Delaware
|
95-4035997
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
10889 Wilshire Boulevard
|
|
Los Angeles, California
|
90024
|
(Address of principal executive offices)
|
(Zip Code)
|
Class
|
Outstanding at March 31, 2011
|
||
Common stock $.20 par value
|
812,874,618 shares
|
PAGE
|
||||
Part I
|
Financial Information
|
|||
Item 1.
|
Financial Statements (unaudited)
|
|||
Consolidated Condensed Balance Sheets —
|
||||
March 31, 2011 and December 31, 2010
|
2
|
|||
Consolidated Condensed Statements of Income —
|
||||
Three months ended March 31, 2011 and 2010
|
4
|
|||
Consolidated Condensed Statements of Cash Flows —
|
||||
Three months ended March 31, 2011 and 2010
|
5
|
|||
Notes to Consolidated Condensed Financial Statements
|
6
|
|||
Item 2.
|
Management’s Discussion and Analysis of Financial
|
|||
Condition and Results of Operations
|
18
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
26
|
||
Item 4.
|
Controls and Procedures
|
26
|
||
Part II
|
Other Information
|
|||
Item 1.
|
Legal Proceedings
|
27
|
||
Item 2.
|
Share Repurchase Activities
|
27
|
||
Item 6.
|
Exhibits
|
28
|
Item 1.
|
Financial Statements (unaudited)
|
2011
|
2010
|
|||||
ASSETS
|
||||||
CURRENT ASSETS
|
||||||
Cash and cash equivalents
|
$
|
2,100
|
$
|
2,578
|
||
Trade receivables, net
|
6,009
|
5,032
|
||||
Marketing and trading assets and other
|
998
|
900
|
||||
Assets of discontinued operations
|
―
|
2,861
|
||||
Inventories
|
1,091
|
1,041
|
||||
Prepaid expenses and other
|
393
|
647
|
||||
Total current assets
|
10,591
|
13,059
|
||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES
|
2,093
|
2,039
|
||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $21,296 at March 31, 2011 and $20,630 at December 31, 2010
|
40,598
|
36,536
|
||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
|
783
|
798
|
||||
TOTAL ASSETS
|
$
|
54,065
|
$
|
52,432
|
||
The accompanying notes are an integral part of these consolidated financial statements.
|
2011
|
2010
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
CURRENT LIABILITIES
|
|||||||
Short-term borrowings
|
$
|
1,000
|
$
|
―
|
|||
Accounts payable
|
5,076
|
4,646
|
|||||
Accrued liabilities
|
2,856
|
2,397
|
|||||
Domestic and foreign income taxes
|
361
|
170
|
|||||
Liabilities of discontinued operations
|
98
|
612
|
|||||
Total current liabilities
|
9,391
|
7,825
|
|||||
LONG-TERM DEBT, NET
|
3,748
|
5,111
|
|||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|||||||
Deferred and other domestic and foreign income taxes
|
3,724
|
3,445
|
|||||
Long-term liabilities of discontinued operations
|
112
|
115
|
|||||
Other
|
3,432
|
3,452
|
|||||
7,268
|
7,012
|
||||||
STOCKHOLDERS' EQUITY
|
|||||||
Common stock, at par value
|
177
|
177
|
|||||
Treasury stock
|
(4,241
|
)
|
(4,228
|
)
|
|||
Additional paid-in capital
|
7,201
|
7,191
|
|||||
Retained earnings
|
31,043
|
29,868
|
|||||
Accumulated other comprehensive loss
|
(522
|
)
|
(524
|
)
|
|||
Total stockholders’ equity
|
33,658
|
32,484
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
54,065
|
$
|
52,432
|
|||
The accompanying notes are an integral part of these consolidated financial statements.
|
2011
|
2010
|
||||||
REVENUES AND OTHER INCOME
|
|||||||
Net sales
|
$
|
5,726
|
$
|
4,616
|
|||
Interest, dividends and other income
|
32
|
21
|
|||||
Gains on disposition of assets, net
|
21
|
1
|
|||||
5,779
|
4,638
|
||||||
COSTS AND OTHER DEDUCTIONS
|
|||||||
Cost of sales
|
2,526
|
2,273
|
|||||
Selling, general and administrative and other operating expenses
|
441
|
349
|
|||||
Taxes other than on income
|
151
|
121
|
|||||
Exploration expense
|
84
|
56
|
|||||
Interest and debt expense, net
|
215
|
37
|
|||||
3,417
|
2,836
|
||||||
Income before income taxes and other items
|
2,362
|
1,802
|
|||||
Provision for domestic and foreign income taxes
|
1,054
|
746
|
|||||
(Income) from equity investments
|
(97
|
)
|
(65
|
)
|
|||
Income from continuing operations
|
1,405
|
1,121
|
|||||
Discontinued operations, net
|
144
|
(33
|
)
|
||||
Net income
|
1,549
|
1,088
|
|||||
Less: Net income attributable to noncontrolling interest
|
―
|
(24
|
)
|
||||
NET INCOME ATTRIBUTABLE TO COMMON STOCK
|
$
|
1,549
|
$
|
1,064
|
|||
BASIC EARNINGS PER COMMON SHARE
(attributable to common stock)
|
|||||||
Income from continuing operations
|
$
|
1.72
|
$
|
1.35
|
|||
Discontinued operations, net
|
0.18
|
(0.04
|
)
|
||||
BASIC EARNINGS PER COMMON SHARE
|
$
|
1.90
|
$
|
1.31
|
|||
DILUTED EARNINGS PER COMMON SHARE
(attributable to common stock)
|
|||||||
Income from continuing operations
|
$
|
1.72
|
$
|
1.35
|
|||
Discontinued operations, net
|
0.18
|
(0.04
|
)
|
||||
DILUTED EARNINGS PER COMMON SHARE
|
$
|
1.90
|
$
|
1.31
|
|||
DIVIDENDS PER COMMON SHARE
|
$
|
0.46
|
$
|
0.33
|
|||
The accompanying notes are an integral part of these consolidated financial statements.
