Hess 1999 Annual Report Download - page 53

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51
Changes in Standardized M easure of Discounted Future Net
Cash Flow s Relating to Proved Oil and Gas Reserves
For the years ended December 31 (Millions of dollars) 1999 1998 1997
Standardized measure of discounted future net cash flows at beginning of year $ 2,023 $ 2,417 $ 4,184
Changes during the year
Sales and transfers of oil and gas produced during year, net of
production costs (1,511) (978) (1,550)
Development costs incurred during year 626 915 679
Net changes in prices and production costs applicable to future production 5,002 (2,215) (3,304)
Net change in estimated future development costs 28 (273) (392)
Extensions and discoveries (including improved recovery) of oil and
gas reserves, less related costs 678 220 140
Revisions of previous oil and gas reserve estimates 244 233 271
Purchases (sales) of minerals in-place, net (112) 126 90
Accretion of discount 288 435 769
Net change in income taxes (2,289) 1,036 1,355
Revision in rate or timing of future production and other changes 110 107 175
Total 3,064 (394) (1,767)
Standardized measure of discounted future net cash flows at end of year $ 5,087 $ 2,023 $ 2,417