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Occidental Petroleum corporate report

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29 March 2018

Occidental Petroleum corporate report

Report summary

Oxy's differentiated dividend holds firm, and so has its premium market rating. The company finds itself in an enviable position and ticks many of the boxes with investors: material exposure to the Permian, a strong balance sheet, and a 4.8% dividend yield – the highest in the US E&P sector. Achieving cash flow neutrality and delivering on its long-term growth ambitions are the main challenges.

Table of contents

  • Other Occidental Petroleum research
    • SWOT analysis
    • Oxy found the winning combination through the oil price downturn
      • Strategic fit of top international assets
      • Oxy's Permian Resources cost curve: dominated by Delaware Basin assets
  • Portfolio summary
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserves and resources metrics
    • Valuation assumptions

Tables and charts

This report includes 39 images and tables including:

  • US Lower 48 assets
  • International assets
  • Base price assumptions (nominal terms)
  • Economic assumptions: Image 1
  • Economic assumptions: Image 2
  • High price assumptions
  • Low price assumptions
  • Executive summary: Table 1
  • Oxy relative share price performance
  • Premium/discount to base NPV
  • Upstream EV vs. Upstream NPV 10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported development costs
  • New project returns
  • Reported and WM forecasted production
  • Liquids vs Gas
  • Liquid production
  • Gas production
  • Total reserves; Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Economic assumptions: Table 4
  • Strategy: Image 3
  • Dividend yield vs. corporate CF breakeven
  • Benchmarking: 5yr production CAGR
  • Cash flow breakeven evolution
  • Net debt outlook
  • Strategy: Image 8
  • Oxy Delaware type curve evolution
  • Delaware Basin Cum180 oil per lateral length
  • Delaware Basin remaining locations vs oil IPs
  • Permian Resources: remaining NPV by basin
  • Middle East production outlook
  • Middle East cash flow outlook

What's included

This report contains:

  • Document

    Occidental Petroleum corporate report

    PDF 1.02 MB

  • Document

    Occidental Petroleum corporate report

    ZIP 1.70 MB

  • Document

    Occidental Corporate Report.xls

    XLS 3.22 MB

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