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92 CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT
Supplemental Information on Oil and Gas Producing Activities – Continued
The฀changes฀in฀present฀values฀between฀years,฀which฀can฀be฀
significant,฀reflect฀changes฀in฀estimated฀proved฀reserve฀quanti-
ties฀and฀prices฀and฀assumptions฀used฀in฀forecasting฀production฀
Consolidated Companies* Affiliated Companies
Millions฀of฀dollars  2003 2002  2003 2002
  $ 48,585 $ 23,748   $ 12,606 $ 6,396
Sales and transfers of oil and gas produced net of
production costs  (16,630) (13,161)  (1,054) (829)
Development costs incurred  3,451 3,695  750 800
Purchases of reserves  97 181 – –
Sales of reserves  (839) (42) – –
Extensions, discoveries and improved recovery less related costs  5,445 7,472 – –
Revisions of previous quantity estimates  1,200 180  653 917
Net changes in prices, development and production costs  1,857 40,802  (1,187) 6,722
Accretion of discount  7,903 3,987  1,709 895
Net change in income tax  (264) (18,277)  (359) (2,295)
Net change for the year  2,220 24,837  512 6,210
  $ 50,805 $ 48,585  $ 13,118 $ 12,606
*2003 and 2002 conformed to 2004 presentation.

volumes฀and฀costs.฀Changes฀in฀the฀timing฀of฀production฀are฀
included฀with฀“Revisions฀of฀previous฀quantity฀estimates.”