Chevron 2007 Annual Report Download - page 103

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 101
The changes in present values between years, which can
be significant, reflect changes in estimated proved-reserve
quantities and prices and assumptions used in forecasting
Consolidated Companies Affiliated Companies
Millions of dollars 2007 2006 2005 2007 2006 2005
Present Value at January 1 $ 65,820 $ 84,287 $ 48,134 $ 26,535 $ 26,769 $ 14,920
Sales and transfers of oil and gas produced net of
production costs (34,957) (32,690) (26,145) (4,084) (3,180) (2,712)
Development costs incurred 10,468 8,875 5,504 889 721 810
Purchases of reserves 780 580 25,307 7,711 1,767 –
Sales of reserves (425) (306) (2,006) (7,767) – –
Extensions, discoveries and improved recovery less related costs 3,664 4,067 7,446 – – –
Revisions of previous quantity estimates (7,801) 7,277 (13,564) (1,333) (967) (2,598)
Net changes in prices, development and production costs 74,900 (24,725) 61,370 23,616 (837) 19,205
Accretion of discount 12,196 14,218 8,160 3,745 3,673 2,055
Net change in income tax (27,596) 4,237 (29,919) (7,554) (1,411) (4,911)
Net change for the year 31,229 (18,467) 36,153 15,223 (234) 11,849
Present Value at December 31 $ 97,049 $ 65,820 $ 84,287 $ 41,758 $ 26,535 $ 26,769
 

production volumes and costs. Changes in the timing of
production are included with “Revisions of previous quantity
estimates.”