|
2011
|
2010
|
||||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|||||||
Net income
|
$
|
1,549
|
$
|
1,088
|
|||
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||
Discontinued operations, net
|
(144
|
)
|
33
|
||||
Depreciation, depletion and amortization of assets
|
890
|
763
|
|||||
Deferred income tax provision
|
276
|
94
|
|||||
Other noncash charges to income
|
194
|
169
|
|||||
Gains on disposition of assets, net
|
(21
|
)
|
(1
|
)
|
|||
Undistributed earnings from equity investments
|
(48
|
)
|
(51
|
)
|
|||
Dry hole and impairment expense
|
49
|
32
|
|||||
Changes in operating assets and liabilities, net
|
(632
|
)
|
113
|
||||
Other operating, net
|
106
|
(21
|
)
|
||||
Operating cash flow from continuing operations
|
2,219
|
2,219
|
|||||
Operating cash flow from discontinued operations, net of taxes
|
3
|
8
|
|||||
Net cash provided by operating activities
|
2,222
|
2,227
|
|||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|||||||
Capital expenditures
|
(1,325
|
)
|
(768
|
)
|
|||
Payments for purchases of assets and businesses
|
(3,015
|
)
|
(299
|
)
|
|||
Sales of assets, net
|
44
|
7
|
|||||
Other, net
|
(15
|
)
|
72
|
||||
Investing cash flow from continuing operations
|
(4,311
|
)
|
(988
|
)
|
|||
Investing cash flow from discontinued operations
|
2,570
|
(80
|
)
|
||||
Net cash used by investing activities
|
(1,741
|
)
|
(1,068
|
)
|
|||
CASH FLOW FROM FINANCING ACTIVITIES
|
|||||||
Proceeds from short-term borrowings
|
1,000
|
―
|
|||||
Payments of long-term debt
|
(1,523
|
)
|
(227
|
)
|
|||
Proceeds from issuance of common stock
|
3
|
2
|
|||||
Purchases of treasury stock
|
(13
|
)
|
―
|
||||
Excess share-based tax benefits and other
|
5
|
3
|
|||||
Distributions to noncontrolling interest
|
(121
|
)
|
―
|
||||
Cash dividends paid
|
(310
|
)
|
(269
|
)
|
|||
Net cash used by financing activities
|
(959
|
)
|
(491
|
)
|
|||
(Decrease) increase in cash and cash equivalents
|
(478
|
)
|
668
|
||||
Cash and cash equivalents—beginning of period
|
2,578
|
1,224
|
|||||
Cash and cash equivalents—end of period
|
$
|
2,100
|
$
|
1,892
|
|||
The accompanying notes are an integral part of these consolidated financial statements.
|
1.
|
General
In these unaudited consolidated condensed financial statements, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation (OPC), and/or one or more entities in which it owns a majority voting interest (subsidiaries). Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes. The consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2010.
In the opinion of Occidental’s management, the accompanying consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated financial position as of March 31, 2011, and the consolidated statements of income and cash flows for the three months ended March 31, 2011 and 2010, as applicable. The income and cash flows for the periods ended March 31, 2011 and 2010 are not necessarily indicative of the income or cash flows to be expected for the full year.
Certain financial statements and notes for the prior year have been reclassified to conform to the 2011 presentation.
|
2.
|
Asset Acquisitions, Dispositions and Other Transactions
In the first quarter of 2011, Occidental acquired a 40-percent participating interest in the Shah Field high sulfur content gas development project in Abu Dhabi. Occidental partnered with the Abu Dhabi National Oil Company in a 30-year joint venture agreement for the $10 billion project, of which Occidental’s portion is approximately $4 billion. Accrued liabilities as of March 31, 2011 in the accompanying balance sheet included Occidental’s approximately $500 million share of development expenditures incurred by the project prior to the date the final agreement was signed.
In the first quarter of 2011, Occidental paid approximately $3.0 billion for acquisitions, which included oil and gas properties in South Texas, California and the Permian Basin.
In February 2011, Occidental initiated redemption of all of its $1.0 billion 7-percent senior notes due 2013 and all of its $368 million 6.75-percent senior notes due 2012. Occidental recorded a $163 million pre-tax charge upon completion of the redemption in March 2011.
In December 2010, Occidental executed an agreement with a subsidiary of China Petrochemical Corporation (Sinopec) to sell its Argentine oil and gas operations for after-tax proceeds of approximately $2.6 billion. Occidental recorded a pre-tax gain of $225 million when the sale closed in February 2011. Net revenues and pre-tax income (losses) for discontinued operations related to Argentina were $97 million and $2 million for the three months ended March 31, 2011 and $155 million and ($43) million for the three months ended March 31, 2010, respectively. As of March 31, 2011 and December 31, 2010, the assets of discontinued operations related to Argentina were $0 and $2.9 billion, respectively, which were mainly comprised of property, plant and equipment as of December 31, 2010. As of March 31, 2011, the liabilities of discontinued operations related to Argentina were $5 million, which comprised accrued liabilities. As of December 31, 2010, these liabilities were $513 million, which mainly comprised deferred tax liabilities and accrued liabilities.
