Home
Jump to Risk Factors
Jump to Industries
Jump to Exposures
Jump to Event Codes
Jump to Wiki Summary

Industries
Oil and Gas Exploration and Production
Fertilizers and Agricultural Chemicals
Diversified Chemicals
Specialty Chemicals
Exposures
Political reform
Military
Regime
Event Codes
Warn
Sports contest
Solicit support
Yield to order
Force
Wiki Wiki Summary
Discounted cash flow In finance, discounted cash flow (DCF) analysis is a method of valuing a security, project, company, or asset using the concepts of the time value of money. \nDiscounted cash flow analysis is widely used in investment finance, real estate development, corporate financial management and patent valuation.
Navvy A navy, naval force, or maritime force is the branch of a nation's armed forces principally designated for naval and amphibious warfare; namely, lake-borne, riverine, littoral, or ocean-borne combat operations and related functions. It includes anything conducted by surface ships, amphibious ships, submarines, and seaborne aviation, as well as ancillary support, communications, training, and other fields.
Data exploration Data exploration is an approach similar to initial data analysis, whereby a data analyst uses visual exploration to understand what is in a dataset and the characteristics of the data, rather than through traditional data management systems. These characteristics can include size or amount of data, completeness of the data, correctness of the data, possible relationships amongst data elements or files/tables in the data.
PAGASA The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Filipino: Pangasiwaan ng Pilipinas sa Serbisyong Atmosperiko, Heopisiko at Astronomiko, abbreviated as PAGASA locally [pagˈasa], which means "hope" as in the Tagalog word pag-asa) is the National Meteorological and Hydrological Services (NMHS) agency of the Philippines mandated to provide protection against natural calamities and to insure the safety, well-being and economic security of all the people, and for the promotion of national progress by undertaking scientific and technological services in meteorology, hydrology, climatology, astronomy and other geophysical sciences. Created on December 8, 1972, by reorganizing the Weather Bureau, PAGASA now serves as one of the Scientific and Technological Services Institutes of the Department of Science and Technology.
Geophysical survey Geophysical survey is the systematic collection of geophysical data for spatial studies. Detection and analysis of the geophysical signals forms the core of Geophysical signal processing.
Feeding tube A feeding tube is a medical device used to provide nutrition to people who cannot obtain nutrition by mouth, are unable to swallow safely, or need nutritional supplementation. The state of being fed by a feeding tube is called gavage, enteral feeding or tube feeding.
Intimidation Intimidation (also called cowing) is intentional behavior that would cause a person of reasonable apprehension to fear injury or harm. It is not necessary to prove that the behavior caused the victim to experience terror or panic.Threat, criminal threatening (or threatening behavior) is the crime of intentionally or knowingly putting another person in fear of bodily injury.
Center for Applied Rationality The Center for Applied Rationality (CFAR) is a nonprofit organization based in Berkeley, California that hosts workshops on rationality and cognitive bias. It was founded in 2012 by Julia Galef, Anna Salamon, Michael Smith and Andrew Critch, to improve participants' rationality using "a set of techniques from math and decision theory for forming your beliefs about the world as accurately as possible." Its president as of 2021 is Anna Salamon.CFAR's training draws upon fields such as psychology and behavioral economics in an effort to improve people's mental habits.
Atom An atom is the smallest unit of ordinary matter that forms a chemical element. Every solid, liquid, gas, and plasma is composed of neutral or ionized atoms.
Unburned hydrocarbon Unburnt hydrocarbons (UHCs) are the hydrocarbons emitted after petroleum is burned in an engine.\nWhen unburnt fuel is emitted from a combustor, the emission is caused by fuel "avoiding" the flame zones.
Barack Obama Barack Hussein Obama II ( (listen) bə-RAHK hoo-SAYN oh-BAH-mə; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. He was the first African-American president of the United States.
Emergency gas service Emergency gas service (Russian: аварийная газовая служба) is an emergency service in many cities of Russia and some other countries of the former Soviet Union.\n\n\n== History ==\nThe history of service goes back to 20th century during Soviet period.
Filling station A filling station, also known as petrol station or gas station (US), is a facility that sells fuel and engine lubricants for motor vehicles. The most common fuels sold in the 2010s were gasoline (or "petrol") and diesel fuel.
Market participant The term market participant is another term for economic agent, an actor and more specifically a decision maker in a model of some aspect of the economy. For example, buyers and sellers are two common types of agents in partial equilibrium models of a single market.
