Hess 2011 Annual Report Download - page 115

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Following are the Corporation’s proved reserves for the three years ended December 31, 2011:
Crude Oil, Condensate &
Natural Gas Liquids Natural Gas
United
States
Europe
(h) Africa Asia Total
United
States
Europe
(h)
Asia
and
Africa(i) Total
(Millions of barrels) (Millions of mcf)
Net Proved Developed and Undeveloped
Reserves
At January 1, 2009 (g) ............... 227 332 324 87 970 276 639 1,858 2,773
Revisions of previous estimates (a) ..... 22 28 34 (7) 77 46 66 83 195
Extensions, discoveries and other
additions ........................ 26 1 — — 27 23 — — 23
Improved recovery .................. — — — — — — — — —
Purchases of minerals in place ......... — — — — — — — 101 101
Sales of minerals in place ............. — — — — — — (1) — (1)
Production (f) ...................... (26) (31) (44) (6) (107) (39) (62) (169) (270)
At December 31, 2009 ............... 249 330 314 74 967(b) 306 642 1,873 2,821
Revisions of previous estimates (a) ..... 68 14 22 (1) 103 (7) (9) (23) (39)
Extensions, discoveries and other
additions ........................ 3 19 — 1 23 14 15 1 30
Improved recovery .................. — — — — — — — — —
Purchases of minerals in place ......... 16 150 — — 166 13 129 — 142
Sales of minerals in place ............. — (13) (25) (5) (43) — (4) (89) (93)
Production (f) ...................... (32) (34) (41) (5) (112) (46) (54) (163) (263)
At December 31, 2010 ............... 304 466 270 64 1,104 (b) 280 719 1,599 2,598
Revisions of previous estimates (a) ..... 33 59 (1) (7) 84 36 7 69 112
Extensions, discoveries and other
additions ........................ 70 7 5 — 82 85 — — 85
Improved recovery .................. ————— — — — —
Purchases of minerals in place ......... —3——3 1 6— 7
Sales of minerals in place ............. — (7) — — (7) — (135) — (135)
Production (f) ...................... (34) (34) (24) (5) (97) (42) (34) (168) (244)
At December 31, 2011 ............... 373 494 250 52 1,169 (b) 360 (c) 563 1,500 2,423
Net Proved Developed Reserves (d)
At January 1, 2009 .................. 119 192 237 23 571 202 502 727 1,431
At December 31, 2009 ............... 154 171 241 27 593 205 417 923 1,545
At December 31, 2010 ............... 180 210 215 22 627 199 424 692 1,315
At December 31, 2011 ............... 190 212 194 25 621 199 273 740 1,212
Net Proved Undeveloped Reserves (e)
At January 1, 2009 .................. 108 140 87 64 399 74 137 1,131 1,342
At December 31, 2009 ............... 95 159 73 47 374 101 225 950 1,276
At December 31, 2010 ............... 124 256 55 42 477 81 295 907 1,283
At December 31, 2011 ............... 183 282 56 27 548 161 290 760 1,211
(a) Includes the impact of changes in selling prices on the reserve estimates for production sharing contracts with cost recovery provisions.
Revisions included reductions to crude oil, condensate and natural gas liquids reserves of 11 million barrels, 11 million barrels and
18 million barrels in 2011, 2010 and 2009, respectively, resulting from higher selling prices. Revisions also included reductions to
natural gas reserves of 83 million mcf, 62 million mcf and 102 million mcf in 2011, 2010 and 2009, respectively, resulting from higher
selling prices.
(b) Includes 10 million barrels in 2011, 15 million barrels in 2010 and 17 million barrels in 2009 of crude oil reserves relating to a
noncontrolling interest owner of a corporate joint venture.
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