In March 2011, Occidental borrowed $1 billion for short term cash needs. The full amount was repaid in April 2011.
|
Occidental has ceased its exploration activity in Libya due to the ongoing political unrest there and sanctions imposed by the United States government. As a result, Occidental wrote off the entire amount of the capitalized and suspended exploration costs incurred to date, including lease acquisition costs, of approximately $35 million. The producing fields in Libya are operated by Libyan companies and the impact of the current situation on those operations is uncertain at this time. Further, United States sanctions imposed in February 2011 currently prevent Occidental from participating in these operations. The net book value of Occidental’s Libyan producing properties at March 31, 2011 was $839 million. At December 31, 2010, these properties had net proved reserves estimated at 57 million barrels, approximately 2 percent of Occidental’s total proved reserves. Occidental Libya’s 2010 sales and production volumes were 13,000 BOE per day, representing less than 2 percent of Occidental’s worldwide volumes. Going forward, Occidental will not report any production from Libya until the sanctions are no longer in effect and the conditions permit. Occidental’s Libyan operations, excluding exploration costs, had $25 million and $31 million of after-tax income and cash flows, respectively, for the year ended December 31, 2010.
|
||||||||
3.
|
Accounting and Disclosure Changes
Occidental has not made any significant accounting and disclosure changes for the three months ended March 31, 2011.
|
|||||||
4.
|
Comprehensive Income
The following table presents Occidental’s comprehensive income for the three months ended March 31, 2011 and 2010 (in millions):
|
|||||||
2011
|
2010
|
|||||||
Net income attributable to common stock
|
$
|
1,549
|
$
|
1,064
|
||||
Other comprehensive income (loss) items
|
||||||||
Foreign currency translation adjustments
|
6
|
(3
|
)
|
|||||
Pension and postretirement adjustments
|
7
|
7
|
||||||
Unrealized gains (losses) on derivatives
|
(25
|
)
|
23
|
|||||
Reclassification of realized losses on derivatives and other
|
14
|
21
|
||||||
Other comprehensive income, net of tax
|
2
|
48
|
||||||
Comprehensive income attributable to common stock
|
$
|
1,551
|
$
|
1,112
|
||||
There were no other comprehensive income (loss) items related to noncontrolling interests for the three months ended March 31, 2011 and 2010.
|
||||||||
5.
|
Supplemental Cash Flow Information
Occidental paid U.S. federal, state and foreign income taxes for continuing operations of approximately $584 million and $454 million during the three months ended March 31, 2011 and 2010, respectively. Additionally, net payments for income taxes related to discontinued operations were $0 million and $42 million for the three months ended March 31, 2011 and 2010, respectively. Interest paid totaled approximately $213 million (including $154 million for early extinguishment premium) and $29 million for the three months ended March 31, 2011 and 2010, respectively.
|
6.
|
Inventories
A portion of inventories is valued under the LIFO method. The valuation of LIFO inventory for interim periods is based on Occidental’s estimates of year-end inventory levels and costs. Inventories as of March 31, 2011 and December 31, 2010 consisted of the following (in millions):
|
||||||||||
2011
|
2010
|
||||||||||
Raw materials
|
$
|
64
|
$
|
63
|
|||||||
Materials and supplies
|
431
|
414
|
|||||||||
Finished goods
|
668
|
636
|
|||||||||
1,163
|
1,113
|
||||||||||
LIFO reserve
|
(72
|
)
|
(72
|
)
|
|||||||
Total
|
$
|
1,091
|
$
|
1,041
|
7.
|
Environmental Liabilities and Expenditures
Occidental’s operations are subject to stringent federal, state, local and foreign laws and regulations relating to improving or maintaining environmental quality. Occidental’s environmental compliance costs have generally increased over time and could continue to rise in the future. Occidental factors environmental expenditures for its operations into its business planning process as an integral part of producing quality products responsive to market demand.
The laws that require or address environmental remediation, including the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and similar federal, state, local and foreign laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites. OPC or certain of its subsidiaries participate in or actively monitor a range of remedial activities and government or private proceedings under these laws with respect to alleged past practices at operating, closed and third-party sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; cleanup measures including removal, treatment or disposal; or operation and maintenance of remedial systems. The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, injunctive relief and government oversight costs.
As of March 31, 2011, Occidental participated in or monitored remedial activities or proceedings at 168 sites. The following table presents Occidental’s environmental remediation reserves as of March 31, 2011, the current portion of which is included in accrued liabilities ($78 million) and the remainder in deferred credits and other liabilities – other ($296 million). The reserves are grouped as environmental remediation sites listed or proposed for listing by the U.S. Environmental Protection Agency on the CERCLA National Priorities List (NPL sites) and three categories of non-NPL sites — third-party sites, Occidental-operated sites and closed or non-operated Occidental sites.
|
|||||||||
Number of Sites
|
Reserve Balance
(in millions)
|
|||||||||
NPL sites
|
38
|
$
|
55
|
|||||||
Third-party sites
|
80
|
102
|
||||||||
Occidental-operated sites
|
21
|
123
|
||||||||
Closed or non-operated Occidental sites
|
29
|
94
|
||||||||
Total
|
168
|
$
|
374
|
9.
|
Retirement Plans and Postretirement Benefits
The following table sets forth the components of the net periodic benefit costs for Occidental’s defined benefit pension and postretirement benefit plans for the three months ended March 31, 2011 and 2010 (in millions):
|
||||||||||||||||
2011
|
2010
|
||||||||||||||||
Net Periodic Benefit Costs
|
Pension
Plans
|
Postretirement
Plans
|
Pension
Plans
|
Postretirement
Plans
|
|||||||||||||
Service cost
|
$
|
5
|
$
|
6
|
$
|
4
|
$
|
5
|
|||||||||
Interest cost
|
7
|
11
|
8
|
11
|
|||||||||||||
Expected return on plan assets
|
(8
|
)
|
―
|
(8
|
)
|
―
|
|||||||||||
Recognized actuarial loss
|
3
|
8
|
3
|
6
|
|||||||||||||
Total
|
$
|
7
|
$
|
25
|
$
|
7
|
$
|
22
|
|||||||||
Occidental contributed $2 million in each of the three-month periods ended March 31, 2011 and 2010 to its defined benefit pension plans.
|
|||||||||||||||||
10.
|
Fair Value Measurements
Occidental has categorized its assets and liabilities that are measured at fair value, based on the priority of the inputs to the valuation techniques, in a three-level fair value hierarchy: Level 1 – using quoted prices in active markets for identical assets or liabilities; Level 2 – using observable inputs other than quoted prices; and Level 3 – using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period.
