Occidental Petroleum 2003 Annual Report Download - page 90

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==================================================================================================== ======== ======== ========
BEGINNING OF YEAR $ 12,429 $ 6,534 $ 15,180
-------- -------- --------
Sales and transfers of oil and gas produced, net of production costs and other operating expenses (4,162) (2,910) (3,383)
Net change in prices received per barrel, net of production costs and other operating expenses 1,874 9,684 (12,737)
Extensions, discoveries and improved recovery, net of future production and development costs 1,287 1,496 1,238
Change in estimated future development costs (833) (543) (931)
Revisions of quantity estimates 133 (87) 58
Development costs incurred during the period 1,078 954 902
Accretion of discount 1,545 757 1,895
Net change in income taxes (638) (2,820) 4,138
Purchases and sales of reserves in place, net 637 448 19
Changes in production rates and other (563) (1,084) 155
-------- -------- --------
NET CHANGE 358 5,895 (8,646)
-------- -------- --------
END OF YEAR $ 12,787 $ 12,429 $ 6,534
==================================================================================================== ======== ======== ========
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, 2003, 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
-------------------------------------------------------
Other
United Latin Middle Eastern Other Total
States America(a) East Hemisphere(a) Total Interests(c) Worldwide
================================================== ======= ======= ======= ========== ======= ========= =========
2003
Oil -- Average sales price ($/bbl.) $ 28.74 $ 27.21 $ 27.81(d) $ 26.61 $ 28.18 $ 15.95 $ 27.25
Gas -- Average sales price ($/Mcf) $ 4.81 $ -- $ -- $ 2.04 $ 4.45 $ -- $ 4.45
Average oil and gas production cost ($/bbl.) (b) $ 6.39 $ 5.38 $ 5.39 $ 2.02 $ 5.91 $ 8.50 $ 6.08
-------------------------------------------------- ------- ------- ------- ---------- ------- --------- ---------
2002
Oil -- Average sales price ($/bbl.) $ 23.47 $ 23.14 $ 24.13(d) $ 23.02 $ 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 $ 4.08 $ 2.80 $ 5.46 $ 6.75 $ 5.54
-------------------------------------------------- ------- ------- ------- ---------- ------- --------- ---------
2001
Oil -- Average sales price ($/bbl.) $ 21.74 $ 20.10 $ 23.00(d) $ 22.64 $ 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 $ 3.49 $ 2.16 $ 5.60 $ 7.20 $ 5.70
-------------------------------------------------- ------- ------- ------- ---------- ------- --------- ---------
(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.
74
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, 2003, Occidental's net productive and dry-exploratory and
development wells completed.
Consolidated Subsidiaries
------------------------------------------------------------------
Other
United Latin Middle Eastern Other Total
States America East Hemisphere Total Interests(a) Worldwide
================================= ========= ========= ========= ========== ========= ========= =========