Delaware
(State or other jurisdiction of
incorporation or organization)
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95-4035997
(I.R.S. Employer
Identification No.)
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5 Greenway Plaza, Suite 110
Houston, Texas 77046
(Address of principal executive offices) (Zip Code)
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Class
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Outstanding at March 31, 2017
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Common stock $.20 par value
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764,581,720
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PAGE
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Part I
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Financial Information
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Item 1.
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March 31, 2017 and December 31, 2016
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Three months ended March 31, 2017 and 2016
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Three months ended March 31, 2017 and 2016
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Three months ended March 31, 2017 and 2016
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Item 2.
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Item 3.
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Item 4.
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Part II
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Other Information
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Item 1.
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Item 6.
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Item 1.
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Financial Statements (unaudited)
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2017
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2016
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||||
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||||
ASSETS
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||||
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||||
CURRENT ASSETS
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||||
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||||
Cash and cash equivalents
|
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$
|
1,494
|
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$
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2,233
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|
|
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|
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||||
Trade receivables, net
|
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4,316
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|
3,989
|
|
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||
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|
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||||
Inventories
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1,005
|
|
|
866
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|
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||
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||||
Assets held for sale
|
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162
|
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—
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||
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||||
Other current assets
|
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1,261
|
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1,340
|
|
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||
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||||
Total current assets
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8,238
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8,428
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|
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||||
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||||
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||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES
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1,436
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1,401
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||||
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||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $37,607 at March 31, 2017, and $38,956 at December 31, 2016
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32,005
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32,337
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||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
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786
|
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|
943
|
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||
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||||
TOTAL ASSETS
|
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$
|
42,465
|
|
|
$
|
43,109
|
|
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|
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|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
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|
|
2017
|
|
2016
|
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||||
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|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
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|
||||
CURRENT LIABILITIES
|
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|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
500
|
|
|
$
|
—
|
|
|
Accounts payable
|
|
4,071
|
|
|
3,926
|
|
|
||
Accrued liabilities
|
|
2,155
|
|
|
2,436
|
|
|
||
Liabilities of assets held for sale
|
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126
|
|
|
—
|
|
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||
Total current liabilities
|
|
6,852
|
|
|
6,362
|
|
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||
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||||
LONG-TERM DEBT, NET
|
|
9,322
|
|
|
9,819
|
|
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||
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|
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|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
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|
||||
Deferred domestic and foreign income taxes
|
|
1,031
|
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|
1,132
|
|
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||
Other
|
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4,181
|
|
|
4,299
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|
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||
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5,212
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5,431
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STOCKHOLDERS' EQUITY
|
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||||
Common stock, at par value (892,559,026 shares at March 31, 2017 and 892,214,604 shares at December 31, 2016)
|
|
179
|
|
|
178
|
|
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||
Treasury stock (127,977,306 shares at March 31, 2017, and December 31, 2016)
|
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(9,143
|
)
|
|
(9,143
|
)
|
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||
Additional paid-in capital
|
|
7,783
|
|
|
7,747
|
|
|
||
Retained earnings
|
|
22,513
|
|
|
22,981
|
|
|
||
Accumulated other comprehensive loss
|
|
(253
|
)
|
|
(266
|
)
|
|
||
Total stockholders’ equity
|
|
21,079
|
|
|
21,497
|
|
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||
|
|
|
|
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|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
42,465
|
|
|
$
|
43,109
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
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|
|
2017
|
|
2016
|
|
||||
|
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|
||||
REVENUES AND OTHER INCOME
|
|
|
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|
||||
Net sales
|
|
$
|
2,957
|
|
|
$
|
2,123
|
|
|
Interest, dividends and other income
|
|
21
|
|
|
20
|
|
|
||
Gain on disposal of assets, net
|
|
—
|
|
|
138
|
|
|
||
|
|
2,978
|
|
|
2,281
|
|
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||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
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|
||||
Cost of sales
|
|
1,426
|
|
|
1,281
|
|
|
||
Selling, general and administrative and other operating expenses
|
|
272
|
|
|
272
|
|
|
||
Taxes other than on income
|
|
68
|
|
|
75
|
|
|
||
Depreciation, depletion and amortization
|
|
942
|
|
|
1,102
|
|
|
||
Asset impairments and related items
|
|
13
|
|
|
78
|
|
|
||
Exploration expense
|
|
11
|
|
|
9
|
|
|
||
Interest and debt expense, net
|
|
81
|
|
|
60
|
|
|
||
|
|
2,813
|
|
|
2,877
|
|
|
||
|
|
|
|
|
|
||||
Income (loss) before income taxes and other items
|
|
165
|
|
|
(596
|
)
|
|
||
(Provision) benefit for domestic and foreign income taxes
|
|
(78
|
)
|
|
203
|
|
|
||
Income from equity investments
|
|
30
|
|
|
33
|
|
|
||
Income (loss) from continuing operations
|
|
117
|
|
|
(360
|
)
|
|
||
Discontinued operations, net
|
|
—
|
|
|
438
|
|
|
||
NET INCOME
|
|
$
|
117
|
|
|
$
|
78
|
|
|
|
|
|
|
|
|
||||
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
|
|
||||
Income (loss) from continuing operations
|
|
$
|
0.15
|
|
|
$
|
(0.47
|
)
|
|
Discontinued operations, net
|
|
—
|
|
|
0.57
|
|
|
||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
0.15
|
|
|
$
|
0.10
|
|
|
|
|
|
|
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|
||||
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
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|
||||
Income (loss) from continuing operations
|
|
$
|
0.15
|
|
|
$
|
(0.47
|
)
|
|
Discontinued operations, net
|
|
—
|
|
|
0.57
|
|
|
||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
0.15
|
|
|
$
|
0.10
|
|
|
|
|
|
|
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|
||||
DIVIDENDS PER COMMON SHARE
|
|
$
|
0.76
|
|
|
$
|
0.75
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
2017
|
|
2016
|
|
||||
|
|
|
|
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|
||||
Net income
|
|
$
|
117
|
|
|
$
|
78
|
|
|
Other comprehensive income (loss) items:
|
|
|
|
|
|
||||
Foreign currency translation gains
|
|
1
|
|
|
1
|
|
|
||
Unrealized gains (losses) on derivatives
(a)
|
|
5
|
|
|
(10
|
)
|
|
||
Pension and postretirement gains
(b)
|
|
9
|
|
|
5
|
|
|
||
Reclassification to income of realized (gains) losses on derivatives
(c)
|
|
(2
|
)
|
|
7
|
|
|
||
Other comprehensive income, net of tax
|
|
13
|
|
|
3
|
|
|
||
Comprehensive income
|
|
$
|
130
|
|
|
$
|
81
|
|
|
(a)
|
Net of tax of $(3) and $6 for the three months ended March 31, 2017, and 2016, respectively.
