Dominion Power 2002 Annual Report Download - page 94
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33 Gas and Oil Producing Activities (unaudited)
Capitalized Costs
The aggregate amounts of costs capitalized for gas and oil pro-
ducing activities, and related aggregate amounts of accumulated
depreciation, depletion and amortization, at December 31,
2002 and 2001 follow:
(millions) 2002 2001
Capitalized costs of:
Proved properties $6,265 $4,707
Unproved properties 1,440 1,508
7,705 6,215
Accumulated depreciation of:
Proved properties 1,212 447
Unproved properties 151 120
1,363 567
Net capitalized costs $6,342 $5,648
Notes to Consolidated Financial Statements, Continued
Total Costs Incurred
The following costs were incurred in gas and oil producing activities during the years ended December 31, 2002, 2001 and 2000:
2002 2001 2000
United United United
Total States Canada Total States Canada Total States Canada
(millions)
Property acquisition costs:
Proved properties $ 243 $ 243
—
$1,586 $1,586
—
$1,475 $1,459 $16
Unproved properties 177 170 $ 7 908 897 $ 11 125 125
—
420 413 7 2,494 2,483 11 1,600 1,584 16
Exploration costs 267 260 7 305 305 159 115 44
Development costs(1) 760 679 81 512 395 117 261 236 25
Total $1,447 $1,352 $95 $3,311 $3,183 $128 $2,020 $1,935 $85
(1) Development costs incurred for proved undeveloped reserves were $223 million and $133 million for 2002 and 2001,respectively.
Results of Operations
Dominion cautions that the following standardized disclosures required by the FASB do not represent the results of operations
based on its historical financial statements. In addition to requiring different determinations of revenue and costs, the disclosures
exclude the impact of interest expense and corporate overhead.
2002 2001 2000
United United United
Total States Canada Total States Canada Total States Canada
(millions)
Revenue (net of royalties) from:
Sales to nonaffiliated companies $1,396 $1,257 $139 $1,144 $ 920 $224 $861 $691 $170
Transfers to other operations 97 97
—
114 114
—
93 93
—
Total 1,493 1,354 139 1,258 1,034 224 954 784 170
Less:
Production (lifting) costs 272 220 52 220 162 58 158 133 25
Depreciation, depletion
and amortization 502 452 50 358 307 51 345 294 51
Income tax expense 222 209 13 208 162 46 134 93 41
Results of operations $ 497 $ 473 $ 24 $ 472 $ 403 $ 69 $317 $264 $ 53
92 Dominion ’02 Annual Report