Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 172

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 172
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 further exploration and appraisal activities in Onshore Block 3 and Block 5. 

PROVED RESERVES

Proved oil, NGL and natural gas reserves were estimated using the unweighted arithmetic average of the first-day-of-the-month price for each month within the year, unless prices were defined by contractual arrangements. Oil, NGL and natural gas prices used for this purpose were based on posted benchmark prices and adjusted for price differentials including gravity, quality and transportation costs. 

The following table shows the 2024, 2023 and 2022 calculated first-day-of-the-month average prices for both WTI and Brent oil prices, as well as the Henry Hub gas prices: 

202420232022WTI Oil ($/Bbl)$75.48 $78.22 $93.67 Brent Oil ($/Bbl)$79.65 $82.80 $97.77 Henry Hub Natural Gas ($/MMbtu)$2.13 $2.64 $6.36 Mt. Belvieu NGL ($/Bbl)$33.04 $29.94 $47.81 

34 OXY 2024 FORM 10-K

table of contentsMANAGEMENT’S DISCUSSION AND ANALYSIS

Occidental had proved reserves from continuing operations at year-end 2024 of 4,612 MMboe, compared to the year-end 2023 proved reserves of 3,982 MMboe. Proved developed reserves represented approximately 69% of Occidental’s total proved reserves at year-end 2024 and 2023. The following table shows Occidental’s proved reserves from continuing operations by commodity as a percentage of total proved reserves:

20242023Oil46 %49 %NGL27 %24 %Natural gas27 %27 %

Occidental does not have any reserves from non-traditional sources. For further information regarding Occidental’s proved reserves, see the Supplemental Oil and Gas Information section in Item 8 of this Form 10-K.

CHANGES IN PROVED RESERVES

Changes in Occidental’s 2024 reserves were as follows:

MMboe2024Balance — beginning of year3,982 Revisions of previous estimates170 Improved recovery47 Extensions and discoveries326 Purchases623 Sales(50)Production(486)Balance — end of year4,612 

Occidental’s ability to add reserves, other than through purchases,