The following table sets forth information with respect to our proved and probable oil and gas
reserves as of December 31, 2011:
As of December 31, 2011
Proved Reserves
Probable Reserves
Proved
Developed
Proved
Undeveloped
Total
Proved
Probable
Developed
(1)
Probable
Undeveloped
Total
Probable
(MMBOE)
Consolidated entities
Onshore California . . . . .
135.0
68.9
203.9
2.9
90.2
93.1
Offshore California . . . . .
13.5
-
13.5
-
3.4
3.4
Gulf Coast Region and
Gulf of Mexico . . . . . . .
51.8
114.3
166.1
-
193.2
193.2
Rocky Mountains and
Other . . . . . . . . . . . . . . .
26.9
0.5
27.4
2.4
-
2.4
Total . . . . . . . . . . . . . . .
227.2
183.7
410.9
5.3
286.8
292.1
Entity’s share of equity
investee
(2)
. . . . . . . . . . . .
11.4
2.1
13.5
(1) Reflects reserves associated with incremental recovery from existing production/injection wells that require no future
development costs and reserves associated with work performed on existing producers/injectors that do not meet the
reasonable certainty requirements to be classified as proved.
(2) Amounts relate to our equity investment in McMoRan.
Onshore California
Los Angeles Basin
We hold a 100% working interest in the majority of our Los Angeles Basin, or LA Basin, properties,
including Inglewood, Las Cienegas, Montebello, Packard and San Vicente. The LA Basin properties
are characterized by light crude (18 to 29 degree API gravity), have well depths ranging from 2,000
feet to over 10,000 feet and include both primary production and mature waterfloods where producing
wells have high water cuts.
In 2011, we spent $105 million on capital projects in the LA Basin, focused on improved waterflood
recovery efficiency through infill drilling, producer and injector well recompletions and facility additions
and enhancements to process higher fluid volumes. Drilling was concentrated in the Inglewood field
where we drilled 39 wells, including two injector wells. Our net average daily LA Basin sales volumes
were 11.2 MBOE per day in the fourth quarter of 2011. In 2012, we will continue to concentrate on
development drilling and on recompletion projects in the LA Basin.
San Joaquin Basin
Our San Joaquin Basin properties are located primarily in the Cymric, Midway Sunset and South
Belridge Fields. These are long-lived fields that have heavier oil (12 to 16 degree API gravity) and
shallow wells (generally less than 2,000 feet) that require enhanced oil recovery techniques, including
steam injection, and produce with high water cuts.
We spent $116 million in 2011 on capital projects in the San Joaquin Basin focused on improved
recovery efficiency through infill drilling, well recompletions, facility expansions and enhancements to
reduce air emissions in all of our primary fields. During 2011, we drilled 146 wells, including 27 injector
wells, in the San Joaquin Basin. Our net average daily San Joaquin Basin sales volumes were
19.3 MBOE per day in the fourth quarter of 2011.
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