LOS ANGELES, Feb. 5, 2001 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) announced today that, excluding acquisitions and asset sales, it replaced 119 percent of 2000 worldwide combined oil and natural gas production of 169 million barrels of oil equivalent (BOE), for a finding and development cost of $3.72 per BOE.
Oil and gas reserve additions from all sources, including the net effect of acquisitions and sales, replaced 588 percent of combined worldwide 2000 production. Finding and development costs, including acquisitions, were approximately $3.80 per BOE.
Worldwide oil reserve additions, excluding acquisitions and sales, were 141 million barrels compared to production of 125 million barrels, for a replacement ratio of 113 percent. Worldwide gas reserve additions, excluding acquisitions and sales, were 360 billion cubic feet, replacing 259 billion cubic feet of production for a replacement ratio of 139 percent.
At year-end 2000, Occidental had proved oil reserves of 1.803 billion barrels compared to 1.037 billion barrels at the end of 1999, an increase of 74 percent. Natural gas reserves at the end of 2000 were 2.210 trillion cubic feet versus 1.892 trillion cubic feet at the end of 1999 for an increase of 17 percent. Year-end 2000 combined reserves were 2.171 billion BOE compared to 1.352 billion BOE at the end of 1999, an increase of 61 percent. The combined reserves to production ratio increased by 48 percent, from 8.7 to 12.9 years.
Note: This press release may contain forward-looking statements that reflect management's expectations and are based upon data available at the time. Actual results are subject to future events and uncertainties that could materially impact performance.