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33
Exploration and Production
The Corporation’s total proved developed and undeveloped reserves at December 31 were as follows:
Crude Oil, Condensate & Total Barrels of Oil
Natural Gas Liquids (a) Natural Gas Equivalent (BOE) (b)
2014 2013 2014 2013 2014 2013
(Millions of barrels) (Millions of mcf) (Millions of barrels)
Developed
United States ........................... 320 278 350 279 378 325
Europe (c) ............................... 123 126 96 104 139 143
Africa ...................................... 163 185 144 149 187 210
Asia ......................................... 3 17 329 578 58 113
609 606 919 1,110 762 791
Undeveloped
United States ........................... 311 304 270 185 356 335
Europe (c) ............................... 168 165 124 134 189 188
Africa ...................................... 25 25 11 11 27 26
Asia ......................................... 4 8 557 535 97 97
508 502 962 865 669 646
Total
United States ........................... 631 582 620 464 734 660
Europe (c) ............................... 291 291 220 238 328 331
Africa ...................................... 188 210 155 160 214 236
Asia ......................................... 7 25 886 1,113 155 210
1,117 1,108 1,881 1,975 1,431 1,437
(a) Total natural gas liquids reserves were 145 million barrels (65 million barrels developed and 80 million barrels undeveloped) at December 31, 2014
and 136 million barrels (61 million barrels developed and 75 million barrels undeveloped) at December 31, 2013. Of the total natural gas liquids
reserves, 82% and 83% were in the U.S. and 18% and 15% were in Norway at December 31, 2014 and 2013, respectively. Natural gas liquids do not
sell at prices equivalent to crude oil. See the average selling prices in the table beginning on page 9.
(b) Reflects natural gas reserves converted on the basis of relative energy content of six mcf equals one barrel of oil equivalent (one mcf represents
one thousand cubic feet). Barrel of oil equivalence does not necessarily result in price equivalence as the equivalent price of natural gas on a barrel of
oil equivalent basis has been substantially lower than the corresponding price for crude oil over the recent past. See the average selling prices in the
table beginning on page 9.
(c) Proved reserves in Norway, which represented 20% of the Corporation’s total reserves at both December 31, 2014 and 2013, were as follows:
Crude Oil, Condensate & Total Barrels of Oil
Natural Gas Liquids Natural Gas Equivalent (BOE) (b)
2014 2013 2014 2013 2014 2013
(Millions of barrels) (Millions of mcf) (Millions of barrels)
D
eveloped ............................................ 95 107 67 87 106 121
Undeveloped ....................................... 161 149 113 111 180 168
Total .................................................... 256 256 180 198 286 289
On a barrel of oil equivalent basis, 47% of the Corporation’s worldwide proved reserves were undeveloped at December
31, 2014 compared with 45% at December 31, 2013. Proved reserves held under production sharing contracts at 2014 totaled
5% of crude oil and natural gas liquids reserves and 49% of natural gas reserves, compared with 7% of crude oil and natural
gas liquids reserves and 46% of natural gas reserves at December 31, 2013. Asset sales reduced proved reserves by 77
million boe in 2014, 140 million boe in 2013, and 83 million boe in 2012.
See the Supplementary Oil and Gas Data on pages 87 through 95 in the accompanying financial statements for additional
information on the Corporation’s oil and gas reserves, including a discussion of the implications that potential sustained
lower crude oil prices may have on proved reserves at December 31, 2015.