Occidental primarily applies the market approach for recurring fair value measurements, maximizes its use of observable inputs and minimizes its use of unobservable inputs. Occidental utilizes the mid-point price between bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, Occidental makes assumptions in valuing its assets and liabilities, including assumptions about the risks inherent in the inputs to the valuation technique. For assets and liabilities carried at fair value, Occidental measures fair value using the following methods:
Trading securities – Quoted prices in active markets exist and are used to provide fair values for these instruments. These securities are classified as Level 1.
Commodity derivatives – Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. These derivatives are classified as Level 1. Over-the-Counter (OTC) financial commodity contracts, options and physical commodity forward purchase and sale contracts are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. Occidental classifies these measurements as Level 2.
Occidental generally uses an income approach to measure fair value when there is not a market observable price for an identical or similar asset or liability. This approach utilizes management's assumptions regarding expectations of projected cash flows, and discounts the expected cash flows using a commensurate risk-adjusted discount rate.
|
The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of March 31, 2011 and December 31, 2010 (in millions):
|
||||||||||||||||
Fair Value Measurements at
March 31, 2011 Using
|
||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Netting and Collateral
|
(a)
|
Total Fair
Value
|
||||||||||
Assets:
|
||||||||||||||||
Trading equity securities – natural resources industry
|
$
|
123
|
$
|
―
|
$
|
―
|
$
|
―
|
$
|
123
|
||||||
Trading U.S. treasury securities
|
10
|
―
|
―
|
―
|
10
|
|||||||||||
Commodity derivatives
|
708
|
882
|
―
|
(1,250
|
)
|
340
|
||||||||||
Total assets
|
$
|
841
|
$
|
882
|
$
|
―
|
$
|
(1,250
|
)
|
$
|
473
|
|||||
Liabilities:
|
||||||||||||||||
Commodity derivatives
|
$
|
825
|
$
|
1,070
|
$
|
―
|
$
|
(1,325
|
)
|
$
|
570
|
|||||
Total liabilities
|
$
|
825
|
$
|
1,070
|
$
|
―
|
$
|
(1,325
|
)
|
$
|
570
|
Fair Value Measurements at
December 31, 2010 Using
|
||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Netting and
Collateral
|
(a)
|
Total Fair
Value
|
||||||||||
Assets:
|
||||||||||||||||
Trading equity securities – natural resources industry
|
$
|
116
|
$
|
―
|
$
|
―
|
$
|
―
|
$
|
116
|
||||||
Trading U.S. treasury securities
|
10
|
―
|
―
|
―
|
10
|
|||||||||||
Commodity derivatives
|
178
|
797
|
―
|
(680
|
)
|
295
|
||||||||||
Total assets
|
$
|
304
|
$
|
797
|
$
|
―
|
$
|
(680
|
)
|
$
|
421
|
|||||
Liabilities:
|
||||||||||||||||
Commodity derivatives
|
$
|
201
|
$
|
916
|
$
|
―
|
$
|
(736
|
)
|
$
|
381
|
|||||
Total liabilities
|
$
|
201
|
$
|
916
|
$
|
―
|
$
|
(736
|
)
|
$
|
381
|
(a)
|
Represents the impact of netting assets, liabilities and collateral when a legal right of offset exists.
|
Fair Values - Nonrecurring
During the three months ended March 31, 2011 and 2010, Occidental did not have any assets or liabilities measured at fair value on a non-recurring basis.
Other Financial Instruments
The carrying amounts of cash and cash equivalents and other on-balance-sheet financial instruments, other than fixed-rate debt, approximate fair value. The cost, if any, to terminate off-balance-sheet financial instruments is not significant. Occidental estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such similar instruments’ maturities. The estimated fair values of Occidental’s debt, as of March 31, 2011 and December 31, 2010, were approximately $4.9 billion and $5.5 billion, respectively, compared to carrying values of $4.7 billion and $5.1 billion, respectively.
|
11.
|
Derivatives
Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Occidental applies hedge accounting when transactions meet specified criteria for such treatment and management elects to do so. If a derivative does not qualify or is not designated and documented as a cash-flow hedge, any fair value gains or losses are recognized in earnings in the current period.
Through its marketing and trading activities and within its established policy controls and procedures, Occidental uses derivative instruments, including a combination of short-term futures, forwards, options and swaps, to improve realized prices for its crude oil, gas and natural gas liquids (NGL). Additionally, Occidental, through its Phibro trading unit, engages in trading activities using derivatives for the purpose of generating profits mainly from market price changes of commodities. Occidental has also used derivatives to reduce its exposure to price volatility on a small portion of its crude oil and gas production.
Cash-Flow Hedges
As of March 31, 2011 and December 31, 2010, Occidental held a series of collar agreements that qualify as cash-flow hedges for the sale of approximately 3 percent of its crude oil production. These agreements are for existing domestic production and continue to the end of 2011. The following table presents the daily quantities and weighted-average strike prices of Occidental's collar positions as of March 31, 2011 and December 31, 2010:
|
Crude Oil – Collars
|
Daily Volume (barrels)
|
Average Floor
|
Average Cap
|
||||
April 2011 – December 2011 (a)
|
12,000
|
$32.92
|
$46.27
|
(a)
|
At December 31, 2010, these contracts were outstanding with the same daily volumes and terms indicated and also covered the period from January 1, 2011 to March 31, 2011.
