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These excerpts taken from the DVN 10-K filed Jun 9, 2008. Change
in Fair Value of Financial Instruments
The details of the changes in fair value of financial
instruments between 2005 and 2007 are shown in the table below.
Table of Contents
The change in the fair value of the embedded option relates to
the debentures exchangeable into shares of Chevron common stock.
These unrealized losses were caused primarily by increases in
the price of Chevron’s common stock.
Effective January 1, 2007 as a result of our adoption of
Financial Accounting Standard No. 159, The Fair Value
Option for Financial Assets and Financial
Liabilities — Including an Amendment of FASB Statement
No. 115, we began recognizing unrealized gains and
losses on our investment in Chevron common stock in net earnings
rather than as part of other comprehensive income. The change in
fair value of our investment in Chevron common stock resulted
from an increase in the price of Chevron’s common stock
during 2007.
In 2005, we recognized a $39 million loss on certain oil
derivative financial instruments that no longer qualified for
hedge accounting because the hedged production exceeded actual
and projected production under these contracts. The lower than
expected production was caused primarily by hurricanes that
affected offshore production in the Gulf of Mexico.
Change in Fair Value of Financial Instruments The details of the changes in fair value of financial instruments between 2005 and 2007 are shown in the table below.
Table of Contents
The change in the fair value of the embedded option relates to the debentures exchangeable into shares of Chevron common stock. These unrealized losses were caused primarily by increases in the price of Chevron’s common stock. Effective January 1, 2007 as a result of our adoption of Financial Accounting Standard No. 159, The Fair Value Option for Financial Assets and Financial Liabilities — Including an Amendment of FASB Statement No. 115, we began recognizing unrealized gains and losses on our investment in Chevron common stock in net earnings rather than as part of other comprehensive income. The change in fair value of our investment in Chevron common stock resulted from an increase in the price of Chevron’s common stock during 2007. In 2005, we recognized a $39 million loss on certain oil derivative financial instruments that no longer qualified for hedge accounting because the hedged production exceeded actual and projected production under these contracts. The lower than expected production was caused primarily by hurricanes that affected offshore production in the Gulf of Mexico. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Change
in Fair Value of Financial Instruments
The details of the changes in fair value of financial
instruments between 2005 and 2007 are shown in the table below.
Table of Contents
The change in the fair value of the embedded option relates to
the debentures exchangeable into shares of Chevron common stock.
These unrealized losses were caused primarily by increases in
the price of Chevron’s common stock.
Effective January 1, 2007 as a result of our adoption of
Financial Accounting Standard No. 159, The Fair Value
Option for Financial Assets and Financial
Liabilities — Including an Amendment of FASB Statement
No. 115, we began recognizing unrealized gains and
losses on our investment in Chevron common stock in net earnings
rather than as part of other comprehensive income. The change in
fair value of our investment in Chevron common stock resulted
from an increase in the price of Chevron’s common stock
during 2007.
In 2005, we recognized a $39 million loss on certain oil
derivative financial instruments that no longer qualified for
hedge accounting because the hedged production exceeded actual
and projected production under these contracts. The lower than
expected production was caused primarily by hurricanes that
affected offshore production in the Gulf of Mexico.
Change in Fair Value of Financial Instruments The details of the changes in fair value of financial instruments between 2005 and 2007 are shown in the table below.
Table of Contents
The change in the fair value of the embedded option relates to the debentures exchangeable into shares of Chevron common stock. These unrealized losses were caused primarily by increases in the price of Chevron’s common stock. Effective January 1, 2007 as a result of our adoption of Financial Accounting Standard No. 159, The Fair Value Option for Financial Assets and Financial Liabilities — Including an Amendment of FASB Statement No. 115, we began recognizing unrealized gains and losses on our investment in Chevron common stock in net earnings rather than as part of other comprehensive income. The change in fair value of our investment in Chevron common stock resulted from an increase in the price of Chevron’s common stock during 2007. In 2005, we recognized a $39 million loss on certain oil derivative financial instruments that no longer qualified for hedge accounting because the hedged production exceeded actual and projected production under these contracts. The lower than expected production was caused primarily by hurricanes that affected offshore production in the Gulf of Mexico. | EXCERPTS ON THIS PAGE:
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