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Q4 2014 Occidental Petroleum Corp Earnings Call on January 29

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Q4 2014 Occidental Petroleum Corp Earnings Call on January 29 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT OXY - Q4 2014 Occidental Petroleum Corp Earnings Call EVENT DATE/TIME: JANUARY 29, 2015 / 3:00PM GMT OVERVIEW: Co. reported 4Q14 core income of $560m and diluted EPS of $0.72. THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JANUARY 29, 2015 / 3:00PM, OXY - Q4 2014 Occidental Petroleum Corp Earnings Call CORPORATE PARTICIPANTS Chris Degner Occidental Petroleum Corporation - Sr Director Investor Relations Steve Chazen Occidental Petroleum Corporation - President & CEO Chris Stavros Occidental Petroleum Corporation - EVP & CFO Willie Chiang Occidental Petroleum Corporation - EVP Operations Vicki Hollub Occidental Petroleum Corporation - President Oil and Gas Americas CONFERENCE CALL PARTICIPANTS Doug Leggate BofA Merrill Lynch - Analyst Paul Sankey Wolfe Research - Analyst Doug Terreson Evercore ISI - Analyst Leo Mariani RBC Capital Markets - Analyst Jeffrey Campbell Tuohy Brothers Market Research - Analyst Jason Gammel Jefferies - Analyst Brian Singer Goldman Sachs - Analyst Ryan Todd Deutsche Bank - Analyst Evan Calio Morgan Stanley - Analyst Matt Portillo TPH - Analyst PRESENTATION Operator Good morning and welcome to the Occidental Petroleum Corporation fourth-quarter earnings conference call. (Operator Instructions) Please note: This event is being recorded. I would now like to turn the conference over to Chris Degner. Mr. Degner, please go ahead. Chris Degner - Occidental Petroleum Corporation - Sr Director Investor Relations Thank you, Emily. Good morning, everyone, and thank you for participating in Occidental Petroleum's fourth-quarter 2014 conference call. On the call with us today are Steve Chazen, Oxy's President and Chief Executive Officer; Chris Stavros, Chief Financial Officer; Vicki Hollub, President, Oil and Gas in the Americas; Willie Chiang, Executive Vice President of Operations; and Sandy Lowe, President of our International Oil and Gas Operation. In just a moment, I will turn the call over to our CEO, Steve Chazen, who will review our achievements in 2014, and provide an outlook for 2015. Our CFO, Chris Stavros, will review our financial and operating results for the fourth quarter, and also provide guidance for 2015. Then, Willie Chiang will review our 2015 capital plan; followed by Vicki Hollub, who will provide an update of our activities in the Permian Basin. 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JANUARY 29, 2015 / 3:00PM, OXY - Q4 2014 Occidental Petroleum Corp Earnings Call As a reminder, today's conference call contains certain projections and other forward-looking statements within the meaning of the Federal Securities Laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. Additional information on factors that could cause results to differ is available on the Company's most recent Form 10-K. Our fourth-quarter 2014 earnings press release and the investor relations supplemental schedules, our non-GAAP to GAAP reconciliation, and the conference call presentation slides can be downloaded off of our website at www.oxy.com. I'll now turn the call over to Steve Chazen. Steve, please go ahead. Steve Chazen - Occidental Petroleum Corporation - President & CEO Thanks, Chris. I'd like to start with some highlights from our accomplishments in the past year. We executed many of our strategic initiatives, including the spin-off of California Resources, the sale of our Hugoton gas properties, BridgeTex pipeline, and PAGP units. At the end of the year, our cash balance of $7.8 billion exceeded our total debt of $6.8 billion. We grew our domestic oil production by 11,000 barrels a day over 2013, to 181,000 a day. We grew our Permian resources production from 65,000 barrel equivalents a day over 2013, to 75,000 equivalent barrels a day this year. The 2004 (sic) capital program added 395 million barrels of proved reserves; a replacement ratio of 181% before dispositions. Our costs incurred with these reserve additions were about $6.7 billion; resulted in an apparent finding and development cost of under $17 a BOE. We added 363 million barrels of liquid proved reserves; a replacement ratio of 223% before dispositions. We completed the Al Hosn gas project on budget and on time, which started production in early January. I have a few comments about the macro environment. The confluence of US supply growth, weaker Asian demand, and extreme currency