|
(b)
|
Net of tax of $(5) and $(3) for the three months ended March 31, 2017, and 2016, respectively.
|
(c)
|
Net of tax of $1 and $(4) for the three months ended March 31, 2017, and 2016, respectively.
|
|
|
2017
|
|
2016
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net Income
|
|
$
|
117
|
|
|
$
|
78
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
||||
Discontinued operations, net
|
|
—
|
|
|
(438
|
)
|
|
||
Depreciation, depletion and amortization of assets
|
|
942
|
|
|
1,102
|
|
|
||
Deferred income tax (benefit) provision
|
|
(108
|
)
|
|
77
|
|
|
||
Other noncash charges to income
|
|
85
|
|
|
63
|
|
|
||
Asset impairments and related items
|
|
13
|
|
|
78
|
|
|
||
Gain on sale of assets, net
|
|
—
|
|
|
(138
|
)
|
|
||
Changes in operating assets and liabilities, net
|
|
(389
|
)
|
|
(316
|
)
|
|
||
Other operating, net
|
|
(8
|
)
|
|
(367
|
)
|
|
||
Operating cash flow from continuing operations
|
|
652
|
|
|
139
|
|
|
||
Operating cash flow from discontinued operations
|
|
—
|
|
|
550
|
|
|
||
Net cash provided by operating activities
|
|
652
|
|
|
689
|
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(722
|
)
|
|
(646
|
)
|
|
||
Change in capital accrual
|
|
(41
|
)
|
|
(208
|
)
|
|
||
Proceeds from sale of assets and equity investments, net
|
|
—
|
|
|
285
|
|
|
||
Payments for purchases of assets and businesses
|
|
(19
|
)
|
|
(24
|
)
|
|
||
Other investing, net
|
|
(37
|
)
|
|
(44
|
)
|
|
||
Net cash used by investing activities
|
|
(819
|
)
|
|
(637
|
)
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Change in restricted cash
|
|
—
|
|
|
1,193
|
|
|
||
Payment of long-term debt, net
|
|
—
|
|
|
(700
|
)
|
|
||
Proceeds from issuance of common stock
|
|
12
|
|
|
11
|
|
|
||
Purchases of treasury stock
|
|
—
|
|
|
(7
|
)
|
|
||
Cash dividends paid
|
|
(584
|
)
|
|
(574
|
)
|
|
||
Net cash used by financing activities
|
|
(572
|
)
|
|
(77
|
)
|
|
||
|
|
|
|
|
|
||||
Decrease in cash and cash equivalents
|
|
(739
|
)
|
|
(25
|
)
|
|
||
Cash and cash equivalents — beginning of period
|
|
2,233
|
|
|
3,201
|
|
|
||
Cash and cash equivalents — end of period
|
|
$
|
1,494
|
|
|
$
|
3,176
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
|
2017
|
|
2016
|
|
||||
Raw materials
|
|
$
|
66
|
|
|
$
|
65
|
|
|
Materials and supplies
|
|
452
|
|
|
446
|
|
|
||
Finished goods
|
|
526
|
|
|
395
|
|
|
||
|
|
1,044
|
|
|
906
|
|
|
||
Revaluation to LIFO
|
|
(39
|
)
|
|
(40
|
)
|
|
||
Total
|
|
$
|
1,005
|
|
|
$
|
866
|
|
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions) |
|
|||
|
|
|
|
|
|
|||
NPL sites
|
|
33
|
|
|
$
|
460
|
|
|
Third-party sites
|
|
68
|
|
|
160
|
|
|
|
Occidental-operated sites
|
|
17
|
|
|
110
|
|
|
|
Closed or non-operated Occidental sites
|
|
29
|
|
|
137
|
|
|
|
Total
|
|
147
|
|
|
$
|
867
|
|
|
Three months ended March 31
|
|
2017
|
|
2016
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
|
Pension Benefit
|
|
Post-retirement Benefit
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
5
|
|
Interest cost
|
|
4
|
|
|
10
|
|
|
4
|
|
|
10
|
|
||||
Expected return on plan assets
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
2
|
|
|
4
|
|
|
3
|
|
|
5
|
|
||||
Total
|
|
$
|
2
|
|
|
$
|
19
|
|
|
$
|
3
|
|
|
$
|
20
|
|
Fair Value Measurements at December 31, 2016:
|
|
|
|
|
|
|
||||||||||||||||
Embedded derivatives
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral
|
|
Total Fair
Value
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43
|
|
||
Deferred credits and liabilities
|
|
$
|
—
|
|
|
$
|
178
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
178
|
|
|
|
|
||||||
As of March 31, (in millions, except Long/(Short) volumes)
|
|
2017
|
|
2016
|
||||