|
In 2009, Occidental entered into financial swap agreements related to the sale of a portion of its natural gas production from the Rocky Mountain region of the United States that qualify as cash-flow hedges. The following table presents the daily quantities and weighted-average prices that will be received by Occidental as of March 31, 2011 and December 31, 2010:
|
|||||
Natural Gas – Swaps
|
Daily Volume (cubic feet)
|
Average Price
|
|||
April 2011 – March 2012 (a)
|
50 million
|
$6.07
|
(a)
|
At December 31, 2010, these contracts were outstanding with the same daily volumes and terms indicated and also covered the period from January 1, 2011 to March 31, 2011.
|
Occidental’s marketing and trading operations store natural gas purchased from third parties at Occidental’s North American leased storage facilities. Derivative instruments are used to fix margins on the future sales of the stored volumes. These agreements continue through March 31, 2012. As of March 31, 2011 and December 31, 2010, Occidental had approximately 4 billion cubic feet and 28 billion cubic feet of natural gas held in storage, respectively. As of March 31, 2011 and December 31, 2010, Occidental had cash-flow hedges for the forecasted sale, to be settled by physical delivery, of approximately 4 billion cubic feet and 24 billion cubic feet of this natural gas held in storage, respectively.
The following table presents the pre-tax gains and losses recognized in, and reclassified from, Accumulated Other Comprehensive Income (AOCI) and recognized in income (net sales), including any hedge ineffectiveness, for derivative instruments classified as cash-flow hedges for the three months ended March 31, 2011 and 2010 (in millions):
|
|||||||
Commodity Contracts
|
2011
|
2010
|
|||||
Unrealized gains (losses) recognized in AOCI – effective portion
|
$
|
(40
|
)
|
$
|
37
|
||
Amount of losses reclassified from AOCI into income – effective portion
|
$
|
22
|
$
|
32
|
|||
(Losses) gains recognized in income – ineffective portion
|
$
|
(1
|
)
|
$
|
2
|
The following table summarizes net after-tax derivative activity recorded in AOCI for the three months ended March 31, 2011 and 2010 (in millions):
|
||||||||
2011
|
2010
|
|||||||
Beginning balance – AOCI
|
$
|
(111
|
)
|
$
|
(227
|
)
|
||
(Losses) gains from changes in cash-flow hedges
|
(25
|
)
|
23
|
|||||
Losses reclassified to income
|
14
|
21
|
||||||
Ending balance – AOCI
|
$
|
(122
|
)
|
$
|
(183
|
)
|
||
During the next twelve months, Occidental expects that approximately $109 million of net after-tax derivative losses included in AOCI, based on their valuation as of March 31, 2011, will be reclassified into income.
Derivatives Not Designated as Hedging Instruments
Occidental’s third-party marketing and trading activities focus on purchasing crude oil, natural gas and NGL for resale from partners, producers and third parties whose supply is located near midstream and marketing assets, such as pipelines, processing plants and storage facilities, that are owned or leased by Occidental. These purchases allow Occidental to aggregate volumes to maximize prices received for Occidental’s production. The third-party marketing and trading purchase and sales contracts generally approximate each other with respect to aggregate volumes and terms. In addition, Occidental’s Phibro trading unit uses derivative instruments, including forwards, futures, swaps and options, some of which may be for physical delivery, in its strategy to profit from market price changes.
The following table presents gross volumes of Occidental’s commodity derivatives contracts not designated as hedging instruments as of March 31, 2011 and December 31, 2010:
|
Volumes
|
||||||||
Commodity
|
2011
|
2010
|
||||||
Sales contracts related to Occidental’s production
|
||||||||
Crude oil (million barrels)
|
6
|
8
|
||||||
Third-party marketing and trading activities
|
||||||||
Purchase contracts
|
||||||||
Crude oil (million barrels)
|
292
|
136
|
||||||
Natural gas (billion cubic feet)
|
866
|
833
|
||||||
Precious metals (million troy ounces)
|
3
|
13
|
||||||
Sales contracts
|
||||||||
Crude oil (million barrels)
|
205
|
144
|
||||||
Natural gas (billion cubic feet)
|
984
|
1,156
|
||||||
Precious metals (million troy ounces)
|
2
|
1
|
||||||
In addition, Occidental has certain other commodity trading contracts, including agricultural products, metals and electricity, as well as foreign exchange contracts, which were not material to Occidental as of March 31, 2011 and December 31, 2010.
Occidental has crude oil sales contracts representing a small portion of Occidental's domestic crude oil production. A substantial portion of the sales contracts that existed at March 31, 2011 from third-party marketing and trading activities is going to be fulfilled by existing purchase contracts with substantially identical terms. For a substantial portion of the sales commitments not satisfied by such contracts as of March 31, 2011, Occidental has entered into offsetting contracts after March 31, 2011. The remaining portion is not material to Occidental.
Approximately $11 million and $42 million of losses from derivatives not designated as hedging instruments were recognized in net sales for the three months ended March 31, 2011 and 2010, respectively.
