Company Quick10K Filing
Occidental Petroleum
Price40.42 EPS-1
Shares1,044 P/E-51
MCap42,218 P/FCF6
Net Debt33,826 EBIT934
TEV76,044 TEV/EBIT81
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-05-05 Earnings, Exhibits
8-K 2020-04-15 Sale of Shares, Exhibits
8-K 2020-04-03 Officers, Exhibits
8-K 2020-03-29 Officers, Exhibits
8-K 2020-03-24 Enter Agreement, Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2020-03-18 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2020-03-12 Enter Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2020-02-27 Earnings, Exhibits
8-K 2020-02-11 Earnings
8-K 2020-01-02 Officers, Regulation FD, Exhibits
8-K 2019-11-04 Earnings, Exhibits
8-K 2019-10-15 Earnings
8-K 2019-09-19 Regulation FD
8-K 2019-09-16 Off-BS Arrangement, Other Events, Exhibits
8-K 2019-08-29 Enter Agreement, Shareholder Rights, Other Events, Exhibits
8-K 2019-08-13 Regulation FD
8-K 2019-08-08 Enter Agreement, M&A, Shareholder Rights, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2019-08-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-05 Enter Agreement, Exhibits
8-K 2019-08-01 Other Events, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-10 Officers, Regulation FD, Exhibits
8-K 2019-05-10 Enter Agreement, Other Events, Exhibits
8-K 2019-05-10 Shareholder Vote
8-K 2019-05-06 Enter Agreement, Amend Bylaw, Other Events, Exhibits
8-K 2019-05-05 Earnings, Other Events, Exhibits
8-K 2019-05-03 Enter Agreement, Sale of Shares, Shareholder Rights, Other Events, Exhibits
8-K 2019-04-24 Other Events, Exhibits
8-K 2019-02-12 Earnings, Exhibits
8-K 2019-01-07 Regulation FD
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-05-04 Officers, Shareholder Vote, Exhibits
8-K 2018-02-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-13 Earnings, Exhibits
8-K 2015-07-30 Earnings, Exhibits
8-K 2015-06-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2015-06-10 Officers
8-K 2015-05-06 Earnings, Exhibits
8-K 2015-05-01 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2015-01-29 Earnings, Exhibits

OXY 10Q Quarterly Report

Part I Financial Information
Item 1.Financial Statements (Unaudited)
Note 1 - General
Note 2 - Accounting and Disclosure Changes
Note 3 - Dispositions and Other Transactions
Note 4 - Revenue
Note 5 - Inventory
Note 6 - Derivatives
Note 7 - Fair - Value Measurements
Note 8 - Long - Term Debt
Note 9 - Lease Commitments
Note 10 - Lawsuits, Claims, Commitments and Contingencies
Note 11 - Environmental Liabilities and Expenditures
Note 12 - Retirement and Postretirement Benefit Plans
Note 13 - Earnings per Share and Stockholders' Equity
Note 14 - Industry Segments
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.1 exhibit10110q3312020-c.htm
EX-10.2 exhibit10210q3312020-t.htm
EX-10.3 exhibit10310q3312020-s.htm
EX-10.4 exhibit10410q3312020st.htm
EX-10.5 exhibit10510q3312020-e.htm
EX-10.6 exhibit106restrictedst.htm
EX-31.1 oxyexhibit31110q33120.htm
EX-31.2 oxyexhibit31210q33120.htm
EX-32.1 oxyexhibit32110q33120.htm

Occidental Petroleum Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
13010478522602011201420172021
Assets, Equity
10.06.02.0-2.0-6.0-10.02011201420172021
Rev, G Profit, Net Income
30186-6-18-302011201420172021
Ops, Inv, Fin

oxy-20200331
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission file number 1-9210
_____________________
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware95-4035997
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
Houston,Texas77046
(Address of principal executive offices) (Zip Code)
(713) 215-7000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
þ Yes   o No
   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
þ Yes   o No
  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer  þ Accelerated Filer  o Non-Accelerated Filer  o
Smaller Reporting Company  Emerging Growth Company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes   þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at April 3, 2020 
 Common Stock $0.20 par value 900,018,184

1


OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTSPAGE
Part I
Item 1.
Note 3—Dispositions and Other Transactions
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 6.

