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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, 2015
|
|
|
Common stock $.20 par value
|
|
763,735,871
|
|
|
|
|
|
PAGE
|
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|
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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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|
|
September 30, 2015 and December 31, 2014
|
|
|
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Three and nine months ended September 30, 2015 and 2014
|
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||
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Three and nine months ended September 30, 2015 and 2014
|
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Nine months ended September 30, 2015 and 2014
|
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|||
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Item 2.
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||
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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 5.
|
|||
|
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|
|
|
|
Item 6.
|
Item 1.
|
Financial Statements (unaudited)
|
|
|
2015
|
|
2014
|
|
||||
|
|
|
|
|
|
||||
ASSETS
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2,547
|
|
|
$
|
3,789
|
|
|
|
|
|
|
|
|
||||
Restricted cash
|
|
1,765
|
|
|
4,019
|
|
|
||
|
|
|
|
|
|
||||
Trade receivables, net
|
|
3,507
|
|
|
4,206
|
|
|
||
|
|
|
|
|
|
||||
Inventories
|
|
1,122
|
|
|
1,052
|
|
|
||
|
|
|
|
|
|
||||
Assets held for sale
|
|
709
|
|
|
—
|
|
|
||
|
|
|
|
|
|
||||
Other current assets
|
|
890
|
|
|
807
|
|
|
||
|
|
|
|
|
|
||||
Total current assets
|
|
10,540
|
|
|
13,873
|
|
|
||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
INVESTMENTS
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Investment in unconsolidated entities
|
|
1,428
|
|
|
1,171
|
|
|
||
|
|
|
|
|
|
||||
Available for sale investment
|
|
186
|
|
|
394
|
|
|
||
|
|
|
|
|
|
||||
Total investments
|
|
1,614
|
|
|
1,565
|
|
|
||
|
|
|
|
|
|
||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $36,612 at September 30, 2015 and $34,785 at December 31, 2014
|
|
36,835
|
|
|
39,730
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
|
|
1,100
|
|
|
1,091
|
|
|
||
|
|
|
|
|
|
||||
TOTAL ASSETS
|
|
$
|
50,089
|
|
|
$
|
56,259
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
2015
|
|
2014
|
|
||||
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
1,450
|
|
|
$
|
—
|
|
|
Accounts payable
|
|
3,727
|
|
|
5,229
|
|
|
||
Accrued liabilities
|
|
2,202
|
|
|
2,601
|
|
|
||
Domestic and foreign income taxes
|
|
25
|
|
|
414
|
|
|
||
Liabilities of assets held for sale
|
|
29
|
|
|
—
|
|
|
||
Total current liabilities
|
|
7,433
|
|
|
8,244
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM DEBT, NET
|
|
6,882
|
|
|
6,838
|
|
|
||
|
|
|
|
|
|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|
||||
Deferred domestic and foreign income taxes
|
|
2,579
|
|
|
3,015
|
|
|
||
Other
|
|
3,313
|
|
|
3,203
|
|
|
||
|
|
5,892
|
|
|
6,218
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||
Common stock, at par value (891,312,915 shares at September 30, 2015 and 890,557,537 shares at December 31, 2014)
|
|
178
|
|
|
178
|
|
|
||
Treasury stock (127,577,044 shares at September 30, 2015 and 119,951,199 shares at December 31, 2014)
|
|
(9,113
|
)
|
|
(8,528
|
)
|
|
||
Additional paid-in capital
|
|
7,664
|
|
|
7,599
|
|
|
||
Retained earnings
|
|
31,712
|
|
|
36,067
|
|
|
||
Accumulated other comprehensive loss
|
|
(559
|
)
|
|
(357
|
)
|
|
||
Total stockholders’ equity
|
|
29,882
|
|
|
34,959
|
|
|
||
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
50,089
|
|
|
$
|
56,259
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
|
||||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
REVENUES AND OTHER INCOME
|
|
|
|
|
|
|
|
|
|
|||||||
Net sales
|
|
$
|
3,116
|
|
|
$
|
4,904
|
|
|
$
|
9,674
|
|
|
$
|
15,005
|
|
Interest, dividends and other income
|
|
31
|
|
|
31
|
|
|
88
|
|
|
108
|
|
||||
Gain (loss) on sale of assets, net
|
|
99
|
|
|
(5
|
)
|
|
94
|
|
|
520
|
|
||||
|
|
3,246
|
|
|
4,930
|
|
|
9,856
|
|
|
15,633
|
|
||||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
1,413
|
|
|
1,736
|
|
|
4,450
|
|
|
5,070
|
|
||||
Selling, general and administrative and other operating
expenses
|
|
292
|
|
|
355
|
|
|
950
|
|
|
1,101
|
|
||||
Depreciation, depletion and amortization
|
|
1,123
|
|
|
1,056
|
|
|
3,268
|
|
|
3,057
|
|
||||
Asset impairments and related items
|
|
3,397
|
|
|
—
|
|
|
3,721
|
|
|
471
|
|
||||
Taxes other than on income
|
|
79
|
|
|
135
|
|
|
293
|
|
|
430
|
|
||||
Exploration expense
|
|
5
|
|
|
28
|
|
|
23
|
|
|
91
|
|
||||
Interest and debt expense, net
|
|
48
|
|
|
16
|
|
|
86
|
|
|
58
|
|
||||
|
|
6,357
|
|
|
3,326
|
|
|
12,791
|
|
|
10,278
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes and other items
|
|
(3,111
|
)
|
|
1,604
|
|
|
(2,935
|
)
|
|
5,355
|
|
||||
Benefit (provision) for domestic and foreign income taxes
|
|
445
|
|
|
(699
|
)
|
|
140
|
|
|
(2,302
|
)
|
||||
Income from equity investments
|
|
60
|
|
|
93
|
|
|
154
|
|
|
243
|
|
||||
Income (loss) from continuing operations
|
|
(2,606
|
)
|
|
998
|
|
|
(2,641
|
)
|
|
3,296
|
|
||||
Discontinued operations, net
|
|
(3
|
)
|
|
213
|
|
|
(10
|
)
|
|
741
|
|
||||
Net income (loss)
|
|
(2,609
|
)
|
|
1,211
|
|
|
(2,651
|
)
|
|
4,037
|
|
||||
Less: Net income attributable to noncontrolling interest
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(8
|
)
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK
|
|
$
|
(2,609
|
)
|
|
$
|
1,208
|
|
|
$
|
(2,651
|
)
|
|
$
|
4,029
|
|
|
|
|
|
|
|
|
|
|
||||||||
BASIC EARNINGS PER COMMON SHARE (attributable to common stock)
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(3.41
|
)
|
|
$
|
1.28
|
|
|
$
|
(3.45
|
)
|
|
$
|
4.18
|
|
Discontinued operations, net
|
|
(0.01
|
)
|
|
0.27
|
|
|
(0.01
|
)
|
|
0.95
|
|
||||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
(3.42
|
)
|
|
$
|
1.55
|
|
|
$
|
(3.46
|
)
|
|
$
|
5.13
|
|
|
|
|
|
|
|
|
|
|
||||||||
DILUTED EARNINGS PER COMMON SHARE (attributable to common stock)
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(3.41
|
)
|
|
$
|
1.28
|
|
|
$
|
(3.45
|
)
|
|
$
|
4.18
|
|
Discontinued operations, net
|
|
(0.01
|
)
|
|
0.27
|
|
|
(0.01
|
)
|
|
0.95
|
|
||||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
(3.42
|
)
|
|
$
|
1.55
|
|
|
$
|
(3.46
|
)
|
|
$
|
5.13
|
|
|
|
|
|
|
|
|
|
|
||||||||
DIVIDENDS PER COMMON SHARE
|
|
$
|
0.75
|
|
|
$
|
0.72
|
|
|
$
|
2.22
|
|
|
$
|
2.16
|
|
|
|
|
|
|
|
|
|
|
||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
|
||||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common stock
|
|
$
|
(2,609
|
)
|
|
$
|
1,208
|
|
|
$
|
(2,651
|
)
|
|
$
|
4,029
|
|
Other comprehensive (loss) income items:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation loss
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(1
|
)
|
||||
Unrealized loss on available for sale investment
|
|
(246
|
)
|
|
—
|
|
|
(208
|
)
|
|
—
|
|
||||
Unrealized gains (losses) on derivatives
(a)
|
|
2
|
|
|
—
|
|
|
2
|
|
|
(5
|
)
|
||||
Pension and postretirement gain
(b)
|
|
1
|
|
|
3
|
|
|
5
|
|
|
12
|
|
||||
Reclassification to income of realized loss on derivatives
(c)
|
|
1
|
|
|
—
|
|
|
1
|
|
|
8
|
|
||||
Other comprehensive income (loss), net of tax
(d)
|
|
(243
|
)
|
|
2
|
|
|
(202
|
)
|
|
14
|
|
||||
Comprehensive income (loss)
|
|
$
|
(2,852
|
)
|
|
$
|
1,210
|
|
|
$
|
(2,853
|
)
|
|
$
|
4,043
|
|
(a)
|
Net of tax of $(1) and zero for the three months ended September 30, 2015 and 2014, and $(1) and $3 for the nine months ended September 30, 2015 and 2014.
