CANADIAN OCCIDENTAL PETROLEUM REPORTS SECOND QUARTER PRODUCTION, CASH FLOW AND NET INCOME AND INCREASES QUARTERLY DIVIDEND.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--July 21, 1995-- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Ltd. reports cash flow of $167 million ($2.48 per common share) for the quarter ended June June: see month. 30, 1995, a 36% increase compared to the second quarter of 1994 and a new quarterly record for the Company. Net income also set a new quarterly record totalling $41 million ($0.61 per common share) compared to $23 million ($0.34 per common share) during the comparable period of 1994. For the first six months of 1995, cash flow totalled $318 million ($4.72 per common share) and net income was $72 million ($1.06 per common share) compared to $208 million ($3.11 per common share) and $33 million ($0.49 per common share respectively during the first six months of 1994. This performance significantly enhances CanadianOxy's financial flexibility. At the end of the quarter, net debt totalled $677 million, a reduction of $85 million during the second quarter of 1995 and $336 million over the past 12 months. Crude oil production reached record levels, averaging 135,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , compared to 115,000 barrels per day in the second quarter of 1994. Natural gas production averaged 223 million cubic feet per day, compared to 245 million cubic feet per day for the comparable period of 1994. The International Division continued to be a major contributor to the Company's success, recording a 42% increase in cash flow and a 54% increase in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. compared to the second quarter of 1994. International crude oil production increased to 96,000 barrels per day in the second quarter from 82,000 barrels per day last year. The majority of this increase was from Yemen Yemen (yĕm`ən), officially Republic of Yemen, republic (2005 est. pop. 20,727,000), 207,300 sq mi (535,800 sq km), SW Asia, at the southern edge of the Arabian peninsula. where gross production from the CanadianOxy operated Masila project averaged 175,000 barrels per day during the quarter; the Company's share averaged 91,000 barrels per day. The International Division is currently drilling two high potential exploration wells in Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. . The Barakan-1 well on the offshore Kai kai Noun NZ informal food [Maori] kai noun N.Z. (informal) food, grub (slang) provisions, fare, board, commons, eats (slang block is testing a giant prospect along a Mesozoic trend in the Arafura Basin. The Kedukul-1 well on the Sintang block is testing for potentially major accumulations of hydrocarbons hydrocarbons (hīˈ·drō·kärˑ·b  nz),n. on the Island of Kalimantan Kalimantan: see Borneo. . The Division is also drilling the Sunah-8 exploration well in Yemen. This well is testing the extent of oil bearing fractures Fractures Definition A fracture is a complete or incomplete break in a bone resulting from the application of excessive force. Description in the Sunah basement This article is about the section of a building. For the foundation, see Basement rock. A basement is one or more floors of a building that are either completely or partially below the ground floor. Slab-on-grade buildings do not have basements. and a possible southern extension to this core area field. Drilling of the Sunah-8 well commenced in mid-July n. 1. the middle part of July. Noun 1. mid-July - the middle part of July period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" . In the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Division, improved crude prices and volumes more than offset weakness in gas prices, resulting in cash flow increasing by 6% and operating profit increasing by 43% compared to the second quarter of 1994. Oil production increased to 39,000 barrels per day, a 14% increase over the second quarter of 1994. Natural gas production declined 9% to 182 million cubic feet per day. In Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , negotiations were completed for the sale or swap of a number of non-core properties. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the Company closed the sale of a large portion of its non-operated, onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. properties, allowing more focus on the shallow waters See:
Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . In addition, 10 undeveloped blocks were acquired in the Gulf of Mexico located in offshore Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. during the May lease sale. These blocks contain a
number of exploration prospects identified from existing 2D and 3D
seismic data.
