Occidental Petroleum 2003 Annual Report Download - page 83

NET CAPITALIZED COSTS $ 8,713 $ 274 $ 1,518 $ 189 $ 10,694 $ 44 $ 10,738
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DECEMBER 31, 2001
Proved properties $ 9,027 $ 789 $ 2,372 $ 142 $ 12,330 $ (2) $ 12,328
Unproved properties (a) 1,606 2 13 -- 1,621 -- 1,621
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TOTAL PROPERTY COSTS 10,633 791 2,385 142 13,951 (2) 13,949
Support facilities 290 43 49 8 390 19 409
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TOTAL CAPITALIZED COSTS (b) 10,923 834 2,434 150 14,341 17 14,358
Accumulated depreciation,
depletion and amortization (2,210) (622) (1,177) (99) (4,108) 27 (4,081)
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NET CAPITALIZED COSTS $ 8,713 $ 212 $ 1,257 $ 51 $ 10,233 $ 44 $ 10,277
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(a) Primarily consists of California properties.
(b) Includes costs related to leases, exploration costs, lease and well
equipment, pipelines and terminals, gas plants and other equipment.
(c) Includes capitalized costs for equity investees in Russia and Yemen,
partially offset by minority interest for a Colombian affiliate.
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Costs incurred in oil and gas property acquisition, exploration and
development activities, whether capitalized or expensed, were as follows:
Consolidated Subsidiaries
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Other
United Latin Middle Eastern Other Total
In millions States America East Hemisphere Total Interests (b) Worldwide (c)
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DECEMBER 31, 2003
Acquisition of properties
Proved $ 345 $ -- $ 19 $ -- $ 364 $ -- $ 364
Unproved 4 -- -- -- 4 -- 4
Exploration costs 27 30 17 24 98 (1) 97
Development costs 465 (a) 98 516 18 1,097 10 1,107
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$ 841 $ 128 $ 552 $ 42 $ 1,563 $ 9 $ 1,572
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DECEMBER 31, 2002
Acquisition of properties
Proved $ 72 $ -- $ 19 $ 72 $ 163 $ -- $ 163
Unproved -- -- 29 -- 29 -- 29
Exploration costs 54 30 34 16 134 -- 134
Development costs 457 (a) 97 312 24 890 7 897
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$ 583 $ 127 $ 394 $ 112 $ 1,216 $ 7 $ 1,223
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DECEMBER 31, 2001
Acquisition of properties
Proved $ 10 $ -- $ 19 $ -- $ 29 $ -- $ 29
Unproved 43 -- 10 -- 53 -- 53
Exploration costs 57 65 31 23 176 (5) 171
Development costs 602 (a) 58 229 18 907 11 918
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$ 712 $ 123 $ 289 $ 41 $ 1,165 $ 6 $ 1,171
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(a) Excludes capitalized CO2 of $48 million in 2003, $42 million in 2002 and
$48 million in 2001.
(b) Includes equity investees' costs in Russia and Yemen, partially offset by
minority interest for a Colombian affiliate.
(c) Excludes capitalized asset retirement obligation costs of $12 million in
2003. See Note 4 for transition information on capitalized asset retirement
obligation costs.
66
The results of operations of Occidental's oil and gas producing activities,
which exclude oil and gas trading activities and items such as asset
dispositions, corporate overhead, interest and royalties, were as follows: