Canadian Occidental Petroleum Ltd. 1998 annual report

Financial information from Canadian Occidental Petroleum Ltd. and a review of their 1998 operations was made available for the benefit of shareholders. The company's core oil and gas business activities include exploration, development, production and marketing of crude oil and natural gas. The company produces oil and gas in Canada, Yemen, the Gulf of Mexico and Nigeria. Canadian Occidental also owns a 7.23 per cent share in the Syncrude joint venture. The company is developing new production in Hay, British Columbia, offshore west Africa and offshore northwest Australia. They are also one of North America's top three manufacturers of sodium chlorate. The report presents a summary of operations, a thorough management discussion and analysis of results and provides the customary consolidated financial statements and notes. Overall, 1998 was described as a difficult year financially, due to falling commodity prices. On the operations side, the company experienced its best results to date, producing more oil and gas than ever before. The company also invested over $ 950 million in new projects and opportunities. Some of the Company's most promising projects are located offshore Nigeria, offshore northwest Australia, in the Gulf of Mexico and in western Canada. These projects are expected to add 40,000 BOE of production by early 2000, with promise of attractive returns even at current low oil prices. tabs., figs