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OCCIDENTAL PETROLEUM CORPORATION ANNOUNCES 1992 FIRST QUARTER RESULTS

OCCIDENTAL PETROLEUM CORPORATION ANNOUNCES 1992 FIRST QUARTER RESULTS
 LOS ANGELES, April 23 /PRNewswire/ -- Occidental Petroleum Corporation (NYSE: OXY) today reported net income of $98 million ($.32 per share) for the first quarter of 1992, compared with net income of $136 million ($.45 per share) for the first quarter of 1991. Sales were $2.2 billion for the first quarter 1992 compared with $2.8 billion for the same period in 1991. The 1992 and 1991 results included extraordinary gains of $77 million ($.25 per share) and $53 million ($.18 per share), respectively, resulting from the income tax benefit arising from the application of a net operating loss carryforward.
 In announcing the results, Dr. Ray R. Irani, chairman, president and chief executive officer, said, "While lower first quarter interest costs show that we are realizing the benefits of our debt reduction program, overall earnings were depressed because of weaknesses in prices in our core businesses. As the economy improves, we will benefit from improved margins and continuing cost reductions."
 Oil and gas divisional earnings were $78 million for the first quarter 1992, compared with $122 million for 1991. The 1992 decline reflected the impact of lower worldwide prices for crude oil, which averaged approximately $2.50 per barrel less in the first quarter of 1992 compared to the same period in 1991, and weaker domestic natural gas prices, partially offset by lower costs; the absence of revenue and income from Occidental's interests in the United Kingdom and the domestic natural gas liquids business following their sale in 1991; and higher exploration expense connected with an expanded international exploration program. Partially offsetting the operating decline was a pretax gain of $75 million from the receipt of a contingent payment upon reaching cumulative production levels specified in connection with the 1985 sale of an interest in a company which owned Occidental's Colombian operation. The 1991 results included a pretax gain of $9 million on the sale of the Antwerp Gas Terminal.
 Natural gas transmission divisional earnings for the first quarter of 1992 were $141 million, compared with $126 million for 1991. The 1992 results included the benefit of a $29 million reversal of a tax reserve and improved throughput volumes, partially offset by lower margins.
 Chemical divisional earnings for the first quarter of 1992 were $31 million, compared with $139 million for 1991. The decreased 1992 operating earnings resulted primarily from a continued deterioration of sales prices for most major products. These declines were partially offset by lower manufacturing costs.
 Coal divisional earnings for the first quarter of 1992 were $2 million, compared with $12 million in 1991. The 1992 results included a pretax gain of $11 million from the sale of certain idle coal facilities and properties in eastern Kentucky and West Virginia. The decreased 1992 operating results reflected lower sales prices and production volumes.
 Unallocated corporate items included net interest expense of $153 million, a reduction of $56 million from the first quarter of 1991, primarily resulting from the debt reduction program. Also included in the first quarter 1992 was a pretax gain of $99 million resulting from the sale of 12 million shares of Occidental's holdings in Canadian Occidental Petroleum Ltd. The sale was in the form of a secondary public offering on an installment payment basis. The final installment payment is due on or before Dec. 31, 1992, and approximately $20 million of additional gain will be recorded at that time.
 Taxes allocated to the divisions for the first quarter have been reduced by, and division earnings have benefited from, the allocation of a net operating loss carryforward of $15 million in oil and gas, $48 million in natural gas transmission and $14 million in chemical.
 OCCIDENTAL PETROLEUM CORP.
 Summary of Divisional Net Sales and Earnings
 (Millions, except per-share amounts)
 First Quarter Ended March 31,
 1992 1991
 Divisional net sales
 Oil and gas $423 $753
 Natural gas transmission 630 704
 Chemical 966 1,202
 Coal 139 142
 Other (4) (35)
 Net sales $2,154 $2,766
 Divisional earnings after
 income taxes
 Oil and gas $78 $122
 Natural gas transmission 141 126
 Chemical 31 139
 Coal 2 12
 Earnings from operations 252 399
 Unallocated corporate items
 Interest expense, net (153) (209)
 Income taxes(a) (157) (83)
 Other 79 (19)
 Income from continuing operations 21 88
 Discontinued operations, net --- (5)
 Extraordinary gain, net 77 53
 Net income 98 136
 Preferred dividends (1) (2)
 Earnings applicable to
 common stock $97 $134
 Earnings per common share:
 Income from continuing operations $.07 $.29
 Discontinued operations, net --- (.02)
 Extraordinary gain, net .25 .18
 Net income $.32 $.45
 Average common shares outstanding 300.9 297.3
 (a) Includes a charge equivalent to the benefit of loss carryforwards allocated to the divisions and adjustment to the taxes provided by the divisions in order to arrive at the quarterly consolidated tax provision.
 OCCIDENTAL PETROLEUM CORP.
 Summary of Operating Statistics
 First Quarter
 Ended March 31,
 1992 1991
 Net oil, gas and liquids
 production per day:
 United States
 Crude oil and condensate (thousands
 of barrels) 62 66
 Natural gas liquids (thousands of barrels) 14 79
 Natural gas (millions of cubic feet) 668 689
 Other Western Hemisphere
 Crude oil and condensate (thousands
 of barrels) 107 101
 Natural gas (millions of cubic feet) 2 20
 Eastern Hemisphere
 Crude oil and condensate (thousands
 of barrels) 19 42
 Natural gas liquids (thousands of barrels) --- 1
 Natural gas (millions of cubic feet) 41 69
 Natural gas transmission
 deliveries:
 Sales (billions of cubic feet) 223 209
 Transportation (billions of cubic feet) 399 371
 Coal production (millions of tons) 4 5
 Capital expenditures (millions) $141 $305
 Depreciation, depletion and
 amortization of assets (millions) $199 $217
 -0- 4/23/92
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental Petroleum/
 (OXY) CO: Occidental Petroleum Corp. ST: California IN: OIL CHM SU: ERN


KJ -- LA018 -- 1925 04/23/92 13:06 EDT
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Date:Apr 23, 1992
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