-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E/n36XTHPVOMqqxrB9074p2kEP9ZYzxw1vXTJwGwmMOIjeVtYS1Sog80dER0QHx0 wwdr4fXMlhbDCMx0nZRYrw== 0000797468-95-000054.txt : 19951020 0000797468-95-000054.hdr.sgml : 19951020 ACCESSION NUMBER: 0000797468-95-000054 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951018 ITEM INFORMATION: Other events FILED AS OF DATE: 19951019 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OCCIDENTAL PETROLEUM CORP /DE/ CENTRAL INDEX KEY: 0000797468 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 954035997 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09210 FILM NUMBER: 95581698 BUSINESS ADDRESS: STREET 1: 10889 WILSHIRE BLVD CITY: LOS ANGELES STATE: CA ZIP: 90024 BUSINESS PHONE: 3102088800 8-K 1 FORM 8-K DATED 10/18/95 ====================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) OCTOBER 18, 1995 OCCIDENTAL PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 1-9210 95-4035997 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 10889 WILSHIRE BOULEVARD, LOS ANGELES, CALIFORNIA 90024 (Address of principal executive offices)(ZIP code) Registrant's telephone number, including area code: (310) 208-8800 ====================================================================== Item 5. Other Events - ------- ------------ Occidental Petroleum Corporation reported on October 18, 1995 net income of $139 million ($.36 per share) for the third quarter of 1995, compared with net income of $23 million ($.01 per share) for the third quarter of 1994. Sales were $2.6 billion for the third quarter of 1995, compared with $2.4 billion for the same period in 1994. Oil and gas divisional earnings for the third quarter of 1995 were $46 million, compared with earnings before special items of $24 million in 1994. The 1994 earnings, after a $16 million gain resulting from the sale of Occidental's producing operations in Argentina, were $40 million. The increase in 1995 operating earnings primarily resulted from higher worldwide crude oil production, partially offset by lower domestic natural gas prices. Natural gas transmission divisional earnings for the third quarter of 1995 were $54 million, compared with earnings of $53 million in 1994. Chemical divisional earnings for the third quarter of 1995 were $252 million, compared with earnings before special items of $154 million in 1994. The 1994 earnings, after a charge of $18 million for a plant closure reserve, were $136 million. The increase in 1995 operating earnings reflected the impact of improved profit margins for caustic soda and petrochemicals. Unallocated income taxes were $83 million in 1995, compared with $64 million in 1994. The increase in 1995 resulted primarily from the higher divisional earnings. For the first nine months of 1995, Occidental's net income totaled $504 million or $1.37 per share, compared with a net loss of $36 million for the first nine months of 1994. Sales were $8.0 billion for the first nine months of 1995, compared with $6.7 billion for the same period in 1994. 1 SUMMARY OF DIVISIONAL NET SALES AND EARNINGS (Millions, except per-share amounts) Third Quarter Nine Months ---------------- ---------------- Periods Ended September 30 1995 1994 1995 1994 ================================== ======= ======= ======= ======= DIVISIONAL NET SALES Oil and gas $ 779 $ 741 $ 2,240 $ 1,786 Natural gas transmission 454 461 1,460 1,574 Chemical 1,325 1,202 4,253 3,313 Other (1) - (3) (1) _______ _______ _______ _______ Net sales $ 2,557 $ 2,404 $ 7,950 $ 6,672 ================================== ======= ======= ======= ======= DIVISIONAL EARNINGS Oil and gas $ 46 $ 40 $ 76 $ 69 Natural gas transmission 54 53 191 183 Chemical 252 136 913 223 _______ _______ _______ _______ 352 229 1,180 475 UNALLOCATED CORPORATE ITEMS Interest expense, net (133) (136) (410) (421) Income taxes (a) (83) (64) (281) (69) Other 3 (6) 15 (21) _______ _______ _______ _______ NET INCOME(LOSS) 139 23 504 (36) Preferred dividends (24) (20) (70) (56) _______ _______ _______ _______ Earnings(loss) applicable to common stock $ 115 $ 3 $ 434 $ (92) ======= ======= ======= ======= EARNINGS(LOSS) PER COMMON SHARE Primary $ .36 $ .01 $ 1.37 $ (.30) ======= ======= ======= ======= Fully diluted $ .36 $ .01 $ 1.33 $ (.30) ======= ======= ======= ======= AVERAGE COMMON SHARES OUTSTANDING 318.6 312.4 318.0 310.2 ================================== ======= ======= ======= ======= (a) Includes an adjustment to corporate taxes, as quarterly consolidated taxes are computed in accordance with APB Opinion No. 28 and hence are based on projections of total-year income and taxes. Also, includes an offset for charges and credits in lieu of U.S. federal income taxes allocated to the divisions. Divisional earnings in the third quarter of 1995 have benefited from credits allocated by $4 million, $12 million and $6 million at oil and gas, natural gas transmission and chemical, respectively. Divisional earnings in the third quarter of 1994 have benefited from credits al- located by $4 million, $12 million and $9 million at oil and gas, natural gas transmission and chemical, respectively. 2 SUMMARY OF OPERATING STATISTICS Third Quarter Nine Months -------------- -------------- Periods Ended September 30 1995 1994 1995 1994 ===================================== ====== ====== ====== ====== NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY United States Crude oil and condensate (thousands of barrels) 62 59 65 59 Natural gas liquids (thousands of barrels) 11 10 11 7 Natural gas (millions of cubic feet) 588 616 621 624 Other Western Hemisphere Crude oil and condensate (thousands of barrels) 129 118 127 118 Eastern Hemisphere and other Crude oil and condensate (thousands of barrels) 95 59 89 56 Natural gas (millions of cubic feet) 96 50 107 55 NATURAL GAS TRANSMISSION DELIVERIES Sales (billions of cubic feet) 137 104 445 403 Transportation (billions of cubic feet) 344 339 1,112 1,152 CAPITAL EXPENDITURES (millions) $ 226 $ 197 $ 606 $ 710 ====== ====== ====== ====== DEPRECIATION, DEPLETION AND AMORTIZATION OF ASSETS (millions) $ 235 $ 229 $ 708 $ 660 ===================================== ====== ====== ====== ====== 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OCCIDENTAL PETROLEUM CORPORATION (Registrant) DATE: October 18, 1995 S. P. Dominick, Jr. -------------------------------- S. P. Dominick, Jr., Vice President and Controller (Chief Accounting and Duly Authorized Officer) 4 -----END PRIVACY-ENHANCED MESSAGE-----