|
(b)
|
Net of tax of $(1) and $(2) for the three months ended September 30, 2015 and 2014, respectively, and $(3) and $(7) for the nine months ended September 30, 2015 and 2014.
|
(c)
|
Net of tax of zero for the three months ended September 30, 2015 and 2014. Net of tax of zero and $(5) for the nine months ended September 30, 2015 and 2014, respectively.
|
(d)
|
There were no other comprehensive income (loss) items related to noncontrolling interests in the three and nine months ended 2015 and 2014, respectively.
|
|
|
2015
|
|
2014
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(2,651
|
)
|
|
$
|
4,037
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
||||
Discontinued operations, net
|
|
10
|
|
|
(741
|
)
|
|
||
Depreciation, depletion and amortization of assets
|
|
3,268
|
|
|
3,057
|
|
|
||
Deferred income tax (benefit) provision
|
|
(417
|
)
|
|
220
|
|
|
||
Other noncash charges to income
|
|
359
|
|
|
111
|
|
|
||
Gain on sale of assets, net
|
|
(94
|
)
|
|
(520
|
)
|
|
||
Undistributed earnings from affiliates
|
|
(3
|
)
|
|
22
|
|
|
||
Asset impairments
|
|
3,364
|
|
|
471
|
|
|
||
Dry hole expenses
|
|
4
|
|
|
48
|
|
|
||
Changes in operating assets and liabilities, net
|
|
(938
|
)
|
|
(315
|
)
|
|
||
Other operating, net
|
|
(499
|
)
|
|
—
|
|
|
||
Operating cash flow from continuing operations
|
|
2,403
|
|
|
6,390
|
|
|
||
Operating cash flow from discontinued operations
|
|
(17
|
)
|
|
1,812
|
|
|
||
Net cash provided by operating activities
|
|
2,386
|
|
|
8,202
|
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(4,192
|
)
|
|
(5,959
|
)
|
|
||
Change in capital accrual
|
|
(652
|
)
|
|
—
|
|
|
||
Proceeds from sale of assets and equity investments, net
|
|
151
|
|
|
1,387
|
|
|
||
Purchase of businesses and other assets, net
|
|
(52
|
)
|
|
(352
|
)
|
|
||
Equity investments and other, net
|
|
(373
|
)
|
|
(245
|
)
|
|
||
Investing cash flow from continuing operations
|
|
(5,118
|
)
|
|
(5,169
|
)
|
|
||
Investing cash flow from discontinued operations
|
|
—
|
|
|
(1,661
|
)
|
|
||
Net cash used by investing activities
|
|
(5,118
|
)
|
|
(6,830
|
)
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Change in restricted cash
|
|
2,254
|
|
|
—
|
|
|
||
Proceeds from long-term debt
|
|
1,478
|
|
|
—
|
|
|
||
Payment of long-term debt
|
|
—
|
|
|
(107
|
)
|
|
||
Proceeds from short-term borrowings
|
|
—
|
|
|
1,599
|
|
|
||
Proceeds from issuance of common stock
|
|
34
|
|
|
20
|
|
|
||
Purchases of treasury stock
|
|
(586
|
)
|
|
(2,083
|
)
|
|
||
Cash dividends paid
|
|
(1,690
|
)
|
|
(1,649
|
)
|
|
||
Contributions from noncontrolling interest
|
|
—
|
|
|
351
|
|
|
||
Other, net
|
|
—
|
|
|
1
|
|
|
||
Net cash provided (used) by financing activities
|
|
1,490
|
|
|
(1,868
|
)
|
|
||
Decrease in cash and cash equivalents
|
|
(1,242
|
)
|
|
(496
|
)
|
|
||
Cash and cash equivalents — beginning of period
|
|
3,789
|
|
|
3,393
|
|
|
||
Cash and cash equivalents — end of period
|
|
$
|
2,547
|
|
|
$
|
2,897
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
Three months ended
September 30
|
|
Nine months ended
September 30
|
||||
|
|
|
|
|
||||
Sales and other operating revenue from discontinued operations
|
|
$
|
1,092
|
|
|
$
|
3,353
|
|
|
|
|
|
|
||||
Income from discontinued operations before-tax
|
|
$
|
334
|
|
|
$
|
1,146
|
|
Income tax expense
|
|
(118
|
)
|
|
(404
|
)
|
||
Income from discontinued operations
|
|
$
|
216
|
|
|
$
|
742
|
|
|
|
2015
|
|
2014
|
|
||||
|
|
|
|
|
|
||||
Raw materials
|
|
$
|
69
|
|
|
$
|
71
|
|
|
Materials and supplies
|
|
601
|
|
|
585
|
|
|
||
Finished goods
|
|
541
|
|
|
485
|
|
|
||
|
|
1,211
|
|
|
1,141
|
|
|
||
|
|
|
|
|
|
||||
Revaluation to LIFO
|
|
(89
|
)
|
|
(89
|
)
|
|
||
Total
|
|
$
|
1,122
|
|
|
$
|
1,052
|
|
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions) |
|
|||
|
|
|
|
|
|
|||
NPL sites
|
|
33
|
|
|
$
|
21
|
|
|
Third-party sites
|
|
66
|
|
|
101
|
|
|
|
Occidental-operated sites
|
|
18
|
|
|
102
|
|
|
|
Closed or non-operated Occidental sites
|
|
31
|
|
|
91
|
|
|
|
Total
|
|
148
|
|
|
$
|
315
|
|
|
Three months ended September 30
|
|
2015
|
|
2014
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
3
|
|
|
$
|
7
|
|
Interest cost
|
|
5
|
|
|
10
|
|
|
6
|
|
|
10
|
|
||||
Expected return on plan assets
|
|
(7
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
3
|
|
|
6
|
|
|
1
|
|
|
4
|
|
||||
Total
|
|
$
|
3
|
|
|
$
|
23
|
|
|
$
|
2
|
|
|
$
|
21
|
|
Nine months ended September 30
|
|
2015
|
|
2014
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
||||||||
Service cost
|
|
$
|
6
|
|
|
$
|
21
|
|
|
$
|
9
|
|
|
$
|
19
|
|
Interest cost
|
|
15
|
|
|
30
|
|
|
18
|
|
|
34
|
|
||||
Expected return on plan assets
|
|
(21
|
)
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
7
|
|
|
20
|
|
|
4
|
|
|
16
|
|
||||
Total
|
|
$
|
7
|
|
|
$
|
71
|
|
|
$
|
6
|
|
|
$
|
69
|
|
Ø
|
Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. Those 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 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.
|
Ø
|
Occidental values its available for sale investment in California Resources based on the closing share price of California Resources' common stock as of the balance sheet date. This investment is classified as Level 1. At September 30, 2015, Occidental had approximately 71.5 million shares of common stock of California Resources, which are recorded as a $186 million available for sale investment. As a result of a declining trading price in the third quarter of 2015, Occidental has recorded unrealized losses of $208 million in accumulated other comprehensive income for this available for sale investment. Occidental considers available evidence including the results of California Resources, the volatility of oil prices, recent unrealized gains and losses resulting from share price fluctuation, and other factors to determine whether the decline in value is other than temporary. Occidental has concluded the investment is not impaired at September 30, 2015.
