Hess 2002 Annual Report Download - page 53

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51
Changes in Standardized Measure of Discounted Future Net
Cash Flows Relating to Proved Oil and Gas Reserves
For the years ended December 31 (Millions of dollars) 2002 2001 2000
Standardized measure of discounted future net cash flows at beginning of year $ 5,056 $ 6,828 $ 5,110
Changes during the year
Sales and transfers of oil and gas produced during year, net of
production costs (2,964) (2,840) (2,540)
Development costs incurred during year 1,095 1,182 536
Net changes in prices and production costs applicable to future production 5,767 (4,346) 3,349
Net change in estimated future development costs (546) (838) (931)
Extensions and discoveries (including improved recovery) of oil and
gas reserves, less related costs 287 521 551
Revisions of previous oil and gas reserve estimates (939) 231 396
Purchases (sales) of minerals in-place, net (247) 1,186 230
Accretion of discount 796 1,087 832
Net change in income taxes (1,701) 1,943 (840)
Revision in rate or timing of future production and other changes 481 102 135
Total 2,029 (1,772) 1,718
Standardized measure of discounted future net cash flows at end of year $ 7,085 $ 5,056 $ 6,828