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Occidental Petroleum Management Discusses Q2 2012 Results - Earnings Call Transcript

In just a moment, I'll turn the call over to our CFO, Jim Lienert, who will review our financial and operating results for this year's second quarter. Steve Chazen will then follow with comments on our performance and update on our capital program and production for 2012 and including our outlook for the second half of this year.

Our second quarter 2012 earnings press release, investor relations supplemental schedules and conference call presentation slides, which refer to both Jim's and Steve's remarks, can be downloaded off of our website at www.oxy.com. I'll now turn the call over to Jim Lienert. Jim, please go ahead.

James M. Lienert

Thank you, Chris. Net income was $1.3 billion or $1.64 per diluted share in the second quarter of 2012 compared to $1.8 billion or $2.23 per diluted share in the second quarter of 2011 and $1.6 billion or $1.92 per diluted share in the first quarter of 2012. All the drop in the second quarter earnings compared to the first quarter of 2012 was attributable to the decline in commodity prices. Worldwide oil and domestic gas and NGL prices were significantly lower during the quarter.

Here's a segment breakdown for the second quarter. Oil and gas segment earnings for the second quarter of 2012 were $2 billion compared with $2.5 million in the first quarter of 2012 and $2.6 billion in the second quarter of 2011. In the oil and gas segment, the second quarter 2012 daily production was 766,000 barrels, the highest volume in the company's history for the second consecutive quarter and was up 7% from the same period of 2011. Our total domestic production was 462,000 barrels per day, the seventh consecutive domestic quarterly volume record for the company. Our total domestic production was 9% higher than the second quarter of 2011. Latin America volumes were 33,000 barrels per day. Colombia's production of 31,000 barrels a day improved 7,000 barrels a day from the first quarter of 2012 due to significantly lower levels of insurgent activity in the second quarter. In the Middle East region, volumes were 271,000 barrels per day. In Oman, the second quarter production was 72,000 barrels per day, 2,000 barrels lower than the first quarter volumes. In Qatar, the second quarter production was 74,000 barrels per day, 2,000 barrels higher than the first quarter volumes. For Dolphin and Bahrain combined, daily production increased 7,000 barrels from the first quarter, which included planned plant shutdowns in Dolphin. The rest of the Middle East/North Africa production decreased by 10,000 barrels per day.

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