Occidental Petroleum 2008 Annual Report Download - page 14

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barrel on July 3, 2008, up from $95.98 per barrel as of December 31, 2007, and then dropped to $44.60 per barrel at the end of 2008. The
average WTI market price for 2008 was $99.65 per barrel compared with $72.32 per barrel in 2007. Occidental’s realized price for crude oil as
a percentage of average WTI prices was approximately 89 percent and 90 percent for 2008 and 2007, respectively. Prices and differentials can
vary significantly, even on a short-term basis, making it impossible to predict realized prices with a reliable degree of certainty.
12
The average New York Mercantile Exchange (NYMEX) domestic natural gas price in 2008 increased approximately 27 percent from