|
Fair Value of Derivatives
The following table presents the gross fair value of Occidental’s outstanding derivatives as of March 31, 2011 and December 31, 2010 (in millions):
|
||||||||||||
Asset Derivatives
|
Liability Derivatives
|
|||||||||||
March 31, 2011
|
Balance Sheet Location
|
Fair Value
|
Balance Sheet Location
|
Fair Value
|
||||||||
Cash-flow hedges (a)
|
||||||||||||
Commodity contracts
|
Marketing and trading assets and other
|
$
|
34
|
Accrued liabilities
|
$
|
204
|
||||||
Derivatives not designated as hedging instruments (a)
|
||||||||||||
Commodity contracts
|
Marketing and trading assets and other
|
1,491
|
Accrued liabilities
|
1,627
|
||||||||
Long-term receivables and other assets, net
|
65
|
Deferred credits and other liabilities
|
64
|
|||||||||
1,556
|
1,691
|
|||||||||||
Total gross fair value
|
1,590
|
1,895
|
||||||||||
Less: counterparty netting and cash collateral (b)
|
(1,250
|
)
|
(1,325
|
)
|
||||||||
Total net fair value of derivatives
|
$
|
340
|
$
|
570
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||||
December 31, 2010
|
Balance Sheet Location
|
Fair Value
|
Balance Sheet Location
|
Fair Value
|
||||||||
Cash-flow hedges (a)
|
||||||||||||
Commodity contracts
|
Marketing and trading assets and other
|
$
|
51
|
Accrued liabilities
|
$
|
209
|
||||||
Long-term receivables and other assets, net
|
9
|
Deferred credits and other liabilities
|
―
|
|||||||||
60
|
209
|
|||||||||||
Derivatives not designated as hedging instruments (a)
|
||||||||||||
Commodity contracts
|
Marketing and trading assets and other
|
829
|
Accrued liabilities
|
823
|
||||||||
Long-term receivables and other assets, net
|
86
|
Deferred credits and other liabilities
|
85
|
|||||||||
915
|
908
|
|||||||||||
Total gross fair value
|
975
|
1,117
|
||||||||||
Less: counterparty netting and cash collateral (c)
|
(680
|
)
|
(736
|
)
|
||||||||
Total net fair value of derivatives
|
$
|
295
|
$
|
381
|
(a)
|
The above fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and qualify for net presentation in the consolidated balance sheet.
|
||
(b)
|
As of March 31, 2011, collateral received of $41 million has been netted against derivative assets and collateral paid of $116 million has been netted against derivative liabilities.
|
||
(c)
|
As of December 31, 2010, collateral received of $39 million has been netted against derivative assets and collateral paid of $95 million has been netted against derivative liabilities.
|
||
See Note 10 for fair value measurement disclosures on derivatives.
|
The following table presents Occidental’s industry segment and corporate disclosures (in millions):
|
|||||||||||||||||
Midstream,
|
Corporate
|
||||||||||||||||
Marketing
|
and
|
||||||||||||||||
Oil and Gas
|
Chemical
|
and Other
|
Eliminations
|
Total
|
|||||||||||||
Three months ended March 31, 2011
|
|||||||||||||||||
Net sales
|
$
|
4,367
|
$
|
1,165
|
$
|
412
|
$
|
(218
|
)(a)
|
$
|
5,726
|
||||||
Pretax operating profit (loss)
|
$
|
2,468
|
$
|
219
|
$
|
114
|
$
|
(342
|
)(b)
|
$
|
2,459
|
||||||
Income taxes
|
―
|
―
|
―
|
(1,054
|
)(c)
|
(1,054
|
)
|
||||||||||
Discontinued operations, net
|
―
|
―
|
―
|
144
|
(d)
|
144
|
|||||||||||
Net income (loss) attributable to common stock
|
$
|
2,468
|
$
|
219
|
$
|
114
|
$
|
(1,252
|
)
|
$
|
1,549
|
||||||
Three months ended March 31, 2010
|
|||||||||||||||||
Net sales
|
$
|
3,491
|
$
|
956
|
$
|
369
|
$
|
(200
|
)(a)
|
$
|
4,616
|
||||||
Pretax operating profit (loss)
|
$
|
1,885
|
$
|
30
|
$
|
94
|
$
|
(142
|
)(b)
|
$
|
1,867
|
||||||
Income taxes
|
―
|
―
|
―
|
(746
|
)(c)
|
(746
|
)
|
||||||||||
Discontinued operations, net
|
―
|
―
|
―
|
(33
|
)
|
(33
|
)
|
||||||||||
Net income attributable to noncontrolling interest
|
(24
|
)
|
―
|
―
|
―
|
(24
|
)
|
||||||||||
Net income (loss) attributable to common stock
|
$
|
1,861
|
$
|
30
|
$
|
94
|
$
|
(921
|
)
|
$
|
1,064
|
(a)
|
Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity is able to obtain in third-party transactions.
|
||
(b)
|
Includes net interest expense (including the early debt extinguishment costs of $163 million for the quarter ended March 31, 2011), administration expense, environmental remediation and other pre-tax items.
|
||
(c)
|
Includes all foreign and domestic income taxes from continuing operations.
|
||
(d)
|
Reflects the after-tax gain from the sale of the Argentine operations.
|
13.
|
Earnings Per Share
Occidental’s instruments containing rights to nonforfeitable dividends granted in share-based payment transactions are considered participating securities prior to vesting, and, therefore, have been included in the earnings allocations in computing basic and diluted EPS under the two-class method.
Basic EPS was computed by dividing net income attributable to common stock, net of income attributable to participating securities, by the weighted-average number of common shares outstanding during each period, net of treasury shares and including vested but unissued shares and share units. The computation of diluted EPS further reflected the dilutive effect of stock options and unvested stock awards.