Gain (loss) on derivatives not designated as hedges
|
|
|
|
|
||||
Oil commodity contracts
|
|
$
|
9
|
|
|
$
|
(5
|
)
|
Natural gas commodity contracts
|
|
$
|
3
|
|
|
$
|
1
|
|
|
|
|
|
|
||||
Outstanding net volumes on derivatives not designated as hedges
|
|
|
|
|
||||
Oil Commodity Contracts
|
|
|
|
|
||||
Volume (MMBL)
|
|
73
|
|
|
67
|
|
||
Price Per Bbl
|
|
$
|
50.66
|
|
|
$
|
53.86
|
|
|
|
|
|
|
||||
Natural gas commodity contracts
|
|
|
|
|
||||
Volume (Bcf)
|
|
(26
|
)
|
|
(12
|
)
|
||
Price Per MMBTU
|
|
$
|
2.86
|
|
|
$
|
3.19
|
|
As of March 31, 2017
|
|
Fair Value Measurements Using
|
|
Netting
(b)
|
|
Total Fair Value
|
||||||||||||||||
(in millions)
|
|
(Commodity Contracts)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash-flow hedges:
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other current assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Long-term receivables and other assets, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Derivatives not designated as hedging instruments:
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other current assets
|
|
$
|
285
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
(308
|
)
|
|
$
|
23
|
|
||
Long-term receivables and other assets, net
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
3
|
|
||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash-flow hedges:
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Deferred credits and liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Derivatives not designated as hedging instruments:
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
282
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
(308
|
)
|
|
$
|
8
|
|
||
Deferred credits and liabilities
|
|
$
|
3
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
6
|
|
As of December 31, 2016
|
|
Fair Value Measurements Using
|
|
Netting
(b)
|
|
Total Fair Value
|
||||||||||||||||
(in millions)
|
|
(Commodity Contracts)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash-flow hedges:
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other current assets
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
||
Long-term receivables and other assets, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Derivatives not designated as hedging instruments:
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other current assets
|
|
$
|
166
|
|
|
$
|
57
|
|
|
$
|
—
|
|
|
$
|
(196
|
)
|
|
$
|
27
|
|
||
Long-term receivables and other assets, net
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
3
|
|
||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
||
Deferred credits and liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Derivatives not designated as hedging instruments:
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
172
|
|
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
(196
|
)
|
|
$
|
27
|
|
||
Deferred credits and liabilities
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
5
|
|
(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)
|
These amounts do not include collateral. As of March 31, 2017, collateral received of $6 million has been netted against derivative assets and collateral paid of $1 million has been netted against derivative liabilities. As of December 31, 2016, collateral received of $4 million has been netted against derivative assets and collateral paid of $13 million has been netted against derivative liabilities. Collateral deposited by Occidental, mainly for initial margin, of $25 million as of March 31, 2017, and December 31, 2016, has not been reflected in these derivative fair value tables. This collateral is included in other current assets in the consolidated balance sheets.
