Unaudited Pro Forma Condensed Combined Financial Data

Sections

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL DATA

The unaudited pro forma condensed combined financial statements (the “pro forma financial statements”) presented below have been prepared from the respective historical consolidated financial statements of Occidental and Anadarko and have been adjusted to reflect (i) the completion of the merger, (ii) Occidental’s incurrence of $21.8 billion of new indebtedness to finance a portion of the cash merger consideration, (iii) the Berkshire Hathaway investment and (iv) the Total transaction (collectively, the “transactions”). The unaudited pro forma condensed combined balance sheet (the “pro forma balance sheet”) is presented as if the transactions had been completed on March 31, 2019. The unaudited pro forma combined statements of operations (the “pro forma statements of operations”) for the year ended December 31, 2018, and for the three months ended March 31, 2019, are presented as if the transactions had been completed on January 1, 2018.

The pro forma financial statements have been prepared from, and should be read in conjunction with, (i) the unaudited consolidated financial statements of Occidental contained in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019, (ii) the unaudited consolidated financial statements of Anadarko contained in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019, (iii) the audited consolidated financial statements of Occidental contained in its Annual Report on Form 10-K for the year ended December 31, 2018, (iv) the audited consolidated financial statements of Anadarko contained in its Annual Report on Form 10-K for the year ended December 31, 2018 and (v) Anadarko’s Form 8-K filed on May 15, 2019 in order to recast the segment information included in Anadarko’s Annual Report on Form 10-K for the year ended December 31, 2018, following a change in its reportable segments during the quarter ended March 31, 2019, each of which are incorporated by reference herein. Certain of Anadarko’s historical amounts have been reclassified to conform to Occidental’s financial statement presentation.

The pro forma financial statements have been prepared to reflect adjustments to Occidental’s historical consolidated financial information that are (i) directly attributable to the merger, (ii) factually supportable and (iii) with respect to the statements of operations only, expected to have a continuing impact on Occidental’s results.

The pro forma financial statements reflect the following pro forma adjustments, based on available information and certain assumptions that Occidental believes are reasonable:

•

The merger contemplated by the merger agreement under the acquisition method of accounting;

•

the assumed conversion of each share of Anadarko common stock into $59.00 in cash (without interest) and 0.2934 of a share of Occidental common stock in accordance with the merger agreement;

•

the conversion of Anadarko’s outstanding stock-based awards into Occidental stock-based awards, merger consideration and/or cash in accordance with the merger agreement (see “The Merger Agreement—Merger Consideration—Treatment of Anadarko Stock Options and Other Stock-Based Awards” beginning on page 104);

•

the assumption of liabilities for expenses related to the transactions;

•

the incurrence by Occidental of $21.8 billion of new indebtedness to finance a portion of the cash merger consideration, consisting of (i) $8.8 billion in term loans incurred under the term loan credit agreement, with maturities of 364 days and two years, and (ii) $13 billion in long-term debt issued or incurred in lieu of borrowings pursuant to, and which would reduce to $0 the commitments under, the bridge loan commitment letter, with maturities of up to thirty years;

•

the issuance and sale by Occidental pursuant to the Berkshire Hathaway investment of 100,000 shares of series A preferred stock and a warrant to acquire 80,000,000 shares of Occidental common stock for an aggregate purchase price of $10 billion; and

•

the sale of Anadarko’s assets, liabilities, businesses and operations in Algeria, Ghana, Mozambique and South Africa to Total for $8.0 billion, net of a transfer tax liability of $0.8 billion, on a cash-free, debt-free basis pursuant to the Total transaction, presented initially as held for sale for preliminary purchase price allocations, and the use of proceeds therefrom to pay down indebtedness.

The pro forma financial statements do not include the realization of cost savings from operating efficiencies, revenue synergies or other integration costs expected to result from the merger.

The pro forma financial statements have been prepared using the acquisition method of accounting using the accounting guidance in Accounting Standards Codification 805, Business Combinations (“ASC 805”), with Occidental treated as the acquirer. The acquisition method of accounting is dependent upon certain valuations and other studies that, as of the date of this proxy statement/prospectus, have yet to commence or progress to a stage where there is sufficient information for a definitive measure. As indicated in the pro forma financial statements and under “—Estimated Purchase Price and Allocation” below, Occidental has performed a preliminary valuation analysis of the fair value of Anadarko’s assets to be acquired and liabilities to be assumed and has made certain adjustments to the historical book values of the assets and liabilities of Anadarko to reflect preliminary estimates of the fair values necessary to prepare the pro forma financial statements, with the excess of the purchase price over the adjusted historical net assets of Anadarko recorded as goodwill. Occidental will perform a detailed review of Anadarko’s accounting policies in connection with the completion of the merger and, as of the date of this proxy statement/prospectus, has not yet identified all adjustments, if any, necessary to conform Anadarko’s financial records to Occidental’s accounting policies. Accordingly, the pro forma financial statements and pro forma adjustments are preliminary and have been made solely for the purpose of providing the pro forma financial statements. Amounts used in these pro forma financial statements will differ from ultimate amounts once Occidental has determined the final allocation of the purchase price and has completed the valuation studies necessary to finalize the required purchase price allocations and identified any necessary conforming accounting policy changes for Anadarko. Differences between these preliminary estimates and the final acquisition accounting may have a material impact on the pro forma financial statements and the combined company’s future results of operations and financial position.

The pro forma financial statements are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial position of Occidental would have been had the transactions occurred on the dates assumed, nor are they necessarily indicative of future consolidated results of operations or consolidated financial position. See “Risk Factors—The unaudited pro forma condensed combined financial data included in this proxy statement/prospectus are presented for illustrative purposes only and the actual financial condition and results of operations of Occidental following the completion of the merger may differ materially” beginning on page .

The pro forma financial statements and related notes should be read in conjunction with the separate historical consolidated financial statements and related notes of each of Occidental and Anadarko included elsewhere in this proxy statement/prospectus and incorporated herein. For more information, see “Where You Can Find More Information” beginning on page .

