Dominion Power 2005 Annual Report Download - page 94
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Notes to Consolidated Financial Statements, Continued
Note 29. Gas and Oil Producing Activities (unaudited)
Capitalized Costs
The aggregate amounts of costs capitalized for gas and oil producing activities, and related aggregate amounts of accumulated depreciation,
depletion and amortization follow:
At December 31, 2005 2004
(millions)
Capitalized costs:
Proved properties $ 9,929 $8,246
Unproved properties 1,775 1,623
11,704 9,869
Accumulated depletion:
Proved properties 2,513 1,921
Unproved properties 109 109
2,622 2,030
Net capitalized costs $ 9,082 $7,839
92 Dominion 2005
Total Costs Incurred
The following costs were incurred in gas and oil producing activities:
Year Ended December 31, 2005 2004 2003
United United United
Total States Canada Total States Canada Total States Canada
(millions)
Property acquisition costs:
Proved properties $ 118 $ 118
—
$20 $20
—
$ 181 $ 181
—
Unproved properties 151 137 $14 116 102 $ 14 133 125 $ 8
269 255 14 136 122 14 314 306 8
Exploration costs 235 230 5 213 199 14 291 266 25
Development costs(1) 1,207 1,128 79 915 841 74 667 604 63
Total $1,711 $1,613 $98 $1,264 $1,162 $102 $1,272 $1,176 $96
(1) Development costs incurred for proved undeveloped reserves were $284 million, $172 million and $182 million for 2005, 2004 and 2003, respectively.
Results of Operations
We caution that the following standardized disclosures required by the FASB do not represent our results of operations based on our historical
financial statements. In addition to requiring different determinations of revenue and costs, the disclosures exclude the impact of interest
expense and corporate overhead.
Year Ended December 31, 2005 2004 2003
United United United
Total States Canada Total States Canada Total States Canada
(millions)
Revenue (net of royalties) from:
Sales to nonaffiliated companies $1,499 $1,369 $130 $1,526 $1,297 $229 $1,736 $1,552 $184
Transfers to other operations 268 268
—
195 195
—
185 185
—
Total 1,767 1,637 130 1,721 1,492 229 1,921 1,737 184
Less:
Production (lifting) costs 443 406 37 394 309 85 357 294 63
Depreciation, depletion and amortization 564 525 39 560 497 63 526 470 56
Income tax expense 283 264 19 295 266 29 356 350 6
Results of operations $ 477 $ 442 $ 35 $ 472 $ 420 $ 52 $ 682 $ 623 $ 59