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Three months ended March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
1,894
|
|
|
$
|
1,068
|
|
|
$
|
211
|
|
|
$
|
(216
|
)
|
|
$
|
2,957
|
|
Pre-tax operating profit (loss)
|
|
$
|
220
|
|
|
$
|
170
|
|
|
$
|
(47
|
)
|
|
$
|
(148
|
)
|
(a)
|
$
|
195
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
(b)
|
(78
|
)
|
|||||
Net income (loss)
|
|
$
|
220
|
|
|
$
|
170
|
|
|
$
|
(47
|
)
|
|
$
|
(226
|
)
|
|
$
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
1,275
|
|
|
$
|
890
|
|
|
$
|
133
|
|
|
$
|
(175
|
)
|
|
$
|
2,123
|
|
Pre-tax operating profit (loss)
|
|
$
|
(485
|
)
|
|
$
|
214
|
|
|
$
|
(95
|
)
|
|
$
|
(197
|
)
|
(a)
|
$
|
(563
|
)
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
203
|
|
(b)
|
203
|
|
|||||
Discontinued operations, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
438
|
|
|
438
|
|
|||||
Net income (loss)
|
|
$
|
(485
|
)
|
|
$
|
214
|
|
|
$
|
(95
|
)
|
|
$
|
444
|
|
|
$
|
78
|
|
|
|
Three months ended
March 31
|
||||||
|
|
|||||||
|
|
2017
|
|
2016
|
||||
Basic EPS
|
|
|
|
|
||||
Income (loss) from continuing operations
|
|
$
|
117
|
|
|
$
|
(360
|
)
|
Discontinued operations, net
|
|
—
|
|
|
438
|
|
||
Net Income
|
|
117
|
|
|
78
|
|
||
|
|
|
|
|
||||
Less: Net income allocated to participating securities
|
|
—
|
|
|
—
|
|
||
Net Income, net of participating securities
|
|
117
|
|
|
78
|
|
||
|
|
|
|
|
||||
Weighted average number of basic shares
|
|
764.4
|
|
|
763.4
|
|
||
Basic EPS
|
|
$
|
0.15
|
|
|
$
|
0.10
|
|
|
|
|
|
|
||||
Diluted EPS
|
|
|
|
|
||||
Net income, net of participating securities
|
|
$
|
117
|
|
|
$
|
78
|
|
Weighted average number of basic shares
|
|
764.4
|
|
|
763.4
|
|
||
Dilutive effect of potentially dilutive securities
|
|
0.8
|
|
|
—
|
|
||
Total diluted weighted average common shares
|
|
765.2
|
|
|
763.4
|
|
||
Diluted EPS
|
|
$
|
0.15
|
|
|
$
|
0.10
|
|
|
|
Three months ended March 31
|
||||||
|
|
2017
|
|
2016
|
||||
Net Sales
(a)
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
1,894
|
|
|
$
|
1,275
|
|
Chemical
|
|
1,068
|
|
|
890
|
|
||
Midstream and Marketing
|
|
211
|
|
|
133
|
|
||
Eliminations
|
|
(216
|
)
|
|
(175
|
)
|
||
|
|
$
|
2,957
|
|
|
$
|
2,123
|
|
Segment Results
(b)
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
220
|
|
|
$
|
(485
|
)
|
Chemical
|
|
170
|
|
|
214
|
|
||
Midstream and Marketing
|
|
(47
|
)
|
|
(95
|
)
|
||
|
|
343
|
|
|
(366
|
)
|
||
Unallocated Corporate Items
(b)
|
|
|
|
|
||||
Interest expense, net
|
|
(78
|
)
|
|
(57
|
)
|
||
Income tax (expense) benefit
|
|
(78
|
)
|
|
203
|
|
||
Other expense, net
|
|
(70
|
)
|
|
(140
|
)
|
||
|
|
|
|
|
||||
Income (loss) from continuing operations
|
|
117
|
|
|
(360
|
)
|
||
Discontinued operations, net
|
|
—
|
|
|
438
|
|
||
Net income
|
|
$
|
117
|
|
|
$
|
78
|
|
|
|
Three months ended March 31
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
|
|
|
||||
Oil and Gas
|
|
|
|
|
||||
Asset sales gains and other
|
|
$
|
—
|
|
|
$
|
23
|
|
Total Oil and Gas
|
|
$
|
—
|
|
|
$
|
23
|
|
|
|
|
|
|
||||
Chemical
|
|
|
|
|
||||
Asset sales gains
|
|
$
|
—
|
|
|
$
|
88
|
|
Total Chemical
|
|
$
|
—
|
|
|
$
|
88
|
|
|
|
|
|
|
||||
Midstream and Marketing
|
|
|
|
|
||||
No significant transactions
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Corporate
|
|
|
|
|
||||
Asset impairments and related items
|
|
$
|
—
|
|
|
$
|
(78
|
)
|
Tax effect of pre-tax adjustments
(a)
|
|
—
|
|
|
33
|
|
||
Discontinued operations, net
(b)
|
|
—
|
|
|
438
|
|
||
Total Corporate
|
|
$
|
—
|
|
|
$
|
393
|
|
|
|
|
|
|
||||
Total
|
|
$
|
—
|
|
|
$
|
504
|
|
|
|
Three months ended March 31
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
220
|
|
|
$
|
(485
|
)
|
Chemical
|
|
170
|
|
|
214
|
|
||
Midstream and Marketing
|
|
(47
|
)
|
|
(95
|
)
|
||
Unallocated Corporate Items
|
|
(148
|
)
|
|
(197
|
)
|
||
Pre-tax Income (loss)
|
|
195
|
|
|
(563
|
)
|
||
|
|
|
|
|
||||
Income tax expense (benefit)
|
|
|
|
|
||||
Federal and state
|
|
(113
|
)
|
|
(291
|
)
|
||
Foreign
|
|
191
|
|
|
88
|
|
||
Total
|
|
78
|
|
|
(203
|
)
|
||
|
|
|
|
|
||||
Income (loss) from continuing operations