Estimated Purchase Price and Allocation

The estimated aggregate value of the purchase price is approximately $37.2 billion based on the closing price of Occidental common stock of $52.28 on May 28, 2019, the last practicable trading date prior to the filing of this proxy statement/prospectus, and assuming an exchange ratio of 0.2934 of a share of Occidental common stock per share of Anadarko common stock. The value of the purchase price will fluctuate based upon changes in the share price of Occidental’s common stock and the number of Anadarko’s common shares, stock options and other stock-based awards outstanding on the closing date. In addition, the exchange ratio may be decreased, and the cash portion of the merger consideration may be increased, in certain limited circumstances described in the merger agreement (see “The Merger Agreement—Merger Consideration—Share Cap Adjustment” beginning on page ).

Estimated Purchase Price

The following table summarizes the estimated common stock outstanding including shares underlying Anadarko stock-based awards and the components of the estimated purchase price:

in millions of dollars and shares, except for per share amounts and exchange ratio*	Total shares outstanding
Estimated shares of Anadarko common stock outstanding		502.1
Plus: estimated shares underlying Anadarko stock-based awards		1.5
		503.6
Less: estimated shares underlying Anadarko stock-based awards—unvested		(4.8	)
Total shares of common stock and shares underlying Anadarko stock-based awards eligible for merger consideration**		498.8

Total shares of common stock and shares underlying Anadarko stock-based awards eligible for merger consideration		498.8
Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for merger consideration)	$	59.00
Estimated cash portion of aggregate merger consideration	$	29,429
Estimated cash paid to settle shares underlying Anadarko stock-based awards per the merger agreement***	$	130
Cash portion of estimated purchase price	$	29,559

Total shares of common stock and shares underlying Anadarko stock-based awards eligible for merger consideration		498.8
Exchange ratio (per share of Anadarko common stock)		0.2934
Estimated total shares of Occidental common stock to be issued		146.3
Assumed share price of Occidental common stock	$	52.28
Stock portion of estimated purchase price	$	7,651
Total estimated purchase price	$	37,210

The final purchase price per share and corresponding total consideration will be determined on the closing date of the merger.

Includes vested Anadarko RSU awards and Anadarko RS awards.

***

The estimated cash payable to settle shares underlying Anadarko stock-based awards per the merger agreement is based on the amounts attributable to pre-merger service.

Occidental anticipates incurring approximately $21.8 billion of new indebtedness and issuing the series A preferred stock and a warrant to acquire Occidental common stock for an aggregate purchase price of $10 billion pursuant to the Berkshire Hathaway investment to finance a portion of the cash purchase price. See “The Merger—Financing of the Merger and Treatment of Existing Indebtedness” beginning on page .

Purchase Price Sensitivity

The table below illustrates the potential impact to the total estimated purchase price resulting from a 10% increase or decrease in the assumed share price of Occidental’s common stock of $52.28. For purposes of this calculation, the stock portion of the estimated purchase price is based on the number of shares of Anadarko common stock outstanding and the estimated shares underlying Anadarko stock-based awards, in each case reflected in the table above, but is subject to change based on the actual outstanding shares of Anadarko common stock and Anadarko stock based awards at the time of the closing of the merger.

in millions	10% increase in Occidental share price		10% decrease in Occidental share price
Cash portion of estimated purchase price	$	29,559	$	29,559
Stock portion of estimated purchase price		8,416		6,886
Total estimated purchase price	$	37,975	$	36,445

From May 3, 2019, the last trading day before the public announcement of Occidental’s final proposal to acquire Anadarko, to May 28, 2019, the last practicable trading day prior to the filing of this proxy statement/prospectus, the preliminary value of the purchase price to be transferred decreased by approximately $830 million, as a result of the decrease in the share price for Occidental’s common stock from $57.95 to $52.28. Changes in the purchase price would result in a re-evaluation of the preliminary purchase price allocation; specifically to the values determined for property, plant and equipment, intangibles and goodwill.

Preliminary Purchase Price Allocation

The preliminary allocation of the estimated purchase price to the fair values of assets acquired and liabilities assumed includes pro forma adjustments for the fair value of Anadarko’s assets and liabilities. The final allocation will be determined as of the closing of the merger once Occidental has determined the final purchase price and completed the detailed valuation analysis and calculations necessary to finalize the required purchase price allocations. The final allocation could differ materially from the preliminary allocation used in these pro forma financial statements and related pro forma adjustments.

Occidental has performed a preliminary valuation analysis of the fair market value of the Anadarko assets to be acquired and liabilities to be assumed and the related allocations to such items of the estimated purchase price. The following table summarizes the allocation of the preliminary estimated purchase price:

in millions	As of March 31, 2019
Fair value of assets acquired:
Cash⁽¹⁾			$	984
Current held for sale assets related to Anadarko’s Africa assets	$	699
Property, plant and equipment held for sale related to Anadarko’s Africa assets		9,384
Total assets held for sale⁽²⁾	$	10,083		10,083

Trade receivables, net				1,878
Inventories				585
Other current assets				82
Executives and Directors Benefits Trust				483
Investment in unconsolidated entities				1,379
Property, plant and equipment attributable to Anadarko, excluding WES				47,891
Property, plant and equipment attributable to WES				10,500
Operating lease assets				482
Intangible assets				3,168
Long-term receivables and other assets, net				346
Amount attributable to assets acquired				77,861

in millions	As of March 31, 2019
Fair value of liabilities assumed:
Current liabilities			$	3,107
Current held for sale liabilities related to Anadarko’s Africa liabilities	$	1,283
Fair value adjustment for Anadarko’s Africa liabilities held for sale		800
Liabilities held for sale⁽²⁾	$	2,083		2,083

Debt attributable to Anadarko, excluding WES				12,628
Debt attributable to WES				7,225
Deferred income taxes, net				9,338
Asset retirement obligations				2,722
Other long term liabilities				3,964
Amount attributable to liabilities assumed			$	41,067
Fair value of noncontrolling interests in WES⁽³⁾:			$	6,059

Fair value of net assets acquired:			$	30,735
Goodwill as of March 31, 2019:			$	6,475
Total Estimated Purchase Price:			$	37,210

(1)

Reflects the $1 billion termination fee (the “Chevron termination fee”) paid to Chevron Corporation by Anadarko on May 9, 2019, in connection with the termination of a merger agreement between Anadarko and Chevron Corporation.

(2)

Anadarko’s liabilities, businesses and operations in Algeria, Ghana, Mozambique, and South Africa held for sale pursuant to the Total transaction (“Anadarko’s Africa assets” or “Anadarko’s Africa liabilities”, as applicable) totals to $8.0 billion, net of a transfer tax liability of $0.8 billion.

