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OCCIDENTAL PETROLEUM CORP. ANNOUNCES 1993 FIRST QUARTER RESULTS

 LOS ANGELES, April 22 /PRNewswire/ -- Occidental Petroleum Corp. today reported net income of $80 million ($.25 per share) for the first quarter of 1993, compared with a net loss of $137 million ($.46 per share) for the first quarter of 1992. Sales were $2.2 billion for the first quarter of 1993, compared with $2.0 billion for the same period in 1992. The 1993 results included an extraordinary loss of $3 million ($.01 per share) resulting from the early extinguishment of debt. The 1992 results have been restated for the effect of changes in accounting principles and the reclassification of the coal business as a discontinued operation.
 In announcing the results, Dr. Ray R. Irani, chairman, president and chief executive officer, said: "Occidental's performance reflects the benefits of continuing cost improvement and efficiencies. As the economy strengthens we expect to see continued improvement in Occidental's results."
 Oil and gas divisional earnings were $53 million for the first quarter of 1993, compared with $74 million for 1992. Included in the 1992 results was a $75 million pretax gain from the receipt of a contingent payment from the 1985 sale of a portion of Occidental's Colombian operation. The improvement in 1993 earnings reflected strengthening in both worldwide crude oil and domestic natural gas prices and a $5 million favorable domestic litigation settlement.
 Natural gas transmission divisional earnings for the first quarter of 1993 were $233 million, compared with $137 million for 1992. The 1993 results included a net benefit of $124 million from a reduction in the contract impairment reserve. The 1992 results included the benefit of a $29 million reversal of a tax reserve.
 Chemical divisional earnings for the first quarter of 1993 were $54 million, compared with $29 million for 1992. Although 1993 margins were slightly lower because of competitive pricing for most products, operating earnings improved as a direct result of lower manufacturing and administrative costs.
 Unallocated corporate items included income taxes of $102 million, a reduction of $116 million from the first quarter of 1992, resulting primarily from a lower worldwide effective tax rate. Included in the first quarter of 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.
 In February 1993, Occidental issued $575 million of $3.875 Cumulative Convertible Preferred Stock for net proceeds of $563 million. In March 1993, Occidental redeemed $590 million of 10 7/8 percent Senior Notes, which will result in reduced interest expense in the future.
 In April 1993, Occidental signed a definitive agreement to sell its Island Creek Coal operations to CONSOL Energy Inc. This sale is the last major asset sale in its broad restructuring program. The charge that Occidental recorded at the end of 1992, related to its decision to exit the coal business, is adequate to cover all future liabilities.
 OCCIDENTAL PETROLEUM CORP.
 Summary of Divisional Net Sales and Earnings
 (Millions, except per-share amounts)
 First Quarter Ended
 March 31,
 1993 1992(a)
 Divisional net sales
 Oil and gas $432 $423
 Natural gas transmission 699 630
 Chemical 1,041 966
 Other (3) (4)
 Net sales $2,169 $2,015
 Divisional earnings
 Oil and gas $53 $74
 Natural gas transmission 233 137
 Chemical 54 29
 Earnings from operations 340 240
 Unallocated corporate items
 Interest expense, net (154) (151)
 Income taxes(b) (102) (218)
 Other (1) 85
 Income (loss) from
 continuing operations 83 (44)
 Discontinued operations, net --- ---
 Extraordinary gain (loss), net (3) ---
 Cumulative effect of changes
 in accounting principles, net --- (93)
 Net income (loss) 80 (137)
 Preferred dividends (5) (1)
 Earnings (loss) applicable to
 common stock $75 ($138)
 Earnings (loss) per common share:
 Income (loss) from continuing
 operations $.26 ($.15)
 Discontinued operations, net --- ---
 Extraordinary gain (loss), net (.01) ---
 Cumulative effect of changes
 in accounting principles, net --- (.31)
 Earnings (loss) per common share $.25 ($.46)
 Average common shares outstanding 304.4 300.9
 (a) Includes the December 1992 restatement to reflect the coal business as a discontinued operation and the adoption of Statements of Financial Accounting Standards No. 106 and No. 109.
 (b) Includes an offset for charges and credits in lieu of U.S. federal income taxes allocated to the divisions. Divisional earnings in 1993 have benefited from credits allocated by $5 million and $9 million at oil and gas and chemical, respectively, and have been reduced by net charges of $51 million at natural gas transmission. Divisional earnings in 1992 have benefited from credits allocated by $7 million, $17 million and $9 million at oil and gas, natural gas transmission and chemical, respectively.
 OCCIDENTAL PETROLEUM CORP.
 Summary of Operating Statistics
 First Quarter Ended
 March 31,
 1993 1992
 Net Oil, Gas and Liquids
 Production Per Day:
 United States
 Crude oil and condensate
 (thousands of barrels) 60 62
 Natural gas liquids (thousands
 of barrels) 18 14
 Natural gas (millions of
 cubic feet) 646 668
 Other Western Hemisphere
 Crude oil and condensate
 (thousands of barrels) 111 107
 Natural gas (millions of
 cubic feet) 1 2
 Eastern Hemisphere
 Crude oil and condensate
 (thousands of barrels) 39 19
 Natural gas (millions of
 cubic feet) 52 41
 Natural Gas Transmission
 Deliveries:
 Sales (billions of cubic feet) 205 223
 Transportation (billions of
 cubic feet) 399 399
 Capital Expenditures (millions) $164 $137
 Depreciation, Depletion
 and Amortization of Assets
 (millions) $221 $212
 -0- 4/22/93
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental/


CO: Occidental Petroleum Corp. ST: California IN: OIL SU: ERN

EH -- LA022 -- 9451 04/22/93 12:30 EDT
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Date:Apr 22, 1993
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