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HOUSTON — August 2, 2023 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the second quarter of 2023 of $605 million, or $0.63 per diluted share, and adjusted income attributable to common stockholders of $661 million, or $0.68 per diluted share.
“Strong operational performance across our businesses in the second quarter drove continued financial success and enabled us to deliver additional substantive progress on our shareholder return framework,” said President and Chief Executive Officer Vicki Hollub. “Our team’s technical achievements have positioned us for a strong second half of 2023, giving us confidence to raise full-year oil and gas production guidance.”
Second quarter after-tax items affecting comparability of $56 million was primarily comprised of an after-tax remeasurement of the valuation allowance related to the Maxus Liquidating Trust of $204 million, partially offset by after-tax domestic oil and gas asset impairments of $164 million, mainly related to undeveloped acreage in the northern non-core area of the Powder River Basin, where Occidental has determined not to pursue future exploration and appraisal activities.
QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income for the second quarter of 2023 was $1.1 billion, compared to pre-tax income of $1.6 billion for the first quarter of 2023. Second quarter income included pre-tax domestic oil and gas asset impairments of $209 million, mainly related to undeveloped acreage in the northern non-core area of the Powder River Basin, where Occidental has determined not to pursue future exploration and appraisal activities. Excluding items affecting comparability, second quarter oil and gas income declined from the prior quarter due to lower domestic natural gas and natural gas liquids (NGL) prices as well as lower domestic crude oil volumes. For the second quarter of 2023, average WTI and Brent marker prices were $73.83 per barrel and $78.02 per barrel, respectively. Average worldwide realized crude oil prices decreased by approximately 1% from the prior quarter to $73.59 per barrel. Average worldwide realized NGL prices decreased by approximately 22% from the prior quarter to $19.08 per barrel. Average domestic realized gas prices decreased by approximately 55% from the prior quarter to $1.36 per thousand cubic feet (Mcf).
Total average global production of 1,218 thousand barrels of oil equivalent per day (Mboed) for the second quarter exceeded the midpoint of guidance by 42 Mboed. Permian, Rockies & Other Domestic and Gulf of Mexico daily production volumes all exceeded guidance at 582 Mboed, 273 Mboed and 135 Mboed, respectively. International volumes came in just below guidance at 228 Mboed.
OxyChem
OxyChem pre-tax income of $436 million for the second quarter of 2023 exceeded guidance. Compared to first quarter of 2023 income of $472 million, the decrease in second quarter income was driven primarily by lower realized caustic soda and polyvinyl chloride (PVC) prices, partially offset by favorable energy and ethylene costs.
Midstream and Marketing
Midstream and marketing pre-tax results for the second quarter of 2023 reflected a loss of $30 million, compared to income of $2 million for the first quarter of 2023. The second quarter results included $48 million of pre-tax derivative gains. WES adjusted equity method investment income for the second quarter was $133 million. Excluding items affecting comparability, the decrease in midstream and marketing pre-tax second quarter results, compared to the first quarter, reflected the favorable gas margins due to winter weather impacts in the first quarter, and the timing impact of crude oil sales.
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