(3)

Noncontrolling interests associated with Anadarko’s consolidated subsidiary, Western Midstream Partners, LP (“WES”), a publicly traded limited partnership. Net assets acquired from WES were valued using a share price of $28.97; fluctuations in WES’ share price could result in changes to the net assets and noncontrolling interests above.

The preliminary pro forma fair value of crude oil and natural gas properties to be acquired includes the following:

in millions	As of March 31, 2019
Proved properties	$	19,829
Unproved properties		26,265
Pro forma fair value of properties acquired	$	46,094

Changes in future commodity prices, reserve estimates, other changes in cost assumptions and other facts and circumstances existing on the closing date of the merger compared to the filing date of the pro forma financial statements could result in changes to the fair value of the assets identified above.

Occidental estimated the fair value adjustment to increase Anadarko’s consolidated debt to fair value would be $2.1 billion based on prevailing market prices. Occidental has estimated that the fair value adjustment to increase deferred tax liabilities, net would be $7 billion, relating to estimated fair value adjustments at the estimated statutory tax rate for the combined company. Goodwill is calculated as the difference between the acquisition date fair value of the consideration expected to be transferred and the values assigned to the identified assets to be acquired and liabilities assumed. Goodwill is not amortized, but rather is subject to impairment testing on at least an annual basis.

Total assets held for sale and liabilities held for sale represent the anticipated divestiture of Anadarko’s Africa assets in the Total transaction for $8.0 billion, net of a transfer tax liability of $0.8 billion. The Total transaction is conditioned on the completion of the merger, the execution and delivery of a definitive purchase agreement, and the receipt of required regulatory approvals, as well as other customary closing conditions.

OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA COMBINED BALANCE SHEET
MARCH 31, 2019

in millions	Occidental historical		Anadarko historical		Reclassified balances			Issuance of debt and preferred shares			Acquisition accounting			Anadarko's Africa assets sale and debt settlement			Occidental combined pro forma
Current Assets
Cash and cash equivalents	$	1,752	$	2,026	$	—		$	21,562	^(a)	$	(469	)^(a)	$	8,000	^(a)	$	3,804
						—			9,950	^(a)		(30,175	) ^(a)		(8,800	)^(a)
															(42	)^(b)
Trade receivables, net		5,310		2,065		—			—			—			(187	)^(b)		7,188
Assets held for sale		—		—		—			—			—			10,083	^(b)		—
															(10,083	)^(b)
Inventories		1,484		254		416	^(c)		—			—			(85	)^(b)		2,069
Other current assets		724		84		—			—			—			(2	)^(b)		806
Total current assets		9,270		4,429		416			31,512			(30,644	)		(1,116	)		13,867

Investments in unconsolidated entities		1,725		—		1,379	^(c)		—			—			—			3,104
Property, plant and equipment, net		31,900		28,936		—			—			38,839	^(d)		(9,384	)^(b)		90,291
Operating lease assets		684		—		534	^(c)		—						(52	)^(b)		1,166
Intangible assets		—		833		—			—			2,335	^(d)		—			3,168
Goodwill		—		4,789		—			—			1,686	^(d)		—			6,475
Long-term receivables and other assets, net		801		3,006		(2,329	)^(c)		—						(331	)^(b)		1,147
Total Assets	$	44,380	$	41,993	$	—		$	31,512		$	12,216		$	(10,883	)	$	119,218

See accompanying notes to unaudited pro forma financial statements.

OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA COMBINED BALANCE SHEET
MARCH 31, 2019

in millions	Occidental historical			Anadarko historical			Reclassified balances			Issuance of debt and preferred shares			Acquisition accounting			Anadarko's Africa assets sale and debt settlement			Occidental combined pro forma
Current liabilities
Current maturities of long-term debt	$	116		$	2,021			—		$	4,400	^(e)		—		$	(4,400	)^(a)	$	2,125
																	(12	)^(b)
Current lease liabilities		240			—			245	^(c)		—			—			(12	)^(b)	$	473
Accounts payable		5,261			2,111			—			—			—			(265	)^(b)	$	7,107
Accrued liabilities		1,920			1,340			32	^(c)		—			716	^(d)		(1,060	)^(b)	$	2,948
Liabilities held for sale		—			—			—			—			—			(2,083	)^(b)		—
																	2,083	^(b)
Current asset retirement obligation		—			277			(277	)^(c)		—			—			—		$	—
Total current liabilities		7,537			5,749			—			4,400			716			(5,749	)		12,653

Long-term Debt, net		10,203			15,903			—			17,162	^(e)		2,133	^(d)		(4,400	)^(a)		40,809
																	(192	)^(b)
Deferred Credits and other liabilities
Deferred domestic and foreign income taxes, net		918			2,624			—			—			7,009	^(f)		(295	)^(b)		10,256
Asset retirement obligations		1,430			2,876			—			—			—			(154	)^(b)		4,152
Pension and postretirement obligations		816			—			870	^(c)		—			—			—			1,686
Environmental remediation reserves		755			—			84	^(c)		—			—			—			839
Lease liabilities		465			—			306	^(c)		—			—			(39	)^(b)		732
Other		1,020			4,308			(1,260	)^(c)		584	^(g)		(251	)^(d)		(54	)^(b)		4,347
		5,404			9,808			—			584			6,758			(542	)		22,012
Stockholders Equity
Common stock, at par value		179			57			—			—			(28	)^(h)		—			208
Treasury stock		(10,653	)		(4,881	)		—			—			4,782	^(h)		—			(10,752	)
Preferred stock, at par value		—			—			—			—	^(g)		—			—			—
Additional paid-in capital		8,083			13,057			—			9,366	^(g)		(5,435	)^(h)		—			25,071
Retained earnings		23,795			1,024			—			—			(1,493	)^(h)		—			23,326
Accumulated other comprehensive loss		(168	)		(329	)		—			—			329	^(h)		—			(168	)
Total stockholders' equity		21,236			8,928			—			9,366			(1,845	)		—			37,685
Noncontrolling interests		—			1,605			—			—			4,454	^(h)		—			6,059
Total Equity		21,236			10,533			—			9,366			2,609			—			43,744
Total Liabilities and Equity	$	44,380		$	41,993		$	—		$	31,512		$	12,216		$	(10,883	)	$	119,218

See accompanying notes to unaudited pro forma financial statements.

OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA STATEMENT OF COMBINED OPERATIONS
THREE MONTHS ENDED MARCH 31, 2019

in millions	Occidental historical			Anadarko historical			Reclassified balances			Issuance of debt and preferred shares			Acquisition accounting			Anadarko's Africa assets sale and debt settlement			Occidental combined pro forma
Revenues and other income
Net Sales	$	4,004		$	3,126		$	(149	)^(c)	$	—		$	(5	)⁽ⁱ⁾	$	(459	)^(b)	$	6,517
Interest, dividends and other income		78			—			14	^(c)		—			—			—		$	92
Gain on sale of assets, net		7			92			(64	)^(c)		—			—			(2	)^(b)	$	33
		4,089			3,218			(199	)		—			(5	)		(461	)		6,642

Costs and other deductions
Cost of sales		1,345			—			732	^(c)		—			(5	)⁽ⁱ⁾		—			2,072
Purchased commodities		365			—			—			—			—			—			365
Oil and gas operating		—			289			(262	)^(c)		—			—			(27	)^(b)		—
Oil and gas transportation		—			222			(214	)^(c)		—			—			(8	)^(b)		—
Gathering, processing and marketing		—			256			(256	)^(c)		—			—			—			—
Selling, general and administrative expenses		140			267			(157	)^(c)		—			—			(11	)^(b)		239
Other operating and non-operating expenses		238			21			347	^(c)		—			—			—			606
Taxes other than on income		111			199			—			—			—			(93	)^(b)		217
Depreciation, depletion and amortization		973			1,081			—			—			94	^(j)		(98	)^(b)		2,050
Exploration expense		36			49			—			—			—			(2	)^(b)		83
Interest and debt expense, net		98			—			245	^(c)		154	^(e)		19	^(e)		—			516
		3,306			2,384			435			154			108			(239	)		6,148
Income before income taxes and other items		783			834			(634	)		(154	)		(113	)		(222	)		494
Interest expense		—			(253	)		245	^(c)		—			—			8	^(b)		—
Losses on derivatives, net		—			(313	)		313	^(c)		—			—			—			—
Other expense		—			(6	)		12	^(c)		—			—			(6	)^(b)		—
(Provision) benefit for domestic and foreign income taxes		(225	)		(166	)		—			35	^(m)		23	^(m)		128	^(b)		(205	)
Income from equity investments		73			—			64	^(c)		—			—			—			137
Net income	$	631		$	96		$	—		$	(119	)	$	(90	)	$	(92	)	$	426
Net income (loss) attributable to noncontrolling interests		—			111			—			—			(11	)^(d,j)		—			100
Preferred stock dividend	$	—		$	—		$	—		$	200	^(g)	$	—		$	—			200
Net income (loss) attributable to Common Shareholders	$	631		$	(15	)	$	—		$	(319	)	$	(79	)	$	(92	)	$	126
Basic Earnings per Common Share^(k)	$	0.84																	$	0.14
Diluted Earnings per Share^(k)	$	0.84																	$	0.14
Weighted Average Number of Shares Outstanding:
Basic		748.9												144.4	^(k)					893.3
Diluted		750.5												148.6	^(k)					899.1

See accompanying notes to unaudited pro forma financial statements.

OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA STATEMENT OF COMBINED OPERATIONS
YEAR ENDED DECEMBER 31, 2018

in millions	Occidental historical			Anadarko historical			Reclassified balances			Issuance of debt and preferred shares			Acquisition accounting			Anadarko's Africa assets sale and debt settlement			Occidental combined pro forma
Revenues and other income
Net Sales	$	17,824		$	13,070		$	(213	)^(c)	$	—			(2	)(i)	$	(2,433	)^(b,l)	$	28,246
Interest, dividends and other income		136			—			50	^(c)		—			—			—			186
Gain (loss) on sale of assets, net		974			312			(180	)^(c)		—			—			43	^(b,l)		1,149
		18,934			13,382			(343	)		—			(2	)		(2,390	)		29,581
Costs and other deductions
Cost of sales		6,515			—			2,791	^(c)		—			(2	)⁽ⁱ⁾		—			9,304
Purchased commodities		53			—			—			—			—			—			53
Oil and gas operating		—			1,153			(900	)^(c)		—			—			(253	)^(b,l)		—
Oil and gas transportation		—			878			(844	)^(c)		—			—			(34	)^(b)		—
Gathering, processing and marketing		—			1,047			(1,047	)^(c)		—			—			—			—
Selling, general and administrative expenses		585			1,084			(497	)^(c)		—			—			(27	)^(b)		1,145
Other operating and non-operating expenses		1,028			262			525	^(c)		—			—			(29	)^(b,l)		1,786
Taxes other than on income		439			826			—			—			—			(411	)^(b,l)		854
Depreciation, depletion and amortization		3,977			4,254			—			—			345	^(j)		(601	)^(b)		7,975
Asset impairments and related items		561			800			—			—			—			—			1,361
Exploration expense		110			459			—			—			—			(6	)^(b)		563
Interest and debt expense, net		389			—			884	^(c)		615	^(e)		75	^(e)		—			1,963
		13,657			10,763			912			615			418			(1,361	)		25,004
Income before income taxes and other items		5,277			2,619			(1,255	)		(615	)		(420	)		(1,029	)		4,577
Interest expense		—			(947	)		884	^(c)		—			—			63	^(b,l)		—
Losses on derivatives		—			(130	)		130	^(c)		—			—			—			—
Other expense, net		—			(57	)		61	^(c)		—			—			(4	)^(b)		—
(Provision) benefit for domestic and foreign income taxes		(1,477	)		(733	)		—			141	^(m)		73	^(m)		572	^(b,l)		(1,424	)
Income from equity investments		331			—			180	^(c)		—			—			—			511
Net income		4,131			752			—			(474	)		(347	)		(398	)		3,664
Net income (loss) attributable to noncontrolling interests		—			137			—			—			(97	)^(d,j)		—			40
Preferred stock dividend		—			—			—			800	^(g)		—			—			800
Net income (loss) attributable to Common Shareholders		4,131			615			—			(1,274	)		(250	)		(398	)		2,824

Basic Earnings per Common Share^(k)	$	5.40																	$	3.09
Diluted Earnings per Share^(k)	$	5.39																	$	3.04
Weighted Average Number of Shares Outstanding:
Basic		761.7												144.5	^(k)					906.2
Diluted		763.3												158.0	^(k)					921.3

See accompanying notes to unaudited pro forma financial statements.

