Occidental Petroleum 2002 Annual Report Download - page 98

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Accretion of discount 757 1,895 768
Net change in income taxes (2,820) 4,138 (3,993)
Purchases and sales of reserves in place, net 522 19 5,928
Changes in production rates and other (1,210) 155 (541)
------- ------- -------
NET CHANGE 5,895 (8,646) 7,931
------- ------- -------
END OF YEAR $12,429 $ 6,534 $15,180
=================================================================================================== ======= ======= =======
AVERAGE SALES PRICES AND AVERAGE PRODUCTION COSTS OF OIL AND GAS
The following table sets forth, for each of the three years in the period
ended December 31, 2002, Occidental's approximate average sales prices and
average production costs of oil and gas. Production costs are the costs incurred
in lifting the oil and gas to the surface and include gathering, treating,
primary processing, field storage, property taxes and insurance on proved
properties, but do not include depreciation, depletion and amortization,
royalties, income taxes, interest, general and administrative and other
expenses.
Consolidated Subsidiaries
---------------------------------------------------
Middle East
and Other
United Latin Eastern Other Total
States America (a) Hemisphere (a,b) Total Interests (c) Worldwide
================================================= ====== =========== ================ ======= ============= =========
2002
Oil -- Average sales price ($/bbl.) $23.47 $ 23.14 $ 24.01 (d) $ 23.56 $ 14.80 $ 22.91
Gas -- Average sales price ($/Mcf) $ 2.89 $ -- $ 2.08 $ 2.81 $ -- $ 2.81
Average oil and gas production cost ($/bbl.)(b) $ 6.12 $ 4.72 $ 3.85 $ 5.46 $ 7.30 $ 5.54
------------------------------------------------- ------ ----------- ---------------- ------- ------------- ---------
2001
Oil -- Average sales price ($/bbl.) $21.74 $ 20.10 $ 22.97 (d) $ 21.91 $ 15.57 $ 21.41
Gas -- Average sales price ($/Mcf) $ 6.40 $ -- $ 2.29 $ 6.09 $ -- $ 6.09
Average oil and gas production cost ($/bbl.)(b) $ 6.31 $ 5.51 $ 3.29 $ 5.60 $ 7.39 $ 5.70
------------------------------------------------- ------ ----------- ---------------- ------- ------------- ---------
2000
Oil -- Average sales price ($/bbl.) $26.66 $ 26.07 $ 26.92 (d) $ 26.62 $ 18.60 $ 25.99
Gas -- Average sales price ($/Mcf) $ 3.66 $ -- $ 1.99 $ 3.53 $ -- $ 3.53
Average oil and gas production cost ($/bbl.)(b) $ 4.97 $ 3.64 $ 2.87 $ 4.33 $ 8.01 $ 4.50
------------------------------------------------- ------ ----------- ---------------- ------- ------------- ---------
(a) Sales prices include royalties with respect to certain of Occidental's
interests.
(b) Natural gas volumes have been converted to equivalent barrels based on
energy content of six Mcf of gas to one barrel of oil.
(c) Includes prices and costs applicable to equity investees in Russia and
Yemen.
(d) Excludes implied taxes.
78
NET PRODUCTIVE AND DRY -- EXPLORATORY AND DEVELOPMENT WELLS COMPLETED
The following table sets forth, for each of the three years in the period
ended December 31, 2002, Occidental's net productive and dry-exploratory and
development wells completed.
Consolidated Subsidiaries
-----------------------------------------------------------------
Middle East
and Other
United Latin Eastern Other Total
States America Hemisphere Total Interests (a) Worldwide
======================== ============== ============== ============== ============== ============== ==============
2002
Oil -- Exploratory 2.9 1.2 3.8 7.9 -- 7.9
Development 258.5 16.8 60.8 336.1 8.6 344.7
Gas -- Exploratory -- -- 0.5 0.5 -- 0.5
Development 17.9 -- 0.6 18.5 -- 18.5
Dry -- Exploratory 5.1 1.2 2.1 8.4 -- 8.4
Development 20.8 1.1 0.8 22.7 (0.1) 22.6
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