- Occidental Petroleum reported lower net income and core earnings for Q4 2008 compared to Q4 2007, due to lower oil and gas prices and higher operating expenses. However, full year 2008 was highly profitable, with record annual earnings.
- For Q4 2008, daily oil and gas sales volumes were up slightly from the previous year, but earnings from oil and gas operations declined significantly due to lower commodity prices.
- While Q4 results suffered from market conditions, Occidental emphasized that 2008 was still a very strong year overall and that they will invest $3.5 billion in 2009 to continue growth, despite volatile prices.
Using P/E basis, at the CMP the stock quotes at a FY16 P/E of 10.3. We think investors could buy the stock on dips to Rs.365 – Rs.384 band (~9.5-10.00x FY16E EPS and ~5.25-5.5xFY16 EV/EBITDA) for target of Rs.422 (~11.0x FY16E EPS and ~6x FY16 EV/EBITDA) over the next 1 quarter.
Southwestern Energy's 2013 Q413 and Full Year 2013 Financial/Operational UpdateMarcellus Drilling News
Southwestern Energy's fourth quarter and full year 2013 financial and operational update, which shows the Marcellus Shale is an increasingly large part of the company's focus. Southwestern spud 108 wells in 2013, spent an average $7 million to complete a Marcellus Shale well, and increased both production and proven reserves last year.
Using P/E basis, at the CMP the stock quotes at a FY16 P/E of 10.3. We think investors could buy the stock on dips to Rs.365 – Rs.384 band (~9.5-10.00x FY16E EPS and ~5.25-5.5xFY16 EV/EBITDA) for target of Rs.422 (~11.0x FY16E EPS and ~6x FY16 EV/EBITDA) over the next 1 quarter.
Southwestern Energy's 2013 Q413 and Full Year 2013 Financial/Operational UpdateMarcellus Drilling News
Southwestern Energy's fourth quarter and full year 2013 financial and operational update, which shows the Marcellus Shale is an increasingly large part of the company's focus. Southwestern spud 108 wells in 2013, spent an average $7 million to complete a Marcellus Shale well, and increased both production and proven reserves last year.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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occidental petroleum 2008
1. For Immediate Release: January 29, 2009
Occidental Petroleum Announces Fourth Quarter 2008 Results
LOS ANGELES, January 29, 2009 -- Occidental Petroleum
Corporation (NYSE: OXY) announced net income of $443 million
($0.55 per diluted share) for the fourth quarter of 2008,
compared with $1.452 billion ($1.74 per diluted share) for the
fourth quarter of 2007. Core results for the fourth quarter of
2008 were $957 million ($1.18 per diluted share), compared with
$1.464 billion ($1.76 per diluted share) for the fourth quarter
of 2007. Core results for 2008 excluded after-tax charges of
$514 million ($0.63 per diluted share).
Net income for the twelve months of 2008 was $6.857 billion
($8.35 per diluted share), compared with $5.400 billion ($6.44
per diluted share) for the twelve months of 2007. Core results
were $7.348 billion ($8.95 per diluted share) for the twelve
months of 2008, compared with $4.405 billion ($5.25 per diluted
share) for 2007. See the attached schedule for a reconciliation
of net income to core results.
In announcing the results, Dr. Ray R. Irani, Chairman and
Chief Executive Officer, said, quot;In spite of a difficult fourth
quarter, 2008 was a very strong year for Occidental with full
year earnings being the highest in Oxy's history. In addition,
our production grew by 5.4 percent from 2007 reaching 601,000
BOE per day.
quot;We are investing for the future growth of the company,
despite volatile commodity prices, while maintaining a
discipline of investing only in projects that we believe give us
good return on capital employed. In the fourth quarter, we
completed the acquisition of the remainder of Plains
Exploration's interests in the Permian and Piceance Basins. We
announced the signing of a preliminary agreement to develop the
Jarn Yaphour and Ramhan oil and gas fields in the Emirate of Abu
2. Dhabi and the signing of an exploration and production sharing
agreement to develop existing gas fields in Northern Oman.
Additionally, earlier this month we were selected from among
several international companies to develop oil and gas reserves
in the Kingdom of Bahrain.
quot;The current oil and gas industry cost structure is higher
than what the current product prices can support. In order to
protect our returns, we are announcing a 2009 capital program of
$3.5 billion. We believe that with this level of capital, we
will achieve our targeted returns in the current price
environment as well as grow our production volumes in 2009, 2010
and beyond.quot;
QUARTERLY RESULTS
Oil and Gas
Oil and gas segment earnings were $339 million for the
fourth quarter of 2008, compared with $2.461 billion for the
same period in 2007. The fourth quarter of 2008 core results
were $996 million after excluding pre-tax losses of $599 million
relating to the impairment of assets and $58 million for rig
termination costs. The $1.465 billion decrease in the fourth
quarter of 2008 core results was due to lower crude oil and
natural gas prices, higher operating expenses, DD&A rates and
exploration expense.