|
Fair Value Measurements at September 30, 2015:
|
|
|
|
|
|
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral
|
|
Total Fair
Value
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
235
|
|
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
(223
|
)
|
|
$
|
63
|
|
Available for sale investment
|
|
$
|
186
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
186
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
251
|
|
|
$
|
293
|
|
|
$
|
—
|
|
|
$
|
(240
|
)
|
|
$
|
304
|
|
Fair Value Measurements at December 31, 2014:
|
|
|
|
|
|
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral
|
|
Total Fair
Value
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
712
|
|
|
$
|
127
|
|
|
$
|
—
|
|
|
$
|
(742
|
)
|
|
$
|
97
|
|
Available for sale investment
|
|
$
|
394
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
394
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
750
|
|
|
$
|
246
|
|
|
$
|
—
|
|
|
$
|
(756
|
)
|
|
$
|
240
|
|
|
|
Fair Value Measurements at
|
|
|
|
|
||||||||||||||
|
|
September 30, 2015 Using
|
|
|
|
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Net Book Value
|
(a)
|
Total Pre-tax (Non-cash) Impairment Loss
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired proved oil and gas assets - domestic
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,071
|
|
|
$
|
2,654
|
|
|
$
|
1,583
|
|
Impaired proved oil and gas assets - international
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
466
|
|
|
$
|
1,767
|
|
|
$
|
1,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Outstanding Position
|
|
||||
|
|
Long / (Short)
|
|
||||
Commodity
|
|
2015
|
|
2014
|
|
||
Oil (million barrels)
|
|
81
|
|
|
(9
|
)
|
|
Natural gas (billion cubic feet)
|
|
(54
|
)
|
|
(32
|
)
|
|
Carbon dioxide
(billion cubic feet)
|
|
607
|
|
|
621
|
|
|
|
|
Asset Derivatives
|
|
|
|
Liability Derivatives
|
|
|
||||
September 30, 2015
|
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
3
|
|
|
Accrued liabilities
|
|
—
|
|
||
|
|
|
|
3
|
|
|
|
|
—
|
|
||
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
274
|
|
|
Accrued liabilities
|
|
309
|
|
||
Long-term receivables and other assets, net
|
|
9
|
|
|
Deferred credits and other liabilities
|
|
235
|
|
||||
|
|
|
|
283
|
|
|
|
|
544
|
|
||
Total gross fair value
|
|
|
|
286
|
|
|
|
|
544
|
|
||
Less: counterparty netting and cash collateral
(b,d)
|
|
|
|
(223
|
)
|
|
|
|
(240
|
)
|
||
Total net fair value of derivatives
|
|
|
|
$
|
63
|
|
|
|
|
$
|
304
|
|
|
|
Asset Derivatives
|
|
|
|
Liability Derivatives
|
|
|
||||
December 31, 2014
|
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Derivatives not designated as hedging instruments
(a)
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
828
|
|
|
Accrued liabilities
|
|
886
|
|
||
Long-term receivables and other assets, net
|
|
11
|
|
|
Deferred credits and other liabilities
|
|
110
|
|
||||
|
|
|
|
839
|
|
|
|
|
996
|
|
||
Total gross fair value
|
|
|
|
839
|
|
|
|
|
996
|
|
||
Less: counterparty netting and cash collateral
(c,d)
|
|
|
|
(742
|
)
|
|
|
|
(756
|
)
|
||
Total net fair value of derivatives
|
|
|
|
$
|
97
|
|
|
|
|
$
|
240
|
|
(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, 2015
, collateral received of $1 million has been netted against the derivative assets and collateral paid of $17 million has been netted against derivative liabilities.
|
(c)
|
As of
December 31, 2014
, no collateral was received against the derivative assets and collateral paid of $8 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 $35 million and $44 million deposited by Occidental has not been reflected in these derivative fair value tables as of September 30, 2015 and December 31, 2014, respectively. This collateral is included in other current assets in the consolidated balance sheets as of
September 30, 2015
and
December 31, 2014
, respectively.
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Three months ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,054
|
|
|
$
|
1,008
|
|
|
$
|
231
|
|
|
$
|
(177
|
)
|
|
$
|
3,116
|
|
Pre-tax operating profit (loss)
|
|
$
|
(3,128
|
)
|
(a)
|
$
|
272
|
|
(b)
|
$
|
24
|
|
|
$
|
(219
|
)
|
(c)
|
$
|
(3,051
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
445
|
|
(d)
|
445
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Net income (loss) attributable to
common stock
|
|
$
|
(3,128
|
)
|
|
$
|
272
|
|
|
$
|
24
|
|
|
$
|
223
|
|
|
$
|
(2,609
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
3,586
|
|
|
$
|
1,232
|
|
|
$
|
261
|
|
|
$
|
(175
|
)
|
|
$
|
4,904
|
|
Pre-tax operating profit (loss)
|
|
$
|
1,568
|
|
|
$
|
140
|
|
|
$
|
108
|
|
|
$
|
(119
|
)
|
(c)
|
$
|
1,697
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(699
|
)
|
(d)
|
(699
|
)
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
213
|
|
|
213
|
|
|||||
Net income attributable to
noncontrolling interest
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||||
Net income (loss) attributable to
common stock
|
|
$
|
1,568
|
|
|
$
|
140
|
|
|
$
|
105
|
|
|
$
|
(605
|
)
|
|
$
|
1,208
|
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Nine months ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
6,405
|
|
|
$
|
3,038
|
|
|
$
|
722
|
|
|
$
|
(491
|
)
|
|
$
|
9,674
|
|
Pre-tax operating profit (loss)
|
|
$
|
(3,039
|
)
|
(a)
|
$
|
547
|
|
(b)
|
$
|
96
|
|
|
$
|
(385
|
)
|
(c)
|
$
|
(2,781
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140
|
|
(d)
|
140
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|||||
Net income (loss) attributable to
common stock
|
|
$
|
(3,039
|
)
|
|
$
|
547
|
|
|
$
|
96
|
|
|
$
|
(255
|
)
|
|
$
|
(2,651
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine months ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
10,891
|
|
|
$
|
3,694
|
|
|
$
|
1,041
|
|
|
$
|
(621
|
)
|
|
$
|
15,005
|
|
Pre-tax operating profit (loss)
|
|
$
|
5,054
|
|
|
$
|
409
|
|
|
$
|
483
|
|
|
$
|
(348
|
)
|
(c)
|
$
|
5,598
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,302
|
)
|
(d)
|
(2,302
|
)
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
741
|
|
|
741
|
|
|||||
Net income attributable to
noncontrolling interest
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|||||
Net income (loss) attributable to
common stock
|
|
$
|
5,054
|
|
|
$
|
409
|
|
|
$
|
475
|
|
|
$
|
(1,909
|
)
|
|
$
|
4,029
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
|
||||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Basic EPS
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(2,606
|
)
|
|
$
|
998
|
|
|
$
|
(2,641
|
)
|
|
$
|
3,296
|
|
Less: Income from continuing operations attributable to noncontrolling interest
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Income (loss) from continuing operations attributable to common stock
|
|
(2,606
|
)
|
|
995
|
|
|
(2,641
|
)
|
|
3,288
|
|
||||
Discontinued operations, net
|
|
(3
|
)
|
|
213
|
|
|
(10
|
)
|
|
741
|
|
||||
Net income (loss)
|
|
(2,609
|
)
|
|
1,208
|
|
|
(2,651
|
)
|
|
4,029
|
|
||||
Less: Net income allocated to participating securities
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Net income (loss), net of participating securities
|
|
(2,609
|
)
|
|
1,205
|
|
|
(2,651
|
)
|
|
4,021
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of basic shares
|
|
763.3
|
|
|
777.4
|
|
|
766.4
|
|
|
783.7
|
|
||||
Basic EPS
|
|
$
|
(3.42
|
)
|
|
$
|
1.55
|
|
|
$
|
(3.46
|
)
|
|
$
|
5.13
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss), net of participating securities
|
|
$
|
(2,609
|
)
|
|
$
|
1,205
|
|
|
$
|
(2,651
|
)
|
|
$
|
4,021
|
|
Weighted average number of basic shares
|
|
763.3
|
|
|
777.4
|
|
|
766.4
|
|
|
783.7
|
|
||||
Dilutive effect of potentially dilutive securities
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.4
|
|
||||
Total diluted weighted average common shares
|
|
763.3
|
|
|
777.7
|
|
|
766.4
|
|
|
784.1
|
|