The Chemicals Division reported strong performance during the quarter as cash flow for the Division reached $18 million, an increase of 51% compared to the second quarter of 1994 and operating profit increased 114% to $13 million. Chemicals is planning a 33,000 ton capacity expansion at its Brandon Brandon, city, Canada Brandon, city (1991 pop. 38,567), SW Man., Canada, on the Assiniboine River. The business center of the wheat-raising area of SW Manitoba, Brandon has an extensive trade in farm products and machinery. and Bruderheim plants. The Board of Directors has increased the regular quarterly dividend by 25% to 12 1/2 cents per common share, payable October October: see month. 1, 1995 to shareholders of record on September September: see month. 7, 1995. -0- Financial Highlights (Amounts in millions of Canadian dollars except per share data)
Three Months Six Months
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1995 1994 1995 1994
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Net sales $306.0 $253.0 $584.0 $475.9 Net Income 41.3 22.8 71.6 33.0 Per common share 0.61 0.34 1.06 0.49 Funds flow from operations 167.1 122.7 317.5 208.5 Capital and exploration expenditures 92.2 78.8 155.1 139.3 Net debt 677.4 1,013.5 Production Highlights
Three Months Six Months
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1995 1994 1995 1994
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Natural gas (million cubic feet per day) International North Sea 40.8 44.6 45.3 49.3
North America
United States 40.5 72.5 49.1 73.3
Canada 141.9 127.8 136.4 125.6
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223.2 244.9 230.8 248.2
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Crude Oil, Condensate and Natural gas liquids (thousand barrels per day) International Republic of Yemen 91.4 77.1 88.2 73.5 South America 4.8 4.3 4.6 4.1 Other 0.2 0.1 0.2 0.2
North America
United States 10.7 10.2 11.2 10.8
Canada 12.8 11.6 12.4 11.3
Alternate Fuels 15.3 12.1 13.8 12.8
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Total 135.2 115.4 130.4 112.7
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Business Segment Information (Amounts in thousands of Canadian dollars)
Three Months Six Months
1995 1994 1995 1994
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Operating Profit
Oil and Gas
International
Republic of Yemen $56,461 $36,652 $102,578 $57,608
North Sea 4,159 4,873 4,584 12,624
South America 1,812 1,304 3,186 2,595
Other (7,957) (7,379) (14,035) (13,417)
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54,475 35,450 96,313 59,410
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North America
United States 9,832 8,921 20,600 15,316
Canada 6,229 9,334 12,901 15,221
Alternate Fuels 10,397 271 12,790 (1,842)
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26 458 18 526 46,291 28,695
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Total Oil and Gas 80,933 53,976 142,604 88,105
Chemicals 13,000 6,072 25,743 15,188
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93,933 60,048 168,347 103,293
Corporate Expenses
and Interest (18,670) (22,689) (41,243) (49,851)
Income Taxes (33,968) (14,516) (55,504) (20,467)
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Net income $41,295 $22,843 $71,600 $32,975
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Funds Flow from
Operations
Oil and Gas
International
Republic of Yemen $122,919 $85,828 $227,313 $143,518
North Sea 13,642 11,192 30,713 26,999
South America 2,155 1,833 4,523 3,766
Other (3,838) (3,763) (6,284) (7,653)
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134,878 95,090 256,265 166,630
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North America
United States 23,274 26,096 48,776 48,272
Canada 17,962 21,810 37,136 40,647
Alternate Fuels 12,523 2,574 16,685 2,950
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53,759 50,480 102,597 91,869
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Total Oil and Gas 188,637 145,570 358,862 258,499
Chemicals 17,590 11,616 34,909 20,865
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206,227 157,186 393,771 279,364
Corporate Expenses
and Interest (18,760) (20,898) (39,135) (44,962)
Income Taxes (20,354) (13,603) (37,118) (25,939)
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Total $167,113 $122,685 $317,518 $208,463
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Average Commodity Prices Received
Three Months Six Months
1995 1994 1995 1994
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Natural Gas (per thousand cubic feet) International North Sea $4.52 $4.15 $4.51 $4.20 North America United States 2.68 2.92 2.53 3.11 Canada 1.16 2.03 1.16 2.16 Corporate Average 2.07 2.71 2.10 2.86 Crude Oil (per barrel) International Republic of Yemen $24.44 $20.62 $23.84 $18.68 South America 14.19 13.86 14.26 13.95 North America United States 25.30 22.57 24.79 19.47 Canada 21.88 19.27 21.75 16.33 Corporate Average 23.88 20.70 23.36 18.34 Synthetic Crude Oil (per barrel) $25.13 $23.17 $24.77 $20.20 CONTACT: Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Finn Shareholder Inquiries 403/234-1932 or John McWilliams Media Inquiries 403/234-6729 |
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