This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Occidental Petroleum Management Discusses Q2 2012 Results - Earnings Call Transcript

Oil prices and production sharing and similar contract factors did not significantly impact this quarter's production volumes compared to the previous quarter or the second quarter of 2011. Our second quarter sales volumes were 759,000 barrels per day, slightly lower than our production volumes due to the timing of liftings in the Middle East/North Africa. Second quarter 2012 realized prices were lower for our products compared to the first quarter of the year. Our worldwide crude oil realized price was $99.34 per barrel, a decrease of about 8%. Worldwide NGLs were $42.06 per barrel, a decrease of about 20%. And domestic natural gas prices were $2.09 per MCF, a decline of 26%.

Second quarter 2012 realized prices were also lower than the second quarter 2011 prices for all our products. On a year-over-year basis, price decreases were 4% for the worldwide crude oil, 27% for worldwide NGLs and 51% for domestic natural gas. Realized oil prices for the quarter represented 106% of the average WTI and 91% of the average Brent price. Realized NGL prices were 45% of WTI, and realized domestic gas prices were 92% of the average NYMEX price.

Price changes at current global prices affect our quarterly earnings before income taxes by $38 million for $1 per barrel change in oil prices and $8 million for $1 per barrel change in NGL prices. A swing of $0.50 per million BTUs in domestic gas prices affects quarterly pretax earnings by about $35 million. These price change sensitivities include the impact of production sharing contract volume changes on income.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs