Occidental Petroleum 2006 Annual Report Download - page 4
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Part I
ITEMS 1 AND 2 BUSINESS AND PROPERTIES
In this report, "Occidental" refers to Occidental Petroleum Corporation, a Delaware corporation (OPC), and/or one or more entities in which it
owns a majority voting interest (subsidiaries). Occidental conducts its operations through various oil and gas, chemical and other subsidiaries and
affiliates. Occidental’s executive offices are located at 10889 Wilshire Boulevard, Los Angeles, California 90024; telephone (310) 208-8800.
Occidental’s principal businesses consist of two industry segments operated by OPC's subsidiaries. The subsidiaries and other affiliates in the
oil and gas segment explore for, develop, produce and market crude oil and natural gas. The subsidiaries and other affiliates in the chemical
segment (OxyChem) manufacture and market basic chemicals, vinyls and performance chemicals. For financial information by segment and by
geographic area, 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.
General
Occidental’s domestic oil and gas operations are principally located at the Permian Basin in west Texas and New Mexico, Elk Hills and other
locations in California, the Hugoton field in Kansas and Oklahoma, the Gulf of Mexico and western Colorado. International operations are located
in Argentina, Bolivia, Colombia, Libya, Oman, Pakistan, Qatar, Russia (sold in January 2007), the United Arab Emirates (UAE) 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 caption "Oil and Gas Segment" in the MD&A section of this report.
Proved Reserves, Production and Properties
The table below shows Occidental’s total oil and natural gas proved reserves and production in 2006, 2005 and 2004. See the MD&A section of
this report, Note 18 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 proved reserves, the estimation process and production by country. On
May 12, 2006, Occidental reported to the United States Department of Energy on Form EIA-28 proved oil and gas reserves at December 31, 2005.
The amounts reported were the same as the amounts reported in Occidental’s 2005 Annual Report.
Comparative Oil and Gas Proved Reserves and Production
3