Occidental Petroleum 2001 Annual Report Download - page 81

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SUPPLEMENTAL OIL AND GAS INFORMATION (Unaudited)
The following tables set forth Occidental's net interests in quantities of
proved developed and undeveloped reserves of crude oil, condensate and natural
gas and changes in such quantities. Crude oil reserves (in millions of barrels)
include condensate. The reserves are stated after applicable royalties.
Estimates of reserves have been made by Occidental engineers. These estimates
include reserves in which Occidental holds an economic interest under service
contracts, production sharing contracts and other arrangements.
RESERVES
Oil in millions of barrels, natural gas in billions of cubic feet
United Latin Eastern Total
States America Hemisphere Worldwide
---------------- ---------------- ---------------- ----------------
Oil Gas Oil (a) Gas Oil Gas Oil Gas
=========================================== ===== ===== ===== ===== ===== ===== ===== =====
PROVED DEVELOPED AND UNDEVELOPED RESERVES
BALANCE AT DECEMBER 31, 1998 445 1,898 194 -- 427 251 1,066 2,149
Revisions of previous estimates 2 111 78 -- (65) 12 15 123
Improved recovery 32 54 -- -- 9 -- 41 54
Extensions and discoveries 31 49 -- -- 9 -- 40 49
Purchases of proved reserves 3 66 -- -- 8 -- 11 66
Sales of proved reserves (22) (130) -- -- (2) (158) (24) (288)
Production (27) (242) (35) -- (50) (19) (112) (261)
------------------------------------------- ----- ----- ----- ----- ----- ----- ----- -----
BALANCE AT DECEMBER 31, 1999 464 1,806 237 -- 336 86 1,037 1,892
Revisions of previous estimates 29 179 12 -- 22 44 63 223
Improved recovery 41 25 -- -- 1 -- 42 25
Extensions and discoveries 24 108 5 -- 7 4 36 112
Purchases of proved reserves 881 417 19 -- -- -- 900 417
Sales of proved reserves (30) (200) (120) -- -- -- (150) (200)
Production (63) (241) (18) -- (44) (18) (125) (259)
------------------------------------------- ----- ----- ----- ----- ----- ----- ----- -----
BALANCE AT DECEMBER 31, 2000 1,346 2,094 135 -- 322 116 1,803 2,210
Revisions of previous estimates (14) (53) 10 -- 33 4 29 (49)
Improved recovery 92 23 -- -- 47 -- 139 23
Extensions and discoveries 22 118 10 -- 24 4 56 122
Purchases of proved reserves 3 4 -- -- -- -- 3 4
Sales of proved reserves -- (1) -- -- -- -- -- (1)
Production (78) (223) (11) -- (44) (18) (133) (241)
------------------------------------------- ----- ----- ----- ----- ----- ----- ----- -----
BALANCE AT DECEMBER 31, 2001 1,371 1,962 144 -- 382 106 1,897 2,068
=========================================== ===== ===== ===== ===== ===== ===== ===== =====
PROPORTIONAL INTEREST IN EQUITY INVESTEES'
RESERVES
December 31, 1998 5 49 44 (b) 138 (b) 34 -- 83 187
===== ===== ===== ===== ===== ===== ===== =====
December 31, 1999 6 46 45 (b) 133 (b) 36 -- 87 179
=========================================== ===== ===== ===== ===== ===== ===== ===== =====
PROVED DEVELOPED RESERVES
December 31, 1998 367 1,836 171 -- 306 190 844 2,026
===== ===== ===== ===== ===== ===== ===== =====
December 31, 1999 339 1,670 153 -- 245 61 737 1,731
===== ===== ===== ===== ===== ===== ===== =====
December 31, 2000 1,079 1,814 82 -- 249 84 1,410 1,898
===== ===== ===== ===== ===== ===== ===== =====
DECEMBER 31, 2001 1,106 1,718 83 -- 283 89 1,472 1,807
=========================================== ===== ===== ===== ===== ===== ===== ===== =====
PROPORTIONAL INTEREST IN EQUITY INVESTEES'
RESERVES
December 31, 1998 5 48 35 (b) 127 (b) 24 -- 64 175
===== ===== ===== ===== ===== ===== ===== =====
December 31, 1999 5 41 36 (b) 115 (b) 21 -- 62 156
=========================================== ===== ===== ===== ===== ===== ===== ===== =====
(a) Portions of these reserves are being produced pursuant to exclusive service
contracts.
(b) Includes amounts in Latin America and Canada.
71
STANDARDIZED MEASURE, INCLUDING YEAR-TO-YEAR CHANGES THEREIN, OF DISCOUNTED
FUTURE NET CASH FLOWS
For purposes of the following disclosures, estimates were made of
quantities of proved reserves and the periods during which they are expected to
be produced. Future cash flows were computed by applying year-end prices to
Occidental's share of estimated annual future production from proved oil and gas
reserves, net of royalties. Future development and production costs were
computed by applying year-end costs to be incurred in producing and further
developing the proved reserves. Future income tax expenses were computed by
applying, generally, year-end statutory tax rates (adjusted for permanent
differences, tax credits, allowances and foreign income repatriation