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MRO » Topics » Changes in Estimated Quantities of Net Proved Liquid Hydrocarbon and Natural Gas ReservesThese excerpts taken from the MRO 10-K filed Feb 27, 2009. Changes in Estimated Quantities of Net Proved Liquid Hydrocarbon and Natural Gas Reserves
During 2008, we transferred 126 million boe from proved undeveloped to proved developed reserves. Costs incurred for the periods ended December 31, 2008, 2007 and 2006 relating to the development of proved undeveloped liquid hydrocarbon and natural gas reserves, were $1,189 million, $1,250 million and $1,010 million. Of the 289 million boe of proved undeveloped reserves at year-end 2008, 64 percent of the volume is associated with projects that have been included in proved reserves for more than three years while 19 percent of the proved undeveloped reserves were added during 2008. As of December 31, 2008, estimated future development costs relating to the development of proved undeveloped liquid hydrocarbon and natural gas reserves for the years 2009 through 2011 are projected to be $1,244 million, $508 million and $262 million. The above estimated quantities of net proved liquid hydrocarbon and natural gas reserves and estimated future development costs relating to the development of proved undeveloped liquid hydrocarbon and natural gas
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Table of ContentsIndex to Financial Statementsreserves are forward-looking statements and are based on a number of assumptions, including (among others) commodity prices, presently known physical data concerning size and character of the reservoirs, economic recoverability, technology developments, future drilling success, industry economic conditions, levels of cash flow from operations, production experience and other operating considerations. To the extent these assumptions prove inaccurate, actual recoveries and development costs could be different than current estimates. For a discussion of the proved liquid hydrocarbon and natural gas reserve estimation process, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates – Estimated Net Recoverable Reserve Quantities – Proved Liquid Hydrocarbon and Natural Gas Reserves, and for additional details of the estimated quantities of proved reserves at the end of each of the last three years, see Item 8. Financial Statements and Supplementary Data – Supplementary Information on Oil and Gas Producing Activities – Estimated Quantities of Proved Oil and Natural Gas Reserves. We filed reports with the U.S. Department of Energy (“DOE”) for 2007 disclosing our total year-end estimated liquid hydrocarbon and natural gas reserves. The year-end estimates reported to the DOE are the same estimates reported in the Supplementary Information on Oil and Gas Producing Activities. Changes in Estimated Quantities of Net Proved Liquid Hydrocarbon and Natural Gas Reserves
During 2008, we transferred 126 million boe from proved undeveloped to proved developed reserves. Costs incurred for the periods ended December 31, 2008, 2007 and 2006 relating to the development of proved undeveloped liquid hydrocarbon and natural gas reserves, were $1,189 million, $1,250 million and $1,010 million. Of the 289 million boe of proved undeveloped reserves at year-end 2008, 64 percent of the volume is associated with projects that have been included in proved reserves for more than three years while 19 percent of the proved undeveloped reserves were added during 2008. As of December 31, 2008, estimated future development costs relating to the development of proved undeveloped liquid hydrocarbon and natural gas reserves for the years 2009 through 2011 are projected to be $1,244 million, $508 million and $262 million. The above estimated quantities of net proved liquid hydrocarbon and natural gas reserves and estimated future development costs relating to the development of proved undeveloped liquid hydrocarbon and natural gas
8
Table of ContentsIndex to Financial Statementsreserves are forward-looking statements and are based on a number of assumptions, including (among others) commodity prices, presently known physical data concerning size and character of the reservoirs, economic recoverability, technology developments, future drilling success, industry economic conditions, levels of cash flow from operations, production experience and other operating considerations. To the extent these assumptions prove inaccurate, actual recoveries and development costs could be different than current estimates. For a discussion of the proved liquid hydrocarbon and natural gas reserve estimation process, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates – Estimated Net Recoverable Reserve Quantities – Proved Liquid Hydrocarbon and Natural Gas Reserves, and for additional details of the estimated quantities of proved reserves at the end of each of the last three years, see Item 8. Financial Statements and Supplementary Data – Supplementary Information on Oil and Gas Producing Activities – Estimated Quantities of Proved Oil and Natural Gas Reserves. We filed reports with the U.S. Department of Energy (“DOE”) for 2007 disclosing our total year-end estimated liquid hydrocarbon and natural gas reserves. The year-end estimates reported to the DOE are the same estimates reported in the Supplementary Information on Oil and Gas Producing Activities. | EXCERPTS ON THIS PAGE:
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