Occidental Petroleum 2008 Annual Report Download - page 86

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RESULTS PER UNIT OF PRODUCTION (Unaudited)
Consolidated Subsidiaries
United
States
Latin
America
Middle East/
North Africa Total
Other
Interests (a)
FOR THE YEAR ENDED
DECEMBER 31, 2008
Revenues from net production of barrel of
oil equivalent ($/bbl.) (b,c) $72.51 $66.79 $71.16 (d) $71.37 $95.30 (d)
Production costs 12.61 14.26 9.98 12.13 26.11
Other operating expenses 2.65 1.46 2.68 2.50 —
Depreciation, depletion and amortization 8.28 15.06 12.87 10.43 13.05
Taxes other than on income 4.12 1.20 — 2.62 —
Charges for impairments — 15.82 1.37 2.52 —
Exploration expenses 0.70 1.80 3.12 1.48 —
Pretax income 44.15 17.19 41.14 39.69 56.14
Income tax expense (e) 14.05 1.23 3.95 (d) 9.61 10.44 (d)
Results of operations $30.10 $15.96 $37.19 $30.08 $45.70
FOR THE YEAR ENDED
DECEMBER 31, 2007
Revenues from net production of barrel of
oil equivalent ($/bbl.) (b,c) $54.31 $52.33 $62.49 (d) $55.91 $68.74 (d)
Production costs 10.99 9.97 8.91 10.37 14.44
Other operating expenses 2.02 3.93 3.81 2.71 0.51
Depreciation, depletion and amortization 7.93 11.95 12.37 9.53 12.55
Taxes other than on income 2.96 0.77 — 1.97 —
Charges for impairments 0.44 — — 0.28 —
Exploration expenses 0.41 1.88 4.64 1.74 —
Pretax income 29.56 23.83 32.76 29.31 41.24
Income tax expense (e) 8.86 8.09 8.13 (d) 8.58 10.29 (d)
Results of operations $20.70 $15.74 $24.63 $20.73 $30.95
FOR THE YEAR ENDED
DECEMBER 31, 2006
Revenues from net production of barrel of
oil equivalent ($/bbl.) (b,c) $49.78 $48.63 $59.40 (d) $51.69 $29.75 (d)
Production costs 9.44 9.48 8.22 9.19 15.40
Other operating expenses 2.51 2.19 2.77 2.53 0.86
Depreciation, depletion and amortization 6.75 9.84 12.30 8.37 2.30
Taxes other than on income 2.89 0.54 — 1.94 —
Exploration expenses 0.69 1.15 3.27 1.48 0.19
Pretax income 27.50 25.43 32.84 28.18 11.00
Income tax expense (e) 7.89 11.11 7.06 (d) 8.17 2.49 (d)
Results of operations $19.61 $14.32 $25.78 $20.01 $8.51
(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) Natural gas volumes have been converted to barrels of oil equivalent (BOE) based on energy content of six thousand cubic feet (Mcf) of gas to one barrel of oil.
(c) Revenues from net production exclude royalty payments and other adjustments.
(d) Revenues and income tax expense exclude income taxes owed by Occidental but paid by governmental entities on its behalf.
(e) 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.
72
2008 Quarterly Financial Data (Unaudited) Occidental Petroleum Corporation