NOTES TO PRO FORMA FINANCIAL STATEMENTS

Reflects sources of/(uses of) cash upon the completion of the merger as follows:

in millions	As of March 31, 2019
Issuance of $21.8 billion in new indebtedness	$	21,800
Issuance costs related to new indebtedness		(238	)
Net cash from issuance of indebtedness	$	21,562

Issuance of $10 billion of shares of series A preferred stock	$	10,000
Issuance costs related to series A of preferred stock		(50	)
Net cash from issuance of series A preferred stock	$	9,950

Merger-related transaction costs⁽¹⁾	$	(310	)
Post-merger consideration paid in respect of Anadarko stock-based awards		(159	)
Merger related costs	$	(469	)

Cash portion of estimated purchase price	$	(29,559	)
Estimated cash portion of purchase price to Anadarko’s consolidated Executives and Directors Benefits Trust		384
Chevron termination fee paid by Anadarko before merger, see merger consideration discussion		(1,000	)
Cash portion of estimated purchase price plus Chevron termination fee	$	(30,175	)

Estimated net proceeds from anticipated divestiture of Anadarko’s Africa assets pursuant to the Total transaction	$	8,000

Use of proceeds from anticipated divestiture and other sources to pay down indebtedness—current	$	(4,400	)

Use of proceeds from anticipated divestiture and other sources to pay down indebtedness—long term	$	(4,400	)
Total use of proceeds from anticipated divestiture and other sources to pay down indebtedness		(8,800	)

(1)

Represents an estimate of merger-related transaction costs, including fees related to advisory, legal, investment banking and other professional services, all of which are directly attributable to the merger. These are non-recurring charges and have been excluded from the unaudited pro forma condensed combined statements of operations.

Reflects the anticipated divestiture of Anadarko’s Africa assets pursuant to the Total transaction which are initially classified as held for sale in the preliminary purchase price allocation:

in millions	As of March 31, 2019
Cash and cash equivalents	$	42
Trade receivables, net		187
Inventories		85
Other current assets		2
Property, plant and equipment, net		9,384
Operating lease assets		52
Long-term receivables and other assets, net		331
Assets held for sale	$	10,083

Current maturities of long-term debt—finance leases	$	12
Current lease liabilities		12
Accounts payable		265
Accrued liabilities		1,060
Long-term debt, net—finance leases		192
Deferred domestic and foreign income taxes		295
Asset retirement obligations		154
Lease liabilities		39
Other		54
Liabilities held for sale	$	2,083
Net held for sale	$	8,000

The following table includes the elimination of revenue and expense items for the three months ended March 31, 2019 and year ended December 31, 2018 related to Anadarko’s Africa assets:

in millions	Three months ended March 31, 2019			Year ended December 31, 2018
Revenues and other income
Net sales	$	(459	)	$	(2,411	)
Loss (gain) on sale of assets, net		(2	)		10
		(461	)		(2,401	)
Costs and other deductions
Oil and gas operating		(27	)		(246	)
Oil and gas transportation		(8	)		(34	)
Selling, general and administrative expenses		(11	)		(27	)
Other operating and non-operating expenses		—			(8	)
Taxes other than on income		(93	)		(405	)
Depreciation, depletion and amortization		(98	)		(601	)
Exploration expense		(2	)		(6	)
		(239	)		(1,327	)
Income before income taxes and other items		(222	)		(1,074	)
Interest expense		8			61
Other expense		(6	)		(4	)
Provision for domestic and foreign income taxes		128			583
Total effect to net income	$	(92	)	$	(434	)

The following reclassifications were made to conform Anadarko’s historical financial results to Occidental’s presentation on the pro forma financial statements:

Balance Sheet	As of March 31, 2019
in millions	Reclassification from			Reclassification to
Assets
Inventories		—			416
Investments in unconsolidated entities		—			1,379
Operating lease assets		—			534
Long-term receivables and other assets, net—investments in unconsolidated entities	$	(1,379	)	$	—
Long-term receivables and other assets, net—operating lease assets		(534	)		—
Long-term receivables and other assets, net—inventories		(416	)		—
Liabilities
Current lease liabilities		—			245
Accrued liabilities		(245	)		277
Current asset retirement obligations		(277	)		—
Pension and postretirement obligations		—			870
Environmental remediation reserves		—			84
Lease liabilities		—			306
Other—lease liabilities		(306	)		—
Other—pension and postretirement obligations/environmental remediation reserves		(954	)
Total	$	(4,111	)	$	4,111

Summary of Balance Sheet reclassifications	Decrease, net			Increase, net
Assets
Inventories		—			416
Investments in unconsolidated entities		—			1,379
Operating lease assets		—			534
Long-term receivables and other assets, net	$	(2,329	)	$	—
Liabilities
Current lease liabilities		—			245
Accrued liabilities		—			32
Current asset retirement obligations		(277	)		—
Pension and postretirement obligations		—			870
Environmental remediation reserves		—			84
Lease liabilities		—			306
Other		(1,260	)		—

Income Statement	For the three months ended March 31, 2019						For the year ended December 31, 2018
in millions	Reclassification from			Reclassification to			Reclassification from			Reclassification to
Revenues and other income
Net Sales	$	—		$	(149	)	$	—		$	(213	)
Interest, dividends and other income		—			14			—			50
Gain on sale of assets & equity investments		(64	)		—			(180	)		—
Costs and other deductions
Cost of sales		—			732			—			2,791
Oil and gas operating		(262	)		—			(900	)		—
Oil and gas transportation		(214	)		—			(844	)		—
Gathering, processing and marketing		(256	)		—			(1,047	)		—
Selling, general, and administrative expenses		(157	)		—			(497	)		—
Other operating and non-operating expenses		—			347						525
Interest and debt expense, net		—			245			—			884
Income before income taxes and other items		825			(1,459	)		3,108			(4,363	)

Interest Expense		(245	)		—			(884	)		—
Losses on derivatives		(313	)		—			(130	)		—
Other expense, net		(12	)		—			(61	)		—
Income from equity investments		—			64			—			180
Total Reclassification	$	1,395		$	(1,395	)	$	4,183		$	(4,183	)

Reflects the fair value adjustments to Anadarko’s property, plant and equipment, intangible assets, held for sale assets and liabilities related to Anadarko’s Africa assets and other assets and liabilities, including debt and goodwill. See “—Estimated Purchase Price and Allocation” above.

