Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
95-4035997
(I.R.S. Employer
Identification No.)
|
5 Greenway Plaza, Suite 110
Houston, Texas 77046
(Address of principal executive offices) (Zip Code)
|
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
|
9 ¼% Senior Debentures due 2019
|
OXY 19A
|
New York Stock Exchange
|
|
Class
|
|
Outstanding at March 31, 2019
|
|
|
Common stock $.20 par value
|
|
747,877,859
|
|
|
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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, 2019 and December 31, 2018
|
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Three months ended March 31, 2019, and 2018
|
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Three months ended March 31, 2019, and 2018
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Three months ended March 31, 2019, and 2018
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Three months ended March 31, 2019, and 2018
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7
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Item 2.
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Item 3.
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|||
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Item 4.
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|||
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Part II
|
Other Information
|
|
||
|
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Item 1.
|
|||
|
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Item 1A.
|
|||
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Item 2.
|
|||
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Item 6.
|
Item 1.
|
Financial Statements (unaudited)
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
ASSETS
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,752
|
|
|
$
|
3,033
|
|
|
Trade receivables, net
|
|
5,310
|
|
|
4,893
|
|
|
||
Inventories
|
|
1,484
|
|
|
1,260
|
|
|
||
Other current assets
|
|
724
|
|
|
746
|
|
|
||
Total current assets
|
|
9,270
|
|
|
9,932
|
|
|
||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES
|
|
1,725
|
|
|
1,680
|
|
|
||
|
|
|
|
|
|
||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $43,913 at March 31, 2019, and $42,983 at December 31, 2018
|
|
31,900
|
|
|
31,437
|
|
|
||
|
|
|
|
|
|
||||
OPERATING LEASE ASSETS
|
|
684
|
|
|
—
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
|
|
801
|
|
|
805
|
|
|
||
|
|
|
|
|
|
||||
TOTAL ASSETS
|
|
$
|
44,380
|
|
|
$
|
43,854
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
116
|
|
|
$
|
116
|
|
|
Current lease liabilities
|
|
240
|
|
|
—
|
|
|
||
Accounts payable
|
|
5,261
|
|
|
4,885
|
|
|
||
Accrued liabilities
|
|
1,920
|
|
|
2,411
|
|
|
||
Total current liabilities
|
|
7,537
|
|
|
7,412
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM DEBT, NET
|
|
10,203
|
|
|
10,201
|
|
|
||
|
|
|
|
|
|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|
||||
Deferred domestic and foreign income taxes, net
|
|
918
|
|
|
907
|
|
|
||
Asset retirement obligations
|
|
1,430
|
|
|
1,424
|
|
|
||
Pension and postretirement obligations
|
|
816
|
|
|
809
|
|
|
||
Environmental remediation reserves
|
|
755
|
|
|
762
|
|
|
||
Lease liabilities
|
|
465
|
|
|
—
|
|
|
||
Other
|
|
1,020
|
|
|
1,009
|
|
|
||
|
|
5,404
|
|
|
4,911
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||
Common stock, at par value (896,293,910 shares at March 31, 2019, and 895,115,637 shares at December 31, 2018)
|
|
179
|
|
|
179
|
|
|
||
Treasury stock (148,416,051 shares at March 31, 2019, and 145,726,051 shares at December 31, 2018)
|
|
(10,653
|
)
|
|
(10,473
|
)
|
|
||
Additional paid-in capital
|
|
8,083
|
|
|
8,046
|
|
|
||
Retained earnings
|
|
23,795
|
|
|
23,750
|
|
|
||
Accumulated other comprehensive loss
|
|
(168
|
)
|
|
(172
|
)
|
|
||
Total stockholders’ equity
|
|
21,236
|
|
|
21,330
|
|
|
||
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
44,380
|
|
|
$
|
43,854
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
REVENUES AND OTHER INCOME
|
|
|
|
|
