Chesapeake Energy 1999 Annual Report Download - page 75

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(d) Calculated using weighted average prices of $18.38 per barrel of oil and $2.12 per Mcf of gas.
The principal sources of change in the standardized measure of discounted future net cash flows are as follows:
-65-
December 31, 1999 U.S. Canada Combined
(S in thousands)
Standardized measure, beginning of period $507,127 $115,988 $ 623,115
Sales of oil and gas produced, net of production costs (209,039) (11,844) (220,883)
Net changes in prices and production costs 320,123 (55,1 56) 264,967
Extensions and discoveries, net of production and development costs 200,787 14,333 215,120
Changes in future development costs (15,011) 20,679 5,668
Development costs incurred during the period that reduced
future development costs 14,114 1,985 16,099
Revisions of previous quantity estimates 88,250 (49,034) 39,216
Purchase of reserves-in-place 66,895 18,476 85,371
Sales of reserves-in-place (25,838) (920) (26,758)
Accretion of discount 50,415 15,684 66,099
Net change in income taxes (85,828) 40,821 (45,007)
Changes in production rates and other (3,097) (13.298) (16.395)
Standardized measure, end of period S908.898 597114 $1 006 612
December 31. 1998 U.S. Canada Combined
(S in thousands)
Standardized measure, beginning of period $430,110 $$ 430,110
Sales of oil and gas produced, net of production costs (191,246) (6,144) (197,390)
Net changes in prices and production costs (189,817) -(189,817)
Extensions and discoveries, net of production and development costs 85,464 85,464
Changes in future development costs 72,279 72,279
Development costs incurred during the period that reduced
future development costs 28,191 28,191
Revisions of previous quantity estimates (64,770) (64,770)
Purchase of reserves-in-place 288,694 164,821 453,515
Sales of reserves-in-place (3,079) (3,079)
Accretion of discount 46,651 46,651
Net change in income taxes 39,377 (40,855) (1,478)
Changes in production rates and other (34.727) (1,834) (36.561)
Standardized measure, end of period S507.127 $115,988 $ 623 115
December 31, 1997 U.S. Canada Combined
(S in thousands)
Standardized measure, beginning of period $415,498 $$ 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 rates and other
production (50.619) (50619)
Standardized measure, end of period $430.110 $5 430110