Interest and debt expense, net
|
|
20
|
|
|
34
|
|
||
|
|
3,864
|
|
|
3,800
|
|
||
|
|
|
|
|
||||
Income before income taxes and other items
|
|
2,254
|
|
|
2,107
|
|
||
Provision for domestic and foreign income taxes
|
|
(932
|
)
|
|
(844
|
)
|
||
Income from equity investments
|
|
67
|
|
|
96
|
|
||
Income from continuing operations
|
|
1,389
|
|
|
1,359
|
|
||
Discontinued operations, net
|
|
3
|
|
|
(4
|
)
|
||
Net income
|
|
1,392
|
|
|
1,355
|
|
||
Less: Net income attributable to noncontrolling interest
|
|
(2
|
)
|
|
—
|
|
||
NET INCOME ATTRIBUTABLE TO COMMON STOCK
|
|
$
|
1,390
|
|
|
$
|
1,355
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
BASIC EARNINGS PER COMMON SHARE (attributable to common stock)
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
1.75
|
|
|
$
|
1.69
|
|
Discontinued operations, net
|
|
—
|
|
|
(0.01
|
)
|
||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
1.75
|
|
|
$
|
1.68
|
|
|
|
|
|
|
||||
DILUTED EARNINGS PER COMMON SHARE (attributable to common stock)
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
1.75
|
|
|
$
|
1.69
|
|
Discontinued operations, net
|
|
—
|
|
|
(0.01
|
)
|
||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
1.75
|
|
|
$
|
1.68
|
|
|
|
|
|
|
||||
DIVIDENDS PER COMMON SHARE
|
|
$
|
0.72
|
|
|
$
|
0.64
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
2014
|
|
|
2013
|
|
||
Net income attributable to common stock
|
|
$
|
1,390
|
|
|
$
|
1,355
|
|
Other comprehensive income items:
|
|
|
|
|
||||
Foreign currency translation gains
|
|
—
|
|
|
1
|
|
||
Pension and postretirement gains
(a)
|
|
4
|
|
|
9
|
|
||
Unrealized losses on derivatives
(b)
|
|
(5
|
)
|
|
(6
|
)
|
||
Reclassification to income of realized losses (gains) on derivatives
(c)
|
|
8
|
|
|
(4
|
)
|
||
Other comprehensive income, net of tax
(d)
|
|
7
|
|
|
—
|
|
||
Comprehensive income attributable to common stock
|
|
$
|
1,397
|
|
|
$
|
1,355
|
|
(a)
|
Net of tax of $(3) and $(5) for the three months ended March 31, 2014 and 2013, respectively.
|
(b)
|
Net of tax of $3 for each of the three month periods ended March 31, 2014 and
2013
.
|
(c)
|
Net of tax of $(4) and $3 for the three months ended March 31, 2014 and
2013
, respectively.
|
(d)
|
There were no other comprehensive income (loss) items related to noncontrolling interests in 2014 and 2013.
