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Supplemental Information on Oil and Gas Producing Activities - Unaudited
Net Proved Reserves of Natural Gas
Consolidated Companies
Affiliated
Companies Total
Consolidated
and Affiliated
CompaniesBillions of cubic feet (BCF) U.S.
Other
Americas1Africa Asia
Australia/
Oceania Europe Total TCO Other2
Reserves at January 1, 2012 3,646 1,664 3,196 6,721 9,744 258 25,229 2,251 1,203 28,683
Changes attributable to:
Revisions 318 (77) (30) 1,007 358 84 1,660 158 37 1,855
Improved recovery 5 — — 1 — 2 8 — — 8
Extensions and discoveries 166 34 2 50 747 — 999 — 12 1,011
Purchases 33 — — — — — 33 — — 33
Sales (6) — — (93) (439) — (538) — — (538)
Production3(440) (146) (87) (819) (158) (87) (1,737) (110) (10) (1,857)
Reserves at December 31, 2012 3,722 1,475 3,081 6,867 10,252 257 25,654 2,299 1,242 29,195
Changes attributable to:
Revisions (234) (59) 27 627 229 46 636 117 (35) 718
Improved recovery 3 — 2 6 — 4 15 — — 15
Extensions and discoveries 951 — 27 16 — 27 1,021 — — 1,021
Purchases 12 32 — 60 — — 104 — — 104
Sales (10) — (1) — — (1) (12) — — (12)
Production3(454) (148) (91) (831) (154) (70) (1,748) (126) (21) (1,895)
Reserves at December 31, 2013 3,990 1,300 3,045 6,745 10,327 263 25,670 2,290 1,186 29,146
Changes attributable to:
Revisions 76 (110) 35 252 775 36 1,064 9 34 1,107
Improved recovery 211——15—— 5
Extensions and discoveries 614 56 — 79 — 3 752 — 32 784
Purchases 1——21——22—— 22
Sales (53) (1) (3) — — (5) (62) — — (62)
Production3(456) (123) (110) (831) (161) (63) (1,744) (122) (20) (1,886)
Reserves at December 31, 2014 4,174 1,123 2,968 6,266 10,941 235 25,707 2,177 1,232 29,116
1Ending reserve balances in North America and South America were 59, 54, 49 and 1,064, 1,246, 1,426 in 2014, 2013 and 2012, respectively.
2Ending reserve balances in Africa and South America were 1,043, 1,009, 1,068 and 189, 177, 174 in 2014, 2013 and 2012, respectively.
3Total “as sold” volumes are 1,695 BCF, 1,702 BCF and 1,666 BCF for 2014, 2013 and 2012, respectively; 2013 conformed to 2014 presentation.
4Includes reserve quantities related to production-sharing contracts (PSC). PSC-related reserve quantities are 19 percent, 20 percent and 21 percent for consolidated companies
for 2014, 2013 and 2012, respectively.
Noteworthy changes in natural gas proved reserves for 2012 through 2014 are discussed below and shown in the table above:
Revisions In 2012, net revisions of 1,007 BCF in Asia were primarily due to development drilling and additional
compression in Bangladesh, and drilling results and improved field performance in Thailand. In Australia, updated reservoir
data interpretation based on additional drilling at the Gorgon Project drove the 358 BCF increase. Drilling results from
activities in the Marcellus Shale were responsible for the majority of the 318 BCF increase in the United States.
In 2013, net revisions of 627 BCF in Asia were primarily due to development drilling and improved field performance in
Bangladesh and Thailand. In Australia, drilling performance drove the 229 BCF increase. The majority of the net decrease of
234 BCF in the United States was due to a change in development plans in the Appalachian region.
In 2014, net revisions of 775 BCF in Australia were primarily due to development drilling at Gorgon.
Extensions and Discoveries In 2012, extensions and discoveries of 747 BCF in Australia were primarily due to positive
drilling results at the Gorgon Project.
In 2013, extensions and discoveries of 951 BCF in the United States were primarily in the Appalachian region.
In 2014, extensions and discoveries of 614 BCF in the United States were primarily in the Appalachian region and the
Delaware Basin.
Sales In 2012, the sale of a portion of the company’s equity interest in the Wheatstone Project was responsible for the
439 BCF reduction in Australia.
78 Chevron Corporation 2014 Annual Report