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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Reduction
of Carrying Value of Oil and Gas Properties
During 2008 and 2006, we reduced the carrying values of certain
of our oil and gas properties due to full cost ceiling
limitations and unsuccessful exploratory activities. A summary
of these reductions and additional discussion is provided below.
Reduction
of Carrying Value of Oil and Gas Properties
During 2008 and 2006, we reduced the carrying values of certain
of our oil and gas properties due to full cost ceiling
limitations and unsuccessful exploratory activities. A summary
of these reductions and additional discussion is provided below.
Reduction of Carrying Value of Oil and Gas Properties During 2008 and 2006, we reduced the carrying values of certain of our oil and gas properties due to full cost ceiling limitations and unsuccessful exploratory activities. A summary of these reductions and additional discussion is provided below.
Reduction of Carrying Value of Oil and Gas Properties During 2008 and 2006, we reduced the carrying values of certain of our oil and gas properties due to full cost ceiling limitations and unsuccessful exploratory activities. A summary of these reductions and additional discussion is provided below.
Reduction
of Carrying Value of Oil and Gas Properties
Because of the volatile nature of oil and gas prices, it is not
possible to predict whether we will incur full cost writedowns
in 2009. However, such writedowns may be more likely to occur
during 2009 than in recent
Table of Contents
periods, considering current and near-term estimates of oil and
gas prices, which are generally expected to be lower than prices
in existence prior to the fourth quarter of 2008.
We recognized full cost ceiling writedowns related to our oil
and gas properties in the United States, Canada and Brazil in
the fourth quarter of 2008. These writedowns resulted primarily
from significant declines in oil and gas prices compared to
previous quarter-end prices. The December 31, 2008 weighted
average wellhead prices for these countries are presented in the
following table.
N/A — Not applicable.
The wellhead prices in the table above compare to the
December 31, 2008 NYMEX cash price of $44.60 per Bbl for
crude oil and the Henry Hub spot price of $5.71 per MMBtu for
gas. Should 2009 quarter-end prices approximate or decrease from
these December 31, 2008 prices, the likelihood that we will
incur full cost writedowns during 2009 will increase.
Reduction
of Carrying Value of Oil and Gas Properties
Because of the volatile nature of oil and gas prices, it is not
possible to predict whether we will incur full cost writedowns
in 2009. However, such writedowns may be more likely to occur
during 2009 than in recent
Table of Contents
periods, considering current and near-term estimates of oil and
gas prices, which are generally expected to be lower than prices
in existence prior to the fourth quarter of 2008.
We recognized full cost ceiling writedowns related to our oil
and gas properties in the United States, Canada and Brazil in
the fourth quarter of 2008. These writedowns resulted primarily
from significant declines in oil and gas prices compared to
previous quarter-end prices. The December 31, 2008 weighted
average wellhead prices for these countries are presented in the
following table.
N/A — Not applicable.
The wellhead prices in the table above compare to the
December 31, 2008 NYMEX cash price of $44.60 per Bbl for
crude oil and the Henry Hub spot price of $5.71 per MMBtu for
gas. Should 2009 quarter-end prices approximate or decrease from
these December 31, 2008 prices, the likelihood that we will
incur full cost writedowns during 2009 will increase.
Reduction of Carrying Value of Oil and Gas Properties Because of the volatile nature of oil and gas prices, it is not possible to predict whether we will incur full cost writedowns in 2009. However, such writedowns may be more likely to occur during 2009 than in recent
Table of Contentsperiods, considering current and near-term estimates of oil and gas prices, which are generally expected to be lower than prices in existence prior to the fourth quarter of 2008. We recognized full cost ceiling writedowns related to our oil and gas properties in the United States, Canada and Brazil in the fourth quarter of 2008. These writedowns resulted primarily from significant declines in oil and gas prices compared to previous quarter-end prices. The December 31, 2008 weighted average wellhead prices for these countries are presented in the following table.
