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These excerpts taken from the DVN 10-K filed Jun 9, 2008. 2005
Reduction
Prior to the fourth quarter of 2005, Devon was capitalizing the
costs of previous unsuccessful efforts in Brazil pending the
determination of whether proved reserves would be recorded in
Brazil. At the end of 2005, it was expected that a small initial
portion of the proved reserves ultimately expected at Polvo
would be recorded in 2006. Based on preliminary estimates
developed in the fourth quarter of 2005, the value of this
initial partial booking of proved reserves was not sufficient to
offset the sum of the related proportionate Polvo costs plus the
costs of the previous unrelated unsuccessful efforts. Therefore,
Devon determined that the prior unsuccessful costs unrelated to
the Polvo project should be impaired. These costs totaled
approximately $42 million. There was no tax benefit related
to this Brazilian impairment.
The components of other income include the following:
2005 Reduction Prior to the fourth quarter of 2005, Devon was capitalizing the costs of previous unsuccessful efforts in Brazil pending the determination of whether proved reserves would be recorded in Brazil. At the end of 2005, it was expected that a small initial portion of the proved reserves ultimately expected at Polvo would be recorded in 2006. Based on preliminary estimates developed in the fourth quarter of 2005, the value of this initial partial booking of proved reserves was not sufficient to offset the sum of the related proportionate Polvo costs plus the costs of the previous unrelated unsuccessful efforts. Therefore, Devon determined that the prior unsuccessful costs unrelated to the Polvo project should be impaired. These costs totaled approximately $42 million. There was no tax benefit related to this Brazilian impairment.
The components of other income include the following:
These excerpts taken from the DVN 10-K filed Feb 28, 2008. 2005
Reduction
Prior to the fourth quarter of 2005, Devon was capitalizing the
costs of previous unsuccessful efforts in Brazil pending the
determination of whether proved reserves would be recorded in
Brazil. At the end of 2005, it was expected that a small initial
portion of the proved reserves ultimately expected at Polvo
would be recorded in 2006. Based on preliminary estimates
developed in the fourth quarter of 2005, the value of this
initial partial booking of proved reserves was not sufficient to
offset the sum of the related proportionate Polvo costs plus the
costs of the previous unrelated unsuccessful efforts. Therefore,
Devon determined that the prior unsuccessful costs unrelated to
the Polvo project should be impaired. These costs totaled
approximately $42 million. There was no tax benefit related
to this Brazilian impairment.
The components of other income include the following:
2005 Reduction Prior to the fourth quarter of 2005, Devon was capitalizing the costs of previous unsuccessful efforts in Brazil pending the determination of whether proved reserves would be recorded in Brazil. At the end of 2005, it was expected that a small initial portion of the proved reserves ultimately expected at Polvo would be recorded in 2006. Based on preliminary estimates developed in the fourth quarter of 2005, the value of this initial partial booking of proved reserves was not sufficient to offset the sum of the related proportionate Polvo costs plus the costs of the previous unrelated unsuccessful efforts. Therefore, Devon determined that the prior unsuccessful costs unrelated to the Polvo project should be impaired. These costs totaled approximately $42 million. There was no tax benefit related to this Brazilian impairment.
The components of other income include the following:
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