||||
Diluted EPS
|
|
$
|
(3.42
|
)
|
|
$
|
1.55
|
|
|
$
|
(3.46
|
)
|
|
$
|
5.13
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Sales
(a)
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
2,054
|
|
|
$
|
3,586
|
|
|
$
|
6,405
|
|
|
$
|
10,891
|
|
Chemical
|
|
1,008
|
|
|
1,232
|
|
|
3,038
|
|
|
3,694
|
|
||||
Midstream and Marketing
|
|
231
|
|
|
261
|
|
|
722
|
|
|
1,041
|
|
||||
Eliminations
|
|
(177
|
)
|
|
(175
|
)
|
|
(491
|
)
|
|
(621
|
)
|
||||
|
|
$
|
3,116
|
|
|
$
|
4,904
|
|
|
$
|
9,674
|
|
|
$
|
15,005
|
|
Segment Earnings
(b)
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
(3,128
|
)
|
|
$
|
1,568
|
|
|
$
|
(3,039
|
)
|
|
$
|
5,054
|
|
Chemical
|
|
272
|
|
|
140
|
|
|
547
|
|
|
409
|
|
||||
Midstream and Marketing
(c)
|
|
24
|
|
|
105
|
|
|
96
|
|
|
475
|
|
||||
|
|
(2,832
|
)
|
|
1,813
|
|
|
(2,396
|
)
|
|
5,938
|
|
||||
Unallocated Corporate Items
(b)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
(47
|
)
|
|
(15
|
)
|
|
(82
|
)
|
|
(53
|
)
|
||||
Income tax benefit (expense)
|
|
445
|
|
|
(699
|
)
|
|
140
|
|
|
(2,302
|
)
|
||||
Other expense, net
|
|
(172
|
)
|
|
(104
|
)
|
|
(303
|
)
|
|
(295
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
(c)
|
|
(2,606
|
)
|
|
995
|
|
|
(2,641
|
)
|
|
3,288
|
|
||||
Discontinued operations, net
|
|
(3
|
)
|
|
213
|
|
|
(10
|
)
|
|
741
|
|
||||
Net income (loss) attributable to common stock
(c)
|
|
$
|
(2,609
|
)
|
|
$
|
1,208
|
|
|
$
|
(2,651
|
)
|
|
$
|
4,029
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
||||||||
Asset sales (losses) gains
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
5
|
|
|
$
|
532
|
|
Asset impairments and related items - Domestic
|
|
(1,852
|
)
|
|
—
|
|
|
(2,102
|
)
|
|
(471
|
)
|
||||
Asset impairments and related items - International
|
|
(1,438
|
)
|
|
—
|
|
|
(1,485
|
)
|
|
—
|
|
||||
Total Oil and Gas
|
|
$
|
(3,290
|
)
|
|
$
|
(3
|
)
|
|
$
|
(3,582
|
)
|
|
$
|
61
|
|
|
|
|
|
|
|
|
|
|
||||||||
Chemical
|
|
|
|
|
|
|
|
|
||||||||
Asset sale gain
|
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
—
|
|
Total Chemical
|
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Midstream and Marketing
|
|
|
|
|
|
|
|
|
||||||||
Asset impairments and related items
|
|
$
|
(7
|
)
|
|
$
|
(50
|
)
|
|
$
|
(14
|
)
|
|
$
|
94
|
|
Total Midstream and Marketing
|
|
$
|
(7
|
)
|
|
$
|
(50
|
)
|
|
$
|
(14
|
)
|
|
$
|
94
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate
|
|
|
|
|
|
|
|
|
||||||||
Severance, spin-off costs and other items
|
|
$
|
(98
|
)
|
|
$
|
(21
|
)
|
|
$
|
(129
|
)
|
|
$
|
(37
|
)
|
Tax effect of pre-tax adjustments
|
|
667
|
|
|
23
|
|
|
766
|
|
|
(53
|
)
|
||||
Discontinued operations, net*
|
|
(3
|
)
|
|
213
|
|
|
(10
|
)
|
|
741
|
|
||||
Total Corporate
|
|
$
|
566
|
|
|
$
|
215
|
|
|
$
|
627
|
|
|
$
|
651
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
|
$
|
(2,633
|
)
|
|
$
|
162
|
|
|
$
|
(2,871
|
)
|
|
$
|
806
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas earnings
|
|
$
|
(3,128
|
)
|
|
$
|
1,568
|
|
|
$
|
(3,039
|
)
|
|
$
|
5,054
|
|
Chemical earnings
|
|
272
|
|
|
140
|
|
|
547
|
|
|
409
|
|
||||
Midstream and Marketing earnings
|
|
24
|
|
|
105
|
|
|
96
|
|
|
475
|
|
||||
Unallocated corporate items
|
|
(219
|
)
|
|
(119
|
)
|
|
(385
|
)
|
|
(348
|
)
|
||||
Pre-tax income (loss)
|
|
(3,051
|
)
|
|
1,694
|
|
|
(2,781
|
)
|
|
5,590
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit)
|
|
|
|
|
|
|
|
|
||||||||
Federal and state
|
|
(747
|
)
|
|
155
|
|
|
(919
|
)
|
|
674
|
|
||||
Foreign
|
|
302
|
|
|
544
|
|
|
779
|
|
|
1,628
|
|
||||
Total
|
|
(445
|
)
|
|
699
|
|
|
(140
|
)
|
|
2,302
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
(a)
|
|
$
|
(2,606
|
)
|
|
$
|
995
|
|
|
$
|
(2,641
|
)
|
|
$
|
3,288
|
|
|
|
|
|
|
|
|
|
|
||||||||
Worldwide effective tax rate
|
|
15
|
%
|
|
41
|
%
|
|
5
|
%
|
|
41
|
%
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||
Production Volumes per Day
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
|
|
|
|
|
|
|
|
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
(a)
|
|
204
|
|
|
182
|
|
|
203
|
|
|
178
|
|
Middle East/North Africa
|
|
207
|
|
|
171
|
|
|
195
|
|
|
171
|
|
Latin America
|
|
25
|
|
|
29
|
|
|
34
|
|
|
25
|
|
NGLs (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
(a)
|
|
58
|
|
|
55
|
|
|
56
|
|
|
53
|
|
Middle East/North Africa
|
|
22
|
|
|
7
|
|
|
15
|
|
|
7
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
||||
United States
(a)
|
|
419
|
|
|
462
|
|
|
433
|
|
|
460
|
|
Middle East/North Africa
|
|
607
|
|
|
426
|
|
|
529
|
|
|
416
|
|
Latin America
|
|
9
|
|
|
12
|
|
|
10
|
|
|
12
|
|
Total production volumes (MBOE)
(a,b)
|
|
689
|
|
|
595
|
|
|
665
|
|
|
582
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||
Sales Volumes per Day
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
|
|
|
|
|
|
|
|
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
(a)
|
|
204
|
|
|
182
|
|
|
203
|
|
|
178
|
|
Middle East/North Africa
|
|
179
|
|
|
166
|
|
|
185
|
|
|
163
|
|
Latin America
|
|
34
|
|
|
29
|
|
|
34
|
|
|
28
|
|
NGLs (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
(a)
|
|
58
|
|
|
55
|
|
|
56
|
|
|
53
|
|
Middle East/North Africa
|
|
22
|
|
|
7
|
|
|
15
|
|
|
7
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
||||
United States
(a)
|
|
419
|
|
|
462
|
|
|
433
|
|
|
460
|
|
Middle East/North Africa
|
|
607
|
|
|
426
|
|
|
529
|
|
|
416
|
|
Latin America
|
|
9
|
|
|
12
|
|
|
10
|
|
|
12
|
|
Total sales volumes (MBOE)
(a,b)
|
|
670
|
|
|
590
|
|
|
655
|
|
|
577
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
Average Realized Prices
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Oil ($/BBL)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
44.48
|
|
|
$
|
87.43
|
|
|
$
|
46.97
|
|
|
$
|
91.20
|
|
Middle East/North Africa
|
|
$
|
52.53
|
|
|
$
|
102.19
|
|
|
$
|
54.37
|
|
|
$
|
103.97
|
|
Latin America
|
|
$
|
42.46
|
|
|
$
|
92.16
|
|
|
$
|
48.53
|
|
|
$
|
97.13
|
|
Total Worldwide
|
|
$
|
47.78
|
|
|
$
|
94.26
|
|
|
$
|
50.33
|
|
|
$
|
97.20
|
|
NGLs ($/BBL)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
13.72
|
|
|
$
|
39.32
|
|
|
$
|
16.06
|
|
|
$
|
41.17
|
|
Middle East/North Africa
|
|
$
|
17.12
|
|
|
$
|
29.70
|
|
|
$
|
19.25
|
|
|
$
|
33.10
|
|
Total Worldwide
|
|
$
|
14.68
|
|
|
$
|
38.20
|
|
|
$
|
16.73
|
|
|
$
|
40.27
|
|
Natural Gas ($/MCF)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
2.24
|
|
|
$
|
3.74
|
|
|
$
|
2.28
|
|
|
$
|
4.10
|
|
Latin America
|
|
$
|
5.67
|
|
|
$
|
9.88
|
|
|
$
|
5.18
|
|
|
$
|
10.56
|
|
Total Worldwide
|
|
$
|
1.51
|
|
|
$
|
2.42
|
|
|
$
|
1.55
|
|
|
$
|
2.66
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
Average Index Prices
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
WTI oil ($/BBL)
|
|
$
|
46.43
|
|
|
$
|
97.17
|
|
|
$
|
51.00
|
|
|
$
|
99.61
|
|
Brent oil ($/BBL)
|
|
$
|
51.17
|
|
|
$
|
103.39
|
|
|
$
|
56.61
|
|
|
$
|
107.02
|
|
NYMEX gas ($/MCF)
|
|
$
|
2.78
|
|
|
$
|
4.17
|
|
|
$
|
2.86
|
|
|
$
|
4.46
|
|
Average Realized Prices as Percentage of Average Index Prices
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|||||
Worldwide oil as a percentage of average WTI
|
|
103
|
%
|
|
97
|
%
|
|
99
|
%
|
|
98
|
%
|
Worldwide oil as a percentage of average Brent
|
|
93
|
%
|
|
91
|
%
|
|
89
|
%
|
|
91
|
%
|
Worldwide NGLs as a percentage of average WTI
|
|
32
|
%
|
|
39
|
%
|
|
33
|
%
|
|
40
|
%
|
Domestic natural gas as a percentage of average NYMEX
|
|
81
|
%
|
|
90
|
%
|
|
80
|
%
|
|
92
|
%
|
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 2015
|
|
2,750,835
|
|
(b)
|
$
|
75.07
|
|
|
2,650,000
|
|
|
|
|
Second Quarter 2015
|
|
4,769,624
|
|
|
$
|
78.05
|
|
|
4,769,624
|
|
|
|
|
July 1 - 31, 2015
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
August 1 - 31, 2015
|
|
105,386
|
|
(b)
|
$
|
65.73
|
|
|
—
|
|
|
|
|
September 1 - 30, 2015