Represents pro forma adjustments to current and long-term debt, which includes:

Issuance of $21.8 billion of new indebtedness, with an estimated average annual interest rate of 4.3%, yielding net proceeds of $4.4 billion and $17.2 billion in short- and long-term debt, respectively. Anticipated proceeds are net of $238 million in debt issuance costs. After giving effect to the pay down of $8.8 billion in aggregate principal amount of term loans with the proceeds from the anticipated divestiture and other sources, the estimated average annual interest rate of the remaining $13 billion of new indebtedness is 4.6%. Estimated interest rates are based on underlying U.S. Treasury rates adjusted for Occidental’s anticipated credit spreads across a range of maturities.

ii.

After giving effect to the pay down of $8.8 billion in aggregate principal amount of term loans, the associated pro forma interest expense and amortization on the remaining $13 billion of new indebtedness is approximately $154 million and $615 million for the three months ended March 31, 2019 and for the year ended December 31, 2018, respectively. A one percent change in the assumed interest rate of the $13 billion in new indebtedness would increase or decrease the interest expense by $33 million and $130 million for the three months ended March 31, 2019 and for the year ended December 31, 2018, respectively. In the event the $8.8 billion of term loans are not repaid and remain outstanding, pro forma interest expense would increase by approximately $84 million and $336 million for the three months ended March 31, 2019 and for the year ended December 31, 2018, respectively.

iii.

Fair value adjustment of $2.1 billion to historical Anadarko debt results in additional debt discount amortization of $19 million and $75 million for the three months ended March 31, 2019 and for the year ended December 31, 2018, respectively.

Represents an adjustment to deferred tax liabilities, net based on the estimated statutory tax rate for the combined entity multiplied by the fair value adjustments made to assets and liabilities acquired, calculated below:

in millions	As of March 31, 2019
Fair value of Anadarko property, plant and equipment excluding Anadarko’s Africa assets	$	47,891
Less: Anadarko historical value property, plant and equipment excluding Anadarko’s Africa assets		(17,613	)
Fair value adjustment to increase Anadarko property, plant and equipment, net of Anadarko’s Africa assets		30,278

Fair value of property and equipment held for sale related to Anadarko’s Africa assets		9,384
Less: Anadarko historical value property and equipment related to Africa assets		(2,693	)
Fair value adjustment to increase value related to Anadarko’s Africa assets⁽¹⁾		6,691

Fair value of WES property, plant and equipment		10,500
Less: WES historical property, plant and equipment		(8,630	)
Fair value adjustment to increase WES property, plant and equipment		1,870

Fair value adjustment to Anadarko’s property, plant and equipment per Note (d)	$	38,839

Fair value of Intangible assets	$	3,168
Less: WES historical intangible assets		(833	)
Fair value adjustment to increase Intangible assets per Note (d)	$	2,335

Fair value adjustment to increase WES property, plant and equipment	$	1,870
Fair value adjustment to increase Intangible assets		2,335
Less: fair value adjustment attributable to noncontrolling interests		(1,892	)
Fair value adjustment to increase WES property, plant and equipment and intangibles	$	2,313

Fair value of debt attributable to Anadarko, excluding WES, assumed by Occidental	$	12,628
Less: Anadarko historical debt, excluding WES		(10,512	)
Fair value adjustment to Anadarko debt, excluding WES, assumed by Occidental	$	2,116
Fair value adjustment for WES debt		17
Fair value adjustment to increase debt per Note (d)	$	2,133

(1)

For additional information regarding the assumed transfer tax liability associated with Anadarko’s Africa assets, see “—Preliminary Purchase Price Allocation” above.

in millions	As of March 31, 2019
Fair value adjustment to increase Anadarko property, plant and equipment, net of Anadarko’s Africa assets	$	30,278
Fair value adjustment to increase WES property, plant and equipment and intangibles		2,313
Fair value adjustment to Anadarko’s debt, excluding WES debt, assumed by Occidental		(2,116	)
	$	30,475
Estimated statutory domestic tax rate for the combined entity		23	%
	$	7,009

(2)

Excludes fair value adjustment to WES debt of $17 million because the impact to deferred tax liabilities net of noncontrolling interests and the estimated statutory domestic tax rate was immaterial.

Reflects the proceeds of $9.95 billion, net of $50 million in issuance costs, related to the issuance pursuant to the Berkshire Hathaway investment of 100,000 shares of series A preferred stock (par value $1.00), and a warrant (the “warrant”) to purchase 80 million shares of Occidental common stock at an exercise price of $62.50. Of this amount, $9.366 billion was allocated to the issuance of the series A preferred stock, which is reflected in additional paid-in capital, and $584 million was allocated to the warrant liability classified in other liabilities. The warrant will be remeasured at fair value each reporting period with the adjustment flowing through earnings.

Reflects adjustments to eliminate Anadarko’s historical equity balances and record estimated purchase price at fair value:

in millions	As of March 31, 2019
Estimated stock portion of purchase price:
Common stock, $0.20 per share par value, expected to be issued in the merger	$	29
Pro forma adjustment to paid-in capital in excess of par value for common stock expected to be issued in the merger		7,622
Estimated stock portion of purchase price of 146.3 million shares at $52.28 per share	$	7,651

Equity issued for merger and elimination of Anadarko historical equity balances:
Common stock issued as part of stock consideration expected to be issued in the merger	$	29
Elimination of Anadarko’s historical common stock		(57	)
Pro forma adjustment to common stock	$	(28	)

Elimination of Anadarko’s historical treasury stock	$	4,881
Equity consideration to Anadarko’s consolidated Executives and Directors Benefits Trust		(99	)
Pro forma adjustment to treasury stock	$	4,782

Pro forma adjustment to paid-in capital in excess of par value for common stock expected to be issued in the merger	$	7,622
Elimination of Anadarko historical paid-in capital in excess of par value		(13,057	)
Pro forma adjustment to paid-in capital in excess of par value	$	(5,435	)

Retained earnings impact for estimated merger-related transaction costs	$	(310	)
Retained earnings impact for post-combination expense of stock-based awards		(159	)
Anadarko historical retained earnings impact for Chevron termination fee		(1,000	)
Elimination of Anadarko historical retained earnings		(24	)
Pro forma adjustment to retained earnings	$	(1,493	)

Elimination of Anadarko historical accumulated other comprehensive income	$	329

Fair value of noncontrolling interests	$	6,059
Elimination of Anadarko historical noncontrolling interests		(1,605	)
Pro forma adjustment to noncontrolling interests	$	4,454

The following pro forma adjustments eliminate historical transactions between Anadarko and Occidental that would be treated as intercompany transactions after the merger:

Elimination of $5 million in net sales and corresponding cost of sales in the pro forma statement of operations for the period ended March 31, 2019.

ii.