||||
Net sales
|
|
$
|
4,004
|
|
|
$
|
3,763
|
|
Interest, dividends and other income
|
|
78
|
|
|
29
|
|
||
Gain on sale of assets, net
|
|
7
|
|
|
33
|
|
||
|
|
4,089
|
|
|
3,825
|
|
||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
||||
Cost of sales
|
|
1,345
|
|
|
1,350
|
|
||
Purchased commodities
|
|
365
|
|
|
13
|
|
||
Selling, general and administrative expenses
|
|
140
|
|
|
130
|
|
||
Other operating and non-operating expenses
|
|
238
|
|
|
177
|
|
||
Taxes other than on income
|
|
111
|
|
|
108
|
|
||
Depreciation, depletion and amortization
|
|
973
|
|
|
921
|
|
||
Asset impairments and related items
|
|
—
|
|
|
30
|
|
||
Exploration expense
|
|
36
|
|
|
15
|
|
||
Interest and debt expense, net
|
|
98
|
|
|
97
|
|
||
|
|
3,306
|
|
|
2,841
|
|
||
|
|
|
|
|
||||
Income before income taxes and other items
|
|
783
|
|
|
984
|
|
||
Provision for domestic and foreign income taxes
|
|
(225
|
)
|
|
(339
|
)
|
||
Income from equity investments
|
|
73
|
|
|
63
|
|
||
NET INCOME
|
|
631
|
|
|
708
|
|
||
|
|
|
|
|
||||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
|
|
|
|
|
||||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Net income
|
|
$
|
631
|
|
|
$
|
708
|
|
Other comprehensive income (loss) items:
|
|
|
|
|
||||
Foreign currency translation gains
|
|
—
|
|
|
1
|
|
||
Unrealized gains (losses) on derivatives
(a)
|
|
2
|
|
|
(3
|
)
|
||
Pension and postretirement gains
(b)
|
|
2
|
|
|
4
|
|
||
Reclassification of realized losses on derivatives
(c)
|
|
—
|
|
|
2
|
|
||
Other comprehensive income, net of tax
|
|
4
|
|
|
4
|
|
||
Comprehensive income
|
|
$
|
635
|
|
|
$
|
712
|
|
(a)
|
Net of tax of
zero
and
$1
for the three months ended March 31, 2019, and 2018, respectively.
|
(b)
|
Net of tax of
$(1)
and
$(1)
for the three months ended March 31, 2019, and 2018, respectively.
|
(c)
|
Net of tax of
zero
and
$(1)
for the three months ended March 31, 2019, and 2018, respectively.
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income
|
|
$
|
631
|
|
|
$
|
708
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
||||
Depreciation, depletion and amortization of assets
|
|
973
|
|
|
921
|
|
|
||
Deferred income tax provision
|
|
10
|
|
|
94
|
|
|
||
Other noncash charges (benefits) to income
|
|
225
|
|
|
(23
|
)
|
|
||
Asset impairments and related items
|
|
—
|
|
|
30
|
|
|
||
Gain on sale of assets, net
|
|
(7
|
)
|
|
(33
|
)
|
|
||
Changes in operating assets and liabilities, net
|
|
(884
|
)
|
|
(688
|
)
|
|
||
Net cash provided by operating activities
|
|
948
|
|
|
1,009
|
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(1,259
|
)
|
|
(1,032
|
)
|
|
||
Change in capital accrual
|
|
(51
|
)
|
|
(45
|
)
|
|
||
Payments for purchases of assets and businesses
|
|
(69
|
)
|
|
(177
|
)
|
|
||
Sales of assets, net
|
|
16
|
|
|
275
|
|
|
||
Equity investments and other, net
|
|
(52
|
)
|
|
8
|
|
|
||
Net cash used by investing activities
|
|
(1,415
|
)
|
|
(971
|
)
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Proceeds from long-term debt, net
|
|
—
|
|
|
978
|
|
|
||
Payments of long-term debt
|
|
—
|
|
|
(500
|
)
|
|
||
Proceeds from issuance of common stock
|
|
16
|
|
|
10
|
|
|
||
Purchase of treasury stock
|
|
(237
|
)
|
|
—
|
|
|
||
Cash dividends paid
|
|
(591
|
)
|
|
(592
|
)
|
|
||
Other financing, net
|
|
(2
|
)
|
|
—
|
|
|
||
Net cash used by financing activities
|
|
(814
|
)
|
|
(104
|
)
|
|
||
|
|
|
|
|
|
||||
Decrease in cash and cash equivalents
|
|
(1,281
|
)
|
|
(66
|
)
|
|
||
Cash and cash equivalents — beginning of period
|
|
3,033
|
|
|
1,672
|
|
|
||
Cash and cash equivalents — end of period
|
|
$
|
1,752
|
|
|
$
|
1,606
|
|
|
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive loss
|
|
Total Equity
|
||||||||||||
Balance, December 31, 2017
|
|
$
|
179
|
|
|
$
|
(9,168
|
)
|
|
$
|
7,884
|
|
|
$
|
21,935
|
|
|
$
|
(258
|
)
|
|
$
|
20,572
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
708
|
|
|
—
|
|
|
708
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Dividends on common stock, $0.77 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(594
