Dominion Power 2007 Annual Report Download - page 111
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N
OTE
30. G
AS AND
O
IL
P
RODUCING
A
CTIVITIES
(U
NAUDITED
)
Capitalized Costs
The aggregate amounts of costs capitalized for gas and oil producing activities, and related aggregate amounts of accumulated depletion
follow:
At December 31, 2007 2006
(millions)
Capitalized costs:
Proved properties $1,789 $11,747
Unproved properties 10 1,980
Total capitalized costs 1,799 13,727
Accumulated depletion:
Proved properties 104 3,506
Unproved properties —144
Total accumulated depletion 104 3,650
Net capitalized costs $1,695 $10,077
Total Costs Incurred
The following costs were incurred in gas and oil producing activities:
Year Ended December 31, 2007 2006 2005
Total U.S. Canada Total U.S. Canada Total U.S. Canada
(millions)
Property acquisition costs:
Proved properties $19 $19 $— $ 87 $ 87 $ — $ 118 $ 118 $—
Unproved properties 77 75 2 171 165 6 151 137 14
Total property acquisition costs 96 94 2 258 252 6 269 255 14
Exploration costs 132 126 6 399 383 16 235 230 5
Development costs(1) 1,114 1,086 28 1,451 1,365 86 1,207 1,128 79
Total $1,342 $1,306 $36 $2,108 $2,000 $108 $1,711 $1,613 $98
(1) Development costs incurred for proved undeveloped reserves were $445 million, $302 million and $284 million for 2007, 2006 and 2005, respectively.
Results of Operations
We caution that the following standardized disclosures required by the FASB do not represent our results of operations based on our histor-
ical financial statements. In addition to requiring different determinations of revenue and costs, the disclosures exclude the impact of
interest expense and corporate overhead.
Year Ended December 31, 2007 2006 2005
Total U.S. Canada Total U.S. Canada Total U.S. Canada
(millions)
Revenue (net of royalties) from:
Sales to nonaffiliated companies $1,367 $1,291 $76 $1,883 $1,749 $134 $1,499 $1,369 $130
Transfers to other operations 298 298 — 253 253 — 268 268 —
Total 1,665 1,589 76 2,136 2,002 134 1,767 1,637 130
Less:
Production (lifting) costs 396 369 27 552 510 42 443 406 37
Depreciation, depletion and amortization 536 514 22 801 750 51 564 525 39
Income tax expense 271 262 9 285 271 14 283 264 19
Results of operations $ 462 $ 444 $18 $ 498 $ 471 $ 27 $ 477 $ 442 $ 35
Dominion 2007 Annual Report 109