Occidental Petroleum Corporation have announced that at year-end 2014, the company's preliminary worldwide proved reserves totalled 2.82 billion boe compared to 2.74 billion boe at the end of 2013, restated to exclude California Resources Corporation. In 2014, the company had proved reserve additions from all sources of 380 million boe, compared to production of 218 million boe, for a production replacement ratio of 174%.
The preliminary domestic proved reserves totalled 1.78 billion boe compared to 1.67 billion boe at the end of 2013. In 2014, the domestic operations had proved reserve additions from all sources of 308 million boe, compared to production of 116 million boe, for a production replacement ratio of 266%.
"We are pleased to have replaced 174% of our 2014 production largely through improved recovery and extensions and discoveries. Over the last three years, we replaced 169% of our production. Our 2014 program resulted in apparent finding and development costs of US$16.89 per boe. For the last three-year period, our finding and development costs averaged about US$18.66 per boe including revisions," said Stephen I. Chazen, President and Chief Executive Officer.
As of 31 December 2014, 63% of the company's proved reserves consisted of oil, 13% of NGL and 24% of gas. Of the total proved reserves, approximately 60% is in the United States and 40% in international locations. Approximately 70 % of the proved reserves are developed and 30% are undeveloped. Total company revisions were negative 58 million BOE, which included 54 million from the write-down of Bahrain. Total company proved additions, excluding revisions, were 438 million boe, mostly coming from improved recovery. The proved undeveloped reserves increased by 284 million boe due to improved recovery mainly in Permian Resources. These additions were offset by transfers of 315 million boe to proved developed, with the Al Hosn Gas Project transfer accounting for 68% of the total.
Adapted from press release by Joe Green