|
)
|
|
—
|
|
|
(594
|
)
|
||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||
Reclassification of stranded tax effects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
(58
|
)
|
|
—
|
|
||||||
Balance, March 31, 2018
|
|
$
|
179
|
|
|
$
|
(9,168
|
)
|
|
$
|
7,916
|
|
|
$
|
22,107
|
|
|
$
|
(312
|
)
|
|
$
|
20,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive loss
|
|
Total Equity
|
||||||||||||
Balance, December 31, 2018
|
|
$
|
179
|
|
|
$
|
(10,473
|
)
|
|
$
|
8,046
|
|
|
$
|
23,750
|
|
|
$
|
(172
|
)
|
|
$
|
21,330
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
631
|
|
|
—
|
|
|
631
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Dividends on common stock, $0.78 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(586
|
)
|
|
—
|
|
|
(586
|
)
|
||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
||||||
Purchases of treasury stock
|
|
—
|
|
|
(180
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
||||||
Balance, March 31, 2019
|
|
$
|
179
|
|
|
$
|
(10,653
|
)
|
|
$
|
8,083
|
|
|
$
|
23,795
|
|
|
$
|
(168
|
)
|
|
$
|
21,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
For the three months ended March 31,
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Revenue from customers
|
|
$
|
3,435
|
|
|
$
|
3,694
|
|
All other revenues
(a)
|
|
569
|
|
|
69
|
|
||
Total net sales
|
|
$
|
4,004
|
|
|
$
|
3,763
|
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
Raw materials
|
|
$
|
71
|
|
|
$
|
74
|
|
|
Materials and supplies
|
|
470
|
|
|
445
|
|
|
||
Finished goods
|
|
990
|
|
|
788
|
|
|
||
|
|
1,531
|
|
|
1,307
|
|
|
||
Revaluation to LIFO
|
|
(47
|
)
|
|
(47
|
)
|
|
||
Total
|
|
$
|
1,484
|
|
|
$
|
1,260
|
|
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions) |
|
|||
|
|
|
|
|
|
|||
NPL sites
|
|
35
|
|
|
$
|
458
|
|
|
Third-party sites
|
|
68
|
|
|
170
|
|
|
|
Occidental-operated sites
|
|
14
|
|
|
114
|
|
|
|
Closed or non-operated Occidental sites
|
|
29
|
|
|
133
|
|
|
|
Total
|
|
146
|
|
|
$
|
875
|
|
|
Three months ended March 31
|
|
2019
|
|
2018
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Postretirement Benefit
|
|
Pension Benefit
|
|
Postretirement Benefit
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
6
|
|
Interest cost
|
|
4
|
|
|
8
|
|
|
4
|
|
|
9
|
|
||||
Expected return on plan assets
|
|
(5
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
2
|
|
|
2
|
|
|
1
|
|
|
4
|
|
||||
Recognized prior service cost
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
2
|
|
|
$
|
14
|
|
|
$
|
1
|
|
|
$
|
19
|
|
(in millions, except Long/(Short) volumes)
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Unrealized gain (loss) on derivatives not designated as hedges
|
|
|
|
|
||||
Crude Oil Commodity Contracts
|
|
$
|
(63
|
)
|
|
$
|
184
|
|
Natural Gas Commodity Contracts
|
|
$
|
3
|
|
|
$
|
5
|
|
Outstanding net volumes on derivatives not designated as hedges
|
|
|
|
|
||||
Crude Oil Commodity Contracts
|
|
|
|
|
||||
Volume (MMBL)
|
|
56
|
|
|
61
|
|
||
Natural Gas Commodity Contracts
|
|
|
|
|
||||
Volume (Bcf)
|
|
(162
|
)
|
|
(142
|
)
|
As of March 31, 2019
|
|
Fair Value Measurements Using
|
|
Netting
(b)
|
|
Total Fair Value
|
|||||||||||
(in millions)
|
|
Balance Sheet Location
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
|||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives not designated as hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity Contracts
|
Other current assets
|
|
1,077
|
|
|
48
|
|
|
—
|
|
|
(1,099
|
)
|
|
26
|
|
|
Long-term receivables and other assets, net
|
|
19
|
|
|
8
|
|
|
—
|
|
|
(19
|
)
|
|
8
|
|
||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives not designated as hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity Contracts
|
Accrued liabilities
|
|
1,136
|
|
|
54
|
|
|
—
|
|
|
(1,099
|
)
|
|
91
|
|
|
Deferred credits and other liabilities - other
|
|
20
|
|
|
2
|
|
|
—
|
|
|
(19
|
)
|
|
3
|
|
(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 condensed balance sheets.
|
(b)
|
These amounts do not include collateral. As of March 31, 2019,
no
collateral received has been netted against derivative assets and collateral paid of $
66 million
has been netted against derivative liabilities. Occidental had $
94 million
of initial margin deposited with brokers as of March 31, 2019. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables.
|
As of December 31, 2018
|
|
Fair Value Measurements Using
|
|
Netting
(b)
|
|
Total Fair Value
|
|||||||||||
(in millions)
|
|
Balance Sheet Location
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
|||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives not designated as hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity Contracts
|
|
Other current assets
|
|
2,531
|
|
|
110
|
|
|
—
|
|
|
(2,392
|
)
|
|
249
|
|
|
Long-term receivables and other assets, net
|
|
5
|
|
|
9
|
|
|
—
|
|
|
(6
|
)
|
|
8
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity contracts
|
|
Accrued liabilities
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives not designated as hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity contracts
|
|
Accrued liabilities
|
|
2,357
|
|
|
101
|
|
|
—
|
|
|
(2,392
|
)
|
|
66
|
|
|
Deferred credits and other liabilities - other
|
|
6
|
|
|
2
|
|
|
—
|
|
|
(6
|
)
|
|
2
|
|
(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 condensed balance sheets.
|
(b)
|
These amounts do not include collateral. As of December 31, 2018, $
45
million collateral received has been netted against derivative assets and collateral paid of $
1 million
has been netted against derivative liabilities. Occidental had $
178 million
of initial margin deposited with brokers as of December 31, 2018. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables.
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,351
|
|
|
$
|
1,059
|
|
|
$
|
816
|
|
|
$
|
(222
|
)
|
|
$
|
4,004
|
|
Pre-tax operating profit (loss)
|
|
$
|
484
|
|
|
$
|
265
|
|
|
$
|
279
|
|
|
$
|
(172
|
)
|
(a)
|
$
|
856
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(225
|
)
|
(b)
|
(225
|
)
|
|||||
Net income (loss)
|
|
$
|
484
|
|
|
$
|
265
|
|
|
$
|
279
|
|
|
$
|
(397
|
)
|
|
$
|
631
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,454
|
|
|
$
|
1,154
|
|
|
$
|
389
|
|
|
$
|
(234
|
)
|
|
$
|
3,763
|
|
Pre-tax operating profit (loss)
|
|
$
|
750
|
|
|
$
|
298
|
|
|
$
|
179
|
|
|
$
|
(180
|
)
|
(a)
|
$
|
1,047
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(339
|
)
|
(b)
|
(339
|
)
|
|||||
Net income (loss)
|
|
$
|
750
|
|
|
$
|
298
|
|
|
$
|
179
|
|
|
$
|
(519
|
)
|
|
$
|
708
|
|
|
|
2019
|
|
2018
|
||||
Basic EPS
|
|
|
|
|
||||
Net Income
|
|
$
|
631
|
|
|
$
|
708
|
|
Less: Net income allocated to participating securities
|
|
(3
|
)
|
|
(3
|
)
|
||
Net Income, net of participating securities
|
|
628
|
|
|
705
|
|
||
|
|
|
|
|
||||
Weighted average number of basic shares
|
|
748.9
|
|
|
765.6
|
|
||
Basic EPS
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
Diluted EPS
|
|
|
|
|
||||
Net income, net of participating securities
|
|
$
|
628
|
|
|
$
|
705
|
|
Weighted average number of basic shares
|
|
748.9
|
|
|
765.6
|
|
||
Dilutive effect of potentially dilutive securities
|
|
1.6
|
|
|
1.4
|
|
||
Total diluted weighted average common shares
|
|
750.5
|
|
|
767.0
|
|
||
Diluted EPS
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
•
|
Leases that commenced before the effective date carried forward their historical lease classification.
