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NOTE 17 COSTS AND RESULTS OF OIL AND GAS PRODUCING ACTIVITIES
Occidental has classified its Horn Mountain (in 2007), Pakistan (in 2007) and Ecuador (in 2006) operations as discontinued
operations on a retrospective basis and excluded them from all tables in this Note.
Capitalized costs relating to oil and gas producing activities and related accumulated DD&A were as follows:
Consolidated Subsidiaries
In millions
United
States
Latin
America
Middle East/
North Africa Total
Other
Interests (a)
DECEMBER 31, 2008
Proved properties $22,425 $5,177 $9,490 $37,092 $(115)
Unproved properties (b) 1,855 — 417 2,272 —
Total capitalized costs (c) 24,280 5,177 9,907 39,364 (115)
Accumulated depreciation, depletion
and amortization (6,669) (1,693) (4,021) (12,383) 139
Net capitalized costs $17,611 $3,484 $5,886 $26,981 $24
DECEMBER 31, 2007
Proved properties $18,872 $4,204 $7,935 $31,011 $(123)
Unproved properties (b) 689 527 228 1,444 —
Total capitalized costs (c) 19,561 4,731 8,163 32,455 (123)
Accumulated depreciation, depletion
and amortization (5,779) (1,241) (3,268) (10,288) 132
Net capitalized costs $13,782 $3,490 $4,895 $22,167 $ 9
DECEMBER 31, 2006
Proved properties $16,709 $3,588 $6,543 $26,840 $95
Unproved properties (b) 710 655 286 1,651 1
Total capitalized costs (c) 17,419 4,243 6,829 28,491 96
Accumulated depreciation, depletion
and amortization (4,549) (888) (2,685) (8,122) (36)
Net capitalized costs $12,870 $3,355 $4,144 $20,369 $60
(a) The 2008 and 2007 amounts reflect the minority interest in a Colombian subsidiary, partially offset by Occidental's share of capitalized costs from an equity investee
in Yemen. The 2006 amounts include Occidental’s share of capitalized costs from an equity investee in Yemen and a Russian joint venture, partially offset by the
minority interest in a Colombian subsidiary. Occidental's joint venture interest in Russia was sold in 2007.
(b) The 2008 amount primarily consists of additions in California, and additions in Permian and Midcontinent and Rockies from the Plains acquisitions. In June 2008,
Occidental entered into a PSC with the Libyan National Oil Company. Prior to the effective date of this contract, Occidental operated in Libya under exploration,
production-sharing and concession agreements. The 2007 amount primarily consists of California, Argentina and Libya. The 2006 amount primarily consists of
additions in Argentina, California and Yemen from the Vintage acquisition as well as existing unproved properties in California, Libya and Oman.
(c) Includes costs related to leases, exploration costs, lease and well equipment, other equipment, capitalized interest, asset retirement obligations and other costs.
69
Costs incurred in oil and gas property acquisition, exploration and development activities, whether capitalized or expensed, were as