Basa (fish) Bass () is a common name shared by many species of fish. The term encompasses both freshwater and marine species, all belonging to the large order Perciformes or perch-like fishes.
Egyptian Crisis (2011–2014) The Egyptian Crisis is a period that started with the Egyptian revolution of 2011 and ended with the installation of a counterrevolutionary regime under the presidency of Abdel Fattah el-Sisi in 2014. It was a tumultuous three years of political and social unrest, characterized by mass protests, a series of popular elections, deadly clashes, and military reinforcement.
Enterprise risk management Enterprise risk management (ERM) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives (threats and opportunities), assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring process.
Transnationalism Transnationalism is a scholarly research agenda and social phenomenon grown out of the heightened interconnectivity between people and the receding economic and social significance of boundaries among nation states.\n\n\n== Overview ==\nThe term "trans-national" was popularized in the early 20th century by writer Randolph Bourne to describe a new way of thinking about relationships between cultures.
Investment decisions Investment decisions are made by investors and investment managers. These decision are made based on the finding of analysis tools based on data available about the companies.Investors commonly perform investment analysis by making use of fundamental analysis, technical analysis and gut feel.
Tax withholding Tax withholding, also known as tax retention, Pay-as-You-Go, Pay-as-You-Earn, or a Prélèvement à la source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient.
Google tax 'Google tax' is a popular term used to refer to anti-avoidance provisions that have been passed in several jurisdictions dealing with profits or royalties that have been diverted to other jurisdictions with lower or nil rates.\n\n\n== Diverted profits tax ==\nThe UK and Australia measures took effect in advance of the Base erosion and profit shifting measures being considered at recent G20 summits.
Pornography laws by region Pornography laws by region vary throughout the world. The production and distribution of pornographic films are both activities that are lawful in many, but by no means all countries so long as the pornography features performers aged above a certain age, usually eighteen years.
The Bad Beginning The Bad Beginning is the first novel of the children's novel series A Series of Unfortunate Events by Lemony Snicket. The novel tells the story of three children, Violet, Klaus, and Sunny Baudelaire, who become orphans following a fire and are sent to live with Count Olaf, who attempts to steal their inheritance.
Significant wave height In physical oceanography, the significant wave height (SWH, HTSGW or Hs) \nis defined traditionally as the mean wave height (trough to crest) of the highest third of the waves (H1/3). Nowadays it is usually defined as four times the standard deviation of the surface elevation – or equivalently as four times the square root of the zeroth-order moment (area) of the wave spectrum.
An Occasional Hell An Occasional Hell is a crime novel by the American writer Randall Silvis.Set in 1990s in the lower Monongahela River Valley below Pittsburgh, it tells the story of Ernest DeWalt, a former Chicago private investigator and successful novelist who is now a college professor. DeWalt's new life is interrupted when a philandering colleague, Alex Catanzaro, is killed in a farmland trysting place and his widow asks the former PI for help.
S&P Global S&P Global Inc. (prior to April 2016 McGraw Hill Financial, Inc., and prior to 2013 The McGraw–Hill Companies, Inc.) is an American publicly traded corporation headquartered in Manhattan, New York City.
Westlake Chemical Westlake Chemical is an international manufacturer and supplier of petrochemicals, polymers and fabricated building products, which are fundamental to various consumer and industrial markets. The company was founded by Ting Tsung Chao in 1986.
Legal issues in airsoft Airsoft is considered to be a modern shooting sport. Airsoft guns themselves are legal in many parts of the world, although some countries, states, and cities have specific restrictions against the items.
Job evaluation A job evaluation is a systematic way of determining the value/worth of a job in relation to other jobs in an organization. It tries to make a systematic comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure.
Crickets as pets Keeping crickets as pets emerged in China in early antiquity. Initially, crickets were kept for their "songs" (stridulation).
Speciality chemicals Speciality chemicals (also called specialties or effect chemicals) are particular chemical products which provide a wide variety of effects on which many other industry sectors rely. Some of the categories of speciality chemicals are adhesives, agrichemicals, cleaning materials, colors, cosmetic additives, construction chemicals, elastomers, flavors, food additives, fragrances, industrial gases, lubricants, paints, polymers, surfactants, and textile auxiliaries.
Transaction cost In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike production costs, decision-makers determine strategies of companies by measuring transaction costs and production costs.