The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2011 and 2010:
|
|||||||
(in millions, except per-share amounts)
|
2011
|
2010
|
||||||
Basic EPS
|
||||||||
Income from continuing operations
|
$
|
1,405
|
$
|
1,121
|
||||
Less: Income from continuing operations attributable to noncontrolling interest
|
―
|
(24
|
)
|
|||||
Income from continuing operations attributable to common stock
|
1,405
|
1,097
|
||||||
Discontinued operations, net
|
144
|
(33
|
)
|
|||||
Net income attributable to common stock
|
1,549
|
1,064
|
||||||
Less: Net income allocated to participating securities
|
(3
|
)
|
(1
|
)
|
||||
Net income attributable to common stock, net of participating securities
|
$
|
1,546
|
$
|
1,063
|
||||
Weighted average number of basic shares
|
812.6
|
812.1
|
||||||
Basic EPS
|
$
|
1.90
|
$
|
1.31
|
||||
Diluted EPS
|
||||||||
Net income attributable to common stock, net of participating securities
|
$
|
1,546
|
$
|
1,063
|
||||
Weighted average number of basic shares
|
812.6
|
812.1
|
||||||
Dilutive effect of potentially dilutive securities
|
0.8
|
1.4
|
||||||
Total diluted weighted average common shares
|
813.4
|
813.5
|
||||||
Diluted EPS
|
$
|
1.90
|
$
|
1.31
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
The increase in short-term borrowings reflected Occidental’s March 2011 borrowings of $1.0 billion. The increase in accounts payable was primarily due to the increase in the price of crude oil for the first quarter of 2011, compared to the fourth quarter of 2010. Current and long-term liabilities of discontinued operations decreased due to the sale of Occidental’s Argentine operations. The increase in accrued liabilities included the $500 million payment to be made in the second quarter of 2011 related to the Shah Field development project and mark-to-market activity for derivative financial instruments, partially offset by payments made on various year-end accruals. The increase in domestic and foreign income taxes payable reflected higher income and the timing of estimated income tax payments. The decrease in long-term debt, net, reflected the first quarter 2011 early redemption of $1.4 billion of senior notes. The increase in deferred and other domestic and foreign income taxes was due to higher capital expenditures. The increase in stockholder’s equity reflected net income for the first three months of 2011, partially offset by dividend payments.
Segment Operations
Occidental conducts its continuing operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. The oil and gas segment explores for, develops, produces and markets crude oil, NGL and condensate (collectively “liquids”), and natural gas. The chemical segment manufactures and markets basic chemicals, vinyls and other chemicals. The midstream and marketing segment gathers, treats, processes, transports, stores, purchases and markets liquids, natural gas, CO2 and power. It also trades around its assets, including pipelines and storage capacity, and trades oil and gas, other commodities and commodity-related securities.
The following table sets forth the sales and earnings of each operating segment and corporate items for the three months ended March 31, 2011 and 2010 (in millions):
|
2011
|
2010
|
||||||
Net Sales (a)
|
|||||||
Oil and Gas
|
$
|
4,367
|
$
|
3,491
|
|||
Chemical
|
1,165
|
956
|
|||||
Midstream, Marketing and Other
|
412
|
369
|
|||||
Eliminations
|
(218
|
)
|
(200
|
)
|
|||
$
|
5,726
|
$
|
4,616
|
||||
Segment Earnings (b)
|
|||||||
Oil and Gas
|
$
|
2,468
|
$
|
1,861
|
(c)
|
||
Chemical
|
219
|
30
|
|||||
Midstream, Marketing and Other
|
114
|
94
|
|||||
2,801
|
1,985
|
||||||
Unallocated Corporate Items (b)
|
|||||||
Interest expense, net
|
(214
|
)
|
(35
|
)
|
|||
Income taxes
|
(1,054
|
)
|
(746
|
)
|
|||
Other expense, net
|
(128
|
)
|
(107
|
)
|
|||
Income from continuing operations
|
1,405
|
1,097
|
(c)
|
||||
Discontinued operations, net (b)
|
144
|
(d)
|
(33
|
)
|
|||
Net income
|
$
|
1,549
|
$
|
1,064
|
(c)
|
(a)
|
Intersegment sales are generally made at prices approximating those that the selling entity is able to obtain in third-party transactions.
|
|
(b)
|
Refer to “Significant Items Affecting Earnings,” “Oil and Gas Segment,” “Chemical Segment,” “Midstream, Marketing and Other Segment” and “Corporate” discussions that follow.
|
|
(c)
|
Represents amounts attributable to common stock shown after deducting noncontrolling interest amount of $24 million for the three months ended March 31, 2010.
|
|
(d)
|
Reflects the after-tax gain from the sale of the Argentine operations.
|
Significant Transactions and Events Affecting Earnings
The following table sets forth, for the three months ended March 31, 2011 and 2010, the effects of significant transactions and events affecting Occidental’s earnings that vary widely and unpredictably in nature, timing and amount (in millions):
|
2011
|
2010
|
||||||
Oil & Gas
|
|||||||
Libya exploration write-off
|
$
|
(35
|
)
|
$
|
―
|
||
Gain on sale of Colombian pipeline interest
|
22
|
―
|
|||||
Foreign tax
|
(29
|
)
|
―
|
||||
Total Oil and Gas
|
$
|
(42
|
)
|
$
|
―
|
||
Chemical
|
|||||||
No significant items affecting earnings
|
$
|
―
|
$
|
―
|
|||
Total Chemical
|
$
|
―
|
$
|
―
|
|||
Midstream, Marketing and Other
|
|||||||
No significant items affecting earnings
|
$
|
―
|
$
|
―
|
|||
Total Midstream, Marketing and Other
|
$
|
―
|
$
|
―
|
|||
Corporate
|
|||||||
Premium on debt extinguishments
|
$
|
(163
|
)
|
$
|
―
|
||
State income tax charge
|
(33
|
)
|
―
|
||||
Tax effect of pre-tax adjustments
|
50
|
―
|
|||||
Discontinued operations, net*
|
144
|
(33
|
)
|
||||
Total Corporate
|
$
|
(2
|
)
|
$
|
(33
|
)
|
|
Total
|
$
|
(44
|
)
|
$
|
(33
|
)
|
|
*Amounts shown after tax.
|
Worldwide Effective Tax Rate
The following table sets forth the calculation of the worldwide effective tax rate for income from continuing operations for the three months ended March 31, 2011 and 2010 (in millions):
|
2011
|
2010
|
||||||
Oil & Gas earnings
|
$
|
2,468
|
$
|
1,861
|
(a)
|
||
Chemical earnings
|
219
|
30
|
|||||
Midstream, Marketing and Other earnings
|
114
|
94
|
|||||
Unallocated corporate items
|
(342
|
)
|
(142
|
)
|
|||
Pre-tax income
|
2,459
|
1,843
|
(a)
|
||||
Income tax expense
|
|||||||
Federal and state
|
466
|
307
|
|||||
Foreign
|
588
|
439
|
|||||
Total
|
1,054
|
746
|
|||||
Income from continuing operations
|
$
|
1,405
|
$
|
1,097
|
(a)
|
||
Worldwide effective tax rate
|
43%
|
40%
|
(a)
|
Represents amounts attributable to common stock shown after deducting noncontrolling interest amount of $24 million for the three months ended March 31, 2010.
