Occidental Petroleum 2008 Annual Report Download - page 84

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Costs incurred in oil and gas property acquisition, exploration and development activities, whether capitalized or expensed, 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
Property acquisition costs
Proved properties $1,819 $ 8 $4 $1,831 $(1)
Unproved properties 1,362 — 348 1,710 —
Exploration costs 130 96 115 341 (7)
Development costs 1,740 864 1,496 4,100 12
Costs incurred $5,051 $968 $1,963 $7,982 $4
FOR THE YEAR ENDED
DECEMBER 31, 2007
Property acquisition costs
Proved properties $626 $ — $300 $926 $ —
Unproved properties 167 (58) 10 119 —
Exploration costs 39 79 213 331 (4)
Development costs 1,268 524 1,032 2,824 7
Costs incurred $2,100 $545 $1,555 $4,200 $ 3
FOR THE YEAR ENDED
DECEMBER 31, 2006
Property acquisition costs (b)
Proved properties $2,083 $2,408 $397 $4,888 $ —
Unproved properties 377 655 110 1,142 —
Exploration costs 39 61 213 313 1
Development costs 1,330 320 792 2,442 32
Costs incurred $3,829 $3,444 $1,512 $8,785 $33
(a) The 2008 and 2007 amounts reflect the minority interest in a Colombian subsidiary, partially offset by Occidental's share of costs incurred from an equity investee
in Yemen. The 2006 amounts include Occidental’s share of costs incurred 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) Includes acquisition costs and related step-up for deferred income taxes of $1.34 billion for the purchase of Vintage. There was no goodwill recorded for this
transaction.
70
The results of operations of Occidental’s oil and gas producing activities, which exclude oil and gas trading activities and items such as