|
|
$
|
117
|
|
|
$
|
(360
|
)
|
|
|
|
|
|
||||
Worldwide effective tax rate
|
|
40
|
%
|
|
36
|
%
|
|
|
Three months ended March 31
|
||||
Production Volumes per Day
|
|
2017
|
|
2016
|
||
|
|
|
|
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
|
|
192
|
|
|
197
|
|
Middle East
|
|
152
|
|
|
182
|
|
Latin America
|
|
28
|
|
|
38
|
|
NGLs (MBBL)
|
|
|
|
|
||
United States
|
|
52
|
|
|
54
|
|
Middle East
|
|
26
|
|
|
22
|
|
Natural Gas (MMCF)
|
|
|
|
|
||
United States
|
|
352
|
|
|
388
|
|
Middle East
|
|
444
|
|
|
588
|
|
Latin America
|
|
8
|
|
|
8
|
|
Total Production Volumes (MBOE)
(a)
|
|
584
|
|
|
657
|
|
|
|
|
|
|
||
|
|
Three months ended March 31
|
||||
Sales Volumes per Day
|
|
2017
|
|
2016
|
||
|
|
|
|
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
|
|
192
|
|
|
197
|
|
Middle East
|
|
152
|
|
|
180
|
|
Latin America
|
|
27
|
|
|
34
|
|
NGLs (MBBL)
|
|
|
|
|
||
United States
|
|
52
|
|
|
54
|
|
Middle East
|
|
26
|
|
|
22
|
|
Natural Gas (MMCF)
|
|
|
|
|
||
United States
|
|
352
|
|
|
388
|
|
Middle East
|
|
444
|
|
|
588
|
|
Latin America
|
|
8
|
|
|
8
|
|
Total Sales Volumes (MBOE)
(a
)
|
|
583
|
|
|
651
|
|
|
|
Three months ended March 31
|
||||
Production Volumes per Day
|
|
2017
|
|
2016
|
||
|
|
|
|
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
(b)
|
|
190
|
|
|
194
|
|
Middle East
(c)
|
|
152
|
|
|
162
|
|
Latin America
|
|
28
|
|
|
38
|
|
NGLs (MBBL)
|
|
|
|
|
||
United States
(b)
|
|
47
|
|
|
47
|
|
Middle East
|
|
26
|
|
|
22
|
|
Natural Gas (MMCF)
|
|
|
|
|
||
United States
(b)
|
|
244
|
|
|
222
|
|
Middle East
(c)
|
|
444
|
|
|
358
|
|
Latin America
|
|
8
|
|
|
8
|
|
Total Production Ongoing Operations (MBOE)
|
|
559
|
|
|
561
|
|
Operations Sold, Exited and Exiting
|
|
25
|
|
|
96
|
|
Total Production Volumes (MBOE)
(a)
|
|
584
|
|
|
657
|
|
|
|
|
|
|
||
|
|
Three months ended March 31
|
||||
Sales Volumes per Day
|
|
2017
|
|
2016
|
||
|
|
|
|
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
(b)
|
|
190
|
|
|
194
|
|
Middle East
(c)
|
|
152
|
|
|
160
|
|
Latin America
|
|
27
|
|
|
34
|
|
NGLs (MBBL)
|
|
|
|
|
||
United States
(b)
|
|
47
|
|
|
47
|
|
Middle East
|
|
26
|
|
|
22
|
|
Natural Gas (MMCF)
|
|
|
|
|
||
United States
(b)
|
|
244
|
|
|
222
|
|
Middle East
(c)
|
|
444
|
|
|
358
|
|
Latin America
|
|
8
|
|
|
8
|
|
Total Sales Ongoing Operations (MBOE)
|
|
558
|
|
|
555
|
|
Operations Sold, Exited and Exiting
|
|
25
|
|
|
96
|
|
Total Sales Volumes (MBOE)
(a
)
|
|
583
|
|
|
651
|
|
|
|
Three months ended March 31
|
||||||
Average Realized Prices
|
|
2017
|
|
2016
|
||||
Oil ($/BBL)
|
|
|
|
|
||||
United States
|
|
$
|
48.67
|
|
|
$
|
29.48
|
|
Middle East
|
|
$
|
49.63
|
|
|
$
|
29.68
|
|
Latin America
|
|
$
|
48.26
|
|
|
$
|
27.63
|
|
Total Worldwide
|
|
$
|
49.04
|
|
|
$
|
29.42
|
|
NGLs ($/BBL)
|
|
|
|
|
||||
United States
|
|
$
|
23.07
|
|
|
$
|
9.91
|
|
Middle East
|
|
$
|
18.64
|
|
|
$
|
13.25
|
|
Total Worldwide
|
|
$
|
21.59
|
|
|
$
|
10.86
|
|
Natural Gas ($/MCF)
|
|
|
|
|
||||
United States
|
|
$
|
2.68
|
|
|
$
|
1.50
|
|
Latin America
|
|
$
|
4.77
|
|
|
$
|
4.19
|
|
Total Worldwide
|
|
$
|
2.07
|
|
|
$
|
1.25
|
|
|
|
Three months ended March 31
|
||||||
Average Index Prices
|
|
2017
|
|
2016
|
||||
WTI oil ($/BBL)
|
|
$
|
51.91
|
|
|
$
|
33.45
|
|
Brent oil ($/BBL)
|
|
$
|
54.66
|
|
|
$
|
35.08
|
|
NYMEX gas ($/MCF)
|
|
$
|
3.26
|
|
|
$
|
2.07
|
|
Average Realized Prices as Percentage of Average Index Prices
|
|
Three months ended March 31
|
||||
|
2017
|
|
2016
|
|||
Worldwide oil as a percentage of average WTI
|
|
94
|
%
|
|
88
|
%
|
Worldwide oil as a percentage of average Brent
|
|
90
|
%
|
|
84
|
%
|
Worldwide NGLs as a percentage of average WTI
|
|
42
|
%
|
|
32
|
%
|
Domestic natural gas as a percentage of average NYMEX
|
|
82
|
%
|
|
73
|
%
|
10.1
|
Form of 2017 Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Restricted Stock Unit Incentive Award.
|
|
|
10.2*
|
Form of 2016 Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Total Shareholder Return Incentive Award (filed as Exhibit 10.4 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, 2016, File No. 1-9210).
