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80 Chevron Corporation 2013 Annual Report
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.”
Table VII – Changes in the Standardized Measure of Discounted Future Net Cash Flows From Proved Reserves
Total
Consolidated
and Affiliated
Millions of dollars Consolidated Companies*
Affiliated Companies Companies
Present Value at January 1, 2011 $ 73,024 $ 35,619 $ 108,643
Sales and transfers of oil and gas produced net of production costs (52,338) (8,679) (61,017)
Development costs incurred 13,869 729 14,598
Purchases of reserves 1,212 – 1,212
Sales of reserves (803) – (803)
Extensions, discoveries and improved recovery less related costs 12,288 – 12,288
Revisions of previous quantity estimates 16,025 923 16,948
Net changes in prices, development and production costs 61,428 15,979 77,407
Accretion of discount 11,943 5,048 16,991
Net change in income tax (29,700) (3,728) (33,428)
Net change for 2011 33,924 10,272 44,196
Present Value at December 31, 2011 $ 106,948 $ 45,891 $ 152,839
Sales and transfers of oil and gas produced net of production costs (49,094) (7,708) (56,802)
Development costs incurred 18,013 942 18,955
Purchases of reserves 376 – 376
Sales of reserves (1,630) – (1,630)
Extensions, discoveries and improved recovery less related costs 9,251 106 9,357
Revisions of previous quantity estimates 26,022 3,759 29,781
Net changes in prices, development and production costs (19,178) (2,266) (21,444)
Accretion of discount 18,026 6,322 24,348
Net change in income tax 1,570 (1,832) (262)
Net change for 2012 3,356 (677) 2,679
Present Value at December 31, 2012 $ 110,304 $ 45,214 $ 155,518
Sales and transfers of oil and gas produced net of production costs (43,760) (8,692) (52,452)
Development costs incurred 22,907 1,411 24,318
Purchases of reserves 184 – 184
Sales of reserves 243 – 243
Extensions, discoveries and improved recovery less related costs 3,135 – 3,135
Revisions of previous quantity estimates 25,573 1,306 26,879
Net changes in prices, development and production costs (25,959) (5,925) (31,884)
Accretion of discount 18,463 6,406 24,869
Net change in income tax 2,539 2,818 5,357
Net change for 2013 3,325 (2,676) 649
Present Value at December 31, 2013 $ 113,629 $ 42,538 $ 156,167
* 2012 conformed to 2013 presentation.
e changes in present values between years, which can
be signicant, reect changes in estimated proved-reserve
quantities and prices and assumptions used in forecasting