Occidental Petroleum 2014 Annual Report Download - page 4
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Part I
ITEMS 1 AND 2 BUSINESS AND PROPERTIES
GENERAL
OIL AND GAS OPERATIONS
General
Proved Reserves and Sales Volumes
Comparative Oil and Gas Proved Reserves and Sales Volumes
2013 2012
Oil
NGLs
Gas
BOE (a) Oil
NGLs
Gas
BOE (a)
United States (b)
1,131
204
2,012
1,670
1,069
156
1,955
1,551
International
482
134
2,711
1,068
469
116
2,679
1,031
Total
1,613
338
4,723
2,738
1,538
272
4,634
2,582
United States (b)
64
21
193
117
61
21
207
116
International
75
3
163
105
78
3
170
110
Total
139
24
356
222
139
24
377
226
The detailed proved reserves information presented in accordance with Item 1202(a)(2) to Regulation S-K under the Securities Exchange Act of 1934 (Exchange Act) is provided under the heading
"Supplemental Oil and Gas Information". Proved reserves are stated on a net basis after applicable royalties.
(a) Natural gas volumes are converted to BOE at six thousand cubic feet (Mcf) of gas per 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 2014, the average
prices of West Texas Intermediate (WTI) oil and New York Mercantile Exchange (NYMEX) natural gas were $93.00 per barrel and $4.34 per Mcf, respectively, resulting in an oil to gas ratio of over
20 to 1.
(b) Excludes proved reserves and sales volumes for California Resources which have been classified as discontinued operations.
3