Occidental Petroleum 2014 Annual Report Download - page 133

January 30, 2015
Occidental Petroleum Corporation
5 Greenway Plaza, Suite 110
Houston, Texas 77046
Ladies and Gentlemen:
At your request, Ryder Scott Company, L.P. (Ryder Scott) has conducted a process review of the methods and analytical
procedures utilized by the engineering and geological staff of Occidental Petroleum Corporation (Occidental) for estimating the
proved reserves volumes, preparing the economic evaluations and determining the reserves classifications as of December 31,
2014, based on the definitions and disclosure guidelines of the United States Securities and Exchange Commission (SEC) Title 17,
Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal
Register (SEC regulations). The results of our third party reserves process review, completed on December 30, 2014 and
presented herein, were prepared for public disclosure by Occidental in filings made with the SEC in accordance with the disclosure
requirements set forth under Section 229.1202(a)(8) of the SEC regulations.
Based on our review, including the data, technical processes and interpretations presented by Occidental, it is our opinion
that the overall procedures and methodologies utilized by Occidental in estimating the proved reserves volumes, documenting the
changes in reserves from prior estimates, preparing the economic evaluations and determining the reserves classifications for the
reviewed properties are appropriate for the purpose thereof, and comply with the SEC regulations as of December 31, 2014. Ryder
Scott has not been engaged to render an opinion as to the reasonableness of reserves quantities reported by Occidental.
Properties Reviewed
The proved reserves reviewed herein are attributable to the fee, leasehold and royalty interests of Occidental in certain
properties located in the United States in the state of Texas and derived through Occidental’s economic interest as defined in
contractual arrangements for certain properties located in the Middle East.
The properties reviewed herein were selected by Occidental. Ryder Scott and Occidental concur that these properties are a
valid representation of Occidental’s total net proved reserves portfolio as of December 31, 2014. Based on the estimates prepared
by Occidental, the portion of total company net liquid and net gas reserves reviewed by us are expressed as a percentage and
presented in summary form on the following page. At Occidental’s request, we have also presented the portion of the total
company net reserves reviewed by us on a barrel of oil equivalent (BOE) basis.
Percentage of Total Company Estimated Net Reserves
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