Occidental Petroleum Corp OXY
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/25/2013

Operator: Good morning. My name is Christie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Occidental Petroleum First Quarter 2013 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

I would now like to turn the call over to Chris Stavros. Please go ahead.

Christopher G. Stavros - VP, IR: Thank you Christie, and good morning and welcome everyone and thank you for participating in Occidental Petroleum's first quarter 2013 earnings conference call.

Joining us on the call this morning from Los Angeles are Steve Chazen, Oxy's President and Chief Executive Officer; Cynthia Walker, our Chief Financial Officer; Bill Albrecht, the President of Oxy's Oil & Gas Operations in the Americas; Sandy Lowe, President of our International Oil & Gas business and Willie Chiang, our EVP of Operations and Head of Oxy's Midstream businesses.

In just a moment, I'll turn the call over to our CFO, Cynthia Walker, who will review our financial and operating results for this year's first quarter. Steve Chazen will then follow with an update on the progress we are making toward our ongoing efforts to improve our oil and gas operating cost as well as our capital and drilling efficiencies and as part of our effort to improve our financial returns. Steve will conclude the call with some comments around guidance for the second quarter. A highlight of this quarter's conference call will be an in-depth discussion from Bill Albrecht focusing on our non-CO2 drilling program in the Permian Basin and additional details on our drive to improve capital and drilling efficiency and reduce our operating cost throughout the domestic oil and gas business.

As a reminder today's conference call contains projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ from those expressed or implied in these statements and our filings. Our first quarter 2013 earnings conference call press release, investor relations supplemental schedules and conference call presentation slides which refer to our prepared remarks can be downloaded off of our website at

I'll now turn the call over to Cynthia Walker. Cynthia, please go ahead.

Cynthia Walker - EVP and CFO: Thank you, Chris, and good morning everyone. Core income for the quarter was $1.4 billion or $1.69 per diluted share in the first quarter of this year compared with $1.6 billion or $1.92 per diluted share in the first quarter of 2012 and $1.5 billion or $1.83per diluted share in the fourth quarter of 2012. Compared to the fourth quarter of 2012the current quarter results reflected higher realized oil prices, reduced operating expenses in the oil and gas business and higher earnings in the midstream segment. These were offset by lower volumes in the Middle East and North Africa region due to planned maintenance turnaround and higher DD&A rates.

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