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
Third Quarter 2015
|
|
105,386
|
|
(b)
|
$
|
65.73
|
|
|
—
|
|
|
|
|
Total
|
|
7,625,845
|
|
|
$
|
76.80
|
|
|
7,419,624
|
|
|
63,756,544
|
|
(a)
|
Represents the total number of shares remaining at September 30, 2015 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.
|
3.(ii)*
|
Bylaws of Occidental, as amended through October 8, 2015 (filed as Exhibit 3.(ii) to the Current Report on Form 8-K of Occidental dated October 8, 2015 (date of earliest event reported), filed October 14, 2015, File No. 1-9210).
|
|
|
10.1*
|
Occidental Petroleum Corporation Savings Plan, Amended and Restated Effective as of January 1, 2015 (filed as Exhibit 4.5 to the Registration Statement on Form S-8 of Occidental, File No. 333-207413).
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the nine months ended September 30, 2015 and 2014, and for each of the five years in the period ended December 31, 2014.
|
|
|
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:
|
October 29, 2015
|
/s/ Jennifer M. Kirk
|
|
|
|
Jennifer M. Kirk
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
3.(ii)*
|
Bylaws of Occidental, as amended through October 8, 2015 (filed as Exhibit 3.(ii) to the Current Report on Form 8-K of Occidental dated October 8, 2015 (date of earliest event reported), filed October 14, 2015, File No. 1-9210).
|
|
|
10.1*
|
Occidental Petroleum Corporation Savings Plan, Amended and Restated Effective as of January 1, 2015 (filed as Exhibit 4.5 to the Registration Statement on Form S-8 of Occidental, File No. 333-207413).
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the nine months ended September 30, 2015 and 2014, and for each of the five years in the period ended December 31, 2014.
|
|
|
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 |
---|---|---|---|
VANGUARD GROUP INC | 62,069,988 | 6,125,066,415 | |
WELLINGTON MANAGEMENT GROUP LLP | 13,434,115 | 1,325,678,468 | |
GEODE CAPITAL MANAGEMENT, LLC | 11,879,651 | 1,171,283,685 | |
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 10,194,903 | 1,006,033,028 | |
FMR LLC | 8,624,495 | 851,065,134 | |
Capital International Investors | 6,012,194 | 593,283,304 | |
DIMENSIONAL FUND ADVISORS LP | 5,693,567 | 561,812,258 | |
Fisher Asset Management, LLC | 5,180,925 | 511,253,820 | |
Legal & General Group Plc | 4,319,721 | 426,269,942 | |
FIRST TRUST ADVISORS LP | 3,116,885 | 307,574,201 | |
CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 3,052,899 | 301,260,073 | |
TD Asset Management Inc | 2,516,926 | 246,985,948 | |
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 2,490,375 | 245,750,203 | |
Capital Research Global Investors | 2,477,279 | 244,457,892 | |
Corient Private Wealth LLC | 2,380,851 | 234,942,302 | |
Madison Asset Management, LLC | 2,325,256 | 229,456,240 | |
Clarius Group, LLC | 2,311,974 | 228,145,401 | |
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 2,168,225 | 213,960,443 | |
AMUNDI | 2,127,401 | 218,696,823 | |
DEUTSCHE BANK AG\ | 2,074,584 | 204,719,949 | |
CPWM, LLC | 1,803,679 | 150,950 | |
HSBC HOLDINGS PLC | 1,740,120 | 171,578,601 | |
Dorsey & Whitney Trust CO LLC | 1,739,084 | 171,612,808 | |
National Pension Service | 1,639,539 | 161,789,709 | |
AMUNDI ASSET MANAGEMENT US, INC. | 1,606,985 | 149,322 | |
Parametric Portfolio Associates LLC | 1,592,808 | 140,279 | |
Swiss National Bank | 1,555,625 | 153,509,075 | |
Epoch Investment Partners, Inc. | 1,549,717 | 152,926,073 | |
Allianz Asset Management GmbH | 1,464,269 | 144,494,066 | |
AQR CAPITAL MANAGEMENT LLC | 1,368,368 | 133,313,242 | |
MILLENNIUM MANAGEMENT LLC | 1,321,270 | 130,382,924 | |
Kovitz Investment Group Partners, LLC | 1,139,131 | 111,442,481 | |
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | 1,122,840 | 110,801,851 | |
California Public Employees Retirement System | 1,108,380 | 109,374,938 | |
VICTORY CAPITAL MANAGEMENT INC | 1,079,966 | 106,571,047 | |
Nuveen Asset Management, LLC | 1,076,663 | 106,245,105 | |
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 1,074,653 | 106,046,758 | |
Baird Financial Group, Inc. | 1,031,784 | 101,816,445 | |
BILL & MELINDA GATES FOUNDATION TRUST | 1,000,000 | 98,680,000 | |
D. E. Shaw & Co., Inc. | 964,174 | 95,144,691 | |
VIRGINIA RETIREMENT SYSTEMS ET AL | 956,050 | 81,283,371 | |
ROYAL LONDON ASSET MANAGEMENT LTD | 910,237 | 89,822,187 | |
CITADEL ADVISORS LLC | 891,816 | 88,004,403 | |
AXA S.A. | 888,502 | 87,677,377 | |
Qube Research & Technologies Ltd | 872,946 | 86,142,311 | |
NATIXIS ADVISORS, LLC | 863,184 | 85,179 | |
EATON VANCE MANAGEMENT | 862,711 | 72,201 | |
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 837,079 | 82,602,956 | |
Mitsubishi UFJ Asset Management Co., Ltd. | 820,733 | 80,989,932 | |
MARATHON ASSET MANAGEMENT LLP | 818,559 | 73,056 | |
BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 797,521 | 78,699 | |
PRICE T ROWE ASSOCIATES INC /MD/ | 783,187 | 77,286 | |
CREDIT SUISSE AG/ | 765,042 | 94,781,054 | |
Washington Trust Bank | 762,253 | 75,219,126 | |
NEW YORK STATE COMMON RETIREMENT FUND | 742,769 | 73,296 | |
BNP PARIBAS FINANCIAL MARKETS | 682,153 | 75,110,775 | |
EVERGREEN CAPITAL MANAGEMENT LLC | 679,413 | 67,044,476 | |
MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH | 669,058 | 66,022,643 | |
Erste Asset Management GmbH | 642,207 | 63,186,096 | |
J. Safra Sarasin Holding AG | 626,093 | 61,782,865 | |
ENVESTNET ASSET MANAGEMENT INC | 608,214 | 60,018,604 | |
LSV ASSET MANAGEMENT | 592,700 | 58,488 | |
SUSQUEHANNA INTERNATIONAL GROUP, LLP | 592,155 | 58,433,855 | |
Allspring Global Investments Holdings, LLC | 587,243 | 57,949,149 | |
LGT CAPITAL PARTNERS LTD. | 574,965 | 56,737,546 | |
SCHRODER INVESTMENT MANAGEMENT GROUP | 572,875 | 56,216,224 | |
ProShare Advisors LLC | 563,577 | 55,613,730 | |
DekaBank Deutsche Girozentrale | 547,111 | 53,534 | |
AMERICAN CENTURY COMPANIES INC | 545,154 | 53,795,797 | |
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | 521,503 | 51,461,916 | |
Robeco Institutional Asset Management B.V. | 514,039 | 50,725,368 | |
Distillate Capital Partners LLC | 457,910 | 45,156,166 | |
CANADA LIFE ASSURANCE Co | 425,069 | 42,009 | |
NEW YORK STATE TEACHERS RETIREMENT SYSTEM | 424,678 | 41,907 | |
TWINBEECH CAPITAL LP | 415,534 | 41,004,895 | |
Russell Investments Group, Ltd. | 408,969 | 40,349,411 | |
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | 385,473 | 38,038,488 | |
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | 381,171 | 39,237,743 | |
CANADA PENSION PLAN INVESTMENT BOARD | 380,935 | 37,590,666 | |
Grantham, Mayo, Van Otterloo & Co. LLC | 380,201 | 37,518,235 | |
Optimist Retirement Group LLC | 378,319 | 37,332,510 | |
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 375,285 | 37,033,091 | |
Aperio Group, LLC | 372,491 | 32,139 | |
QRG CAPITAL MANAGEMENT, INC. | 366,880 | 36,203,686 | |
MANUFACTURERS LIFE INSURANCE COMPANY, THE | 359,621 | 35,487,400 | |
First Washington CORP | 352,089 | 34,744,143 | |
GABELLI FUNDS LLC | 351,200 | 34,656,416 | |
STATE OF WISCONSIN INVESTMENT BOARD | 348,592 | 34,399,059 | |
Brandywine Global Investment Management, LLC | 344,562 | 37,288,500 | |
ADAGE CAPITAL PARTNERS GP, L.L.C. | 344,098 | 33,955,591 | |
NATIONAL BANK OF CANADA /FI/ | 339,850 | 33,536,275 | |
ASSETMARK, INC | 338,568 | 33,409,858 | |
TEACHER RETIREMENT SYSTEM OF TEXAS | 337,981 | 33,352 | |
Swedbank AB | 331,326 | 32,695,249 | |
CAPITAL FUND MANAGEMENT S.A. | 324,012 | 31,973,504 | |
Skandinaviska Enskilda Banken AB (publ) | 321,046 | 31,664,767 | |
Mitsubishi UFJ Trust & Banking Corp | 304,134 | 30,011,943 | |
Treasurer of the State of North Carolina | 299,297 | 29,535 | |
TOCQUEVILLE ASSET MANAGEMENT L.P. | 291,910 | 28,805,653 | |
INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | 289,034 | 2,929 |
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
