Occidental Petroleum 2012 Annual Report Download - page 79
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Total Reserves
United
Latin
Middle East/
States
America (b,c)
North Africa (d)
Total
2,072
104 924 3,100
Revisions of previous estimates
(1)
2
(46) (45)
Improved recovery
156
11
57 224
Extensions and discoveries
2
—
2 4
Purchases of proved reserves
114
—
30 144
Sales of proved reserves(e)
—
(3)
—
(3)
Production
(140)
(14)
(103)
(257)
2,203
100
864
3,167
Revisions of previous estimates
(132)
(7)
(75)
(214)
Improved recovery
182
16
66
264
Extensions and discoveries
15
4
6
25
Purchases of proved reserves
201
—
—
201
Sales of proved reserves
—
—
—
—
Production
(156)
(12)
(99)
(267)
Revisions of previous estimates
Improved recovery
Extensions and discoveries
Purchases of proved reserves
Sales of proved reserves
Production
December 31, 2009
1,608
80
739 2,427
December 31, 2010
1,624
78 705 2,407
December 31, 2011
1,707
74 631 2,412
December 31, 2009
464
24 185 673
December 31, 2010
579
22 159 760
December 31, 2011
606
27 131 764
(a) 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. Barrels of oil equivalence
does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has
been similarly lower over the recent past. For example, in 2012, the average prices of West Texas Intermediate (WTI) oil and New York Mercantile Exchange (NYMEX) natural gas were
$94.21 per barrel and $2.81 per Mcf, respectively, resulting in an oil to gas ratio of over 30.
(b) Proved reserves as of December 31, 2009 include proved oil reserves related to the noncontrolling interest of a Colombian subsidiary.
(c) Excludes proved reserves from the Argentine operations sold in February 2011 and classified as discontinued operations of 196 MMBOE and 130 MMBOE as of December 31, 2010 and
2009, respectively.
(d) A substantial majority of proved reserve amounts relate to PSCs and other similar economic arrangements.
(e) Represents the change to no longer include the Colombian noncontrolling interest.
(f) Approximately 6 percent of the proved developed reserves at December 31, 2012 are nonproducing, the majority of which are located in the United States.
(g) The amount of Occidental's proved undeveloped reserves that are not expected to be developed within five years from the date initially recorded was insignificant.
,