Chevron 2005 Annual Report Download - page 104

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102 CHEVRON CORPORATION 2005 ANNUAL REPORT
The changes in present values between years, which can
be signifi cant, refl ect changes in estimated proved reserve
quantities and prices and assumptions used in forecasting
Consolidated Companies* Affiliated Companies
Millions of dollars 2005 2004 2003 2005 2004 2003
PRESENT VALUE AT JANUARY 1 $ 48,134 $ 50,805 $ 48,585 $ 14,920 $ 13,118 $ 12,606
Sales and transfers of oil and gas produced net of
production costs (26,145) (18,843) (16,630) (2,712) (1,602) (1,054)
Development costs incurred 5,504 3,579 3,451 810 1,104 750
Purchases of reserves 25,307 58 97 – – –
Sales of reserves (2,006) (3,734) (839) – – –
Extensions, discoveries and improved recovery less related costs 7,446 2,678 5,445 – – –
Revisions of previous quantity estimates (13,564) 1,611 1,200 (2,598) 970 653
Net changes in prices, development and production costs 61,370 6,173 1,857 19,205 266 (1,187)
Accretion of discount 8,160 8,139 7,903 2,055 1,818 1,709
Net change in income tax (29,919) (2,332) (264) (4,911) (754) (359)
Net change for the year 36,153 (2,671) 2,220 11,849 1,802 512
PRESENT VALUE AT DECEMBER 31 $ 84,287 $ 48,134 $ 50,805 $ 26,769 $ 14,920 $ 13,118
*2003 conformed to 2004 and 2005 presentation.
TABLE VII – CHANGES IN THE STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS FROM PROVED RESERVES
production volumes and costs. Changes in the timing of
production are included with “Revisions of previous quantity
estimates.”
Supplemental Information on Oil and Gas Producing Activities – Continued