Elimination of $2 million in net sales and corresponding cost of sales in the pro forma statement of operations for the year ended December 31, 2018.

Reflects adjustments to historical depreciation, depletion and amortization (“DD&A”) expense related to the step up of property, plant and equipment to estimated fair value. Pro forma DD&A expense related to the assets acquired through the merger, excluding Anadarko’s Africa assets, is $1.1 billion and $4.0 billion for the three months ended March 31, 2019 and for the year ended December 31, 2018, respectively.

Reflects the elimination of Anadarko’s weighted-average shares outstanding and the issuance of Occidental common stock to Anadarko stockholders as part of the stock portion of the purchase price. The effect of the issuance of the warrant has been included in diluted shares. Basic and Diluted earnings per share have been reduced by $200 million and $800 million for the three months ended March 31, 2019 and the year ended December 31, 2018, respectively, for pro forma dividends on the series A preferred stock.

in millions except per share amounts	Three months ended March 31, 2019			Year ended December 31, 2018
Basic EPS
Combined pro forma net income	$	426		$	3,664
Less: Income attributable to noncontrolling interests		(100	)		(40	)
Less: Pro forma preferred stock dividend		(200	)		(800	)
Combined pro forma net income attributable to Occidental common stock		126			2,824
Less: Income allocated to pro forma participating securities		(1	)		(20	)
Combined pro forma net income attributable to Occidental common stock, net of participating securities	$	125		$	2,804
Historical weighted average number of basic shares - Occidental		748.9			761.7
Pro forma shares issued to Anadarko stockholders		144.4			144.4
Pro forma weighted average common shares outstanding		893.3			906.2
Basic EPS	$	0.14		$	3.09
Diluted EPS
Combined pro forma net income	$	426		$	3,664
Less: Income attributable to noncontrolling interests		(100	)		(40	)
Less: Pro forma preferred stock dividend		(200	)		(800	)
Combined pro forma net income attributable to Occidental common stock		126			2,824
Less: Income allocated to pro forma participating securities		(1	)		(20	)
Combined pro forma net income attributable to Occidental common stock, net of participating securities	$	125		$	2,804

Pro forma weighted average common shares outstanding		893.3			906.2
Pro forma dilutive effect of potential shares		5.8			15.1
Total Pro forma diluted weighted average common shares		899.1			921.3
Diluted EPS	$	0.14		$	3.04

The following table includes the elimination of revenue and expense items for the year ended December 31, 2018 related to Anadarko’s Alaska assets sold in the three months ended March 31, 2018:

in millions	Year ended December 31, 2018
Revenues and other income
Net sales	$	(22	)
Loss on sale of assets, net		33
		11

Costs and other deductions
Oil and gas operating		(7	)
Other operating and non-operating expenses		(21	)
Taxes other than on income		(6	)
		(34	)
Income before income taxes and other items		45
Interest expense		2
Provision for domestic and foreign income taxes		(11	)
Total effect to net income	$	36

The pro forma income tax adjustments included in the pro forma statements of operations for the periods ended March 31, 2019 and December 31, 2018 reflect the income tax effects of the pro forma adjustments presented. The effective tax rate of the combined company could be significantly different from what is presented in these pro forma financial statements for a variety of reasons, including post-merger activities.

Supplemental Pro Forma Crude Oil, Natural Gas Liquids (“NGLs”) and Natural Gas Reserves Information

The following tables present the estimated pro forma combined net proved developed and undeveloped, crude oil, NGLs and natural gas reserves as of December 31, 2018, along with a summary of changes in quantities of net remaining proved reserves during the year ended December 31, 2018.

The following estimated pro forma reserve information is not necessarily indicative of the results that might have occurred had the transactions been completed on January 1, 2018 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected because of various factors, including those discussed in the section entitled “Risk Factors”, beginning on page .

The pro forma adjustments below reflect the elimination of amounts related to Anadarko’s Africa assets.

Oil Reserves in millions of barrels (MMbbl) PROVED DEVELOPED AND UNDEVELOPED RESERVES	Occidental Historical			Anadarko Historical			Anadarko’s Africa asset sale Adjustments			Occidental Pro Forma Combined
Balance at December 31, 2017		1,515			658			(157	)		2,016
Revisions of previous estimates		6			77			(12	)		71
Improved recovery		189			—			—			189
Extensions and discoveries		6			104			—			110
Purchases of proved reserves		32			—			—			32
Sales of proved reserves		(12	)		(34	)		—			(46	)
Production		(153	)		(138	)		31			(260	)
Balance at December 31, 2018		1,583			667			(138	)		2,112
DOMESTIC PROVED RESERVES		1,186			529			—			1,715
INTERNATIONAL PROVED RESERVES		397			138			(138	)		397

PROVED DEVELOPED RESERVES
December 31, 2017		1,128			497			(136	)		1,489
December 31, 2018		1,160			515			(123	)		1,552
PROVED UNDEVELOPED RESERVES
December 31, 2017		387			161			(21	)		527
December 31, 2018		423			152			(15	)		560

NGL Reserves in millions of barrels (MMbbl) PROVED DEVELOPED AND UNDEVELOPED RESERVES	Occidental Historical			Anadarko Historical			Anadarko’s Africa asset sale Adjustments			Occidental Pro Forma Combined
Balance at December 31, 2017		445			243			(11	)		677
Revisions of previous estimates		22			35			(1	)		56
Improved recovery		47			—			—			47
Extensions and discoveries		—			28			—			28
Purchases of proved reserves		11			—			—			11
Sales of proved reserves		(3	)		—			—			(3	)
Production		(36	)		(38	)		2			(72	)
Balance at December 31, 2018		486			268			(10	)		744
DOMESTIC PROVED RESERVES		284			258			—			542
INTERNATIONAL PROVED RESERVES		202			10			(10	)		202

