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MRO » Topics » Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

This excerpt taken from the MRO 10-K filed Feb 29, 2008.

Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

 

(In millions)    2007     2006     2005  

Sales and transfers of oil and gas produced, net of production, transportation and administrative costs

    $ (4,887 )   $ (5,312 )   $ (3,754 )

Net changes in prices and production, transportation and administrative costs related to future production

      12,845       (1,342 )     6,648  

Extensions, discoveries and improved recovery, less related costs

      1,816       1,290       700  

Development costs incurred during the period

      1,654       1,251       1,030  

Changes in estimated future development costs

      (1,727 )     (527 )     (552 )

Revisions of previous quantity estimates

      290       1,319       820  

Net changes in purchases and sales of minerals in place

      23       30       4,557  

Accretion of discount

      1,726       1,882       1,124  

Net change in income taxes

      (6,751 )     (660 )     (6,694 )

Timing and other

      (12 )     (14 )     307  

Net change for the year

      4,977       (2,083 )     4,186  

Beginning of year

      8,518       10,601       6,415  

End of year

    $ 13,495     $ 8,518     $ 10,601  

Net change for the year from discontinued operations

    $ –     $ (216 )   $ 162  

 

F-58

Table of Contents
Index to Financial Statements
This excerpt taken from the MRO 10-K filed Mar 10, 2005.

Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

(In millions)

   2004
   2003
   2002
  
 
Sales and transfers of oil and gas produced, net of production, transportation, and administrative costs   $ (2,715 ) $ (2,487 ) $ (1,983 )
Net changes in prices and production, transportation and administrative costs related to future production     950     1,178     2,795  
Extensions, discoveries and improved recovery, less related costs     1,352     618     1,032  
Development costs incurred during the period     711     802     499  
Changes in estimated future development costs     (556 )   (478 )   (297 )
Revisions of previous quantity estimates     494     348     311  
Net changes in purchases and sales of minerals in place     33     (531 )   737  
Net change in exchanges of minerals in place     –       403     –    
Accretion of discount     790     807     417  
Net change in income taxes     (529 )   65     (1,288 )
Timing and other     (62 )   (165 )   2  
 
Net change for the year     468     560     2,225  
Beginning of year     6,001     5,441     3,216  
 
End of year   $ 6,469   $ 6,001   $ 5,441  
Net change for the year from discontinued operations   $ –     $ (384 ) $ 212  
 

EXCERPTS ON THIS PAGE:

10-K
Feb 29, 2008
10-K
Mar 10, 2005

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