Occidental Petroleum 2015 Annual Report Download - page 86
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Total Reserves
United
Latin
Middle East/
States
America
North Africa
Total (b)
1,551
102
929
2,582
Revisions of previous estimates
10
(7)
4
7
Improved recovery
188
8
63
259
Extensions and discoveries
6
—
74
80
Purchases of proved reserves
37
—
—
37
Sales of proved reserves
(5)
—
—
(5)
Production
(117)
(11)
(94)
(222)
1,670
92
976
2,738
Revisions of previous estimates
(67)
6
3
(58)
Improved recovery
310
9
35
354
Extensions and discoveries
22
—
19
41
Purchases of proved reserves
43
—
—
43
Sales of proved reserves
(81)
—
—
(81)
Production
(116)
(11)
(91)
(218)
1,781
96
942
2,819
Revisions of previous estimates (c)
Improved recovery
Extensions and discoveries
Purchases of proved reserves
Sales of proved reserves
Production
December 31, 2012
1,169
88 651 1,908
December 31, 2013
1,222
80 613 1,915
December 31, 2014
1,154
90
744 1,988
December 31, 2012
382
14 278 674
December 31, 2013
448
12 363 823
December 31, 2014
627
6
198
831
(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 for a
number of years. For example, in 2015, the average prices of West Texas Intermediate (WTI) oil and New York Mercantile Exchange (NYMEX) natural gas were $48.80 per barrel and $2.75 per Mcf,
respectively, resulting in an oil to gas ratio of 18 to 1.
(b) Includes proved reserves related to PSCs and other similar economic arrangements of 0.5 billion BOE, 0.7 billion BOE, 0.8 billion BOE and 0.8 billion BOE, at December 31, 2015, 2014, 2013, and
2012, respectively.
(c) Revisions of previous estimates were primarily price and price-related.
(d) Approximately 11 percent of the proved developed reserves at December 31, 2015 are nonproducing, primarily associated with Permian EOR.
(e) A portion of the proved undeveloped reserves associated with the Al Hosn gas project is expected to be developed beyond five years and is tied to an approved long term development project.
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81