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the three months ended March 31, 2017, and 2016, and for each of the five years in the period ended December 31, 2016.
|
|
|
31.1
|
Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
31.2
|
Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
32.1
|
Certifications of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
101.INS
|
XBRL Instance Document.
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
OCCIDENTAL PETROLEUM CORPORATION
|
|
DATE:
|
May 4, 2017
|
/s/ Jennifer M. Kirk
|
|
|
|
Jennifer M. Kirk
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
10.1
|
Form of 2017 Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Restricted Stock Unit Incentive Award.
|
|
|
10.2*
|
Form of 2016 Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Total Shareholder Return Incentive Award (filed as Exhibit 10.4 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, 2016, File No. 1-9210).
|
|
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the three months ended March 31, 2017, and 2016, and for each of the five years in the period ended December 31, 2016.
|
|
|
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.
|
Date of Grant:
|
|
Award Type and Description:
|
Restricted Stock Units granted pursuant to Section 6(e) of the Plan that have been designated as a Performance Award under Section 6(k) of the Plan, which Award is a bookkeeping entry that represents the right to receive a number of shares of Stock up to the number indicated below under “
Number of Shares
,” subject to the terms and conditions of the Award Agreement. This Award is also intended to constitute a Section 162(m) Award granted under Section 6(k)(i) of the Plan (even if the Grantee is not a Covered Employee on the Date of Grant).
|
|
The Grantee’s right to receive payment of this Award shall vest and become nonforfeitable upon the (i) the Committee’s certification of the level of achievement of the applicable Performance Goal (defined below)
and
(ii) the Grantee’s satisfaction of the continued service requirements described below under “
Time Vesting Schedule and Forfeiture.
”
|
Number of Shares:
|
See Morgan Stanley “StockPlan Connect/Stock-Based Awards/ Awarded” for the total number of Restricted Stock Units subject to the Award.
|
Performance Period:
|
[ ] through [ ] (the “
Performance Period
”).
|
Performance Goals:
|
“Performance Goals” to be based on “operating cash flow,” “adjusted cash flow from operations,” “working capital” and “production volumes” (each as described in the Plan).For purposes of this Award, “
Eligible Restricted Stock Units
” means the total number of Restricted Stock Units subject to this Award or, if the total number of Restricted Stock Units with respect to which Grantee may receive payment under this Award is reduced, the total number of Restricted Stock Units subject to this Award as so reduced.
|
Time Vesting Schedule and Forfeiture:
|
Vesting Date
. If the Committee certifies that an applicable Performance Goal is satisfied with respect to the Performance Period, the Grantee must also remain in the continuous employ of the Company from the Date of Grant through each applicable vesting date (each, a “
Vesting Date
”), in accordance with the schedule below, to receive payment of the Eligible Restricted Stock Units subject to this Award. The vesting schedule shall commence on [ ] (the “
Vesting Start Date
”).
|
|
The continuous employment of the Grantee will not be deemed to have been interrupted by reason of the transfer of the Grantee’s employment among the Company and its affiliates or an approved leave of absence.
|
|
Termination of Employment
. Notwithstanding the foregoing, if, prior to any Vesting Date, the Grantee (i) dies, or (ii) becomes permanently disabled while in the employ of the Company and terminates employment as a result thereof, or (iii) retires with the consent of the Company, or (iv) is terminated by the Company without Cause (each of the foregoing, a “
Forfeiture Event
”), then the number of unvested Eligible Restricted Stock Units will be reduced on a pro rata basis to the number obtained by (A) multiplying the total number of Eligible Restricted Stock Units by a fraction, the numerator of which is the number of days between the Vesting Start Date and the Forfeiture Event and the denominator of which is the number of days between the Vesting Start Date and the final Vesting Date, and (B) subtracting from the product the number of Eligible Restricted Stock Units that previously vested, if any (the “
Pro Rata Unvested RSUs
”). Such Pro Rata Unvested RSUs shall immediately vest and become nonforfeitable on the date of the Forfeiture Event, and all other Restricted Stock Units that have not previously vested shall be immediately forfeited; provided, that, notwithstanding the foregoing, if the Forfeiture Event occurs prior to the end of the Performance Period, then vesting of such Pro Rata Unvested RSUs shall remain subject to attainment of the applicable Performance Goal or the occurrence of a Change in Control. If the Grantee terminates employment voluntarily or is terminated for Cause before any Vesting Date, then the Award will terminate automatically on the date of the Grantee’s termination and the Grantee shall immediately forfeit all unvested Restricted Stock Units.
|
|
Change in Control
. If a Change in Control occurs following a Forfeiture Event but prior to the end of the Performance Period, then the Pro Rata Unvested RSUs shall become immediately vested and nonforfeitable and the Performance Goal shall be deemed to be attained as of the date of the Change in Control. For the avoidance of doubt, Restricted Stock Units previously forfeited as a result of the Forfeiture Event shall not become vested pursuant to this paragraph.
