Occidental Petroleum Corp. (NYSE: OXY) announced core income for the fourth quarter of 2014 of $560 million, compared with $1.2 billion for the fourth quarter of 2013. The fourth quarter of 2014 had a reported loss of $3.4 billion, compared with income of $1.6 billion for the fourth quarter of 2013. The spin-off of California Resources Corp. was completed on November 30, 2014, and its financial and operational results have been classified as discontinued operations.
“During the fourth quarter, we completed the spin-off of California Resources, sold our interests in the BridgeTex Pipeline and monetized a portion of our investment in Plains GP Holdings LP. As a result of these transactions along with our operating cash flows, our year-end 2014 cash balance of $7.8 billion exceeded our debt and our debt to capitalization ratio was 16%,” said Stephen I. Chazen, president and chief executive officer.
Domestic core after-tax earnings were $59 million for the fourth quarter of 2014, compared to $391 million for the fourth quarter of 2013. International core after-tax earnings were $355 million for the fourth quarter of 2014, compared to $709 million for the fourth quarter of 2013.
Core income for the 12 months of 2014 was $3.8 billion, compared with $4.6 billion for the same period in 2013. Net income for the 12 months of 2014 was $616 million, compared with $5.9 billion for the same period in 2013. TOperating cash flow from continuing operations, excluding capital accruals, was $9.4 billion and the company spent $8.7 billion for capital expenditures, net of partner contributions.
Domestic core after-tax earnings were $1.2 billion for the 12 months of 2014, compared to $1.6 billion for the 12 months of 2013. The decrease in domestic core earnings reflected lower crude oil and NGL prices, higher operating costs from increased workover and maintenance activities, and higher DD&A expenses, partially offset by higher crude oil production volumes and improved realized prices for gas. International core after-tax earnings were $2.1 billion for the twelve months of 2014, compared to $2.5 billion for the twelve months of 2013. International core earnings reflected lower realized crude oil prices and sales volumes, partially offset by lower operating expenses and DD&A.
OXY is based in Houston.
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