Occidental Petroleum 2003 Annual Report Download - page 3

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ITEM 10 Directors and Executive Officers of the Registrant............................................. 79
ITEM 11 Executive Compensation......................................................................... 79
ITEM 12 Security Ownership of Certain Beneficial Owners and Management................................. 79
ITEM 13 Certain Relationships and Related Transactions................................................. 79
ITEM 14 Principal Accountant Fees and Services......................................................... 79
PART IV
ITEM 15 Exhibits, Financial Statement Schedules and Reports on Form 8-K................................ 79
PART I
ITEMS 1 AND 2 BUSINESS AND PROPERTIES
In this report, "Occidental" refers to Occidental Petroleum Corporation, a
Delaware corporation, and/or one or more entities in which it owns a majority
voting interest (subsidiaries). Occidental's executive offices are located at
10889 Wilshire Boulevard, Los Angeles, California 90024; telephone (310)
208-8800.
GENERAL
Occidental's principal businesses consist of two industry segments. The oil
and gas segment explores for, develops, produces and markets crude oil and
natural gas. The chemicals segment manufactures and markets basic chemicals,
vinyls and performance chemicals. For financial information about these
segments, see Note 15 to the Consolidated Financial Statements of Occidental
(Consolidated Financial Statements).
For information regarding Occidental's current developments, see the
information in the "Management's Discussion and Analysis of Financial Condition
and Results of Operations" (MD&A) section of this report.
OIL AND GAS OPERATIONS
GENERAL
Occidental's domestic oil and gas operations are Elk Hills and other
smaller locations in California, the Hugoton field in Kansas and Oklahoma, the
Permian field in West Texas and New Mexico, and the Gulf of Mexico.
International operations are located in Colombia, Ecuador, Oman, Pakistan,
Qatar, Russia, United Arab Emirates and Yemen. Occidental also has exploration
interests in several other countries. For additional information regarding
Occidental's oil and gas segment, see the information under the captions
"Business Review - Oil and Gas" and "2004 Outlook - Oil and Gas" in the MD&A
section of this report.
RESERVES, PRODUCTION AND PROPERTIES
The table below shows Occidental's total oil and natural gas reserves and
production in 2003, 2002 and 2001. In 2003, including the effect of
acquisitions, Occidental replaced 184 percent of its 2003 worldwide combined oil
and natural gas production of 200 million barrels of oil equivalent (BOE). See
the MD&A section of this report, Note 16 to the Consolidated Financial
Statements and the information under the caption "Supplemental Oil and Gas
Information" in Item 8 of this report for certain details regarding Occidental's
oil and gas reserves, the estimation process and production by country. On May
1, 2003, Occidental reported to the U.S. Department of Energy on Form EIA-28
proved oil and gas reserves at December 31, 2002. The amounts reported were the
same as the amounts reported in Occidental's 2002 Annual Report.
COMPARATIVE OIL AND GAS RESERVES AND PRODUCTION
Oil in millions of barrels; natural gas in billions of cubic feet; total in
millions of barrels of oil equivalent