|
Oil and Gas Segment
The following tables set forth the sales and production volumes of crude oil, NGL and natural gas per day for the three months ended March 31, 2011 and 2010. The differences between the sales volumes and production per day are generally due to the timing of shipments at Occidental’s international locations where product is loaded onto tankers.
|
Three Months ended
March 31,
|
||||||
Sales Volumes per Day
|
2011
|
2010
|
||||
Crude Oil (MBBL)
|
||||||
United States
|
222
|
221
|
||||
Middle East/North Africa
|
209
|
180
|
||||
Latin America (a,c)
|
33
|
39
|
||||
NGL (MBBL)
|
||||||
United States
|
59
|
50
|
||||
Middle East/North Africa
|
10
|
12
|
||||
Natural Gas (MMCF)
|
||||||
United States
|
734
|
675
|
||||
Middle East/North Africa
|
419
|
446
|
||||
Latin America (c)
|
16
|
12
|
||||
Total sales volumes (MBOE) (a,c,d)
|
728
|
691
|
||||
Production per Day
|
||||||
Crude Oil (MBBL)
|
||||||
United States
|
222
|
221
|
||||
Middle East/North Africa
|
212
|
194
|
||||
Latin America (b,c)
|
31
|
39
|
||||
NGL (MBBL)
|
||||||
United States
|
59
|
50
|
||||
Middle East/North Africa
|
11
|
13
|
||||
Natural Gas (MMCF)
|
||||||
United States
|
734
|
675
|
||||
Middle East/North Africa
|
419
|
446
|
||||
Latin America (c)
|
16
|
12
|
||||
Total production (MBOE) (b,c,d)
|
730
|
706
|
(a)
|
Includes sales volumes per day of 6 mbbl for the three months ended March 31, 2010 related to the noncontrolling interest in a Colombian subsidiary. On December 31, 2010, Occidental restructured its Colombian operations to take a direct working interest in the related assets. The 2011 volumes exclude these volumes.
|
(b)
|
Includes production volumes per day of 5 mbbl for the three months ended March 31, 2010 related to the noncontrolling interest in a Colombian subsidiary. The 2011 volumes exclude these volumes.
|
(c)
|
For all periods presented, excludes volumes from the Argentine operations sold in February 2011.
|
(d)
|
Natural gas volumes have been converted to barrels of oil equivalent (BOE) based on energy content of 6,000 cubic feet (one thousand cubic feet is referred to as “Mcf”) of gas to one barrel of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis has been substantially lower than the corresponding price for crude oil over the recent past.
|
Three Months Ended
March 31,
|
||||||
Average Sales Prices
|
2011
|
2010
|
||||
Crude Oil ($/BBL)
|
||||||
United States
|
$
|
88.04
|
$
|
73.08
|
||
Middle East/North Africa
|
$
|
96.44
|
$
|
74.96
|
||
Latin America
|
$
|
92.68
|
$
|
75.77
|
||
Worldwide
|
$
|
92.14
|
$
|
74.09
|
||
NGL ($/BBL)
|
||||||
United States
|
$
|
55.90
|
$
|
52.36
|
||
Middle East/North Africa
|
$
|
33.93
|
$
|
26.56
|
||
Worldwide
|
$
|
52.64
|
$
|
47.48
|
||
Natural Gas ($/MCF)
|
||||||
United States
|
$
|
4.21
|
$
|
5.62
|
||
Latin America
|
$
|
8.23
|
$
|
7.35
|
||
Worldwide
|
$
|
3.05
|
$
|
3.74
|
Reserve Balance
|
|||||||||
Number of Sites
|
(in millions)
|
||||||||
NPL sites
|
38
|
$
|
55
|
||||||
Third-party sites
|
80
|
102
|
|||||||
Occidental-operated sites
|
21
|
123
|
|||||||
Closed or non-operated Occidental sites
|
29
|
94
|
|||||||
Total
|
168
|
$
|
374
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Share Repurchase Activities
|
Total Number
|
Maximum Number
|
||||||||||||
Total
|
Average
|
of Shares Purchased
|
of Shares that May
|
||||||||||
Number
|
Price
|
as Part of Publicly
|
Yet be Purchased
|
||||||||||
of Shares
|
Paid
|
Announced Plans
|
Under the Plans
|
||||||||||
Period
|
Purchased (a)
|
per Share
|
or Programs
|
or Programs
|
|||||||||
January 1 – 31, 2011
|
―
|
$
|
―
|
―
|
|||||||||
February 1 – 28, 2011
|
129,521
|
$
|
103.07
|
―
|
|||||||||
March 1 – 31, 2011
|
―
|
$
|
―
|
―
|
|||||||||
Total
|
129,521
|
$
|
103.07
|
―
|
27,155,575
|
(a)
|
Purchased from the trustee of Occidental’s defined contribution savings plan.
|
Item 6.
|
Exhibits
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the three months ended March 31, 2011 and 2010 and for each of the five years in the period ended December 31, 2010.
|
|
31.1
|
Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certifications of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
OCCIDENTAL PETROLEUM CORPORATION | ||
DATE: May 4, 2011
|
/s/ Roy Pineci
|
|
Roy Pineci
|
||
Vice President, Controller and
|
||
Principal Accounting Officer
|
12
|
Statement regarding the computation of total enterprise ratios of earnings to fixed charges for the three months ended March 31, 2011 and 2010 and for each of the five years in the period ended December 31, 2010.
|
|
31.1
|
Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certifications of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|