Dominion Power 2004 Annual Report Download - page 96
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Notes to Consolidated Financial Statements, Continued
28. Gas and Oil Producing Activities (unaudited)
Capitalized Costs
The aggregate amounts of costs capitalized for gas and oil producing activ-
ities, and related aggregate amounts of accumulated depreciation, deple-
tion and amortization, at December 31, 2004 and 2003 follow:
2004 2003
(millions)
Capitalized costs of:
Proved properties $8,246 $7,561
Unproved properties 1,623 1,721
9,869 9,282
Accumulated depreciation of:
Proved properties 1,921 1,476
Unproved properties 109 126
2,030 1,602
Net capitalized costs $7,839 $7,680
D 2004/Page 94
Total Costs Incurred
The following costs were incurred in gas and oil producing activities during the years ended December 31, 2004, 2003 and 2002:
2004 2003 2002
United United United
Total States Canada Total States Canada Total States Canada
(millions)
Property acquisition costs:
Proved properties $20 $20
—
$ 181 $ 181
—
$ 243 $ 243
—
Unproved properties 116 102 $ 14 133 125 $ 8 177 170 $ 7
136 122 14 314 306 8 420 413 7
Exploration costs 213 199 14 291 266 25 267 260 7
Development costs(1) 915 841 74 667 604 63 760 679 81
Total $1,264 $1,162 $102 $1,272 $1,176 $96 $1,447 $1,352 $95
(1) Development costs incurred for proved undeveloped reserves were $172 million, $182 million and $223 million for 2004, 2003 and 2002, 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.
2004 2003 2002
United United United
Total States Canada Total States Canada Total States Canada
(millions)
Revenue (net of royalties) from:
Sales to nonaffiliated companies $1,526 $1,297 $229 $1,736 $1,552 $184 $1,396 $1,257 $139
Transfers to other operations 195 195
—
185 185
—
97 97
—
Total 1,721 1,492 229 1,921 1,737 184 1,493 1,354 139
Less:
Production (lifting) costs 394 309 85 357 294 63 272 220 52
Depreciation, depletion and amortization 560 497 63 526 470 56 502 452 50
Income tax expense 295 266 29 356 350 6 222 209 13
Results of operations $ 472 $ 420 $ 52 $ 682 $ 623 $ 59 $ 497 $ 473 $ 24