If a Forfeiture Event has not occurred and a Change in Control occurs prior to the end of the Performance Period, then the Performance Goal shall be deemed to be attained as of the date of the Change in Control and vesting and payment of the total number of Restricted Stock Units subject to this Award (which shall be deemed the Eligible Restricted Stock Units) shall remain subject to the continued service requirements described above under “Time Vesting Schedule and Forfeiture” and to the provisions of this paragraph. If a Forfeiture Event has not occurred and a Change in Control occurs prior to the final Vesting Date and the Grantee’s employment is terminated by the Company without Cause or by the Grantee for Good Reason, in either case within 12 months following the date of such Change in Control, then the number of unvested Eligible Restricted Stock Units (determined after applying the preceding sentence, if applicable) will be reduced on a pro rata basis to the number obtained by (i) multiplying the total number of Eligible Restricted Stock Units by a fraction, the numerator of which is the number of days between the Vesting Start Date and the date the Grantee’s employment was so terminated (such date, the “
CIC Related Vesting Date
”), and the denominator of which is the number of days between the Vesting Start Date and the final Vesting Date, and (ii) subtracting from the product the number of Eligible Restricted Stock Units that previously vested, if any; and all other Restricted Stock Units with respect to which the continued vesting requirements have not been met as of the CIC Related Vesting Date shall be immediately forfeited. In addition, the Grantee shall be deemed to have a CIC Related Vesting Date such that the treatment in the preceding sentence shall apply (A) on the date at any time following the occurrence of a Change in Control and prior to the final Vesting Date on which the Grantee dies, becomes permanently disabled while in the employ of the Company and terminates employment as a result thereof, or retires with the consent of the Company, or (B) if the Grantee has accrued 12 months of continuous employment with the Company following the Change in Control, on the date following the 12 month anniversary of the Change in Control date and prior to the final Vesting Date on which the Grantee’s employment is terminated by the Company without Cause. For the avoidance of doubt, the occurrence of a Change in Control is not intended to change the protections provided to the Grantee in the event of the Grantee’s death, permanent disability, or retirement with consent of the Company occurring prior to the a Change in Control. Such remaining pro rata unvested Eligible Restricted Stock Units shall immediately vest and become nonforfeitable on the CIC Related Vesting Date, unless, prior to the occurrence of the Change in Control, the Committee determines in its discretion that such event will not accelerate vesting of any of the Restricted Stock Units covered by this Award. Any such determination by the Committee is binding on the Grantee.
|
Payment of Award:
|
Payment for vested Eligible Restricted Stock Units will be made solely in shares of Stock, which will be issued to the Grantee as promptly as practicable after the Vesting Date, Forfeiture Event or CIC Related Vesting Date, as applicable (or, in the case of a Forfeiture Event occurring during the Performance Period but prior to a Change in Control, the end of the Performance Period or, if earlier, the occurrence of a Change in Control) (the “
Payment Trigger Date
”), and in any event no later than the 15th day of the third month following the end of the first taxable year in which the Eligible Restricted Stock Units are no longer subject to a substantial risk of forfeiture.
|
|
Notwithstanding the foregoing, in the event the Award is determined to be subject to Nonqualified Deferred Compensation Rules, all payments hereunder will be made no later than the end of the year in which the Payment Trigger Date occurs, except to the extent Section 9(n) of the Plan requires payment on the Grantee’s Section 409A Payment Date.
|
Dividends, Voting and Other Rights:
|
Restricted Stock Units are not shares of Stock and have no voting rights or, except as described in this paragraph, dividend rights. With respect to each Restricted Stock Unit subject to this Award, the Grantee is also awarded Dividend Equivalents with respect to one share of Stock, which means that, in the event that Occidental declares and pays a cash dividend on its outstanding Stock and, on the record date for such dividend, the Grantee holds Eligible Restricted Stock Units that have not been settled or forfeited pursuant to the terms of the Award Agreement, then the Grantee will be credited on the books and records of Occidental with an amount equal to the amount per share of any such cash dividend for each outstanding Eligible Restricted Stock Unit. The Grantee will be credited with such Dividend Equivalents for the period beginning on the Vesting Start Date and ending on the last day of the Performance Period (or the date the Grantee forfeits his rights with respect to the Restricted Stock Units, if earlier), with any such accrued Dividend Equivalents paid to the Grantee in cash no later than [ ]. Following the end of the Performance Period and provided the Performance Goal has been achieved, Dividend Equivalents with respect to outstanding Eligible Restricted Stock Units will be paid to Grantee at the same time dividends are paid to the Company’s stockholders generally, and in any event no later than the 15th day of the third month following the end of the first taxable year in which the Dividend Equivalents are no longer subject to a substantial risk of forfeiture.
For purposes of clarity, if Restricted Stock Units are forfeited by the Grantee, then the Grantee shall also forfeit the Dividend Equivalents, if any, accrued with respect to such Restricted Stock Units.
|
Holding Period:
|
The shares of Stock ultimately received by the Grantee in connection with the vesting of Restricted Stock Units on [ ] must be held by the Grantee until [ ]. The shares of Stock ultimately received by the Grantee in connection with the vesting of Restricted Stock Units on [ ] must be held by the Grantee until [ ]. The shares of Stock ultimately received by the Grantee in connection with the vesting of Restricted Stock Units on [ ] must be held by the Grantee until [ ].
