Occidental Petroleum 2001 Annual Report Download - page 83

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Extensions, discoveries and improved recovery, net of future production and
development costs 1,238 1,222 660
Change in estimated future development costs (923) (95) (299)
Revisions of quantity estimates 83 1,315 (808)
Development costs incurred during the period 913 576 298
Accretion of discount 1,910 783 308
Net change in income taxes 4,174 (3,954) (1,694)
Purchases and sales of reserves in place, net 19 5,927 (150)
Changes in production rates and other 127 (511) (150)
-------- -------- --------
NET CHANGE (8,742) 7,936 4,039
-------- -------- --------
END OF YEAR $ 6,602 $ 15,344 $ 7,408
================================================================================= ======== ======== ========
The information set forth below does not include information with respect
to operations of equity investees. The following table sets forth, for each of
the three years in the period ended December 31, 2001, Occidental's approximate
average sales prices and average production costs of oil and gas. Production
costs are the costs incurred in lifting the oil and gas to the surface and
include gathering, treating, primary processing, field storage, property taxes
and insurance on proved properties, but do not include depreciation, depletion
and amortization, royalties, income taxes, interest, general and administrative
and other expenses.
AVERAGE SALES PRICES AND AVERAGE PRODUCTION COSTS OF OIL AND GAS
United Latin Eastern
For the years ended December 31, States America (a,b) Hemisphere (a)
================================================================= ========== ========== ==========
2001
Oil -- Average sales price ($/bbl.) $ 21.74 $ 19.95 $ 21.32
Gas -- Average sales price ($/Mcf) $ 6.40 $ -- $ 2.29
Average oil and gas production cost ($/bbl.)(c) $ 6.28 $ 5.73 $ 4.15
----------------------------------------------------------------- ---------- ---------- ----------
2000
Oil -- Average sales price ($/bbl.) $ 26.66 $ 26.01 $ 25.14
Gas -- Average sales price ($/Mcf) $ 3.66 $ -- $ 1.99
Average oil and gas production cost ($/bbl.)(c) $ 5.00 $ 3.67 $ 3.73
----------------------------------------------------------------- ---------- ---------- ----------
1999
Oil -- Average sales price ($/bbl.) $ 15.81 $ 13.20 $ 15.86
Gas -- Average sales price ($/Mcf) $ 2.09 $ -- $ 1.17
Average oil and gas production cost ($/bbl.)(c) $ 3.07 $ 2.63 $ 2.68
----------------------------------------------------------------- ---------- ---------- ----------
(a) Sales prices include royalties with respect to certain of Occidental's
interests.
(b) Sales prices include fees received under service contracts.
(c) Natural gas volumes have been converted to equivalent barrels based on
energy content of six Mcf of gas to one barrel of oil.
73
The following table sets forth, for each of the three years in the period
ended December 31, 2001, Occidental's net productive and dry-exploratory and
development wells completed.
NET PRODUCTIVE AND DRY -- EXPLORATORY AND DEVELOPMENT WELLS COMPLETED
United Latin Eastern Total
For the years ended December 31, States America Hemisphere Worldwide
=============================================== ========== ========== ========== ==========
2001
Oil -- Exploratory 3.0 -- 3.1 6.1
Development 432.1 14.0 60.4 506.5
Gas -- Exploratory 7.8 -- -- 7.8
Development 38.1 -- .5 38.6
Dry -- Exploratory 10.1 .9 1.8 12.8
Development 34.7 -- .3 35.0
----------------------------------------------- ---------- ---------- ---------- ----------