N/A — Not applicable. The wellhead prices in the table above compare to the December 31, 2008 NYMEX cash price of $44.60 per Bbl for crude oil and the Henry Hub spot price of $5.71 per MMBtu for gas. Should 2009 quarter-end prices approximate or decrease from these December 31, 2008 prices, the likelihood that we will incur full cost writedowns during 2009 will increase. Reduction of Carrying Value of Oil and Gas Properties Because of the volatile nature of oil and gas prices, it is not possible to predict whether we will incur full cost writedowns in 2009. However, such writedowns may be more likely to occur during 2009 than in recent
Table of Contentsperiods, considering current and near-term estimates of oil and gas prices, which are generally expected to be lower than prices in existence prior to the fourth quarter of 2008. We recognized full cost ceiling writedowns related to our oil and gas properties in the United States, Canada and Brazil in the fourth quarter of 2008. These writedowns resulted primarily from significant declines in oil and gas prices compared to previous quarter-end prices. The December 31, 2008 weighted average wellhead prices for these countries are presented in the following table.
N/A — Not applicable. The wellhead prices in the table above compare to the December 31, 2008 NYMEX cash price of $44.60 per Bbl for crude oil and the Henry Hub spot price of $5.71 per MMBtu for gas. Should 2009 quarter-end prices approximate or decrease from these December 31, 2008 prices, the likelihood that we will incur full cost writedowns during 2009 will increase. These excerpts taken from the DVN 10-K filed Jun 9, 2008. Reduction
of Carrying Value of Oil and Gas Properties
We follow the full cost method of accounting for our oil and gas
properties described in “Management’s Discussion and
Analysis of Financial Condition and Results of
Operations — Critical Accounting Policies and
Estimates.” Reductions to the carrying value of our oil and
gas properties are largely dependent on the success of drilling
results and oil and natural gas prices at the end of our
quarterly reporting periods. Due to the uncertain nature of
future drilling efforts and oil and natural gas prices, we are
not able to predict whether we will incur such reductions in
2008.
Reduction of Carrying Value of Oil and Gas Properties We follow the full cost method of accounting for our oil and gas properties described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates.” Reductions to the carrying value of our oil and gas properties are largely dependent on the success of drilling results and oil and natural gas prices at the end of our quarterly reporting periods. Due to the uncertain nature of future drilling efforts and oil and natural gas prices, we are not able to predict whether we will incur such reductions in 2008. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Reduction
of Carrying Value of Oil and Gas Properties
We follow the full cost method of accounting for our oil and gas
properties described in “Management’s Discussion and
Analysis of Financial Condition and Results of
Operations — Critical Accounting Policies and
Estimates.” Reductions to the carrying value of our oil and
gas properties are largely dependent on the success of drilling
results and oil and natural gas prices at the end of our
quarterly reporting periods. Due to the uncertain nature of
future drilling efforts and oil and natural gas prices, we are
not able to predict whether we will incur such reductions in
2008.
Reduction of Carrying Value of Oil and Gas Properties We follow the full cost method of accounting for our oil and gas properties described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates.” Reductions to the carrying value of our oil and gas properties are largely dependent on the success of drilling results and oil and natural gas prices at the end of our quarterly reporting periods. Due to the uncertain nature of future drilling efforts and oil and natural gas prices, we are not able to predict whether we will incur such reductions in 2008. This excerpt taken from the DVN 10-K filed Feb 28, 2007. Reduction
of Carrying Value of Oil and Gas Properties
We follow the full cost method of accounting for our oil and gas
properties described in “Management’s Discussion and
Analysis of Financial Condition and Results of
Operations — Critical Accounting Policies and
Estimates.” Reductions to the carrying value of our oil and
gas properties are largely dependent on the success of drilling
results and oil and natural gas prices at the end of our
quarterly reporting periods. Due to the uncertain nature of
future drilling efforts and oil and natural gas prices, we are
not able to predict whether we will incur such reductions in
2007.
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