Texaco Announces 2000 Reserve Replacement: 172 Percent of Worldwide Production Replaced; Reserve Life Grows To Highest Level In Three Decades.Business Editors WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Jan. 31, 2001 Texaco announced today that it replaced 172 percent of its 2000 worldwide combined oil and gas production, excluding purchases and sales. The company's net proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. increased to 4.9 billion barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE BoletÃn Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ), the fifth year in a row reserves have increased. The average life of Texaco's reserves increased to 11.4 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time longest reserve life in over 24 years. Worldwide 2000 1999 Net Proved Reserves million barrels of oil equivalent 4,900 4,831 Reserve Life 11.4 years 10.3 years Production Replaced excluding purchases & sales 172% 111% Production Replaced including purchases & sales 116% 137% Texaco Chairman and Chief Executive Officer Peter I. Bijur Bijur is a hamlet located in the Dakshina Kannada (South Canara) region of coastal Karnataka. The location of this town falls near Baindoor on the National Highway to Mangalore. The family of Bijurs' from the Chitrapur Saraswat Brahmin caste, associated to Chitrapur Math. said, "This year Texaco achieved landmark reserve replacement results. We attribute these strong results to the success of our strategy of focusing capital on high impact projects and balancing our portfolio by the sale of fields that are reaching the end of their life. International reserves comprise 53 percent of our global reserves. Undeveloped reserves comprise 34 percent of our proved reserves. This portfolio provides an excellent platform for future growth." Texaco's proved oil and gas reserves are comprised of 3.5 billion barrels of liquids and 8.3 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. cubic feet of natural gas.
2000-1998 2000-1996
Worldwide 3-Year Average 5-Year Average
Production Replaced
excluding purchases & sales 150% 146%
Production Replaced
including purchases & sales 143% 154%
Finding & Development Costs $3.74 $3.92
International Operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. Excluding purchases and sales, we replaced 267 percent of production in 2000. Adding in our purchases and sales, we replaced 217 percent of production in 2000. The sale of non-strategic assets in 2000 reduced international reserves by 108 million BOE. The international reserve replacement performance reflects Texaco's strategy of focusing its resources on high margin, high impact projects. The replacement of international reserves included an increase of 56 million BOE to the Karachaganak field Karachaganak Field is a gas condensate field in Kazakhstan. It is located about 150 km east from the city of Oral (Uralsk) in the northwest of Kazakhstan. The field was once a massive Permian and Carboniferous reef complex covering an area 30 km by 15 km. in Kazakhstan Kazakhstan or Kazakstan (kä'zäkstän`), officially Republic of Kazakhstan, republic (2005 est. pop. 15,186,000), c.1,050,000 sq mi (2,719,500 sq km), central Asia. and the booking of 379 million BOE from the Hamaca field in Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. . Additions to the Duri field in Indonesia, the Wafra-Ratawi field in the PNZ PNZ Phytoplankton-Nutrient-Zooplankton PNZ Pistol New Zealand and the Halfdan field in the North Sea also contributed to the increase. U.S. Operations Excluding purchases and sales, we replaced 76 percent of production in 2000. Adding in our purchases and sales, we replaced 13 percent of production in 2000. Additions to the Kern River Kern River A river rising in the Sierra Nevada of eastern California and flowing about 249 km (155 mi) south and southwest to the southern San Joaquin Valley. field led the U.S.-based reserve replacement performance, followed by notable additions to gas fields in the Rocky Mountain Region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. . The sale of non-strategic assets in 2000 reduced U.S. reserves by 177 million BOE. Note: This press release contains a number of forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In particular, statements made concerning Texaco's expected performance and financial results in future periods are based upon Texaco's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors known to Texaco, among others, could cause Texaco's actual results to differ materially from those described in the forward-looking statements: incorrect estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. of reserves and related assets; inaccurate seismic data; decreased demand for motor fuels, natural gas and other products; worldwide industry and economic conditions; and refined product specifications. In addition, you are encouraged to review Texaco's latest reports filed with the SEC, including Texaco's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC on March 24, 2000, which describes a number of additional risks and uncertainties that could cause actual results to vary materially from those listed in the forward-looking statements made in this press release. Additional Texaco information is available at http://www.texaco.com
TEXACO RESERVE SUMMARY
(Including Equity in Affiliated Companies)
Production Replacement%
Excluding Including Finding and
Net Proved purchases purchases Development
Reserves(1) and sales and sales Costs per BOE
----------------------------------------------------------------------
2000
United States
Liquids 1,560 33% (71)%
Natural Gas 4,430 144% 146%
Combined 2,298 76% 13% $6.03
International
Liquids 1,958 301% 247%
Natural Gas 3,862 112% 83%
Combined 2,602 267% 217% $2.94
Worldwide Total 4,900 172% 116% $3.62
(BOE)
----------------------------------------------------------------------
1999
United States
Liquids 1,782 77% 71%
Natural Gas 4,205 133% 118%
Combined 2,483 99% 89% $4.12
International
Liquids 1,698 61% 73%
Natural Gas 3,903 430% 732%
Combined 2,348 124% 186% $4.56
Worldwide Total 4,831 111% 137% $4.37
(BOE)
----------------------------------------------------------------------
1998
United States
Liquids 1,824 161% 136%
Natural Gas 4,105 119% 113%
Combined 2,508 144% 127% $4.41
International
Liquids 1,749 215% 228%
Natural Gas 2,412 76% 178%
Combined 2,151 191% 219% $2.64
Worldwide Total 4,659 166% 171% $3.45
(BOE)
----------------------------------------------------------------------
(1) Estimated net proved developed and undeveloped reserves are in
million of barrels of liquids and billions of cubic feet of
natural gas. Combined amounts are in millions of barrels of oil
equivalent, with natural gas converted to its oil equivalent at
6,000 cubic feet per barrel.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion