Hess 2000 Annual Report Download - page 53

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51
Changes in Standardized Measure of Discounted Future Net
Cash Flows Relating to Proved Oil and Gas Reserves
For the years ended December 31 (Millions of dollars) 2000 1999 1998
Standardized measure of discounted future net cash flows at beginning of year $ 5,087 $2,023 $ 2,417
Changes during the year
Sales and transfers of oil and gas produced during year, net of
production costs (2,540) (1,511) (978)
Development costs incurred during year 536 626 915
Net changes in prices and production costs applicable to future production 3,349 5,002 (2,215)
Net change in estimated future development costs (931) 28 (273)
Extensions and discoveries (including improved recovery) of oil and
gas reserves, less related costs 551 678 220
Revisions of previous oil and gas reserve estimates 396 244 233
Purchases (sales) of minerals in-place, net 230 (112) 126
Accretion of discount 832 288 435
Net change in income taxes (840) (2,289) 1,036
Revision in rate or timing of future production and other changes 225 110 107
Total 1,808 3,064 (394)
Standardized measure of discounted future net cash flows at end of year $ 6,895 $ 5,087 $ 2,023