Company Quick10K Filing
Occidental Petroleum
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 897 $44,612
10-Q 2019-11-04 Quarter: 2019-09-30
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-05-06 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-01 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-11-01 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-08-04 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-02-23 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-05 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-10-30 Quarter: 2013-09-30
10-Q 2013-08-05 Quarter: 2013-06-30
10-Q 2013-05-01 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-06 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-K 2012-02-23 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-04 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
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 Shareholder Vote
8-K 2019-05-10 Enter Agreement, Other Events, Exhibits
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
OXY 2019-09-30
Part I Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - General
Note 2 - Accounting and Disclosure Changes
Note 3 - The Merger
Note 4 - Acquisitions, Dispositions and Other Transactions
Note 5 - Revenue Recognition
Note 6 - Inventories
Note 7 - Derivative Instruments
Note 8 - Fair-Value Measurements
Note 9 - Long-Term Debt
Note 10 - Lease Commitments
Note 11 - Lawsuits, Claims, Commitments and Contingencies
Note 12 - Environmental Liabilities and Expenditures
Note 13 - Retirement and Postretirement Benefit Plans
Note 14 - Stockholders' Equity
Note 15 - Industry Segments
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
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 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.4 oxyexhibit10410q93019.htm
EX-10.5 oxyexhibit10510q93019.htm
EX-10.7 oxyexhibit10710q93019.htm
EX-10.8 oxyexhibit10810q93019.htm
EX-10.9 oxyexhibit10910q93019.htm
EX-31.1 oxyexhibit31110q93019.htm
EX-31.2 oxyexhibit31210q93019.htm
EX-32.1 oxyexhibit32110q93019.htm

Occidental Petroleum Earnings 2019-09-30

OXY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
EOG 53,447 35,752 18,112 0 3,567 8,351 57,426 0% 6.9 10%
OXY 44,612 44,770 23,423 19,651 5,693 3,841 9,321 53,261 29% 5.7 9%
APC 34,414 41,129 33,356 14,260 0 -320 4,817 51,081 0% 10.6 -1%
OKE 27,698 19,752 13,403 11,768 3,307 1,256 2,553 39,525 28% 15.5 6%
PXD 25,044 18,106 9,472 0 915 2,925 26,612 0% 9.1 5%
CXO 20,908 25,478 7,519 4,490 0 522 2,581 25,258 0% 9.8 2%
FANG 18,143 23,171 7,721 3,055 0 865 2,121 22,289 0% 10.5 4%
CLR 14,945 15,829 9,346 4,769 0 937 3,379 20,508 0% 6.1 6%
DVN 12,038 16,649 9,655 9,709 1,950 3,890 5,705 12,479 20% 2.2 23%
MRO 11,601 21,282 9,181 5,680 0 979 3,508 15,207 0% 4.3 5%

Document
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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 September 30, 2019
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)
Delaware
 
95-4035997
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
 
Houston,
Texas
77046
 
(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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.20 par value
OXY
New 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 Filerþ    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 September 30, 2019
 
 
Common stock $.20 par value
 
893,317,470
 




OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS
PAGE
Part I
Financial Information
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note 3—The Merger
 
 
Note 4—Acquisitions, Dispositions and Other Transactions
 
 
 
 
 
 
Note 7—Derivative Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
 
 
Item 3.
 
Item 4.
Part II
Other Information
 
 
Item 1.
 
Item 1A.
 
Item 2.
 
Item 6.



1



PART I    FINANCIAL INFORMATION
 

Item 1.
Financial Statements (unaudited)

OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
millions
 
September 30, 2019
 
December 31, 2018
 
 
 
 
 
ASSETS
 
 
 
 
CURRENT ASSETS
 
 
 
 
Cash and cash equivalents
 
$
4,840

 
$
3,033

Restricted cash and restricted cash equivalents
 
454

 

Trade receivables, net
 
5,854

 
4,893

Inventories
 
1,601

 
1,260

Assets held for sale
 
6,445

 

Other current assets
 
1,750

 
746

Total current assets
 
20,944

 
9,932

 
 
 
 
 
INVESTMENTS IN UNCONSOLIDATED ENTITIES ($2,261 related to WES)
 
3,684

 
1,680

 
 
 
 
 
PROPERTY, PLANT AND EQUIPMENT
 
 
 
 
Oil and Gas segment
 
110,668

 
58,799

Chemical segment
 
7,092

 
7,001

Marketing and Other Midstream segment
 
8,133

 
8,070

WES Midstream segment
 
9,635

 

Corporate
 
1,397

 
550

 
 
136,925

 
74,420

Accumulated depreciation, depletion, and amortization
 
(46,804
)
 
(42,983
)
 
 
90,121

 
31,437

 
 
 
 
 
OPERATING LEASE ASSETS
 
1,078

 

 
 
 
 
 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
 
1,155

 
797

 
 
 
 
 
INTANGIBLES, NET ($2,380 related to WES)
 
2,387

 
8

 
 
 
 
 
GOODWILL - WES
 
6,074

 

 
 
 
 