|
•
|
Existing or expired land easements as of December 31, 2018 were not reassessed to determine whether or not they contained a lease.
|
•
|
Leases with a lease term of twelve months or less from lease commencement date are considered short-term leases and not recorded on the balance sheet; however, the lease expenditures recognized are captured and reported as incurred.
|
•
|
For asset classes, except long-term drilling rigs, Occidental elected to account for the lease and non-lease components as a single lease component as the non-lease portions were not significant to separate in determining the lease liability. For drilling rigs considered long-term in nature, Occidental bifurcated the lease and non-lease components using relative fair value as a stand-alone selling price between the asset rental and the services obtained.
|
|
|
Balance sheet location
|
|
2019
|
||
Assets:
|
|
|
|
|
||
Operating
|
|
Operating lease assets
|
|
$
|
684
|
|
Finance
|
|
Property, plant, and equipment, net
|
|
23
|
|
|
Total leased assets
|
|
|
|
$
|
707
|
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Current lease liabilities
|
|
$
|
229
|
|
Finance
|
|
Current lease liabilities
|
|
11
|
|
|
Non-current
|
|
|
|
|
||
Operating
|
|
Deferred credits and other liabilities - Lease liabilities
|
|
453
|
|
|
Finance
|
|
Deferred credits and other liabilities - Lease liabilities
|
|
12
|
|
|
Total lease liabilities
|
|
|
|
$
|
705
|
|
|
|
Operating
|
|
Finance
|
|
|
||||||
|
|
Leases
(a)
|
|
Leases
(b)
|
|
Total
|
||||||
Remainder of 2019
|
|
$
|
166
|
|
|
$
|
9
|
|
|
$
|
175
|
|
2020
|
|
167
|
|
|
12
|
|
|
179
|
|
|||
2021
|
|
110
|
|
|
1
|
|
|
111
|
|
|||
2022
|
|
78
|
|
|
1
|
|
|
79
|
|
|||
2023
|
|
53
|
|
|
1
|
|
|
54
|
|
|||
Thereafter
|
|
170
|
|
|
—
|
|
|
170
|
|
|||
Total lease payments
|
|
744
|
|
|
24
|
|
|
768
|
|
|||
Less: Interest
|
|
(62
|
)
|
|
(1
|
)
|
|
(63
|
)
|
|||
Present value of lease liabilities
|
|
$
|
682
|
|
|
$
|
23
|
|
|
$
|
705
|
|
|
|
Amount
|
||
2019
|
|
$
|
186
|
|
2020
|
|
147
|
|
|
2021
|
|
96
|
|
|
2022
|
|
68
|
|
|
2023
|
|
49
|
|
|
Thereafter
|
|
158
|
|
|
Total minimum lease payments
|
|
$
|
704
|
|
Lease cost classification
(a,b)
|
|
|
||
Property, plant and equipment, net
|
|
$
|
91
|
|
Cost of sales
|
|
77
|
|
|
Selling, general and administrative expenses
|
|
16
|
|
|
|
|
|
||
Total
|
|
$
|
184
|
|
|
|
|
||
Cash paid on operating leases
(b)
|
|
|
||
Cash flow from operating activities
|
|
$
|
48
|
|
Cash flow from investing activities
|
|
$
|
19
|
|
|
|
Three months ended March 31
|
||||||
|
|
2019
|
|
2018
|
||||
Net Sales
(a)
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
2,351
|
|
|
$
|
2,454
|
|
Chemical
|
|
1,059
|
|
|
1,154
|
|
||
Midstream and Marketing
|
|
816
|
|
|
389
|
|
||
Eliminations
|
|
(222
|
)
|
|
(234
|
)
|
||
|
|
$
|
4,004
|
|
|
$
|
3,763
|
|
Segment Results
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
484
|
|
|
$
|
750
|
|
Chemical
|
|
265
|
|
|
298
|
|
||
Midstream and Marketing
|
|
279
|
|
|
179
|
|
||
|
|
1,028
|
|
|
1,227
|
|
||
Unallocated Corporate Items
|
|
|
|
|
||||
Interest expense, net
|
|
(83
|
)
|
|
(92
|
)
|
||
Income tax provision
|
|
(225
|
)
|
|
(339
|
)
|
||
Other expense, net
|
|
(89
|
)
|
|
(88
|
)
|
||
Net Income
|
|
$
|
631
|
|
|
$
|
708
