Chevron 2006 Annual Report Download - page 102

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100 CHEVRON CORPORATION 2006 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 2006 2005 2004 2006 2005 2004
PRESENT VALUE AT JANUARY 1 $ 84,287 $ 48,134 $ 50,805 $ 26,769 $ 14,920 $ 13,118
Sales and transfers of oil and gas produced net of
production costs (32,690) (26,145) (18,843) (3,180) (2,712) (1,602)
Development costs incurred 8,875 5,504 3,579 721 810 1,104
Purchases of reserves 580 25,307 58 1,767 – –
Sales of reserves (306) (2,006) (3,734) – – –
Extensions, discoveries and improved recovery less related costs 4,067 7,446 2,678 – – –
Revisions of previous quantity estimates 7,277 (13,564) 1,611 (967) (2,598) 970
Net changes in prices, development and production costs (24,725) 61,370 6,173 (837) 19,205 266
Accretion of discount 14,218 8,160 8,139 3,673 2,055 1,818
Net change in income tax 4,237 (29,919) (2,332) (1,412) (4,911) (754)
Net change for the year (18,467) 36,153 (2,671) (235) 11,849 1,802
PRESENT VALUE AT DECEMBER 31 $ 65,820 $ 84,287 $ 48,134 $ 26,534 $ 26,769 $ 14,920
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