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Notes to Consolidated Financial Statements, Continued
Company-Owned Reserves
Estimated net quantities of proved gas and oil (including condensate) reserves in the U.S. and Canada at December 31, 2007, 2006 and
2005, and changes in the reserves during those years, are shown in the two schedules that follow:
2007 2006 2005
Total U.S. Canada Total U.S. Canada Total U.S. Canada
(billion cubic feet)
Proved developed and undeveloped
reserves—Gas
At January 1 5,136 4,961 175 4,962 4,856 106 4,910 4,814 96
Changes in reserves:
Extensions, discoveries and other additions 139 130 9 431 393 38 299 276 23
Revisions of previous estimates 88 88 — 109 58 51 73 71 2
Production (214) (206) (8) (318) (302) (16) (290) (275) (15)
Purchases of gas in place 44 44 — 48 48 — 55 55 —
Sales of gas in place (4,174) (3,998) (176) (96) (92) (4) (85) (85) —
At December 31 1,019 1,019 — 5,136 4,961 175 4,962 4,856 106
Proved developed reserves—Gas
At January 1 3,556 3,424 132 3,706 3,605 101 3,685 3,591 94
At December 31 636 636 — 3,556 3,424 132 3,706 3,605 101
Proved developed and undeveloped
reserves—Oil
(thousands of barrels)
At January 1 232,259 216,849 15,410 217,698 198,602 19,096 164,062 144,007 20,055
Changes in reserves:
Extensions, discoveries and other additions 3,094 2,853 241 11,373 10,678 695 6,681 5,399 1,282
Revisions of previous estimates(1) 932 932 — 38,010 40,629 (2,619) 63,884 65,264 (1,380)
Production (12,185) (11,626) (559) (24,947) (23,923) (1,024) (15,575) (14,714) (861)
Purchases of oil in place 33—615 615 — 69 69 —
Sales of oil in place (211,490) (196,398) (15,092) (10,490) (9,752) (738) (1,423) (1,423) —
At December 31(2) 12,613 12,613 — 232,259 216,849 15,410 217,698 198,602 19,096
Proved developed reserves—Oil
At January 1 180,779 173,718 7,061 152,889 145,735 7,154 113,992 102,152 11,840
At December 31 12,613 12,613 — 180,779 173,718 7,061 152,889 145,735 7,154
(1) The decrease in the U.S. revision in 2007 is primarily attributable to the sale of our non-Appalachian E&P operations. The 2006 U.S. revision is comprised
of approximately 27.6 million barrels of natural gas liquids and 13 million barrels of oil/condensate. Natural gas liquids revisions were primarily the result
of additional contractual changes with third-party gas processors in which we now take title to our processed natural gas liquids, and residue gas and liquids
reserve amounts recognized under such contracts. Oil/condensate revisions were primarily the result of positive performance revisions at Gulf of Mexico deep-
water locations. The 2005 U.S. revision is primarily due to an increase in plant liquids that resulted from a contractual change for a portion of our gas proc-
essed by third parties. We now take title to and market the natural gas liquids extracted from this gas.
(2) Ending reserves for 2007, 2006 and 2005 included 0.3 million, 114.6 million and 127.6 million barrels of oil/condensate, respectively, and 12.3, 117.7
and 90.1 million barrels of natural gas liquids, respectively.
110 Dominion 2007 Annual Report