Occidental Petroleum 2003 Annual Report Download - page 88

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PROVED DEVELOPED RESERVES
December 31, 2000 1,079 90 197 8 1,374 36 1,410
========== ========= ========= ========== ========= ========= =========
December 31, 2001 1,106 91 232 8 1,437 35 1,472
========== ========= ========= ========== ========= ========= =========
December 31, 2002 1,183 85 228 12 1,508 34 1,542
========== ========= ========= ========== ========= ========= =========
DECEMBER 31, 2003 1,262 116 227 11 1,616 35 1,651
================================= ========== ========= ========= ========== ========= ========= =========
(a) Includes reserves applicable to equity investees in Russia and Yemen,
partially offset by minority interests for a Colombian affiliate.
(b) All Middle East reserves are related to production-sharing contracts.
71
GAS RESERVES
In billions of cubic feet
Consolidated Subsidiaries
-------------------------------------------------------------------
Other
United Latin Middle Eastern Other Total
In millions States America East (b) Hemisphere Total Interests Worldwide
================================= ========== ========= ========= ========== ========= ========= =========
PROVED DEVELOPED AND
UNDEVELOPED RESERVES
BALANCE AT DECEMBER 31, 2000 2,094 -- -- 116 2,210 -- 2,210
Revisions of previous estimates (53) -- -- 4 (49) -- (49)
Improved recovery 23 -- -- -- 23 -- 23
Extensions and discoveries 118 -- -- 4 122 -- 122
Purchases of proved reserves 4 -- -- -- 4 -- 4
Sales of proved reserves (1) -- -- -- (1) -- (1)
Production (a) (223) -- -- (18) (241) -- (241)
--------------------------------- ---------- --------- --------- ---------- --------- --------- ---------
BALANCE AT DECEMBER 31, 2001 1,962 -- -- 106 2,068 -- 2,068
Revisions of previous estimates (39) -- -- (15) (54) -- (54)
Improved recovery 39 -- 106 6 151 -- 151
Extensions and discoveries 57 -- -- 3 60 -- 60
Purchases of proved reserves 14 -- -- 45 59 -- 59
Sales of proved reserves (6) -- -- -- (6) -- (6)
Production (a) (206) -- -- (23) (229) -- (229)
--------------------------------- ---------- --------- --------- ---------- --------- --------- ---------
BALANCE AT DECEMBER 31, 2002 1,821 -- 106 122 2,049 -- 2,049
Revisions of previous estimates 47 -- (10) 7 44 -- 44
Improved recovery 68 -- -- 2 70 9 79
Extensions and discoveries 38 -- 558 1 597 -- 597
Purchases of proved reserves 55 -- -- -- 55 -- 55
Sales of proved reserves (9) -- -- -- (9) -- (9)
Production (a) (194) -- -- (27) (221) -- (221)
--------------------------------- ---------- --------- --------- ---------- --------- --------- ---------
BALANCE AT DECEMBER 31, 2003 1,826 -- 654 105 2,585 9 2,594
================================= ========== ========= ========= ========== ========= ========= =========
PROVED DEVELOPED RESERVES
December 31, 2000 1,814 -- -- 84 1,898 -- 1,898
========== ========= ========= ========== ========= ========= =========
December 31, 2001 1,718 -- -- 89 1,807 -- 1,807
========== ========= ========= ========== ========= ========= =========
December 31, 2002 1,630 -- -- 110 1,740 -- 1,740
========== ========= ========= ========== ========= ========= =========
DECEMBER 31, 2003 1,618 -- 91 94 1,803 9 1,812
================================= ========== ========= ========= ========== ========= ========= =========
(a) Production excludes 12.7 bcf, 25.3 bcf and 28.0 bcf subject to volumetric
production payments for the years 2003, 2002 and 2001, respectively.
(b) All Middle East reserves are related to production-sharing contracts.
72
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