|
|
|
2014
|
|
|
2013
|
|
|
||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income
|
|
$
|
1,392
|
|
|
$
|
1,355
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
||||
Discontinued operations, net
|
|
(3
|
)
|
|
4
|
|
|
||
Depreciation, depletion and amortization of assets
|
|
1,266
|
|
|
1,259
|
|
|
||
Deferred income tax provision
|
|
198
|
|
|
274
|
|
|
||
Other noncash charges to income
|
|
56
|
|
|
54
|
|
|
||
Net distributions from equity investments
|
|
3
|
|
|
(22
|
)
|
|
||
Dry hole expenses
|
|
34
|
|
|
25
|
|
|
||
Changes in operating assets and liabilities, net
|
|
(242
|
)
|
|
(228
|
)
|
|
||
Operating cash flow from continuing operations
|
|
2,704
|
|
|
2,721
|
|
|
||
Operating cash flow from discontinued operations, net of taxes
|
|
(7
|
)
|
|
(9
|
)
|
|
||
Net cash provided by operating activities
|
|
2,697
|
|
|
2,712
|
|
|
||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(2,269
|
)
|
|
(2,070
|
)
|
|
||
Payments for purchases of assets and businesses
|
|
(7
|
)
|
|
(94
|
)
|
|
||
Other, net
|
|
(97
|
)
|
|
(31
|
)
|
|
||
Net cash used by investing activities
|
|
(2,373
|
)
|
|
(2,195
|
)
|
|
||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Purchases of long-term debt
|
|
(61
|
)
|
|
—
|
|
|
||
Proceeds from issuance of common stock
|
|
13
|
|
|
10
|
|
|
||
Purchases of treasury stock
|
|
(946
|
)
|
|
(6
|
)
|
|
||
Cash dividends paid
|
|
(514
|
)
|
|
—
|
|
|
||
Contributions from noncontrolling interest
|
|
123
|
|
|
26
|
|
|
||
Other, net
|
|
—
|
|
|
1
|
|
|
||
Net cash (used) provided by financing activities
|
|
(1,385
|
)
|
|
31
|
|
|
||
(Decrease) increase in cash and cash equivalents
|
|
(1,061
|
)
|
|
548
|
|
|
||
Cash and cash equivalents—beginning of period
|
|
3,393
|
|
|
1,592
|
|
|
||
Cash and cash equivalents—end of period
|
|
$
|
2,332
|
|
|
$
|
2,140
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
1.
|
General
|
2.
|
Asset Acquisitions, Dispositions and Other
|
3.
|
Accounting and Disclosure Changes
|
4.
|
Supplemental Cash Flow Information
|
5.
|
Inventories
|
|
|
|
2014
|
|
|
|
2013
|
|
||
Raw materials
|
|
$
|
81
|
|
|
|
$
|
74
|
|
|
Materials and supplies
|
|
|
630
|
|
|
|
|
628
|
|
|
Finished goods
|
|
|
688
|
|
|
|
|
589
|
|
|
|
|
|
1,399
|
|
|
|
|
1,291
|
|
|
LIFO reserve
|
|
|
(91
|
)
|
|
|
|
(91
|
)
|
|
Total
|
|
$
|
1,308
|
|
|
|
$
|
1,200
|
|
|
6.
|
Environmental Liabilities and Expenditures
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions)
|
||||||
NPL sites
|
|
|
31
|
|
|
|
$
|
25
|
|
|
Third-party sites
|
|
|
73
|
|
|
|
|
84
|
|
|
Occidental-operated sites
|
|
|
20
|
|
|
|
|
114
|
|
|
Closed or non-operated Occidental sites
|
|
|
32
|
|
|
|
|
99
|
|
|
Total
|
|
|
156
|
|
|
|
$
|
322
|
|
|
7.
|
Lawsuits, Claims, Commitments and Contingencies
|
8.
|
Retirement and Postretirement Benefit Plans
|
|
|
|
2014
|
|
|
|
2013
|
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension
Benefit
|
|
Postretirement
Benefit
|
|
Pension
Benefit
|
|
Postretirement
Benefit
|
||||||||||||
Service cost
|
|
$
|
3
|
|
|
|
$
|
6
|
|
|
|
$
|
4
|
|
|
|
$
|
7
|
|
|
Interest cost
|
|
|
6
|
|
|
|
|
12
|
|
|
|
|
6
|
|
|
|
|
11
|
|
|
Expected return on plan assets
|
|
|
(8
|
)
|
|
|
|
—
|
|
|
|
|
(8
|
)
|
|
|
|
—
|
|
|
Recognized actuarial loss
|
|
|
1
|
|
|
|
|
6
|
|
|
|
|
4
|
|
|
|
|
10
|
|
|
Total
|
|
$
|
2
|
|
|
|
$
|
24
|
|
|
|
$
|
6
|
|
|
|
$
|
28
|
|
|
9.
|
Fair Value Measurements
|
Ø
|
Commodity derivatives – Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. These derivatives are classified as Level 1. Over-the-Counter (OTC) bilateral financial commodity contracts, foreign exchange contracts, options and physical commodity forward purchase and sale contracts 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. Occidental classifies these measurements as Level 2.
|
Ø
|
Embedded commodity derivatives – Occidental values embedded 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 observable and unobservable in the marketplace, and the fair value is designated as Level 3 within the valuation hierarchy.
|
|
|
Fair Value Measurements at
|
|
|
|
|
||||||||||||||
|
|
March 31, 2014 Using
|
|
|
|
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral
|
(a)
|
Total Fair
Value
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
403
|
|
|
$
|
166
|
|
|
$
|
—
|
|
|
$
|
(507
|
)
|
|
$
|
62
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
386
|
|
|
$
|
240
|
|
|
$
|
—
|
|
|
$
|
(530
|
)
|
|
$
|
96
|
|
|
|
Fair Value Measurements at
|
|
|
|
|
||||||||||||||
|
|
December 31, 2013 Using
|
|
|
|
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral
|
(a)
|
Total Fair
Value
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
185
|
|
|
$
|
195
|
|
|
$
|
—
|
|
|
$
|
(329
|
)
|
|
$
|
51
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
199
|
|
|
$
|
223
|
|
|
$
|
—
|
|
|
$
|
(364
|
)
|
|
$
|
58
|
|
(a)
|
Represents the impact of netting assets, liabilities and collateral when a legal right of offset exists.
|
10.
|
Derivatives
|
|
|
Net Outstanding Position
|
||||
|
|
Long / (Short)
|
||||
Commodity
|
|
2014
|
|
2013
|
||
Oil (million barrels)
|
|
1
|
|
|
(1
|
)
|
Natural gas (billion cubic feet)
|
|
(22
|
)
|
|
(10
|
)
|
Precious metals (million troy ounces)
|
|
1
|
|
|
1
|
|
|
|
Asset Derivatives
|
|
|
|
Liability Derivatives
|
|
|
||||
March 31, 2014
|
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
$
|
—
|
|
|
Accrued liabilities
|
|
$
|
—
|
|
Long-term receivables and other assets, net
|
|
—
|
|
|
Deferred credits and other liabilities
|
|
—
|
|
||||
|
|
|
|
—
|
|
|
|
|
—
|
|
||
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
557
|
|
|
Accrued liabilities
|
|
616
|
|
||
Long-term receivables and other assets, net
|
|
12
|
|
|
Deferred credits and other liabilities
|
|
10
|
|
||||
|
|
|
|
569
|
|
|
|
|
626
|
|
||
Total gross fair value
|
|
|
|
569
|
|
|
|
|
626
|
|
||
Less: counterparty netting and cash collateral
(b) (d)
|
|
|
|
(507
|
)
|
|
|
|
(530
|
)
|
||
Total net fair value of derivatives
|
|
|
|
$
|
62
|
|
|
|
|
$
|
96
|
|
|
|
Asset Derivatives
|
|
|
|
Liability Derivatives
|
|
|
||||
December 31, 2013
|
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
$
|
—
|
|
|
Accrued liabilities
|
|
$
|
4
|
|
Long-term receivables and other assets, net
|
|
—
|
|
|
Deferred credits and other liabilities
|
|
—
|
|
||||
|
|
|
|
—
|
|
|
|
|
4
|
|
||
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
367
|
|
|
Accrued liabilities
|
|
407
|
|
||
Long-term receivables and other assets, net
|
|
13
|
|
|
Deferred credits and other liabilities
|
|
11
|
|
||||
|
|
|
|
380
|
|
|
|
|
418
|
|
||
Total gross fair value
|
|
|
|
380
|
|
|
|
|
422
|
|
||
Less: counterparty netting and cash collateral
(c) (d)
|
|
|
|
(329
|
)
|
|
|
|
(364
|
)
|
||
Total net fair value of derivatives
|
|
|
|
$
|
51
|
|
|
|
|
$
|
58
|
|
(a)
|
Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated balance sheets.
