LOS ANGELES, Feb. 20, 2002 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) announced today that it replaced 138 percent of its 2001 worldwide production of 174 million barrels of oil equivalent (BOE) at an average finding and development cost of $4.54 per BOE - excluding acquisitions. Including acquisitions, the replacement rate was 141 percent at an average finding, development and acquisition cost of $4.80 per BOE. Worldwide proven reserve additions from all sources in 2001 totaled approximately 244 million BOE, resulting in a 3 percent increase in reserves to 2.24 billion BOE and a reserves-to-production ratio of 12.9 years at the end of 2001.
Revisions in 2001 made up 21 million BOE, or 9 percent of the total reserve additions. Extensions and discoveries added 77 million BOE, or 32 percent of the total, while improved recovery contributed 142 million BOE, or 58 percent. The remaining 1 percent came from acquisitions.
Approximately 48 percent of the 2001 worldwide reserve additions came from US operations, replacing 103 percent of US production of nearly 115 million BOE. In addition, the company replaced 215 percent of its international production with operations in Qatar, Oman and Ecuador accounting for the largest share of the new reserve additions.
For the three-year period, 1999 - 2001, Occidental's average annual reserve replacement, excluding acquisitions, was 115 percent at an average finding and development cost of $3.84 per BOE. If acquisitions are included for the same period, the replacement rate is 316 percent at an average finding, development and acquisition cost of $3.90 per BOE.
Note: This press release may contain forward-looking statements that reflect management's expectations and are based upon data available at the time the statements were made. Actual results are subject to future events and uncertainties, which could materially impact performance.