Altair Engineering Altair Engineering Inc. is an American multinational information technology company headquartered in Troy, Michigan.
Smolensk air disaster On 10 April 2010, a Tupolev Tu-154 aircraft operating Polish Air Force Flight 101 crashed near the Russian city of Smolensk, killing all 96 people on board. Among the victims were the president of Poland, Lech Kaczyński, and his wife, Maria, the former president of Poland in exile, Ryszard Kaczorowski, the chief of the Polish General Staff and other senior Polish military officers, the president of the National Bank of Poland, Polish Government officials, 18 members of the Polish Parliament, senior members of the Polish clergy, and relatives of victims of the Katyn massacre.
Speech delay Speech delay, also known as alalia, refers to a delay in the development or use of the mechanisms that produce speech. Speech – as distinct from language – is the actual process of making sounds, using such organs and structures as the lungs, vocal cords, mouth, tongue, teeth, etc.
Deutsche Bank The Deutsche Mark (German: [ˈdɔʏtʃə ˈmaʁk] (listen), "German mark"), abbreviated "DM" or "D-Mark" ([ˈdeːˌmaʁk] (listen)), was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it is commonly called the "Deutschmark" (); this expression is unknown in Germany.
Risk Factors
OCCIDENTAL PETROLEUM CORP /DE/ ITEM 1A RISK FACTORS EXTERNAL RISKS Volatile global commodity pricing fluctuations beyond Occidental’s control strongly affect its revenues, profitability, operating cash flow and future growth rate
As discussed in the section entitled &quote Derivative Activities and Market Risk — Commodity Price Risk — Production Hedges, &quote Occidental’s financial results typically correlate closely to the price it obtains for its products in the global markets in which they compete
Oil and gas price changes also impact production and reserves because production-sharing contracts (PSCs) typically include terms that adjust Occidental’s share of production when prices change, and price changes also affect the profitability of production and the economic recoverability of reserves
Historically, prices for Occidental’s products have been volatile
A significant portion of the oil Occidental produces is sour crude, and the prices for sour crude tend to be lower
In addition, the price differential between sweet and sour crude varies based on their respective supply and demand dynamics
Drilling and exploration activity levels, inventory levels, production disruptions, the actions of OPEC (increasing prices or limiting Occidentalapstas production), price speculation and geophysical and technical limitations affect the global and, in some cases, local short-term and long-term supply of oil and gas and interact to contribute to price volatility
Because of the long lead times associated with drilling and exploration projects, Occidental may commit significant amounts of capital to oil and gas projects and cannot be certain of the level of demand that will exist when it finishes a project
The health of the global economy, alternative sources of energy, such as coal, and efforts at improving or implementing efficient consumption can also affect the demand for oil and gas
Demand for Occidental’s chemical products correlates most strongly with the health of the global economy
Occidental also depends on feedstocks and energy to produce chemicals, both of which are commodities subject to significant price fluctuations
Occidental’s businesses operate in a highly competitive environment, which affects its profitability and its ability to grow production and replace oil and gas reserves
Occidental’s future oil and gas production and its profitability depend, in part, on its ability to acquire or find additional reserves at costs below the price at which it can sell the oil and gas it produces from them, after operating costs
Occidental can acquire reserves by purchasing existing production assets or by acquiring exploration rights and successfully drilling wells that produce hydrocarbons in commercial quantities
Industry competition for reserves may influence Occidental to: Ø shift toward higher risk exploration activity; 6 Ø pay more for reinvestment opportunities; Ø purchase lesser quality properties; or Ø delay expected production activities
Rising exploration and development activity in the industry generally increases the demand and, therefore, the costs of oil and gas services
Participants in the chemical industry compete primarily based on price and the industry consists of many domestic and foreign competitors
In addition, the industry has historically experienced over-expansion when prices rise
In both industries, Occidental uses nonproprietary technology and business management techniques, which limits its ability to achieve significant comparative production efficiencies
Occidental’s businesses may experience catastrophic occurrences
Natural disasters, such as hurricanes, occur regularly and may occasionally affect Occidental’s businesses
In addition, well blowouts and oilfield fires, armed conflicts, civil unrest and industrial accidents may occur and may affect Occidental’s businesses
Occidental maintains insurance against a number of these risks; however, it partially self-insures and insurance may not always provide the coverage expected or desired due to contractual limitations, unavailability, cost of insurance and the insurers &apos financial health
