Occidental Petroleum Corporation has announced that at year-end 2016, the company's preliminary worldwide proved reserves totalled 2.4 billion boe compared to 2.2 billion boe at the end of 2015.
In 2016, the company had proved reserve additions from all sources of 437 million boe, compared to production of 231 million boe, for a reserves replacement ratio of nearly 190%.
Preliminary domestic proved reserves totalled 1.4 billion boe compared to 1.3 billion boe at the end of 2015. In 2016, Occidental’s domestic operations had proved reserves additions from all sources of 192 million BOE, compared to production of 110 million boe, for a reserves replacement ratio of 175%.
"We have had an exceptionally strong year for reserves with almost 190% reserve replacement at a finding and development cost of US$9.65 per boe company-wide. Domestically, we replaced about 210% of our Permian Basin production with Permian Resources replacing 290% of its production. The 2016 reserves programme additions for Permian Resources came in at historically low finding and development costs of less than US$9.00 per boe. We expect continued improvement in 2017 based on this trend," said President and Chief Executive Officer, Vicki Hollub.
As of December 31, 2016, the company's proved reserves consisted of 56% oil, 17% NGL and 27% gas. Of the total proved reserves, approximately 56% is in the United States and 44% in international locations. Approximately 77% of the proved reserves are developed and 23% are undeveloped. Total company revisions were net positive 159 million boe, which included 68 million boe of negative revisions related to price. Total company proved additions, excluding revisions, were 278 million boe.
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