Chesapeake Energy 1998 Annual Report Download - page 93

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The principal sources of change in the standardized measure of discounted future net cash flows are as follows:
73
December 31, 1998 U.S. Canada Combined
(5 in thousands)
Standardized measure, beginning of period $430,110 $$ 430,110
Sales of oil and gas produced, net of production costs (191,246) (6,144) (197,390)
Net changes in prices and production costs (189,817) (189,817)
Extensions and discoveries, net of production and development costs 85,464 85,464
Changes in future development costs 72,279 72,279
Development costs incurred during the period that reduced
future development costs 28,191 28,191
Revisions of previous quantity estimates (64,770) (64,770)
Purchase of reserves-in-place 288,694 164,821 453,515
Sales of reserves-in-place (3,079) (3,079)
Accretion of discount 46,651 46,651
Net change in income taxes 39,377 (40,855) (1,478)
Changes in production rates and other (34,727) (1,834) (36,561)
Standardized measure, end of period $507,127 $115,988 $ 623,115
December 31, 1997 U.S. Canada Combined
(S in thousands)
Standardized measure, beginning of period $415,498 $$ 415,498
Sales of oil and gas produced, net of production costs (85,563) (85,563)
Net changes in prices and production costs 26,106 26,106
Extensions and discoveries, net of production and development costs 92,597 92,597
Changes in future development costs (7,422) (7,422)
Development costs incurred during the period that reduced
future development costs 47,703 47,703
Revisions of previous quantity estimates (62,655) (62,655)
Purchase of reserves-in-place 25,236 -. 25,236
Sales of reserves-in-place
Accretion of discount 43,739 43,739
Net change in income taxes (14,510) (14,510)
Changes in production rates and other (50,619) (50,619)
Standardized measure, end of period $430,110 $$ 430,110
June 30. 1997 U.S. Canada Combined
(S in thousands)
Standardized measure, beginning of period $461,411 $$ 461,411
Sales of oil and gas produced, net of production costs (177,813) (177,813)
Net changes in prices and production costs (99,234) (99,234)
Extensions and discoveries, net of production and development costs 287,068 287,068
Changes in future development costs (12,831) (12,831)
Development costs incurred during the period that reduced
future development costs 46,888 -46,888
Revisions of previous quantity estimates (199,738) (199,738)
Purchase of reserves-in-place
Sales of reserves-in-place
Accretion of discount 54,702 54,702
Net change in income taxes 63,719 63,719
Changes in production rates and other (8,674) (8,674)
Standardized measure, end of period $415,498 $$ 415,498