1


PART I    FINANCIAL INFORMATION
 

Item 1.Financial Statements (unaudited)


Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsMarch 31, 2020December 31, 2019
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents  $2,021  $3,032  
Restricted cash and restricted cash equivalents  242  480  
Trade receivables, net  2,458  6,373  
Inventories  1,436  1,447  
Assets held for sale  5,732  6,026  
Other current assets  2,220  1,323  
Total current assets  14,109  18,681  
INVESTMENTS IN UNCONSOLIDATED ENTITIES  6,050  6,389  
PROPERTY, PLANT AND EQUIPMENT  
Oil and gas segment  107,014  105,881  
Chemical segment  7,187  7,172  
Midstream and marketing segment  8,189  8,176  
Corporate  1,072  1,118  
Gross property, plant and equipment123,462  122,347  
Accumulated depreciation, depletion and amortization  (44,389) (41,878) 
Net property, plant and equipment79,073  80,469  
OPERATING LEASE ASSETS  1,193  1,385  
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET  1,218  2,406  
TOTAL ASSETS  $101,643  $109,330  
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.  

2



Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millions except share amountsMarch 31, 2020December 31, 2019
LIABILITIES AND EQUITY  
CURRENT LIABILITIES  
Current maturities of long-term debt  $2,464  $51  
Current operating lease liabilities  453  569  
Accounts payable  3,845  7,017  
Accrued liabilities  3,310  5,302  
Liabilities of assets held for sale  1,891  2,010  
Total current liabilities  11,963  14,949  
LONG-TERM DEBT, NET  
Long-term debt, net  36,058  38,537  
DEFERRED CREDITS AND OTHER LIABILITIES  
Deferred income taxes, net  9,403  9,717  
Asset retirement obligations  4,428  4,385  
Pension and postretirement obligations  1,968  1,807  
Environmental remediation liabilities  1,017  1,035  
Operating lease liabilities  768  854  
Other  4,743  3,814  
Total deferred credits and other liabilities   22,327  21,612  
STOCKHOLDERS' EQUITY  
Preferred stock at par value, 100,000 shares at March 31, 2020 and December 31, 2019
9,762  9,762  
Common stock at par value, 1,048,430,898 issued shares at March 31, 2020 and 1,044,434,893 shares at December 31, 2019
210  209  
Treasury stock, 148,416,051 shares at March 31, 2020 and 150,323,151 shares at December 31, 2019
(10,653) (10,653) 
Additional paid-in capital  15,081  14,955  
Retained earnings  17,229  20,180  
Accumulated other comprehensive loss  (334) (221) 
Total stockholders' equity  31,295  34,232  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $101,643  $109,330  
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.  

3



Consolidated Condensed Statements of OperationsOccidental Petroleum Corporation and Subsidiaries
Three months ended
March 31,
millions, except per-share amounts20202019
REVENUES AND OTHER INCOME
Net sales$6,410  $4,004  
Interest, dividends and other income34  78  
Gain on sale of equity investments and other assets, net7  7  
Total6,451  4,089  
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense1,046  645  
Transportation and gathering expense558  31  
Chemical and midstream cost of sales612  669  
Purchased commodities393  365  
Selling, general and administrative260  140  
Other operating and non-operating expense195  238  
Depreciation, depletion and amortization2,242  973  
Asset impairments and other charges (a)
1,803    
Taxes other than on income182  111  
Anadarko acquisition-related costs148    
Exploration expense37  36  
Interest and debt expense, net352  98  
Total7,828  3,306  
Income (loss) before income taxes and other items(1,377) 783  
OTHER ITEMS
Losses on interest rate swaps and warrants, net(585)   
Income (loss) from equity investments(133) 73  
Total(718) 73  
Income (loss) from continuing operations before income taxes(2,095) 856  
Income tax benefit (expense)82  (225) 
Income (loss) from continuing operations(2,013) 631  
NET INCOME (LOSS)(2,013) 631  
Less: Preferred stock dividends(219)   
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(2,232) $631  
PER COMMON SHARE
Income (loss) from continuing operations—basic$(2.49) $0.84  
Net income (loss) attributable to common stockholders—basic$(2.49) $0.84  
Income (loss) from continuing operations—diluted$(2.49) $0.84  
Net income (loss) attributable to common stockholders—diluted$(2.49) $0.84  
DIVIDENDS PER COMMON SHARE$0.79  $0.78  
(a) Includes $1.2 billion of impairment related to the write-off of goodwill.
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.  