For 2023, the Company’s net income target was $2.8 billion with a minimum incentive compensation threshold of $2.5 billion and a maximum incentive compensation threshold of $3.2 billion. Actual net income achieved was $4.6 billion. The Committee approved an overall payment for R. P. Feight of 180 percent of target, based on 140 percent achievement of the Company profit goal and 110 percent for his leadership in achieving the Company’s strategic initiatives in his role as Chief Executive Officer. The Committee approved an overall payment for H. C. Schippers of 182 percent of target, including 140 percent achievement of the business unit profit goal and 120 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for C. M. Dozier of 176 percent of target, including 140 percent achievement of the business unit profit goals and 110 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for D. C. Siver of 173.9 percent of target, including 137.4 percent achievement of the business unit profit goals and 110 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for T. R. Hubbard of 173 percent of target, including 140 percent achievement of the business unit profit goals and 105 percent for his leadership of Company growth initiatives. The Committee exercised discretion to reduce each Named Executive Officer’s maximum funding amount described below under the heading “IC Funding Limit” in determining payout as described above. | |||
RODERICK C. MCGEARY, age 73, served in consulting and audit roles with KPMG LLP from 1972-2000 culminating in the position as co-vice chairman of consulting (1997-1999). He has served as a director of Raymond James Financial, Inc. since September 2015 and also served as a director of Cisco Systems, Inc. from 2003 to 2023. He was chairman of BearingPoint, Inc., formerly KPMG Consulting, LLC, a management and technology consulting firm, from 2004 to 2009 and was its interim chief executive officer from 2004 to 2005. He has served as a director of the Company since 2012. Mr. McGeary has the attributes and qualifications listed in the Company guidelines for board membership including a B.S. degree in accounting from Lehigh University, strong experience as a certified public accountant and extensive experience in management and technology consulting. | |||
R. PRESTON FEIGHT, age 56, is Chief Executive Officer of the Company and has held that position since July 2019. Mr. Feight served as Executive Vice President of the Company from September 2018-June 2019, PACCAR Vice President and President of DAF Trucks from April 2016-August 2018, General Manager of Kenworth Truck Company and Vice President of PACCAR from January 2015-March 2016, Kenworth Assistant General Manager for Marketing and Sales from April 2012-December 2014 and Kenworth Chief Engineer from August 2008-March 2012. Previously he worked as an engineer at Ford Motor Company for six years and as an engineer at AlliedSignal Inc. for two years. He has served as a director of the Company since 2019. Mr. Feight has the attributes and qualifications listed in the Company guidelines for board membership including a B.S. in mechanical engineering from Northern Arizona University, an M.S. in engineering management from the University of Colorado and thorough knowledge of the global commercial vehicle industry gained through 26 years with the Company. | |||
For 2023, the Company’s net income target was $2.8 billion with a minimum incentive compensation threshold of $2.5 billion and a maximum incentive compensation threshold of $3.2 billion. Actual net income achieved was $4.6 billion. The Committee approved an overall payment for R. P. Feight of 180 percent of target, based on 140 percent achievement of the Company profit goal and 110 percent for his leadership in achieving the Company’s strategic initiatives in his role as Chief Executive Officer. The Committee approved an overall payment for H. C. Schippers of 182 percent of target, including 140 percent achievement of the business unit profit goal and 120 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for C. M. Dozier of 176 percent of target, including 140 percent achievement of the business unit profit goals and 110 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for D. C. Siver of 173.9 percent of target, including 137.4 percent achievement of the business unit profit goals and 110 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for T. R. Hubbard of 173 percent of target, including 140 percent achievement of the business unit profit goals and 105 percent for his leadership of Company growth initiatives. The Committee exercised discretion to reduce each Named Executive Officer’s maximum funding amount described below under the heading “IC Funding Limit” in determining payout as described above. | |||
MARK C. PIGOTT, age 70, is Executive Chairman of the Company and has held that position since April 2014. Mr. Pigott was Chairman and Chief Executive Officer of the Company from January 1997-April 2014, Vice Chairman from January 1995-December 1996, Executive Vice President from December 1993-January 1995, Senior Vice President from January 1990-December 1993, and Vice President from October 1988-December 1989. He served as a director of Franklin Resources Inc., an investment management company, from 2011-2021. He is the brother of John M. Pigott, a director of the Company. He has served as a director of the Company since 1994. Mr. Pigott has the attributes and qualifications listed in the Company guidelines for board membership including engineering and business degrees from Stanford University, thorough knowledge of the global commercial vehicle industry and an outstanding record of profitable growth generated through 45 years with the Company. PACCAR has benefited from an excellent record of industry-leading stockholder returns generated under his leadership. | |||
MARK A. SCHULZ, age 71, is currently president and chief executive officer of M. A. Schulz and Associates, a management consulting firm, and a founding partner in Fontinalis Partners LLC, a transportation technology strategic investment firm. He served as president of international operations at Ford Motor Company from 2005 until his retirement in 2007 and in a variety of executive roles during 35 years with Ford, including running Ford’s Mazda, Jaguar, Land Rover and Aston Martin affiliates and setting up manufacturing and distribution operations in South America, Europe, Asia and Africa. He has served as a director of NWTN Inc. since 2023. He has also served as a director of Dana Incorporated (2008-2018), as a director of Yellow Corporation (2007-2009) and as a director of the National Committee of United States-China Relations and the United States-China Business Council. He has served as a director of the Company since 2012 and as lead director since January 2020. Mr. Schulz has the attributes and qualifications listed in the Company guidelines for board membership including engineering degrees from Valparaiso University and the University of Michigan, an M.B.A. from the University of Detroit, an M.S. in management from the Massachusetts Institute of Technology and over 35 years of management experience in the automotive industry worldwide. | |||