|
|
|
|
Three months ended March 31
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Pre-tax Income
|
|
$
|
856
|
|
|
$
|
1,047
|
|
Income tax provision
|
|
|
|
|
||||
Federal and state
|
|
74
|
|
|
95
|
|
||
Foreign
|
|
151
|
|
|
244
|
|
||
Total
|
|
225
|
|
|
339
|
|
||
Net Income
|
|
$
|
631
|
|
|
$
|
708
|
|
Worldwide effective tax rate
|
|
26
|
%
|
|
32
|
%
|
|
|
Three months ended March 31
|
||||
Production Volumes per Day
|
|
2019
|
|
2018
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
|
|
277
|
|
|
228
|
|
Middle East
|
|
140
|
|
|
139
|
|
Latin America
|
|
32
|
|
|
32
|
|
NGL (MBBL)
|
|
|
|
|
||
United States
|
|
79
|
|
|
59
|
|
Middle East
|
|
34
|
|
|
26
|
|
Natural Gas (MMCF)
|
|
|
|
|
||
United States
|
|
389
|
|
|
294
|
|
Middle East
|
|
544
|
|
|
449
|
|
Latin America
|
|
7
|
|
|
6
|
|
Total Production Volumes (MBOE)
(a)
|
|
719
|
|
|
609
|
|
|
|
Three months ended March 31
|
||||
Sales Volumes per Day
|
|
2019
|
|
2018
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
|
|
277
|
|
|
228
|
|
Middle East
|
|
139
|
|
|
140
|
|
Latin America
|
|
27
|
|
|
32
|
|
NGL (MBBL)
|
|
|
|
|
||
United States
|
|
79
|
|
|
59
|
|
Middle East
|
|
34
|
|
|
26
|
|
Natural Gas (MMCF)
|
|
|
|
|
||
United States
|
|
389
|
|
|
294
|
|
Middle East
|
|
544
|
|
|
450
|
|
Latin America
|
|
6
|
|
|
6
|
|
Total Sales Volumes (MBOE)
(a)
|
|
713
|
|
|
610
|
|
|
|
Three months ended March 31
|
||||||
Average Realized Prices
|
|
2019
|
|
2018
|
||||
Oil ($/BBL)
|
|
|
|
|
||||
United States
|
|
$
|
48.38
|
|
|
$
|
61.03
|
|
Middle East
|
|
$
|
60.50
|
|
|
$
|
61.45
|
|
Latin America
|
|
$
|
55.52
|
|
|
$
|
59.24
|
|
Total Worldwide
|
|
$
|
52.62
|
|
|
$
|
61.04
|
|
NGL ($/BBL)
|
|
|
|
|
||||
United States
|
|
$
|
16.79
|
|
|
$
|
26.89
|
|
Middle East
|
|
$
|
21.30
|
|
|
$
|
21.89
|
|
Total Worldwide
|
|
$
|
18.14
|
|
|
$
|
25.35
|
|
Natural Gas ($/MCF)
|
|
|
|
|
||||
United States
|
|
$
|
1.36
|
|
|
$
|
2.06
|
|
Latin America
|
|
$
|
7.37
|
|
|
$
|
5.68
|
|
Total Worldwide
|
|
$
|
1.55
|
|
|
$
|
1.82
|
|
|
|
Three months ended March 31
|
||||||
Average Index Prices
|
|
2019
|
|
2018
|
||||
WTI oil ($/BBL)
|
|
$
|
54.90
|
|
|
$
|
62.87
|
|
Brent oil ($/BBL)
|
|
$
|
63.90
|
|
|
$
|
67.18
|
|
NYMEX gas ($/MCF)
|
|
$
|
3.24
|
|
|
$
|
2.87
|
|
Average Realized Prices as Percentage of Average Index Prices
|
|
Three months ended March 31
|
||||
|
2019
|
|
2018
|
|||
Worldwide oil as a percentage of average WTI
|
|
96
|
%
|
|
97
|
%
|
Worldwide oil as a percentage of average Brent
|
|
82
|
%
|
|
91
|
%
|
Worldwide NGL as a percentage of average WTI
|
|
33
|
%
|
|
40
|
%
|
Domestic natural gas as a percentage of average NYMEX
|
|
42
|
%
|
|
72
|
%
|
Period
|
|
Total Number
of Shares Purchased
(a)
|
|
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
(b)
|
|||||
|
|
|
|
|
|
|
|
|
|||||
January 1 - 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
February 1 - 28, 2019
|
|
2,690,000
|
|
|
$
|
66.94
|
|
|
2,690,000
|
|
|
|
|
March 1 - 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
First Quarter 2019
|
|
2,690,000
|
|
|
$
|
66.94
|
|
|
2,690,000
|
|
|
|
|
Total
|
|
2,690,000
|
|
|
$
|
66.94
|
|
|
2,690,000
|
|
|
44,206,787
|
|
(a)
|
There were no purchases from the trustee of Occidental's defined contribution savings plan.
