Occidental Petroleum (OXY) is one of the largest and most active oil and gas operators in the Permian Basin, with proved reserves of 1.2 billion barrels of oil equivalent (BOE) at the end of 2010. Fifty nine percent of the company’s PV-10 value is derived from Permian Basin oil and gas properties.
Occidental Petroleum reported production of 197,000 BOE per day from the company’s Permian Basin properties in 2010, with 136,000 barrels of oil and 29,000 barrels of natural gas liquids per day.
Occidental Petroleum spent $507 million in capital to develop Permian Basin oil and gas properties in 2010, and plans to spend $854 million in 2011. The company plans to drill more than 300 wells and average thirteen operated rigs during the year.