PROVED DEVELOPED RESERVES
December 31, 2017		314			186			(10	)		490
December 31, 2018		341			202			(10	)		533
PROVED UNDEVELOPED RESERVES
December 31, 2017		131			57			(1	)		187
December 31, 2018		145			66			—			211

Natural Gas Reserves in billions of cubic feet (Bcf) PROVED DEVELOPED AND UNDEVELOPED RESERVES	Occidental Historical			Anadarko Historical			Anadarko’s Africa asset sale Adjustments			Occidental Pro Forma Combined
Balance at December 31, 2017		3,831			3,230			(37	)		7,024
Revisions of previous estimates		166			220			—			386
Improved recovery		347			—			—			347
Extensions and discoveries		4			190			—			194
Purchases of proved reserves		69			—			—			69
Sales of proved reserves		(14	)		(15	)		—			(29	)
Production		(308	)		(395	)		5			(698	)
Balance at December 31, 2018		4,095			3,230			(32	)		7,293
DOMESTIC PROVED RESERVES		1,445			3,198			—			4,643

INTERNATIONAL PROVED RESERVES		2,650			32			(32	)		2,650
PROVED DEVELOPED RESERVES
December 31, 2017		2,924			2,664			(24	)		5,564
December 31, 2018		3,004			2,588			(24	)		5,568
PROVED UNDEVELOPED RESERVES
December 31, 2017		907			566			(13	)		1,460
December 31, 2018		1,091			642			(8	)		1,725

Total Reserves in millions of BOE (MMBOE) PROVED DEVELOPED AND UNDEVELOPED RESERVES	Occidental Historical			Anadarko Historical			Anadarko’s Africa asset sale Adjustments			Occidental Pro Forma Combined
Balance at December 31, 2017		2,598			1,439			(174	)		3,863
Revisions of previous estimates		56			149			(13	)		192
Improved recovery		294			—			—			294
Extensions and discoveries		7			164			—			171
Purchases of proved reserves		54			—			—			54
Sales of proved reserves		(17	)		(37	)		—			(54	)
Production		(240	)		(242	)		34			(448	)
Balance at December 31, 2018		2,752			1,473			(153	)		4,072
DOMESTIC PROVED RESERVES		1,711			1,320			—			3,031

INTERNATIONAL PROVED RESERVES		1,041			153			(153	)		1,041
PROVED DEVELOPED RESERVES
December 31, 2017		1,928			1,127			(150	)		2,905
December 31, 2018		2,002			1,148			(137	)		3,013
PROVED UNDEVELOPED RESERVES
December 31, 2017		670			312			(24	)		958
December 31, 2018		750			325			(16	)		1,059

Standardized measure of discounted future net cash flows

The following tables present the estimated pro forma discounted future net cash flows at December 31, 2018. The pro forma standardized measure information set forth below gives effect to the transactions as if the transactions had been completed on January 1, 2018. The disclosures below were determined by referencing the “Standardized Measure of Discounted Future Net Cash Flows” reported in Anadarko’s and Occidental’s respective Annual Reports on Form 10-K for the year ended December 31, 2018; an explanation of the underlying methodology applied, as required by SEC regulations, can be found within the applicable Annual Report on Form 10-K. See “Where You Can Find More Information” beginning on page . The calculations assume the continuation of existing economic, operating and contractual conditions at December 31, 2018.

Therefore, the following estimated pro forma standardized measure is not necessarily indicative of the results that might have occurred had the transactions been completed on January 1, 2018 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected because of various factors, including those discussed in the section entitled “Risk Factors”, beginning on page .

The pro forma adjustments below reflect the elimination of amounts related to the contingent sale of Anadarko’s Africa assets.

in millions	Occidental Historical			Anadarko Historical			Anadarko’s Africa asset sale Adjustments			Occidental Pro Forma Combined
AT DECEMBER 31, 2018
Future cash inflows	$	112,575		$	59,598		$	(10,058	)	$	162,115
Future costs
Production costs and other operating expenses		(45,655	)		(22,788	)		3,073			(65,370	)
Development costs		(11,963	)		(5,660	)		444			(17,179	)
Future income tax expense		(8,633	)		(7,596	)		2,728			(13,501	)
Future net cash flows		46,324			23,554			(3,813	)		66,065
Ten percent discount factor		(22,863	)		(6,412	)		806			(28,469	)
Standardized measure of discounted future net cash flows	$	23,461		$	17,142		$	(3,007	)	$	37,596

Changes in the standardized measure of discounted future net cash flows from proved reserve quantities

The changes in the pro forma standardized measure of discounted future net cash flows relating to proved crude oil, NGLs and natural gas reserves for the year ended December 31, 2018 are as follows:

in millions	Occidental Historical			Anadarko Historical			Anadarko’s Africa asset sale Adjustments			Occidental Pro Forma Combined
Beginning of year	$	16,220		$	11,660		$	(2,172	)	$	25,708
Sales and transfers of oil and gas produced, net of production costs and other operating expenses		(7,828	)		(8,360	)		1,703			(14,485	)
Net change in prices received per barrel, net of production costs and other operating expenses		9,482			6,198			(2,351	)		13,329
Extensions, discoveries and improved recovery, net of future production and development costs		3,378			3,429			—			6,807
Change in estimated future development costs		(3,463	)		(1,833	)		(124	)		(5,420	)
Revisions of quantity estimates		664			4,352			(329	)		4,687
Previously estimated development costs incurred during the period		1,943			2,763			(86	)		4,620
Accretion of discount		1,551			1,543			(382	)		2,712
Net change in income taxes		(1,182	)		(1,729	)		461			(2,450	)
Purchases and sales of reserves in place, net^(a)		347			(412	)		—			(65	)
Changes in production rates and other		2,349			(469	)		273			2,153
Net change		7,241			5,482			(835	)		11,888
End of year	$	23,461		$	17,142		$	(3,007	)	$	37,596

(a)

Purchases of $5 million and sales of $417 million for Anadarko Historical combined above.

Unaudited Pro Forma Condensed Combined Financial Data

Join the free newsletter