For the fourth quarter of 2008, daily oil and gas sales
volumes averaged 620,000 barrels of oil equivalent (BOE),
compared with 590,000 BOE per day in the fourth quarter of
2007. The increase includes 22,000 BOE per day from the
Dolphin Project, 14,000 BOE per day domestically and 6,000
BOE per day from Oman, offset by 12,000 BOE per day lower
production in Libya as a result of the new contract terms.
Oxy's realized price for worldwide crude oil was $53.52
per barrel for the fourth quarter of 2008, compared with
$80.30 per barrel for the fourth quarter of 2007. Domestic
realized gas prices dropped from $6.77 per MCF in the fourth
quarter of 2007 to $4.67 per MCF for the fourth quarter of
2008.
2
3. Chemicals
Chemical segment earnings for the fourth quarter of 2008
were $127 million, compared with $94 million for the same period
in 2007. The fourth quarter of 2008 core results were $217
million after excluding a $90 million pre-tax loss related to
plant closure and impairments. The improvement in the fourth
quarter of 2008 results reflect higher caustic soda margins,
partially offset by lower volumes for chlorine, caustic soda and
polyvinyl chloride.
Midstream, Marketing and Other
Midstream segment earnings were $170 million for the fourth
quarter of 2008, compared with $138 million for the fourth
quarter of 2007. Earnings for the fourth quarter of 2008
reflect higher margins in crude oil marketing, higher pipeline
income from Dolphin and lower NGL margins in gas processing.
TWELVE-MONTH RESULTS
Oil and Gas
Oil and gas segment earnings were $10.651 billion for the
twelve months of 2008, compared with $7.957 billion for the same
period of 2007. Oil and gas core results were $11.308 billion
for the twelve months of 2008 after excluding the fourth quarter
impairments and rig termination costs described above, compared
to 2007 core results of $7.369 billion. The $3.939 billion
increase in the 2008 core results reflected $3.980 billion from
higher crude oil and natural gas prices and $639 million from
increased oil and gas production, offset by higher operating
expenses and increased DD&A rates.
Daily oil and gas sales volumes for the year were 601,000
BOE per day for 2008, compared with 570,000 BOE per day for the
same 2007 period. The 5.4 percent increase was largely the
result of 39,000 BOE per day from the Dolphin project, offset by
a reduction of 7,000 BOE per day in Libya, as a result of the
new contract.
Oxy's realized price for worldwide crude oil was $88.26 per
barrel for the twelve months of 2008, compared with $64.77 per
barrel for the twelve months of 2007. Domestic realized gas
3
4. prices increased from $6.53 per MCF in the twelve months of 2007
to $8.03 per MCF in the twelve months of 2008.
Chemicals
Chemical segment earnings were $669 million for the twelve
months of 2008 compared with $601 million in 2007. The 2008
core results were $759 million after excluding the fourth
quarter charge for the plant closure and impairments mentioned
above. The improvement in 2008 is due primarily to higher
caustic soda margins, partially offset by lower volumes in
chlorine, caustic soda and polyvinyl chloride.
Midstream, Marketing and Other
Midstream segment earnings were $520 million for the twelve
months of 2008, compared with $367 million for the same period
in 2007. The improvement in 2008 reflected higher pipeline
income from Dolphin and higher margins in gas processing.
About Oxy
Occidental Petroleum Corporation is an international oil
and gas exploration and production company with operations in
the United States, Middle East/North Africa and Latin America
regions. Oxy is the fourth largest U.S. oil and gas company,
based on equity market capitalization. Oxy's wholly owned
subsidiary, OxyChem, manufactures and markets chlor-alkali
products and vinyls. Occidental is committed to safeguarding
the environment, protecting the safety and health of employees
and neighboring communities and upholding high standards of
social responsibility in all of the company's worldwide
operations.