|
(b)
|
Represents the total number of shares remaining at March 31, 2019, 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.
|
10.1
#
*
|
|
|
|
10.2
#
|
|
|
|
10.3
#
|
|
|
|
31.1*
|
|
|
|
31.2*
|
|
|
|
32.1**
|
|
|
|
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 6, 2019
|
/s/ Jennifer M. Kirk
|
|
|
|
Jennifer M. Kirk
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
Vesting Schedule and Forfeiture:
|
Vesting Date
. The Grantee must remain in the continuous employ of the Company from the Date of Grant through the last day of the Performance Period (the “
Vesting Date
”) to be eligible to receive payment of this Award, subject to the level of achievement of the Performance Goal. 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 the 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 less than 12 months after the Date of Grant, or (iv) is terminated by the Company without Cause (each of the foregoing, a “
Forfeiture Event
”), then the number of Target Performance Shares will be reduced on a pro rata basis to the number obtained by multiplying the total number of Target Performance Shares granted by a fraction, the numerator of which is the number of days between the first day of the Performance Period and the Forfeiture Event and the denominator of which is the total number of days in the Performance Period. Such remaining pro rata unvested Target Performance Shares shall remain eligible for payment following the date of the Forfeiture Event, subject to the level of achievement of the Performance Goal at the end of the Performance Period or the occurrence of a Change in Control, and all other Target Performance Shares shall be immediately forfeited. If the Grantee retires with the consent of the Company 12 months or more after the Date of Grant but prior to the Vesting Date, then none of the Target Performance Shares will be reduced or forfeited and the Grantee will remain eligible to receive payment with respect to all Target Performance Shares following the date of the Forfeiture Event, subject to the level of achievement of the Performance Goal at the end of the Performance Period. If the Grantee terminates employment voluntarily or is terminated for Cause before the Vesting Date, then the Award will terminate automatically on the date of the Grantee’s termination and the Grantee shall immediately forfeit all Target Performance Shares.
Change in Control
. If a Change in Control occurs following a Forfeiture Event, then the unvested Target Performance Shares (as reduced as a result of the Forfeiture Event) shall become immediately vested and nonforfeitable and deemed to be Earned Performance Shares as of the date of the Change in Control (without regard to the level of achievement of the Performance Goal). For the avoidance of doubt, Target Performance Shares 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 Vesting Date, then 100% of the Target Performance Shares will be deemed to be Earned Performance Shares and will automatically convert into the same number of shares of Restricted Stock. The shares of Restricted Stock may not be transferred, assigned, sold, pledged, exchanged or otherwise encumbered or disposed of by the Grantee, except as provided for within the Plan, and are subject to a risk of forfeiture. In order for restrictions to lapse and the shares of Restricted Stock to become vested and nonforfeitable, the Grantee must remain in the continuous employ of the Company from the date of the Change in Control through the earlier to occur of (i) the Vesting Date or (ii) the date within 12 months following the date of the Change in Control on which the Grantee’s employment is terminated by the Company without Cause or by the Grantee for Good Reason (the “
CIC Related Vesting Date
”); provided, that, for the avoidance of doubt, vesting of the shares of Restricted Stock shall not be subject to any level of attainment of the Performance Goal, which shall be waived upon occurrence of the Change in Control. In addition, the Grantee shall be deemed to have a CIC Related Vesting Date (A) on the date at any time following the occurrence of a Change in Control and prior to the Vesting Date on which the Grantee dies or becomes permanently disabled while in the employ of the Company and terminates employment as a result thereof, 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 Vesting Date on which the Grantee's employment is terminated by the Company without Cause or the Grantee retires with the consent of the Company; provided, that in the case of clause (A) or (B) of this sentence, the number of shares of Restricted Stock which shall become vested and nonforfeitable on the applicable CIC Related Vesting Date shall equal the total number of shares of Restricted Stock multiplied by a fraction, the numerator of which is the number of days between the first day of the Performance Period and the CIC Related Vesting Date and the denominator of which is the total number of days in the Performance Period. 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 or permanent disability occurring prior to a Change in Control, other than waiver of any level of attainment of the Performance Goal. Except as otherwise provided in the Award Agreement, the Grantee shall have all of the rights of a stockholder with respect to the shares of Restricted Stock received upon conversion of Earned Performance Shares pursuant to this paragraph, including the right to vote such shares and, subject to the terms and conditions described below under “
