Company Overview: Occidental Petroleum Corp.
In the United States, Occidental is concentrating its activities in California; the Permian Basin in west Texas and southeast New Mexico, and the giant Hugoton field, which is largely in Kansas. Internationally, Occidental is focusing on the Middle East and Latin America.
Since 1991, Occidental replaced more oil and gas reserves than it produced, averaging a 178 percent replacement ratio including additions and purchases and excluding asset sales. At year-end 1999, Occidental had reserves of 1.35 billion barrels of oil equivalent -- 30 percent higher than in 1991. With the acquisitions of Altura and THUMS in April 2000, Occidental's reserves increased by an additional 63 percent to approximately 2.2 billion barrels of oil equivalent.
Net worldwide oil and liquids production in 1999 averaged 306,400 barrels per day, while natural gas production averaged 714 million cubic feet per day. International operations accounted for 76 percent of Occidental’s oil production, while 93 percent of natural gas production came from the United States. On an oil equivalent basis, total 1999 net production amounted to 425,400 barrels per day. Occidental's net average daily production in 2000 is expected to increase by 13 percent, compared with 1999.
In addition to developing its own discoveries, Occidental uses its expertise in rapid development, low production costs and innovative and effective reservoir management to pursue enhanced oil recovery (EOR) opportunities where fields are underdeveloped. Occidental currently has major EOR projects in Qatar and Elk Hills.
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