Notwithstanding the immediately preceding paragraph, to the extent that the Grantee is subject to Occidental’s Executive Stock Ownership Guidelines, as in effect from time to time (the “
Ownership Guidelines
”), and the Grantee’s Stock holdings fail, as of the last day of an applicable holding period set forth in the immediately preceding paragraph, to satisfy the applicable requirements of the Ownership Guidelines, then the Grantee shall continue to retain Beneficial Ownership (as defined below) of all shares of Stock ultimately received by the Grantee in connection with the vesting of Restricted Stock Units on the related vesting date until the Grantee satisfies the applicable requirements of the Ownership Guidelines (the “
Beneficial Ownership Period
”). Compliance with the foregoing requirement shall be determined by reference to the reports filed by the Grantee on Forms 3, 4 and 5, as applicable, pursuant to Section 16(a) of the Exchange Act. For purposes of this paragraph, the term “
Beneficial Ownership
” has the meaning ascribed in Rule 16a-1(a)(2) under the Exchange Act.
Notwithstanding the immediately preceding two paragraphs, upon a Grantee’s separation of employment with Occidental, such Grantee shall no longer be subject to the two-year holding requirement or Occidental’s Executive Stock Ownership Guidelines.
|
EXHIBIT 12
|
|
|
Three months ended March 31,
|
|
Year Ended
December 31
|
|
|
|||||||||||||||||||||||
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|||||||
Income from continuing operations
|
|
$
|
117
|
|
|
$
|
(360
|
)
|
(a)
|
$
|
(1,002
|
)
|
|
$
|
(8,146
|
)
|
|
$
|
(130
|
)
|
|
$
|
4,932
|
|
|
$
|
3,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Add/(Subtract):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
|||||||
Adjusted income from equity investments
(b)
|
|
9
|
|
|
13
|
|
|
43
|
|
|
21
|
|
|
64
|
|
|
52
|
|
|
163
|
|
|
|||||||
|
|
126
|
|
|
(347
|
)
|
|
(959
|
)
|
|
(8,125
|
)
|
|
(80
|
)
|
|
4,984
|
|
|
3,992
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes)
|
|
(90
|
)
|
|
(270
|
)
|
|
(1,281
|
)
|
|
(2,070
|
)
|
|
(280
|
)
|
|
1,353
|
|
|
249
|
|
|
|||||||
Interest and debt expense
|
|
81
|
|
|
60
|
|
|
292
|
|
|
147
|
|
|
77
|
|
|
132
|
|
|
149
|
|
|
|||||||
Portion of lease rentals representative of the interest factor
|
|
31
|
|
|
14
|
|
|
79
|
|
|
63
|
|
|
52
|
|
|
60
|
|
|
58
|
|
|
|||||||
|
|
22
|
|
|
(196
|
)
|
|
(910
|
)
|
|
(1,860
|
)
|
|
(151
|
)
|
|
1,545
|
|
|
456
|
|
|
|||||||
Earnings before fixed charges
|
|
$
|
148
|
|
|
$
|
(543
|
)
|
|
$
|
(1,869
|
)
|
|
$
|
(9,985
|
)
|
|
$
|
(231
|
)
|
|
$
|
6,529
|
|
|
$
|
4,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest and debt expense including capitalized interest
|
|
$
|
98
|
|
|
$
|
74
|
|
|
$
|
356
|
|
|
$
|
285
|
|
|
$
|
257
|
|
|
$
|
269
|
|
|
$
|
254
|
|
|
Portion of lease rentals representative of the interest factor
|
|
31
|
|
|
14
|
|
|
79
|
|
|
63
|
|
|
52
|
|
|
60
|
|
|
58
|
|
|
|||||||
Total fixed charges
|
|
$
|
129
|
|
|
$
|
88
|
|
|
$
|
435
|
|
|
$
|
348
|
|
|
$
|
309
|
|
|
$
|
329
|
|
|
$
|
312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Ratio of earnings to fixed charges
|
|
1.15
|
|
|
(7.29
|
)
|
|
(4.30
|
)
|
|
(28.69
|
)
|
|
(0.75
|
)
|
|
19.83
|
|
|
14.26
|
|
|
|||||||
Insufficient coverage
|
|
—
|
|
|
(631
|
)
|
(c)
|
(2,304
|
)
|
|
(10,333
|
)
|
|
(540
|
)
|
|
|
|
|
|
Note:
Results of California Resources Corporation have been reflected as discontinued operations for all periods presented.
|
|
|
(a)
|
The 2016 first quarter amount includes a $78 million dollar after-tax impairment charge related to the special stock dividend of California Resources shares.
|
|
(b)
|
Represents adjustments to arrive at distributed income from equity investees.
|
|
(c)
|
The 2016 first quarter ratio of earnings to fixed charges excluding certain items (a) was (6.24).
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Occidental Petroleum Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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/s/ Vicki Hollub
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|
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Vicki Hollub
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President and Chief Executive Officer
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1.
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I have reviewed this quarterly report on Form 10-Q of Occidental Petroleum Corporation;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
/s/ Christopher G. Stavros
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|
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Christopher G. Stavros
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|
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Senior Vice President and Chief Financial Officer
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(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Vicki Hollub
|
|
|
Name:
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Vicki Hollub
|
|
Title:
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President and Chief Executive Officer
|
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Date:
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May 4, 2017
|
|
/s/ Christopher G. Stavros
|
|
|
Name:
|
Christopher G. Stavros
|
|
Title:
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Senior Vice President and Chief Financial Officer
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Date:
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May 4, 2017
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