4








Consolidated Condensed Statements of Comprehensive Income (Loss)Occidental Petroleum Corporation and Subsidiaries
Three months ended
March 31,
millions20202019
Net income (loss) $(2,013) $631  
Other comprehensive income (loss) items:
Foreign currency translation loss(2)   
Gains (losses) on derivatives (a)
(2) 2  
Pension and postretirement (losses) gains (b)
(111) 2  
Reclassification of losses on derivatives (c)
2    
Other comprehensive (loss) income, net of tax(113) 4  
Comprehensive income (loss) attributable to preferred and common stockholders$(2,126) $635  
(a) Net of tax of $1 million and zero for the three months ended March 31, 2020 and 2019, respectively.
(b) Net of tax of $31 million and $(1) million for the three months ended March 31, 2020 and 2019, respectively.
(c) Net of tax of $(1) million and zero for the three months ended March 31, 2020 and 2019, respectively.

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
5



Consolidated Condensed Statements of Cash FlowsOccidental Petroleum Corporation and Subsidiaries
Three months ended
March 31,
millions20202019
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)$(2,013) $631  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization of assets2,242  973  
Deferred income tax (benefit) provision(218) 10  
Other noncash (gains) charges to income (550) 239  
Asset impairments and other items1,768    
Gain on sales of equity investments and other assets, net(7) (7) 
Undistributed losses (income) from affiliates174  (24) 
Dry hole expenses18  10  
Changes in operating assets and liabilities:
(Increase) decrease in receivables3,909  (417) 
Increase in inventories(70) (221) 
Decrease (increase) in other current assets324  (199) 
Decrease in accounts payable and accrued liabilities(4,401) (40) 
Increase (decrease) in current domestic and foreign income taxes48  (7) 
Operating cash flow from continuing operations1,224  948  
Operating cash flow from discontinued operations, net of taxes115    
Net cash provided by operating activities1,339  948  
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures(1,293) (1,259) 
Change in capital accrual(435) (51) 
Purchase of businesses and assets, net(35) (69) 
Proceeds from sale of assets and equity investments, net112  16  
Equity investments and other, net142  (52) 
Investing cash flow from continuing operations(1,509) (1,415) 
Investing cash flow from discontinued operations, net of taxes(21)   
Net cash used by investing activities(1,530) (1,415) 
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock90  16  
Purchases of treasury stock  (237) 
Cash dividends paid(913) (591) 
Other financing, net(196) (2) 
Net cash used by financing activities(1,019) (814) 
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents(1,210) (1,281) 
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period3,574  3,033  
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period$2,364  $1,752  
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

6



Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per share amounts  Common StockPreferred StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Equity
Balance at December 31, 2019  $209  $9,762  $(10,653) $14,955  $20,180  $(221) $34,232  
Net loss  —  —  —  —  (2,013) —  (2,013) 
Other comprehensive loss, net of tax  —  —  —  —  —  (113) (113) 
Dividends on common stock, $0.79 per share  —  —  —  —  (719) —  (719) 
Dividends on preferred stock, $2,222 per share  —  —  —  —  (219) —