Varied governmental and political actions affect Occidental’s results of operations
The transnational character of Occidental’s oil and gas business subjects it to the decisions of many governments and political interests
As a result, Occidental faces increased risks of: Ø changes in laws and regulations, including those related to taxes, royalty rates, permitted production rates, import, export and use of products, and environmental protection; Ø expropriation or reduction of entitlements to produce hydrocarbons; and Ø refusal to extend exploration, production or development contracts
For example, the Government of Ecuador has threatened to terminate Occidental’s Participation Contract for Block 15
” When Occidental acquired Vintage Petroleum, Inc
(Vintage) at the end of January 2006, it gained operations in Argentina and Bolivia
Beginning in 2001, Argentina increased export taxes on oil and implemented stricter foreign exchange controls, mandatory export proceeds repatriation laws, export limitations and domestic sales price caps, some of which have since expired
In 2005, Bolivia approved a hydrocarbons bill that introduced a significant new production tax
Actions such as these may affect Occidental’s results of operations, financial position or the quantity of its oil and gas reserves
Occidental operates some of its oil and gas business in countries that occasionally have experienced political instability, which increases Occidental’s risk of loss or delayed production associated with armed conflict, civil unrest, security problems, restrictions on production equipment imports and sanctions that prevent continued operations
Occidental may face the risk of increased costs if it is perceived not to be respecting or advancing the economic and social progress of the communities in which it operates
Since Occidental’s assets are long-lived, the magnitude of these risks can vary over the time it operates in a country
Occidental faces risks associated with its mergers, acquisitions and divestitures
Occidental periodically acquires and divests oil and gas reserves and chemical facilities
These activities carry risks that Occidental may: Ø not fully realize the anticipated benefits due to delay, miscalculation or changed circumstances; Ø bear greater-than-expected integration costs or difficulties; Ø be unable to successfully manage regulatory, tax or legal issues it assumes or retains; Ø experience lower stock values based on the market’s evaluation of the activity; Ø assume or retain liabilities that are greater than anticipated; or Ø be unable to resell acquired assets as planned or at prices planned
Additionally, the assets Occidental acquires may not be as profitable as its current asset base
Certain of Occidental’s major chemical products are coproduced in a fixed ratio, which limits its ability to exploit pricing opportunities
Because chlorine and caustic soda must be produced together in a fixed ratio, an imbalance in demand between the products ultimately requires Occidental to reduce output or cut prices to restore demand balance
Either action limits Occidental’s profits on these commodities
Technological developments may reduce the demand for oil and gas
Rising oil and gas prices create incentives to find alternative energy sources and energy conservation measures that could replace or reduce oil and gas consumption over the long term
7 INTERNAL RISKS Occidental may incur significant costs in exploration or development efforts, which may prove unsuccessful or unprofitable
Occidental may misinterpret geologic or engineering data, which may result in significant losses on unsuccessful exploration or development drilling efforts
Occidental bears the risks of project delays and cost overruns due to unexpected geologic conditions, equipment failures, equipment delivery delays, accidents, adverse weather, government and joint venture partner approval delays, construction or start-up delays and other associated risks
Such risks may delay expected production and/or increase the costs of production
Inadequate cost containment could reduce Occidental’s competitiveness
Occidental works to minimize the costs associated with its businesses but the impact of its efforts may not be sufficient to offset any negative effects related to the main elements of cost, which consist of reserve acquisition costs for oil and gas and feedstock and energy costs for chemicals
CROSS-REFERENCES TO OTHER RISK DISCUSSIONS Additional risks related to competition, foreign operations, litigation, environmental matters, derivatives and market risks, and oil and gas reserve estimation fluctuations are discussed elsewhere in this report under the headings: BUSINESS AND PROPERTIES — “Oil & Gas Operations – Competition and Sales and Marketing,” “Chemical Operations – Competition; &quote MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS — “Oil & Gas Segment – Business Review – Proved Reserves Additions,” “Oil & Gas Segment – Industry Outlook,” “Chemical Segment – Business Environment,” “Chemical Segment – Industry Outlook,” “Lawsuits, Claims, Commitments, Contingencies and Related Matters,” “Environmental Liabilities and Expenditures,” “Foreign Investments,” “Critical Accounting Policies and Estimates,” and “Derivative Activities and Market Risk