|
(b)
|
As of
March 31, 2014
, collateral received of $14 million has been netted against derivative assets and collateral paid of $37 million has been netted against derivative liabilities.
|
(c)
|
As of
December 31, 2013
, collateral received of $11 million has been netted against derivative assets and collateral paid of $46 million has been netted against derivative liabilities.
|
(d)
|
Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $74 million and $103 million deposited by Occidental has not been reflected in these derivative fair value tables. This collateral is included in other current assets in the consolidated balance sheets as of
March 31, 2014
and
December 31, 2013
, respectively.
|
11.
|
Industry Segments
|
|
|
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Oil and Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended
|
|
|
|
|
|
|
|
|
|
|
||||||||||
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
4,676
|
|
|
$
|
1,220
|
|
|
$
|
435
|
|
|
$
|
(243
|
)
|
|
$
|
6,088
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pretax operating profit (loss)
|
|
$
|
2,104
|
|
|
$
|
136
|
|
|
$
|
172
|
|
|
$
|
(91
|
)
|
(a)
|
$
|
2,321
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(932
|
)
|
(b)
|
(932
|
)
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|||||
Net income attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Net income (loss) attributable to common stock
|
|
$
|
2,104
|
|
|
$
|
136
|
|
|
$
|
170
|
|
|
$
|
(1,020
|
)
|
|
$
|
1,390
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended
|
|
|
|
|
|
|
|
|
|
|
||||||||||
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
4,440
|
|
|
$
|
1,175
|
|
|
$
|
453
|
|
|
$
|
(196
|
)
|
|
$
|
5,872
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pretax operating profit (loss)
|
|
$
|
1,920
|
|
|
$
|
159
|
|
|
$
|
215
|
|
|
$
|
(91
|
)
|
(a)
|
$
|
2,203
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(844
|
)
|
(b)
|
(844
|
)
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||||
Net income (loss) attributable to common stock
|
|
$
|
1,920
|
|
|
$
|
159
|
|
|
$
|
215
|
|
|
$
|
(939
|
)
|
|
$
|
1,355
|
|
(a)
|
Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items.
|
(b)
|
Includes all foreign and domestic income taxes from continuing operations.
|
12.
|
Earnings Per Share
|
(in millions, except per-share amounts)
|
|
2014
|
|
|
2013
|
|
||
|
|
|
|
|
||||
Basic EPS
|
|
|
|
|
||||
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
1,389
|
|
|
$
|
1,359
|
|
Less: Income from continuing operations attributable to noncontrolling interest
|
|
(2
|
)
|
|
—
|
|
||
Income from continuing operations attributable to common stock
|
|
1,387
|
|
|
1,359
|
|
||
Discontinued operations, net
|
|
3
|
|
|
(4
|
)
|
||
Net income attributable to common stock
|
|
1,390
|
|
|
1,355
|
|
||
Less: Net income allocated to participating securities
|
|
(2
|
)
|
|
(2
|
)
|
||
Net income attributable to common stock, net of participating securities
|
|
$
|
1,388
|
|
|
$
|
1,353
|
|
|
|
|
|
|
||||
Weighted average number of basic shares
|
|
791.3
|
|
|
804.7
|
|
||
|
|
|
|
|
||||
Basic EPS
|
|
$
|
1.75
|
|
|
$
|
1.68
|
|
|
|
|
|
|
||||
Diluted EPS
|
|
|
|
|
||||
|
|
|
|
|
||||
