Occidental Petroleum Corporation says that at year-end 2014, the company's preliminary worldwide proved reserves totaled 2.82 billion barrels of oil equivalent (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 percent.
The preliminary domestic proved reserves totaled 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 percent.
"We are pleased to have replaced 174 percent of our 2014 production largely through improved recovery and extensions and discoveries. Over the last three years, we replaced 169 percent of our production. Our 2014 program resulted in apparent finding and development costs of $16.89 per BOE. For the last three-year period, our finding and development costs averaged about $18.66 per BOE including revisions," said Stephen I. Chazen, President and Chief Executive Officer.