Index Membership: FT Global 500, S&P 500, Russell 3000
Financial Year End: Dec 2013
AND PROPERTIES In this report, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation (OPC), or OPC and one or more entities in which it owns a controlling interest (subsidiaries). Occidental conducts its operations through various subsidiaries and affiliates. Occidental's executive offices are located at 10889 Wilshire Boulevard, Los Angeles, California 90024; telephone (310) 208-8800. GENERALOccidental's principal businesses consist of three segments. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas. The chemical segment (Oxy Chem) mainly manufactures and markets basic chemicals and vinyls. The midstream, marketing and other segment (midstream and marketing) gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including transportation and storage capacity, and trades oil, NGLs, gas and other commodities. Additionally, the midstream and marketing segment invests in entities that conduct similar activities. For information regarding Occidental's segments, geographic areas of operation and current developments, including its recent strategic review and actions, see the information in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" (MD&A) section of this report and Note 16 to the Consolidated Financial Statements... 10-K Filing (2014-03-03)
If Occidental were required to make significant negative reserve revisions, its results of operations and stock price could be adversely affected Concerns about climate change may affect Occidental's operations The U.S. federal government and the state of California have adopted, and other jurisdictions are considering, legislation, regulations or policies that seek to control or reduce the production, use or emissions of 'greenhouse gases' (GHG), to control or reduce the production or consumption of fossil fuels, and to increase the use of renewable or alternative energy sources. For example, California's GHG cap-and-trade program currently applies to Occidental's operations in the state. The U.S. Environmental Protection Agency has begun to regulate certain GHG emissions from both stationary and mobile sources. The uncertain outcome and timing of existing and proposed international, national and state measures make it difficult to predict their business impact. However, Occidental could face risks of project execution, increased costs and taxes and lower demand for and restrictions or prohibition on the use of its products as a result of ongoing GHG reduction efforts. Occidental's businesses may experience catastrophic events The occurrence of events, such as earthquakes, hurricanes, floods, droughts, well blowouts, fires, explosions, chemical releases, industrial accidents, physical attacks and other events that cause operations to cease or be curtailed, may negatively affect Occidental's businesses and the communities in which it operates.
During the period from 2011 to 2013, these expenses also reflected increasing domestic ad valorem taxes resulting from higher property values and California greenhouse gas costs Interest and debt expense, net, in 2011, included a $163 million early debt extinguishment charge.
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