KIRK S. HACHIGIAN, age 64, served as executive chairman of JELD-WEN Holding, Inc., a global manufacturer of windows and doors, from 2016 to 2019; and as JELD-WEN’s chairman and chief executive officer from 2014 to 2016. He served as chairman and chief executive officer of Cooper Industries PLC, a global manufacturer of electrical products, from 2005 to 2012. Prior to joining Cooper, Mr. Hachigian was an executive with General Electric Company for eight years, including assignments in Mexico and Asia. He has served as the chairman of Allegion PLC since 2023 and as a director since 2013, including as chair of the corporate governance and nominating committee and previously as lead director. He has served as a director of NextEra Energy Inc. since 2013 and is chair of compensation committee. He has also served as a director of L3Harris Technologies, Inc. since 2023 and as a director of Cabinetworks Group from 2021-2022. He has served as a director of the Company since 2008. Mr. Hachigian has the attributes and qualifications listed in the Company guidelines for board membership including a B.S. degree in mechanical engineering from University of California at Berkeley and an M.B.A. from the University of Pennsylvania’s Wharton School of Business. | |||
JOHN M. PIGOTT, age 60, is a partner in Beta Business Ventures, LLC, a private investment company concentrating in natural resources, and was a partner in the predecessor company Beta Capital Group, LLC since 2003. He is the brother of Mark C. Pigott, a director of the Company. He has served as a director of the Company since 2009. Mr. Pigott has the attributes and qualifications listed in the Company guidelines for board membership including an engineering degree from Stanford, an M.B.A. from UCLA and a background in manufacturing gained through 12 years with the Company including five years as a senior manager of Company truck operations in the United Kingdom and in the United States. He is a substantial long-term stockholder in the Company. | |||
For 2023, the Company’s net income target was $2.8 billion with a minimum incentive compensation threshold of $2.5 billion and a maximum incentive compensation threshold of $3.2 billion. Actual net income achieved was $4.6 billion. The Committee approved an overall payment for R. P. Feight of 180 percent of target, based on 140 percent achievement of the Company profit goal and 110 percent for his leadership in achieving the Company’s strategic initiatives in his role as Chief Executive Officer. The Committee approved an overall payment for H. C. Schippers of 182 percent of target, including 140 percent achievement of the business unit profit goal and 120 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for C. M. Dozier of 176 percent of target, including 140 percent achievement of the business unit profit goals and 110 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for D. C. Siver of 173.9 percent of target, including 137.4 percent achievement of the business unit profit goals and 110 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for T. R. Hubbard of 173 percent of target, including 140 percent achievement of the business unit profit goals and 105 percent for his leadership of Company growth initiatives. The Committee exercised discretion to reduce each Named Executive Officer’s maximum funding amount described below under the heading “IC Funding Limit” in determining payout as described above. | |||
GREGORY M. E. SPIERKEL, age 67, served as chief executive officer of Ingram Micro Inc., a worldwide distributor of technology products, from 2005 to 2012. He previously served as president from March 2004-April 2005. During his 14-year tenure with that company, he held other senior positions including executive vice president. He has served as a director of Schneider Electric SE (Paris) since 2014 and also served as a director of MGM Resorts International from 2013 to 2023. He has served as a director of the Company since 2008. Mr. Spierkel has the attributes and qualifications listed in the Company guidelines for board membership including an M.B.A. from Georgetown University and 32 years of management experience around the world including seven years as chief executive of Ingram Micro Inc. | |||
GANESH RAMASWAMY, age 55, is Executive Vice President of Industrial & Energy Technology at Baker Hughes Company, an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Mr. Ramaswamy previously served as President of Global Services for Johnson Controls, a worldwide provider of technologies and solutions for buildings, from 2019 to 2022. From 2015 to 2019, Mr. Ramaswamy served in executive roles at Danaher Corporation, a diversified manufacturer of life sciences, diagnostics, and industrial products and services. His roles at Danaher included Senior Vice President of High Growth Markets at Beckman Coulter Diagnostics; President of Videojet Technologies Inc.; and Group Executive for Marking & Coding. From 2011 to 2015, Mr. Ramaswamy held executive roles at Hoya Corporation, including as President of Pentax Medical, a provider of endoscopic imaging devices and solutions. He began his career in product development and general management at GE Global Research and GE HealthCare. He has served as a director of the Company since 2021. Mr. Ramaswamy has the attributes and qualifications listed in the Company guidelines for board membership including a Ph.D. in mechanical engineering from the University of Pennsylvania, an M.B.A. from the University of Wisconsin – Milwaukee, an M.S. in mechanical engineering from Auburn University and a B.Tech. in mechanical engineering from the University of Kerala. | |||
FRANKLIN L. FEDER, age 72, served as chief executive officer, Alcoa Latin America & Caribbean, of Alcoa Corporation, a global producer of bauxite, alumina and aluminum, from 2004-2014. He previously served as vice president financial planning & analysis and director of corporate development of Alcoa Corporation from 1999-2004, chief financial officer of Alcoa Latin America from 1994-1999 and director corporate planning from 1990-1994. He was also managing partner of Technomic Consultores from 1978-1988, and a partner at Booz Allen Hamilton Inc. from 1989-1990. He has served as a director of Minerals Technologies Inc. since 2017. He has also served as a director of Companhia Brasileira de Alumínio and AES Tiete Energia S.A. since 2016, of Prumo Logística S.A. since 2019, and, since 2021, as a member of the advisory board of Prada Assessoria, all Brasil-based companies. He previously served as a director of Intercement Brasil from 2017-2020, a director of Loma Negra Corporation from 2018-2020, a director of Unigel from 2016-2018, a director of Grupo Dahma from 2015-2016 and a director of Alexander Proudfoot from 2014-2016. He has served as a director of the Company since 2018. Mr. Feder has the attributes and qualifications listed in the Company guidelines for board membership including an M.B.A. from IMD in Lausanne, Switzerland and a B.A. from the Getulio Vargas Foundation in Sao Paulo, Brasil. | |||
For 2023, the Company’s net income target was $2.8 billion with a minimum incentive compensation threshold of $2.5 billion and a maximum incentive compensation threshold of $3.2 billion. Actual net income achieved was $4.6 billion. The Committee approved an overall payment for R. P. Feight of 180 percent of target, based on 140 percent achievement of the Company profit goal and 110 percent for his leadership in achieving the Company’s strategic initiatives in his role as Chief Executive Officer. The Committee approved an overall payment for H. C. Schippers of 182 percent of target, including 140 percent achievement of the business unit profit goal and 120 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for C. M. Dozier of 176 percent of target, including 140 percent achievement of the business unit profit goals and 110 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for D. C. Siver of 173.9 percent of target, including 137.4 percent achievement of the business unit profit goals and 110 percent achievement for his leadership of Company growth initiatives. The Committee approved an overall payment for T. R. Hubbard of 173 percent of target, including 140 percent achievement of the business unit profit goals and 105 percent for his leadership of Company growth initiatives. The Committee exercised discretion to reduce each Named Executive Officer’s maximum funding amount described below under the heading “IC Funding Limit” in determining payout as described above. | |||