Net income attributable to common stock, net of participating securities
|
|
$
|
1,388
|
|
|
$
|
1,353
|
|
Weighted average number of basic shares
|
|
791.3
|
|
|
804.7
|
|
||
Dilutive effect of potentially dilutive securities
|
|
0.4
|
|
|
0.5
|
|
||
Total diluted weighted average common shares
|
|
791.7
|
|
|
805.2
|
|
||
|
|
|
|
|
||||
Diluted EPS
|
|
$
|
1.75
|
|
|
$
|
1.68
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
2014
|
|
|
2013
|
|
||
|
|
|
|
|
||||
Net Sales
(a)
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
4,676
|
|
|
$
|
4,440
|
|
Chemical
|
|
1,220
|
|
|
1,175
|
|
||
Midstream and Marketing
|
|
435
|
|
|
453
|
|
||
Eliminations
|
|
(243
|
)
|
|
(196
|
)
|
||
|
|
|
|
|
||||
|
|
$
|
6,088
|
|
|
$
|
5,872
|
|
Segment Earnings
(b)
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
2,104
|
|
|
$
|
1,920
|
|
Chemical
|
|
136
|
|
|
159
|
|
||
Midstream and Marketing
(c)
|
|
170
|
|
|
215
|
|
||
|
|
2,410
|
|
|
2,294
|
|
||
|
|
|
|
|
||||
Unallocated Corporate Items
(b)
|
|
|
|
|
||||
Interest expense, net
|
|
(19
|
)
|
|
(30
|
)
|
||
Income taxes
|
|
(932
|
)
|
|
(844
|
)
|
||
Other expense, net
|
|
(72
|
)
|
|
(61
|
)
|
||
|
|
|
|
|
||||
Income from continuing operations
(c)
|
|
1,387
|
|
|
1,359
|
|
||
Discontinued operations, net
|
|
3
|
|
|
(4
|
)
|
||
|
|
|
|
|
||||
Net income attributable to common stock
(c)
|
|
$
|
1,390
|
|
|
$
|
1,355
|
|
(a)
|
Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions.
|
(b)
|
Refer to “Significant Transactions and Events Affecting Earnings,” “Oil and Gas Segment,” “Chemical Segment,” “Midstream and Marketing Segment” and "Corporate" discussions that follow.
|
(c)
|
Represents amounts attributable to common stock shown after deducting a noncontrolling interest amount of $2 million for the three months ended March 31, 2014.
|
|
|
2014
|
|
|
2013
|
|
||
|
|
|
|
|
||||
Oil & Gas
|
|
|
|
|
||||
No significant items affecting earnings
|
|
$
|
—
|
|
|
$
|
—
|
|
Total Oil and Gas
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Chemical
|
|
|
|
|
||||
No significant items affecting earnings
|
|
$
|
—
|
|
|
$
|
—
|
|
Total Chemical
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Midstream and Marketing
|
|
|
|
|
||||
No significant items affecting earnings
|
|
$
|
—
|
|
|
$
|
—
|
|
Total Midstream and Marketing
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Corporate
|
|
|
|
|
||||
Discontinued operations, net*
|
|
$
|
3
|
|
|
$
|
(4
|
)
|
Total Corporate
|
|
$
|
3
|
|
|
$
|
(4
|
)
|
|
|
|
|
|
||||
Total
|
|
$
|
3
|
|
|
$
|
(4
|
)
|
|
|
2014
|
|
|
2013
|
|
||
|
|
|
|
|
||||
Oil & Gas earnings
|
|
$
|
2,104
|
|
|
$
|
1,920
|
|
Chemical earnings
|
|
136
|
|
|
159
|
|
||
Midstream and Marketing earnings
|
|
170
|
|
|
215
|
|
||
Unallocated corporate items
|
|
(91
|
)
|
|
(91
|
)
|
||
Pre-tax income
|
|
2,319
|
|
|
2,203
|
|
||
|
|
|
|
|
||||
Income tax expense
|
|
|
|
|
||||
Federal and state
|
|
379
|
|
|
292
|
|
||
Foreign
|
|
553
|
|
|
552
|
|
||
Total
|
|
932
|
|
|
844
|
|
||
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
1,387
|
|
|
$
|
1,359
|
|
|
|
|
|
|
||||
Worldwide effective tax rate
(a)
|
|
40%
|
|
|
38%
|
|
(a)
|
The 2013 amount includes the benefit from the relinquishment of an international exploration block.
