Occidental Petroleum Corporation, Oil and Gas Valuation Report

1 Table of Contents 2
1.1 List of Tables 4
1.2 List of Figures 5
2 Investment Overview 8
2.1 New Discovery in California Will Boost Occidental’s E&P Operations 10
2.2 Dolphin Project Substantiating Occidental’s Midstream Operations 11
2.3 Enhancing Recovery through CO2 Projects in Permian Basin 13
2.4 Strong Liquidity Position through Optimized Capital Structure 14
3 Operations Overview 16
3.1 The United States 18
3.1.1 Production and Reserves 18
3.2 Middle East/North Africa 19
3.2.1 Production and Reserves 19
3.3 Latin America 23
3.3.1 Production and Reserves 23
3.3.2 Exploration and Development 24
3.4 The United States 24
3.5 Middle East/North Africa 24
3.6 Latin America 25
3.7 Income Statement (2006-2013E) 26
3.8 Balance Sheet (2006-2013E) 27
3.9 Cash Flow Statement (2006-2013E) 28
4 Valuation 29
4.1 Asset Net Worth 29
5 Key Risks 30
5.1 Crude oil and natural gas prices 30
5.2 Political Instability 30
5.3 Competition 30
5.4 Reserves and Drilling operations 30
6 Market Scenario 31
6.1 The United States 31
6.2 Reserves and Production 31
6.3 Imports and Exports 32
6.4 Infrastructure 32
6.5 Regulations 33
6.6 Key Fiscal Regime 33
7 Appendix 34
7.1 Methodology 34
7.1.1 Coverage 34
7.1.2 Secondary Research 35
7.1.3 Primary Research 35
7.1.4 Forecasts 36
7.2 Key Economic Assumptions 38
7.3 Expert Panel Validation 39
7.4 Definitions 39
7.5 Unit Of Measure 40
7.6 Disclosure information 40
7.7 Disclaimer 41

1.1 List of Tables
Table 1: Occidental Petroleum Corporation, Valuation of New Discovery in Kern County, California, 2009 11
Table 2: Dolphin Gas Project Pipelines Overview, 2009 12
Table 3: Oman’s Block 9 and 27 Oil and Gas Production Details, 2004-08 19
Table 4: Occidental Petroleum Corporation, Income Statement ($ Million), 2006-2013E 26
Table 5: Occidental Petroleum Corporation, Balance Sheet ($ Million), 2006-2013E 27
Table 6: Occidental Petroleum Corporation, Cash Flow ($ Million), 2006-2013E 28
Table 7: Occidental Petroleum Corporation , Summary of Target Price ($/share), 2009 29
Table 8: Crude Oil and Natural Gas Prices, 2008-2012E 38

1.2 List of Figures
Figure 1: Occidental Petroleum Corporation, Share Price Performance, October 2004 - October 2009 9
Figure 2: Occidental Petroleum Corporation, Kern County Discovery, California, 2009 10
Figure 3: Occidental Petroleum Corporation, Dolphin Project Overview, 2009 12
Figure 4: Occidental Petroleum Corporation, Permian Basin Operations, 2009 13
Figure 5: Occidental Petroleum Corporation and Peer Group, ROCE, 2006-2008 14
Figure 6: Occidental Petroleum Corporation and Peer Group’s Debt/Total Capitalization Ratio Comparison, 2006-2009 15
Figure 7: Occidental Petroleum Corporation, Area of Operations, 2009 16
Figure 8: Occidental Petroleum Corporation, Permian Basin, Overview, 2009 18
Figure 9: Occidental Petroleum Corporation, Oman, Overview, 2009 20
Figure 10: Occidental Petroleum Corporation, Abu Dhabi, Ramhan and JarnYaphour, 2009 21
Figure 11: Occidental Petroleum Corporation, Masila Field Production, 2004-08 22
Figure 12: Occidental Petroleum Corporation, Masila Field Production, 2004-08 23
Figure 13: The United States, Crude Oil and Natural Gas, Production and Consumption, 1996-2020 31