Dividends, Voting and Other Rights
,” to receive any dividends that may be paid thereon; provided, that any and all such dividends shall be subject to the same restrictions as the underlying shares of Restricted Stock. The foregoing provisions of this paragraph shall not apply if, prior to the occurrence of the Change in Control, the Committee determines in its discretion that such event will not accelerate vesting of this Award. Any such determination by the Committee is binding on the Grantee.
|
Performance Goal:
|
The “
Performance Goal
” for the Performance Period is based on the attainment of at least a minimum Cash Return on Capital Employed (“CROCE”), as set forth below.
|
Payment of Award:
|
Payment for Earned Performance Shares will be made solely in shares of Stock (in shares of Restricted Stock, in the case of the occurrence of a Change in Control), which will be issued to the Grantee as promptly as practicable after the Committee’s certification of attainment of the Performance Goal (which such payment and certification shall occur no later than 70 days following the end of the Performance Period) or the occurrence of a Change in Control (which such payment shall occur no later than 70 days following the date of the Change in Control), as applicable (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 Performance Shares are no longer subject to a substantial risk of forfeiture.
|
Dividends, Voting and Other Rights:
|
Performance Shares are not shares of Stock and have no voting rights or, except as described in this paragraph, dividend rights. With respect to each Performance Share 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 Performance Shares that have not been settled (including settlement through conversion into Restricted Stock) 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 Performance Share. The Grantee will be credited with such Dividend Equivalents for the period beginning on the Date of Grant and ending on the applicable Payment Trigger Date or, if earlier, the date the Grantee forfeits his rights with respect to the Performance Shares. Occidental will pay in cash to the Grantee an amount equal to (i) the Dividend Equivalents credited to such Grantee, adjusted as necessary to reflect the number of Earned Performance Shares, plus (ii) if applicable, the amount of any cash dividends accumulated with respect to any shares of Restricted Stock received as described above under “
Vesting Schedule and Forfeiture—Change in Control
,” as promptly as may be practicable after (A) the Committee certifies the attainment of the Performance Goal, or (B) if a Change in Control has occurred, the earlier to occur of the Vesting Date and the CIC Related Vesting Date, as applicable, 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 or dividends, as applicable, are no longer subject to a substantial risk of forfeiture. For purposes of clarity, if Performance Shares or shares of Restricted Stock are forfeited by the Grantee, then the Grantee shall also forfeit the Dividend Equivalents and/or dividends, if any, accrued with respect to such Performance Shares and/or shares of Restricted Stock.
|
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;
|
(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;
|
(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
|
(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
|
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/ Vicki Hollub
|
|
|
Vicki Hollub
|
|
|
President and Chief Executive Officer
|
|
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;
|
(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;
|
(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
|
(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
|
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/ Cedric W. Burgher
|
|
|
Cedric W. Burgher
|
|
|
Senior Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(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:
|
Vicki Hollub
|
|
Title:
|
President and Chief Executive Officer
|
|
Date:
|
May 6, 2019
|
|
/s/ Cedric W. Burgher
|
|
|
Name:
|
Cedric W. Burgher
|
|
Title:
|
Senior Vice President and Chief Financial Officer
|
|
Date:
|
May 6, 2019
|
|