4
5. Forward-Looking Statements
Statements in this release that contain words such as
quot;will,quot; quot;expectquot; or quot;estimate,quot; or otherwise relate to the
future, are forward-looking and involve risks and uncertainties
that could significantly affect expected results. Factors that
could cause actual results to differ materially include, but are
not limited to: global commodity price fluctuations and
supply/demand considerations for oil, gas and chemicals;
exploration risks, such as drilling of unsuccessful wells;
higher-than-expected costs; political risk; operational
interruptions; changes in tax rates and not successfully
completing (or any material delay in) any expansions, capital
projects, acquisitions, or dispositions. You should not place
undue reliance on these forward-looking statements which speak
only as of the date of this release. Unless legally required,
Occidental does not undertake any obligation to update any
forward-looking statements as a result of new information,
future events or otherwise. U.S. investors are urged to
consider carefully the disclosures in our Form 10-K, available
through the following toll-free telephone number, 1-888-OXYPETE
(1-888-699-7383) or on the Internet at http://www.oxy.com. You
also can obtain a copy from the SEC by calling 1-800-SEC-0330.
-0-
Contacts: Richard S. Kline (media)
richard_kline@oxy.com
310-443-6249
Chris Stavros (investors)
chris_stavros@oxy.com
212-603-8184
For further analysis of Occidental's quarterly
performance, please visit the web site:
www.oxy.com
5
6. SUMMARY OF SEGMENT NET SALES AND EARNINGS
Fourth Quarter Twelve Months
(Millions, except ---------------- ----------------
per-share amounts) 2008 2007 2008 2007
================================ ======= ======= ======= =======
SEGMENT NET SALES
Oil and Gas $ 2,746 $ 4,122 $18,187 $13,304
Chemical 1,005 1,134 5,112 4,664
Midstream, Marketing and Other 394 413 1,598 1,388
Eliminations and other (124) (152) (680) (572)
------- ------- ------- -------
Net sales $ 4,021 $ 5,517 $24,217 $18,784
================================ ======= ======= ======= =======
SEGMENT EARNINGS
Oil and Gas (a) $ 339 $ 2,461 $10,651 $ 7,957
Chemical (b) 127 94 669 601
Midstream, Marketing and Other 170 138 520 367
------- ------- ------- -------
636 2,693 11,840 8,925
Unallocated Corporate Items
Interest expense, net (c) (16) (13) (26) (199)
Income taxes (118) (1,057) (4,629) (3,507)
Other (d) (54) (175) (346) (141)
------- ------- ------- -------
Income from Continuing Operations 448 1,448 6,839 5,078
Discontinued operations, net (e) (5) 4 18 322
------- ------- ------- -------
NET INCOME $ 443 $ 1,452 $ 6,857 $ 5,400
======= ======= ======= =======
BASIC EARNINGS PER COMMON SHARE
Income from continuing
operations $ 0.55 $ 1.75 $ 8.37 $ 6.08
Discontinued operations, net (e) -- -- 0.02 0.39
------- ------- ------- -------
$ 0.55 $ 1.75 $ 8.39 $ 6.47
======= ======= ======= =======
DILUTED EARNINGS PER COMMON SHARE
Income from continuing
operations $ 0.55 $ 1.74 $ 8.33 $ 6.05
Discontinued operations, net (e) -- -- 0.02 0.39
------- ------- ------- -------
$ 0.55 $ 1.74 $ 8.35 $ 6.44
======= ======= ======= =======
AVERAGE COMMON SHARES OUTSTANDING
BASIC 810.3 828.4 817.6 834.9
DILUTED 811.6 833.1 820.8 839.1
================================ ======= ======= ======= =======
See footnotes on following page.
6
7. (a) Oil and Gas - The fourth quarter of 2008 includes $599 million
charges for asset impairments and a $58 million charge for the
termination of rig contracts. The twelve months of 2007 included
a gain of $412 million from the sale of Occidental's Russian
joint venture interests, a $112 million gain resulting from the
resolution of certain legal disputes, a $103 million gain on the
sale of exploration properties, partially offset by $74 million
in charges for exploration impairments, and a $35 million gain
from the sale of oil and gas interest.
(b) Chemical - The fourth quarter of 2008 includes a $90 million
charge for plant closure and impairments.
(c) Interest Expense, net - The twelve months of 2007 included $167
million of interest charges for the purchase of various debt
issues in the open market.
(d) Unallocated Corporate Items - Other - The twelve months of 2007
included a $326 million gain from the sale of Lyondell shares, a
$47 million charge for plant closure and related environmental
remediation reserve, and a $25 million severance accrual.