DAME ALISON J. CARNWATH, age 71, has been a senior adviser to Evercore Partners, an independent corporate finance advisory firm (formerly known as Lexicon Partners) in the United Kingdom, since 2005. She has also served as a director of Coller Capital Ltd. since 2015, and as a director and audit committee chair of both EG Group Ltd. and ASDA Group Ltd. since 2021, all United Kingdom-based companies. She has been a member of the supervisory board and chair of the audit committee of BASF, a leading chemical company based in Germany, since 2014, and has served as a director of Zurich Insurance Group since 2012 and currently serves as audit committee chair. She previously served as chair of the advisory board at LivingBridge Services Ltd., a private equity firm (1999-2023); as chair of Land Securities P L C, the United Kingdom’s largest property company listed on the London Stock Exchange (2008-2018); as non-executive chair of MF Global Holdings Ltd. (2008-2010); and as a non-executive director of BP P.L.C. (2018-2021) and the Man Group Ltd. (2001-2013), all based in the United Kingdom. She has served as a director of the Company since 2005. Dame Alison has the attributes and qualifications listed in the Company guidelines for board membership including certification as a chartered accountant, service as chair (1999-2004) and chief executive (2001) of Videndum PLC (formerly the Vitec Group), a British supplier to the broadcast industry, and extensive experience in international finance and investment banking, including three years as a managing director of Donaldson, Lufkin & Jenrette International (1997-2000). | |||
CYNTHIA A. NIEKAMP, age 64, served as senior vice president of automotive coatings at PPG Industries, Inc., a global leader in performance and industrial coatings. Ms. Niekamp joined PPG in 2009 as vice president of automotive coatings and was promoted to senior vice president in 2010. She also served as a member of the PPG operating committee from 2010 to 2016. Prior to joining PPG, Ms. Niekamp served as president and general manager of BorgWarner Inc.’s TorqTransfer Systems division, a global supplier of engineered-four-wheel drive systems to major automakers, from 2004 to 2008. She also served in various executive roles for MeadWestvaco Corporation (now part of WestRock Company) from 1995 to 2004, including as vice president, corporate strategy and planning; senior vice president, strategy and specialty operations; and chief financial officer. Ms. Niekamp has served as a director of Ball Corporation, a global provider of metal packaging and aerospace technologies, since 2016. She previously served as a director of Magna International Inc. (2014-2022), Cooper Tire & Rubber Company LLC (2011–2014), Rockwood Holdings, Inc. (2006-2009) and Delphi Corporation (2003-2005). She has served as a director of the Company since 2023. Ms. Niekamp has the attributes and qualifications listed in the Company guidelines for board membership including an M.B.A. from Harvard University, a bachelor’s degree with distinction in industrial engineering from Purdue University and over 33 years of experience in business and financial management, corporate strategy, emerging markets and strategic acquisitions. | |||
BARBARA B. HULIT, age 57, served as chief executive officer and president of the Advanced Healthcare Solutions segment of Fortive Corporation from July 2019 to January 2022, and as senior vice president from June 2016 to June 2019. While at Fortive, she had company-wide responsibility for the Fortive Business System (FBS) office, IT, procurement and high growth markets. Prior to the 2016 spin-off of Fortive from Danaher Corporation, Ms. Hulit held multiple executive roles at Danaher, including leading the Danaher Business System (DBS) office from 2012 to 2016 and serving as president of Fluke Corporation from 2005 to 2012. Prior to joining Danaher, Ms. Hulit worked at The Boston Consulting Group, Inc. for 13 years where she focused primarily on growth strategies. Ms. Hulit has served as a director of Envista Holdings Corporation, a global dental business, since 2021 and as a director of Novanta Corporation, a global technology supplier to medical and industrial manufacturers, since 2022. She has served as a member of the Dean’s Advisory Council for the Graduate School of the Kellogg School of Management at Northwestern University since 2012. She has served as a director of the Company since 2023. Ms. Hulit has the attributes and qualifications listed in the Company guidelines for board membership including an M.B.A from the Kellogg School of Management at Northwestern University, a B.A. in marketing from the University of Texas and over 30 years of experience in business strategy, operations, innovation, M&A and IT. |
Name and Principal Position |
Year |
Salary
($) |
Stock
Awards (Restricted Stock/ RSUs) ($) |
Option
Awards ($) |
Non-Equity
Incentive Plan Compensation ($) |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings ($) |
All Other
Compensation ($) |
Total
($) |
||||||||||||||||||||||||
R. P. Feight |
2023 | 1,544,231 | 4,262,500 | 1,856,874 | 3,487,500 | 4,486,196 | 21,364 | 15,658,665 | ||||||||||||||||||||||||
Chief Executive Officer |
2022 | 1,400,000 | 3,850,000 | 1,323,050 | 6,619,000 | 43,437 | 20,250 | 13,255,737 | ||||||||||||||||||||||||
2021 | 1,393,077 | 3,850,000 | 1,372,256 | 3,143,490 | 3,022,430 | 19,500 | 12,800,753 | |||||||||||||||||||||||||
H. C. Schippers |
2023 | 1,035,577 | 1,320,000 | 798,662 | 1,793,838 | 1,727,788 | 21,364 | 6,697,229 | ||||||||||||||||||||||||
President & Chief |
2022 | 994,038 | 1,320,000 | 630,020 | 3,207,787 | 124,863 | 15,250 | 6,291,958 | ||||||||||||||||||||||||
Financial Officer |
2021 | 948,269 | 1,254,000 | 620,806 | 2,282,113 | 1,176,042 | 14,500 | 6,295,730 | ||||||||||||||||||||||||
C. M. Dozier |
2023 | 674,038 | 816,750 | 512,148 | 950,400 | 1,385,504 | 16,500 | 4,355,340 | ||||||||||||||||||||||||
Executive Vice President |
2022 | 635,769 | 528,000 | 189,032 | 1,353,964 | 0 | 15,250 | 2,722,015 | ||||||||||||||||||||||||
2021 | 596,538 | 528,000 | 196,053 | 859,530 | 861,450 | 14,500 | 3,056,071 | |||||||||||||||||||||||||
D. C. Siver |
2023 | 674,038 | 816,750 | 512,148 | 939,060 | 1,126,552 | 16,500 | 4,085,048 | ||||||||||||||||||||||||
Executive Vice President |
2022 | 635,769 | 528,000 | 189,032 | 1,426,543 | 458 | 15,250 | 2,795,052 | ||||||||||||||||||||||||
2021 | 600,000 | 528,000 | 196,053 | 1,008,400 | 499,034 | 14,500 | 2,845,987 | |||||||||||||||||||||||||
T. R. Hubbard |
2023 | 542,692 | 363,000 | 164,730 | 618,475 | 601,838 | 16,500 | 2,307,235 | ||||||||||||||||||||||||
Vice President |
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
PIGOTT MARK C | Director | 4,843,280 | 424,920 |
Pigott John | Director | 2,283,950 | 1,079,420 |
FEIGHT R PRESTON | Director | 171,776 | 16,361 |
FEIGHT R PRESTON | CHIEF EXECUTIVE OFFICER | 128,105 | 15,431 |
SCHIPPERS HARRIE | Director | 103,547 | 2,708 |
SCHIPPERS HARRIE | PRESIDENT & CFO | 93,522 | 2,612 |
BARKLEY MICHAEL T | SR. VICE PRESIDENT/CONTROLLER | 84,061 | 9 |
FEDER FRANKLIN | Director | 21,477 | 0 |
SCHULZ MARK A | Director | 13,456 | 0 |
DOZIER C MICHAEL | EXECUTIVE VICE PRESIDENT | 12,062 | 11,718 |
BANEY KEVIN D | Director | 9,357 | 5,411 |
HUBBARD TODD R | Director | 5,726 | 6,188 |
HUBBARD TODD R | VICE PRESIDENT | 3,230 | 5,967 |
Rich John N | Director | 2,425 | 780 |
WALTON MICHAEL K | Director | 1,468 | 6,114 |
Bolgar Paulo Henrique | Vice President | 860 | 382 |
NIEKAMP CYNTHIA A | Director | 144 | 0 |
Poplawski Brice J | Director | 0 | 17,052 |
Poplawski Brice J | Vice President & Controller | 0 | 16,196 |