Occidentals Proved Reserves Grew by 12 Percent in 2006, Most of It From Acquisitionsadmin
Oil and gas producer Occidental Petroleum Corp. said Monday its worldwide proved reserves rose by about 12 percent in 2006.
The company said its reserves worldwide increased to 2.87 billion barrels of oil equivalent (BOE) from 2.57 billion BOE in 2005.
Occidental Petroleum also said it spent $8.83 billion on acquisitions, exploration and development in 2006.
In 2006, consolidated proved reserve additions totaled 518 million BOE. Acquisitions provided 63 percent of that, improved recovery 27 percent, extensions and discoveries 7 percent and revisions of previous estimates 3 percent.
Occidental shares fell 63 cents to close at $46.66 on the New York Stock Exchange.