(e) Discontinued Operations, net - In 2008, Occidental received
payment from Ecuador for tax refunds. In 2007, Occidental
completed an exchange of oil and gas interests in Horn Mountain
with BP p.l.c. (BP) for oil and gas interests in the Permian
Basin and a gas processing plant in Texas. Occidental also sold
its oil and gas interests in Pakistan to BP.
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
Fourth Quarter Twelve Months
---------------- ----------------
($ millions) 2008 2007 2008 2007
================================ ======= ======= ======= =======
CAPITAL EXPENDITURES $ 1,594 $ 946 $ 4,664 $ 3,360
======= ======= ======= =======
DEPRECIATION, DEPLETION
AND AMORTIZATION
OF ASSETS $ 753 $ 639 $ 2,710 $ 2,379
================================ ======= ======= ======= =======
ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS
Income/(Expense) Fourth Quarter Twelve Months
---------------- ----------------
($ millions) 2008 2007 2008 2007
================================ ======= ======= ======= =======
Foreign exchange gains and
(losses)* $ 88 $ 5 $ 91 $ (18)
================================ ======= ======= ======= =======
*Amounts shown after tax.
7
8. SUMMARY OF OPERATING STATISTICS - SALES
Fourth Quarter Twelve Months
---------------- ----------------
2008 2007 2008 2007
================================ ======= ======= ======= =======
NET OIL, GAS AND LIQUIDS
SALES PER DAY
United States
Crude Oil and Liquids (MBBL)
California 97 88 89 89
Permian 167 170 168 167
Midcontinent and Rockies 9 4 6 4
------- ------- ------- -------
Total 273 262 263 260
Natural Gas (MMCF)
California 221 250 235 254
Permian 188 180 181 186
Midcontinent and Rockies 187 148 171 153
------- ------- ------- -------
Total 596 578 587 593
Latin America
Crude Oil (MBBL)
Argentina 32 31 32 32
Colombia 45 41 43 42
------- ------- ------- -------
Total 77 72 75 74
Natural Gas (MMCF)
Argentina 24 19 21 22
Bolivia 21 22 21 18
------- ------- ------- -------
Total 45 41 42 40
Middle East/North Africa
Crude Oil and Liquids (MBBL)
Oman 27 20 23 20
Dolphin 23 14 21 4
Qatar 48 52 47 48
Yemen 20 22 21 25
Libya 10 22 15 22
------- ------- ------- -------
Total 128 130 127 119
Natural Gas (MMCF)
Oman 23 30 24 30
Dolphin 209 133 184 51
------- ------- ------- -------
Total 232 163 208 81
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries 624 594 605 573
Colombia-minority interest (6) (6) (6) (5)
Yemen-Occidental net interest 2 2 2 2
------- ------- ------- -------
Total Worldwide Sales - MBOE 620 590 601 570
================================ ======= ======= ======= =======
8
9. SUMMARY OF OPERATING STATISTICS - PRODUCTION
Fourth Quarter Twelve Months
---------------- ----------------
2008 2007 2008 2007
================================ ======= ======= ======= =======
NET OIL, GAS AND LIQUIDS
PRODUCTION PER DAY
United States
Crude Oil and Liquids (MBBL) 273 262 263 260
Natural Gas (MMCF) 596 578 587 593
Latin America
Crude Oil (MBBL)
Argentina 38 32 34 33
Colombia 45 41 44 42
------- ------- ------- -------
Total 83 73 78 75
Natural Gas (MMCF) 45 41 42 40
Middle East/North Africa
Crude Oil and Liquids (MBBL)
Oman 28 20 23 19
Dolphin 22 14 20 5
Qatar 48 51 47 47
Yemen 20 22 21 25
Libya 8 20 15 21
------- ------- ------- -------
Total 126 127 126 117
Natural Gas (MMCF) 232 163 208 81
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries 627 592 607 571
Colombia-minority interest (6) (6) (6) (6)
Yemen-Occidental net interest 2 2 2 2
------- ------- ------- -------
Total Worldwide Production -
MBOE 623 588 603 567
================================ ======= ======= ======= =======
9
10. SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS
Occidental's results of operations often include the effects of
significant transactions and events affecting earnings that vary
widely and unpredictably in nature, timing and amount. Therefore,
management uses a measure called quot;core results,quot; which excludes those
items. This non-GAAP measure is not meant to disassociate those items
from management's performance, but rather is meant to provide useful
information to investors interested in comparing Occidental's earnings
performance between periods. Reported earnings are considered
representative of management's performance over the long term. Core
results is not considered to be an alternative to operating income in
accordance with generally accepted accounting principles.
10