Occidental Petroleum 2008 Annual Report Download - page 27

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Libya 15 21 21
Total 126 117 111
Natural gas (MMCF) 208 81 30
Barrels of Oil Equivalent (MBOE) (a)
Subtotal Consolidated Subsidiaries 607 571 546
Colombia-minority interest (6)(6)(5)
Yemen-Occidental net interest 2 2 2
Total Worldwide Production (MBOE) (b) 603 567 543
(See footnotes following the Average Sales Price table)
In millions, except as indicated 2008 2007 2006
Average Sales Prices
Crude Oil Prices ($ per bbl)
United States $91.16 $65.67 $57.84
Latin America $70.53 $56.66 $52.40
Middle East/North Africa (c) $94.70 $69.24 $61.58
Total consolidated subsidiaries $88.34 $64.86 $57.81
Other interests $96.30 $68.74 $62.59
Total worldwide (b) $88.26 $64.77 $57.81
Gas Prices ($ per Mcf)
United States $8.03 $6.53 $6.49
Latin America $4.43 $2.66 $2.00
Total worldwide (b) $6.10 $5.68 $6.00
Expensed Exploration (d) $408 $422 $296
Capital Expenditures
Development $3,563 $2,676 $2,302
Exploration $258 $156 $133
Other $24 $33 $54
(a) Natural gas volumes have been converted to BOE based on energy content of six thousand cubic feet (Mcf) of gas
to one barrel of oil.
(b) Occidental has classified its Pakistan (in 2007), Horn Mountain (in 2007) and Ecuador (in 2006) operations as
discontinued operations on a retrospective application basis and excluded them from this table. Excluded
production from Pakistan operations averaged 17,000 BOE per day in 2006. Excluded production from Horn
Mountain operations averaged 13,000 BOE per day in 2006. Excluded production from Ecuador operations
averaged 43,000 BOE per day for the first five months of 2006. Also excluded is production from a Russian joint
venture (sold in January 2007), which averaged 27,000 BOE per day in 2006.
(c) These prices exclude the impact of income taxes owed by Occidental but paid by governmental entities on its
behalf.
(d) Includes dry hole write-offs and lease impairments of $325 million in 2008, $247 million in 2007 and $115 million
in 2006.
20
Oil and gas segment earnings in 2008 were $10.7 billion, compared to $8.0 billion in 2007. The increase in segment earnings reflects