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Supplemental Information on Oil and Gas Producing Activities - Unaudited
Table VI - Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves
The standardized measure of discounted future net cash flows is calculated in accordance with SEC and FASB requirements.
This includes using the average of first-day-of-the-month oil and gas prices for the 12-month period prior to the end of the
reporting period, estimated future development and production costs assuming the continuation of existing economic
conditions, estimated costs for asset retirement obligations, and estimated future income taxes based on appropriate statutory
tax rates. Discounted future net cash flows are calculated using 10 percent mid-period discount factors. Estimates of proved-
reserve quantities are imprecise and change over time as new information becomes available. Probable and possible reserves,
which may become proved in the future, are excluded from the calculations. The valuation requires assumptions as to the
timing and amount of future development and production costs. The calculations are made as of December 31 each year and
do not represent management’s estimate of the company’s future cash flows or value of its oil and gas reserves. In the
following table, the caption “Standardized Measure Net Cash Flows” refers to the standardized measure of discounted future
net cash flows.
Consolidated Companies
Affiliated
Companies Total
Consolidated
and Affiliated
CompaniesMillions of dollars U.S.
Other
Americas Africa Asia
Australia/
Oceania Europe Total TCO Other
At December 31, 2014
Future cash inflows from production $ 138,385 $ 67,102 $ 103,304 $ 99,741 $ 142,541 $ 18,168 $ 569,241 $ 144,721 $ 37,511 $ 751,473
Future production costs (42,817) (30,899) (26,992) (34,359) (12,744) (10,814) (158,625) (30,015) (17,061) (205,701)
Future development costs (13,616) (8,283) (9,486) (12,629) (15,681) (3,031) (62,726) (19,349) (4,454) (86,529)
Future income taxes (27,129) (8,445) (47,884) (24,225) (34,235) (2,692) (144,610) (28,607) (6,634) (179,851)
Undiscounted future net cash flows 54,823 19,475 18,942 28,528 79,881 1,631 203,280 66,750 9,362 279,392
10 percent midyear annual discount
for timing of estimated cash flows (23,257) (12,082) (6,145) (8,570) (43,325) (380) (93,759) (34,987) (5,294) (134,040)
Standardized Measure
Net Cash Flows $ 31,566 $ 7,393 $ 12,797 $ 19,958 $ 36,556 $ 1,251 $ 109,521 $ 31,763 $ 4,068 $ 145,352
At December 31, 20131
Future cash inflows from production $ 136,942 $ 73,468 $ 117,119 $ 111,970 $ 130,620 $ 20,232 $ 590,351 $ 157,108 $ 43,380 $ 790,839
Future production costs (39,009) (29,373) (27,800) (35,716) (12,593) (10,099) (154,590) (32,245) (18,027) (204,862)
Future development costs (12,058) (10,149) (10,983) (17,290) (18,220) (2,644) (71,344) (12,852) (3,879) (88,075)
Future income taxes (28,458) (9,454) (53,953) (26,162) (29,942) (4,727) (152,696) (33,603) (9,418) (195,717)
Undiscounted future net cash flows 57,417 24,492 24,383 32,802 69,865 2,762 211,721 78,408 12,056 302,185
10 percent midyear annual discount
for timing of estimated cash flows (23,055) (15,217) (8,165) (10,901) (39,117) (888) (97,343) (41,444) (6,482) (145,269)
Standardized Measure
Net Cash Flows $ 34,362 $ 9,275 $ 16,218 $ 21,901 $ 30,748 $ 1,874 $ 114,378 $ 36,964 $ 5,574 $ 156,916
At December 31, 20121
Future cash inflows from production $ 139,856 $ 72,548 $ 122,189 $ 121,849 $ 134,009 $ 19,653 $ 610,104 $ 169,966 $ 47,496 $ 827,566
Future production costs (41,773) (27,191) (24,592) (35,713) (15,649) (8,768) (153,686) (32,085) (19,899) (205,670)
Future development costs (11,192) (14,810) (14,601) (17,275) (24,923) (1,946) (84,747) (12,355) (3,710) (100,812)
Future income taxes (32,357) (9,902) (48,683) (30,763) (28,031) (5,589) (155,325) (37,658) (13,363) (206,346)
Undiscounted future net cash flows 54,534 20,645 34,313 38,098 65,406 3,350 216,346 87,868 10,524 314,738
10 percent midyear annual discount
for timing of estimated cash flows (23,055) (14,331) (12,429) (13,033) (42,012) (860) (105,720) (47,534) (5,644) (158,898)
Standardized Measure
Net Cash Flows $ 31,479 $ 6,314 $ 21,884 $ 25,065 $ 23,394 $ 2,490 $ 110,626 $ 40,334 $ 4,880 $ 155,840
12012 and 2013 conformed to 2014 presentation.
Chevron Corporation 2014 Annual Report 79