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Supplemental Information on Oil and Gas Producing Activities - Unaudited
Table VII - Changes in the Standardized Measure of Discounted Future Net Cash Flows From Proved Reserves
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 production volumes and costs. Changes in the timing of production are
included with “Revisions of previous quantity estimates.”
Millions of dollars Consolidated Companies1Affiliated Companies
Total Consolidated and
Affiliated Companies
Present Value at January 1, 2012 $ 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 (1,665) — (1,665)
Extensions, discoveries and improved recovery less related costs 9,296 106 9,402
Revisions of previous quantity estimates 26,060 3,759 29,819
Net changes in prices, development and production costs (18,752) (2,266) (21,018)
Accretion of discount 18,026 6,322 24,348
Net change in income tax 1,418 (1,832) (414)
Net change for 2012 3,678 (677) 3,001
Present Value at December 31, 2012 $ 110,626 $ 45,214 $ 155,840
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 22,796 1,306 24,102
Net changes in prices, development and production costs (22,591) (5,925) (28,516)
Accretion of discount 18,510 6,406 24,916
Net change in income tax 2,328 2,818 5,146
Net change for 2013 3,752 (2,676) 1,076
Present Value at December 31, 2013 $ 114,378 $ 42,538 $ 156,916
Sales and transfers of oil and gas produced net of production costs (38,935) (7,578) (46,513)
Development costs incurred 25,687 1,963 27,650
Purchases of reserves 255 — 255
Sales of reserves (1,178) — (1,178)
Extensions, discoveries and improved recovery less related costs 3,956 215 4,171
Revisions of previous quantity estimates 17,462 1,573 19,035
Net changes in prices, development and production costs (34,953) (12,496) (47,449)
Accretion of discount 18,884 5,926 24,810
Net change in income tax 3,965 3,690 7,655
Net change for 2014 (4,857) (6,707) (11,564)
Present Value at December 31, 2014 $ 109,521 $ 35,831 $ 145,352
12012 and 2013 conformed to 2014 presentation.
80 Chevron Corporation 2014 Annual Report