Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 80

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 80
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Reserves are stated net of applicable royalties. Estimated reserves include Occidental’s economic interests under PSCs and other similar economic arrangements. In addition, discussions of oil and gas production or volumes, in general, refer to sales volumes unless the context requires or it is indicated otherwise.

Prices for oil, NGL and natural gas fluctuate widely. Historically, the markets for oil, NGL and natural gas and refined products have been volatile and may continue to be volatile in the future. Prolonged declines in oil, NGL and natural gas prices would reduce Occidental’s operating results and cash flows and could impact its future rate of growth and the recoverability of the carrying value of its assets.

112 OXY 2024 FORM 10-K

table of contentsSupplemental Oil and Gas Information(Unaudited)

OIL RESERVES         

MMbblUnited StatesInternationalTotalPROVED DEVELOPED AND UNDEVELOPED RESERVES Balance as of December 31, 20211,466 305 1,771 Revisions of previous estimates215 (5)210 Improved recovery57 9 66 Extensions and discoveries89 6 95 Purchases of proved reserves7 — 7 Sales of proved reserves(10)— (10)Production(185)(41)(226)Balance as of December 31, 20221,639 274 1,913 Revisions of previous estimates 77 91 168 Improved recovery7 11 18 Extensions and discoveries59 3 62 Purchases of proved reserves14 — 14 Sales of proved reserves(1)— (1)Production(195)(39)(234)Balance as of December 31, 20231,600 340 1,940 Revisions of previous estimates(a)47 (7)40 Improved recovery38 6 44 Extensions and discoveries132 2 134 Purchases of proved reserves254 — 254 Sales of proved reserves(30)— (30)Production(209)(38)(247)Balance as of December 31, 20241,832 303 2,135 PROVED DEVELOPED RESERVES  December 31, 20211,140 226 1,366 December 31, 20221,208 200 1,408 December 31, 20231,140 258 1,398 December