Hess 2008 Annual Report Download - page 97
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Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas
Reserves
For the Years Ended December 31 2008 2007 2006
(Millions of dollars)
Standardized measure of discounted future net cash flows at beginning of
year .................................................... $ 21,905 $12,361 $14,489
Changes during the year
Sales and transfers of oil and gas produced during year, net of production
costs .................................................. (7,934) (5,917) (5,274)
Development costs incurred during year .......................... 2,523 2,605 2,164
Net changes in prices and production costs applicable to future
production .............................................. (28,627) 18,646 (4,329)
Net change in estimated future development costs .................. (1,056) (2,554) (2,402)
Extensions and discoveries (including improved recovery) of oil and gas
reserves, less related costs .................................. 334 3,173 1,937
Revisions of previous oil and gas reserve estimates ................. 1,730 4,036 1,235
Net purchases (sales) of minerals in place, before income taxes ........ 18 (50) 2,937
Accretion of discount ....................................... 4,109 2,233 2,308
Net change in income taxes ................................... 13,859 (9,259) (1,381)
Revision in rate or timing of future production and other changes ....... 103 (3,369) 677
Total .................................................. (14,941) 9,544 (2,128)
Standardized measure of discounted future net cash flows at end of year . . . $ 6,964 $21,905 $12,361
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