Occidental Petroleum 2014 Annual Report Download - page 88
Download and view the complete annual report
Please find page 88 of the 2014 Occidental Petroleum annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
 |
 |
RESULTS PER UNIT OF PRODUCTION FOR CONTINUING OPERATIONS
United
Latin
Middle East/
States
America
North Africa
Total
Revenues (b)
Production costs
Other operating expenses
Depreciation, depletion and amortization
Taxes other than on income
Exploration expenses
Asset impairments and related items
Income tax expense (c)
Revenues (b)
$ 60.17
$ 100.46 $ 73.68
$ 67.86
Production costs
12.47
14.76 12.43
12.56
Other operating expenses
4.98
1.96 2.95
3.97
Depreciation, depletion and amortization
16.18
10.00 17.80
16.57
Taxes other than on income
4.53
1.96 —
2.48
Exploration expenses
0.58
0.56 0.70
0.63
21.43
71.22
39.80
31.65
Asset impairments and related items
5.20
—
—
2.74
16.23 71.22 39.80 28.91
Income tax expense (c)
5.06
23.92 19.14
11.96
$ 11.17
$ 47.30 $ 20.66
$ 16.95
Revenues (b)
$ 55.40
$ 96.30 $ 76.22
$ 66.51
Production costs
14.74
14.64 10.80
13.02
Other operating expenses
4.29
3.82 2.28
3.39
Depreciation, depletion and amortization
13.31
10.38 14.30
13.59
Taxes other than on income
4.15
2.04 —
2.24
Exploration expenses
0.71
0.27 1.14
0.87
18.20
65.15
47.70
33.40
Asset impairments and related items
14.57
—
—
7.50
3.63 65.15 47.70 25.90
Income tax expense (c)
0.60
22.37 21.98
11.00
$ 3.03
$ 42.78 $ 25.72
$ 14.90
(a) Natural gas volumes have been converted to 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 WTI oil and 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) Revenues are net of royalty payments.
(c) United States federal income taxes reflect certain expenses related to oil and gas activities allocated for United States income tax purposes only, including allocated interest and corporate overhead.
86