movements have led to significant decline in product prices. Our Company is resilient, and built to weather price shocks typical to this industry. Obviously, we have the financial resource to continue drilling at the 2004 (sic) rate. However, the current service company cost structure is more reflective of $100 oil price environment, rather than the $50 environment we have today. While service companies have offered modest price reductions, they still do not reflect the current reality. We are focused on reducing our costs, which include renegotiating our supplier contracts that are not reflective of weaker oil prices. We expect these efforts to result in a reduction in the cost of executing our capital program, as well as reducing our operating expense. It makes little sense for us to push production, so as to sell our oil at $50 or less. I would like to talk briefly about the impairments. We have virtually eliminated our capital spending in the Williston Basin, on domestic gas properties, in Bahrain, and the Joslyn oil sands projects, as these have unacceptable returns in the current price environment. As a result of a thorough portfolio review, we have [reduced] the carrying value of the assets in the areas where we are minimizing development activity. This resulted in an after-tax charge of $5.1 billion. These charges do not affect our cash position. Chris will detail the charges. Our policy has been, and will continue to be, to write down assets to approximately fair market value when we believe that the impairment is other than temporary. In 2015, we will focus our capital spending on the core areas we operate, principally the Permian Basin. Our capital budget is $5.8 billion, which is a 33% decline from 2014. Two-thirds of the capital budget will be allocated to maintenance capital, and one-third allocated to growth capital. To the start of the several long-term projects, notably the Al Hosn gas project and the BridgeTex pipeline, our 2015 capital program was on course to decline before the recent fall in product prices. Our capital run rate in the first quarter will be higher than the $5.8-billion level, and will decline all year unless product prices significantly improve. Given our large acreage position and deep inventory, we have the flexibility to defer drilling and appraisal activity. 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JANUARY 29, 2015 / 3:00PM, OXY - Q4 2014 Occidental Petroleum Corp Earnings Call Although we will likely outspend our cash flow during the first half of the year, we expect that by the end of the year, our operating cash flow will cover our capital expenditures and dividend payments, assuming a recovery to $60 oil price environment. Willie Chiang will provide more details on our capital program later in the call. Despite the lower capital program, we expect to deliver 6% to 10% annual production growth in 2015, driven by the startup of the Al Hosn gas project and the focused development program we will run in the Permian resources business. In the United States, we expect oil production to grow about 6%, partially offset by declines in NGLs and natural gas production. Vicki Hollub will provide further details on the outlook for the US oil and gas business. We had a successful year in growing the Company's reserve base by adding substantially more reserves than we produced. Companywide, we replaced 174% of our production before asset sales. We ended the year, based on a preliminary estimate, with about 2.8 billion BOEs of reserves. Through our organic development program, replaced 181% of our production. This estimate excludes acquisitions, asset sales, and revisions of prior-period estimates. Our reserve replacement ratio for liquids from all categories before asset sales was 223%. This reflects our emphasis on oil drilling. Our total costs incurred related to the reserve additions for the year on a preliminary basis were approximately $8.3 billion. As a result of our organic development program, we estimate an apparent finding cost of under $17 a barrel. Our 2004 (sic) acquisitions were approximately $1.6 billion, and we booked a conservative amount of proved, developed reserves. We expect to add incremental reserves as we exploit this acreage. At the end of the year, we estimate that 76% of our total proved reserves were liquids, increasing from 71% in 2013. Of the total reserves, about 71% were proved developed reserves, compared to 70% in 2013. Over the past several years, we have built a large portfolio of growth-oriented assets in the United States.
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