Occidental Petroleum Corporation (NYSE:OXY) Q4 2019 Earnings Conference Call - Final Transcript

Feb 28, 2020 • 11:00 am ET


Occidental Petroleum Corporation (NYSE:OXY) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Occidental's Fourth Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Jeff Alvarez, Vice President of Investor Relations. Please go ahead.

Jeff Alvarez

Thank you, Alyssa. Good morning everyone and thank you for participating in Occidental Petroleum's Fourth Quarter 2019 Conference Call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Cedric Burgher, Senior Vice President and Chief Financial Officer; Ken Dillon, President, International Oil and Gas Operations; B.J. Hebert, President of OxyChem; and Oscar Brown, Senior Vice President, Strategy, Business Development and Integrated Supply.

This morning, we will refer to slides available on the Investors section of our website. The presentation includes a cautionary statement on Slide 2, regarding forward-looking statements that will be made on the call this morning. I'll now turn the call over to Vicki. Vicki, please go ahead.

Vicki Hollub

Thank you, Jeff and good morning everyone. The integration of our business into one cohesive Oxy is progressing extremely well. We are ahead of schedule to fully capture value from our $2 billion synergy program. We have repaid approximately a third of our debt related to the acquisition and we have the best people in place to leverage our superior assets to deliver outstanding operational results.

As many of you may know, 2020 marks Oxy's 100-year Anniversary. Success over Oxy's first century was driven by technical expertise, the ability to adapt quickly and our ceaseless drive to lead our industry forward through innovative problem solving. The same attributes, combined with our unique and defining approach to sustainability in a low-carbon world will be integral to ensuring our leadership and success over the next 100 years.

Before I touch on the fourth quarter and value capture progress, I'd like to thank our remarkable employees who continue to work hard and responsibly deliver excellent results, whether their focus is on drilling the best wells with industry leading capital intensity, operating our chemical plants efficiently, maximizing product margins or delivering on our value capture and deleveraging targets, our teams continue to lead with passion to drive positive results. Everyday, our people demonstrate that they are exceptional at what they do, while achieving the best safety performance in our history.

Moving to Slide 3, as an innovative and sustainable energy leader, we intend to be at the forefront of our industry. The opportunity before us is immense and our teams are energized and ready for the challenge. Our technical expertise, particularly in subsurface characterization is a competitive advantage that allows us to maximize the value of our assets, all of our core assets are free cash flow positive and maintain dominant positions in the prolific basins or markets in which we operate.

Our focused portfolio includes multiple decades of high return short-to-medium cycle development opportunities with the