|
Production per Day
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
|
|
274
|
|
|
264
|
|
Middle East/North Africa
|
|
167
|
|
|
175
|
|
Latin America
|
|
29
|
|
|
29
|
|
|
|
|
|
|
||
NGLs (MBBL)
|
|
|
|
|
||
United States
|
|
75
|
|
|
78
|
|
Middle East/North Africa
|
|
6
|
|
|
7
|
|
|
|
|
|
|
||
Natural Gas (MMCF)
|
|
|
|
|
||
United States
|
|
752
|
|
|
817
|
|
Middle East/North Africa
|
|
402
|
|
|
432
|
|
Latin America
|
|
12
|
|
|
13
|
|
|
|
|
|
|
||
Total production (MBOE)
(a)
|
|
745
|
|
|
763
|
|
|
|
|
|
|
||
Sales Volumes per Day
|
|
|
|
|
||
|
|
|
|
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
|
|
274
|
|
|
264
|
|
Middle East/North Africa
|
|
153
|
|
|
156
|
|
Latin America
|
|
32
|
|
|
30
|
|
|
|
|
|
|
||
NGLs (MBBL)
|
|
|
|
|
||
United States
|
|
75
|
|
|
78
|
|
Middle East/North Africa
|
|
6
|
|
|
7
|
|
|
|
|
|
|
||
Natural Gas (MMCF)
|
|
|
|
|
||
United States
|
|
756
|
|
|
819
|
|
Middle East/North Africa
|
|
402
|
|
|
432
|
|
Latin America
|
|
12
|
|
|
13
|
|
|
|
|
|
|
||
Total sales volumes (MBOE)
(a)
|
|
735
|
|
|
746
|
|
(a)
|
Natural gas volumes have been converted to barrels of oil equivalent (BOE) based on energy content of six thousand cubic feet (Mcf) of gas to one barrel of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a BOE basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, for the first quarter of 2014, the average prices of West Texas Intermediate (WTI) oil and New York Mercantile Exchange (NYMEX) natural gas were $98.68 per barrel and $4.66 per Mcf, respectively, resulting in an oil-to-gas ratio of over 20.
|
Average Realized Prices
|
|
2014
|
|
|
2013
|
|
||
Oil ($/BBL)
|
|
|
|
|
||||
United States
|
|
$
|
95.94
|
|
|
$
|
91.57
|
|
Middle East/North Africa
|
|
$
|
104.65
|
|
|
$
|
107.52
|
|
Latin America
|
|
$
|
98.53
|
|
|
$
|
107.18
|
|
Total Worldwide
|
|
$
|
99.00
|
|
|
$
|
98.07
|
|
|
|
|
|
|
||||
NGLs ($/BBL)
|
|
|
|
|
||||
United States
|
|
$
|
46.69
|
|
|
$
|
40.59
|
|
Middle East/North Africa
|
|
$
|
38.43
|
|
|
$
|
36.56
|
|
Total Worldwide
|
|
$
|
46.05
|
|
|
$
|
40.27
|
|
|
|
|
|
|
||||
Natural Gas ($/MCF)
|
|
|
|
|
||||
United States
|
|
$
|
4.57
|
|
|
$
|
3.08
|
|
Latin America
|
|
$
|
10.81
|
|
|
$
|
11.60
|
|
Total Worldwide
|
|
$
|
3.32
|
|
|
$
|
2.37
|
|
Average Index Prices
|
|
2014
|
|
|
2013
|
|
||
WTI oil ($/BBL)
|
|
$
|
98.68
|
|
|
$
|
94.37
|
|
Brent oil ($/BBL)
|
|
$
|
107.90
|
|
|
$
|
112.64
|
|
NYMEX gas ($/MCF)
|
|
$
|
4.66
|
|
|
$
|
3.37
|
|
Average Realized Prices as Percentage of
|
|
|
|
|
|
Average Index Prices
|
|
2014
|
|
|
2013
|
Worldwide oil as a percentage of average WTI
|
|
100
|
%
|
|
104%
|
Worldwide oil as a percentage of average Brent
|
|
92
|
%
|
|
87%
|
Worldwide NGLs as a percentage of average WTI
|
|
47
|
%
|
|
43%
|
Domestic natural gas as a percentage of average NYMEX
|
|
98
|
%
|
|
91%
