Occidental Petroleum 2008 Annual Report Download - page 85

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The results of operations of Occidental’s oil and gas producing activities, which exclude oil and gas trading activities and items such as
asset dispositions, corporate overhead, interest and royalties, were as follows:
Consolidated Subsidiaries
In millions
United
States
Latin
America
Middle East/
North Africa Total
Other
Interests (a)
FOR THE YEAR ENDED
DECEMBER 31, 2008
Revenues (b) $9,581 $2,009 $6,252 (c) $17,842 $(113)(c)
Production costs 1,666 429 589 2,684 (1)
Other operating expenses 350 44 159 553 —
Depreciation, depletion and
amortization 1,094 453 760 2,307 (8)
Taxes other than on income 544 36 — 580 —
Charges for impairments — 476 81 557 —
Exploration expenses 92 54 181 327 (4)
Pretax income 5,835 517 4,482 10,834 (100)
Income tax expense (d) 1,857 37 2,284 (c) 4,178 (21)(c)
Results of operations $3,978 $480 $2,198 $6,656 $(79)
FOR THE YEAR ENDED
DECEMBER 31, 2007
Revenues (b) $7,115 $1,559 $4,340 (c) $13,014 $(68)(c)
Production costs 1,440 297 430 2,167 (5)
Other operating expenses 265 117 185 567 (3)
Depreciation, depletion and
amortization 1,039 356 597 1,992 (6)
Taxes other than on income 388 23 — 411 —
Charges for impairments 58 — — 58 —
Exploration expenses 54 56 254 364 (5)
Pretax income 3,871 710 2,874 7,455 (49)
Income tax expense (d) 1,161 241 1,717 (c) 3,119 (6)(c)
Results of operations $2,710 $469 $1,157 $4,336 $(43)
FOR THE YEAR ENDED
DECEMBER 31, 2006
Revenues (b) $6,431 $1,358 $3,659 (c) $11,448 $223 (c)
Production costs 1,220 265 351 1,836 149
Other operating expenses 324 61 121 506 8
Depreciation, depletion and
amortization 872 275 525 1,672 10
Taxes other than on income 373 15 — 388 —
Exploration expenses 89 32 175 296 1
Pretax income 3,553 710 2,487 6,750 55
Income tax expense (d) 1,019 310 1,426 (c) 2,755 11 (c)
Results of operations $2,534 $400 $1,061 $3,995 $44
(a) The 2008 and 2007 amounts reflect the minority interest in a Colombian subsidiary, partially offset by Occidental's share of the results of operations from an
equity investee in Yemen. The 2006 amounts include Occidental’s share of the results of operations 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) Revenues from net production exclude royalty payments and other adjustments.
(c) Revenues and income tax expense include income taxes owed by Occidental but paid by governmental entities on its behalf.
(d) United States federal income taxes reflect certain expenses related to oil and gas activities allocated for United States income tax purposes only, including
allocated interest and corporate overhead. Foreign income taxes were included in geographic areas on the basis of operating results.
71
RESULTS PER UNIT OF PRODUCTION (Unaudited)