 
TOTAL ASSETS
 
$
125,443

 
$
43,854

 
 
 
 
 
Western Midstream Partners, LP (WES) is a Variable Interest Entity (VIE). See Note 1 - General. The related parenthetical references reflect amounts as of September 30, 2019.
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

2



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (Continued)
 
millions, except share amounts
 
September 30, 2019
 
December 31, 2018
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
Current maturities of long-term debt
 
$
31

 
$
116

 
Current operating lease liabilities
 
463

 

 
Accounts payable
 
6,789

 
4,885

 
Accrued liabilities ($315 related to WES)
 
5,175

 
2,411

 
Accrued income taxes
 
1,036

 

 
Liabilities of assets held for sale
 
2,203

 

 
Total current liabilities
 
15,697

 
7,412

 
 
 
 
 
 
 
LONG-TERM DEBT, NET
 
 
 
 
 
Long-term debt, net - Occidental
 
39,946

 
10,201

 
Long-term debt, net - WES
 
7,637

 

 
 
 
47,583

 
10,201

 
 
 
 
 
 
 
DEFERRED CREDITS AND OTHER LIABILITIES
 
 
 
 
 
Deferred income taxes ($1,167 related to WES)
 
9,920

 
907

 
Asset retirement obligations ($319 related to WES)
 
4,164

 
1,424

 
Pension and postretirement obligations
 
1,927

 
809

 
Environmental remediation reserves
 
905

 
762

 
Operating lease liabilities
 
676

 

 
Other
 
3,566

 
1,009

 
 
 
21,158

 
4,911

 
 
 
 
 
 
 
EQUITY
 
 
 
 
 
Preferred stock, at $1.00 per share par value (100,000 shares at September 30, 2019)
 
9,762

 

 
Common stock, at $0.20 per share par value (1,043,640,621 shares at September 30, 2019, and 895,115,637 shares at December 31, 2018)
 
209

 
179

 
Treasury stock (150,323,151 shares at September 30, 2019, and 145,726,051 shares at December 31, 2018)
 
(10,653
)
 
(10,473
)
 
Additional paid-in capital
 
14,867

 
8,046

 
Retained earnings
 
22,227

 
23,750

 
Accumulated other comprehensive loss
 
(332
)
 
(172
)
 
Total stockholders' equity
 
36,080

 
21,330

 
 
 
 
 
 
 
Noncontrolling interests
 
4,925

 

 
Total equity
 
41,005

 
21,330

 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
125,443

 
$
43,854

 
 
 
 
 
 
 
Western Midstream Partners, LP (WES) is a Variable Interest Entity (VIE). See Note 1 - General. The related parenthetical references reflect amounts as of September 30, 2019.
 
 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

3



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 
 
Three months ended September 30
 
Nine months ended September 30
millions, except per-share amounts
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
REVENUES AND OTHER INCOME
 
 
 
 
 
 
 
 
Net sales
 
$
5,687

 
$
5,216

 
$
14,111

 
$
13,062

Interest, dividends, and other income
 
56

 
34

 
175

 
101

Gain on sale of assets, net
 
128

 
926

 
150

 
969

 
 
5,871

 
6,176

 
14,436

 
14,132

COSTS AND OTHER DEDUCTIONS
 
 
 
 
 
 
 
 
Oil and gas operating expense
 
962

 
680

 
2,324

 
1,909

Transportation expense
 
217

 
41

 
281

 
121

Chemical and midstream cost of sales
 
741

 
722

 
2,046

 
2,128

Purchased commodities
 
441

 
343

 
1,237

 
456

Selling, general and administrative
 
242

 
151

 
545

 
423

Other operating expense
 
363

 
280

 
861

 
717

Taxes other than on income
 
198

 
110

 
432

 
333

Depreciation, depletion, and amortization
 
1,706

 
1,023

 
3,710

 
2,891

Asset impairments and other items
 
325

 
214

 
325

 
256

Anadarko merger-related costs
 
924

 

 
974

 

Exploration expense
 
63

 
24

 
134

 
60

Interest and debt expense, net
 
381

 
96

 
632

 
290

 
 
6,563

 
3,684

 
13,501

 
9,584

Income (loss) before income taxes and other items
 
(692
)
 
2,492

 
935

 
4,548

 
 
 
 
 
 
 
 
 
OTHER ITEMS
 
 
 
 
 
 
 
 
Gains (losses) on interest rate swaps and warrants, net
 
(33
)
 

 
(33
)
 

Income from equity investments
 
104

 
87

 
274

 
228

 
 
71

 
87

 
241

 
228

 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
(621
)
 
2,579

 
1,176

 
4,776

Income tax expense
 
(116
)
 
(710
)
 
(647
)
 
(1,351
)
Income (loss) from continuing operations
 
(737
)
 
1,869

 
529

 
3,425

Discontinued operations, net of tax
 
(15
)
 

 
(15
)
 

NET INCOME (LOSS)
 
(752
)
 
1,869

 
514

 
3,425

Less: Net income attributable to noncontrolling interests
 
(42
)
 

 
(