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions)
|
||||||
NPL sites
|
|
|
31
|
|
|
|
$
|
25
|
|
|
Third-party sites
|
|
|
73
|
|
|
|
|
84
|
|
|
Occidental-operated sites
|
|
|
20
|
|
|
|
|
114
|
|
|
Closed or non-operated Occidental sites
|
|
|
32
|
|
|
|
|
99
|
|
|
Total
|
|
|
156
|
|
|
|
$
|
322
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Share Repurchase Activities
|
Period
|
|
|
Total Number
of Shares Purchased
|
|
|
Average Price Paid per Share
|
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
|
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs
(a)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
January 1 – 31, 2014
|
|
|
1,275,000
|
|
|
|
|
$
|
94.20
|
|
|
|
|
1,275,000
|
|
|
|
|
|
|
February 1 – 28, 2014
|
|
|
3,825,000
|
|
|
|
|
$
|
91.34
|
|
|
|
|
3,825,000
|
|
|
|
|
|
|
March 1 – 31, 2014
|
|
|
5,425,000
|
|
|
|
|
$
|
94.90
|
|
|
|
|
5,425,000
|
|
|
|
|
|
|
Total
|
|
|
10,525,000
|
|
|
|
|
$
|
93.52
|
|
|
|
|
10,525,000
|
|
|
|
|
|
26,441,168
|
(a)
|
Represents the number of shares remaining at March 31, 2014 under Occidental's share repurchase program. In February 2014, Occidental increased the number of shares authorized for its program by 30 million from 95 million; however, the program does not obligate Occidental to acquire any specific number of shares and may be discontinued at any time.
|
Item 6.
|
Exhibits
|
|
10.1
|
Occidental Petroleum Corporation 2005 Long-Term Incentive Plan Common Stock Unit Award For Non-Employee Directors Grant Agreement.
|
|
|
|
|
10.2
|
Occidental Petroleum Corporation 2005 Long-Term Incentive Plan Common Stock Award For Non-Employee Directors Grant Agreement.
|
|
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the three months ended March 31, 2014 and 2013, and for each of the five years in the period ended December 31, 2013.
|
|
|
|
|
31.1
|
Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
31.2
|
Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
32.1
|
Certifications of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101.INS
|
XBRL Instance Document.
|
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
OCCIDENTAL PETROLEUM CORPORATION
|
|
DATE:
|
May 5, 2014
|
/s/ Roy Pineci
|
|
|
|
Roy Pineci
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
|
10.1
|
Occidental Petroleum Corporation 2005 Long-Term Incentive Plan Common Stock Unit Award For Non-Employee Directors Grant Agreement.
|
|
|
|
|
10.2
|
Occidental Petroleum Corporation 2005 Long-Term Incentive Plan Common Stock Award For Non-Employee Directors Grant Agreement.
|
|
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the three months ended March 31, 2014 and 2013, and for each of the five years in the period ended December 31, 2013.
|
|
|
|
|
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.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|