Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 83

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 83
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445)(164)(609)Balance as of December 31, 20224,073 2,277 6,350 Revisions of previous estimates 325 (6)319 Improved recovery1 17 18 Extensions and discoveries268 5 273 Purchases of proved reserves50 — 50 Sales of proved reserves(2)— (2)Production(480)(176)(656)Balance as of December 31, 20234,235 2,117 6,352 Revisions of previous estimates(a)215 100 315 Improved recovery2 6 8 Extensions and discoveries532 17 549 Purchases of proved reserves1,016 — 1,016 Sales of proved reserves(58)— (58)Production(548)(191)(739)Balance as of December 31, 20245,394 2,049 7,443 PROVED DEVELOPED RESERVES December 31, 20212,632 1,705 4,337 December 31, 20222,761 1,597 4,358 December 31, 20232,770 1,507 4,277 December 31, 20243,564 1,593 5,157 PROVED UNDEVELOPED RESERVES December 31, 2021787 726 1,513 December 31, 20221,312 680 1,992 December 31, 20231,465 610 2,075 December 31, 20241,830 456 2,286 

(a)Revisions of previous estimates in 2024 included the effects of new infill drilling, price revisions and other updates, including changes in reservoir performance, economic conditions, and development plans. Positive revisions of 203 Bcf were related to additions associated with infill development projects, primarily in the DJ Basin (120 Bcf), the Permian Basin (63 Bcf), and international assets (17 Bcf). Further positive revisions were primarily associated with updates based on reservoir performance (215 Bcf), primarily due to positive performance revisions in the DJ Basin (210 Bcf), international assets (96 Bcf), the Powder River Basin (32 Bcf), and GOA (31 Bcf) that were partially offset by negative performance revisions in the Permian Basin (154 Bcf). The positive revisions were partially offset by negative revisions