Occidental Petroleum 2014 Annual Report Download - page 85

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Total Reserves

United
Latin
Middle East/
States
America
North Africa
Total (b)


1,585
101
762
2,448
Revisions of previous estimates
(107)
4
7
(96)
Improved recovery
119
9
36
164
Extensions and discoveries
4
—
222
226
Purchases of proved reserves
66
—
—
66
Production
(116)
(12)
(98)
(226)

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)





Revisions of previous estimates


Improved recovery



Extensions and discoveries



Purchases of proved reserves


Sales of proved reserves


Production





   

December 31, 2011
1,190
74 631 1,895
December 31, 2012
1,169
88 651 1,908
December 31, 2013
1,222
80 613 1,915



 

December 31, 2011
395
27 131 553
December 31, 2012
382
14 278 674
December 31, 2013
448
12 363
823


 
(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 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) Includes proved reserves related to production-sharing contracts (PSCs) and other similar economic arrangements of 0.7 billion BOE, 0.8 billion BOE, 0.8 billion BOE, and 1.0 billion BOE at
December 31, 2014, 2013, 2012, and 2011, respectively.
(c) Approximately 20 percent of the proved developed reserves at December 31, 2014 are nonproducing, primarily associated with the Al Hosn gas project.
(d) 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.
,
83