The following information has been prepared in accordance with SFAS 69 and the regulations of the Securities and Exchange Commission, which require the standardized measure of discounted future cash flows based on sales prices, costs and statutory interest rates. In contrast to previous years, as of 2009 the proven reserves are not measured based on the price on the balance sheet date (December 31), but on the average price of the quotations from the first day of each month. The values calculated in this way are subject to a 10% annual discount rate.
The projection should not be viewed as realistic estimates of future cash flows nor should the “standardized measure” be interpreted as representing current value to the company.
Material revisions of estimates of proved reserves may occur in the future, development and production of the reserves may not occur in the period assumed, actual prices realized are expected to vary significantly from those used and actual costs may also vary.
The company’s investment and operating decisions are not based on the information presented below, but on a wide range of reserve estimates, and on different price and cost assumptions from those reflected in this information.
Beyond the above considerations, the “standardized measure” is also not directly comparable with asset balances appearing elsewhere in the Consolidated Financial Statements because any such comparison would require a reconciling adjustment.
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|
Standardized measure of discounted future cash flows 2009 (million €) | ||||||
|---|---|---|---|---|---|---|
|
|
Germany |
Rest of Europe |
Russia, Caspian Sea region |
North Africa, Middle East |
South America |
Total |
|
Future revenues |
3,055 |
677 |
7,178 |
10,795 |
1,901 |
23,606 |
|
Future production/development costs |
1,811 |
510 |
940 |
3,819 |
926 |
8,006 |
|
Future income taxes |
259 |
107 |
957 |
5,594 |
144 |
7,061 |
|
Future net cash flows |
985 |
60 |
5,281 |
1,382 |
831 |
8,539 |
|
Discounted to present value at a 10% annual rate |
293 |
(28) |
2,046 |
429 |
318 |
3,058 |
|
Standardized measures of discounted future cash flows |
692 |
88 |
3,235 |
953 |
513 |
5,481 |
|
Minority interests |
– |
– |
– |
364 |
– |
364 |
|
Standardized measures of discounted future cash flows after minority interests |
692 |
88 |
3,235 |
589 |
513 |
5,117 |
|
Thereof at equity companies |
– |
– |
501 |
– |
– |
501 |
|
Standardized measures of discounted future cash flows after minority interests and at equity companies |
692 |
88 |
2,734 |
589 |
513 |
4,616 |
| Download ( xls, 18 kB) |
|
Standardized measure of discounted future cash flows 2008 (million €) | ||||||
|---|---|---|---|---|---|---|
|
|
Germany |
Rest of Europe |
Russia, Caspian Sea region |
North Africa, Middle East |
South America |
Total |
|
Future revenues |
2,919 |
1,480 |
8,594 |
6,394 |
2,539 |
21,926 |
|
Future production/development costs |
1,649 |
762 |
862 |
2,441 |
1,254 |
6,968 |
|
Future income taxes |
273 |
379 |
1,489 |
3,161 |
166 |
5,468 |
|
Future net cash flows |
997 |
339 |
6,243 |
792 |
1,119 |
9,490 |
|
Discounted to present value at a 10% annual rate |
371 |
22 |
2,449 |
290 |
505 |
3,637 |
|
Standardized measures of discounted future cash flows |
626 |
317 |
3,794 |
502 |
614 |
5,853 |
|
Minority interests |
– |
– |
– |
193 |
– |
193 |
|
Standardized measures of discounted future cash flows after minority interests |
626 |
317 |
3,794 |
309 |
614 |
5,660 |
|
Thereof at equity companies |
– |
– |
652 |
– |
– |
652 |
|
Standardized measures of discounted future cash flows after minority interests and at equity companies |
626 |
317 |
3,142 |
309 |
614 |
5,008 |
| Download ( xls, 19 kB) |
|
Summary of changes in standardized measure of discounted future net cash flows 2009 (million €) | ||||||
|---|---|---|---|---|---|---|
|
|
Germany |
Rest of Europe |
Russia, Caspian Sea region |
North Africa, Middle East |
South America |
Total |
|
Balance as of January 1 |
626 |
317 |
3,794 |
502 |
614 |
5,853 |
|
Sales and transfers of oil and gas produced, net of production costs |
(301) |
(295) |
(542) |
(1,217) |
(143) |
(2,498) |
|
Net changes in price and in development and production costs |
173 |
(299) |
(999) |
2,428 |
(65) |
1,238 |
|
Extension, discoveries and improved recovery, less related costs |
– |
18 |
– |
– |
– |
18 |
|
Revisions of previous quantity estimates |
115 |
16 |
193 |
812 |
8 |
1,144 |
|
Development costs incurred during the period |
47 |
120 |
82 |
82 |
24 |
355 |
|
Changes in estimated future development costs |
(25) |
(46) |
(53) |
50 |
– |
(74) |
|
Purchase/sale reserves |
– |
(4) |
– |
– |
– |
(4) |
|
Net change in income taxes |
(13) |
219 |
324 |
(1,935) |
8 |
(1,397) |
|
Accretion of discounts |
71 |
42 |
439 |
230 |
66 |
848 |
|
Other |
(1) |
– |
(3) |
1 |
1 |
(2) |
|
Balance as of December 31 |
692 |
88 |
3,235 |
953 |
513 |
5,481 |
|
Minority interests |
– |
– |
– |
364 |
– |
364 |
|
Standardized measures of discounted future cash flows (SMOG) after minority interests |
692 |
88 |
3,235 |
589 |
513 |
5,117 |
|
Thereof at equity companies |
– |
– |
501 |
– |
– |
501 |
|
Standardized measure of discounted future cash flows after minority interests and at equity companies |
692 |
88 |
2,734 |
589 |
513 |
4,616 |
| Download ( xls, 19 kB) |
|
Summary of changes in standardized measure of discounted future net cash flows 2008 (million €) | ||||||
|---|---|---|---|---|---|---|
|
|
Germany |
Rest of Europe |
Russia, Caspian Sea region |
North Africa, Middle East |
South America |
Total |
|
Balance as of January 1 |
1,389 |
295 |
3,315 |
1,235 |
816 |
7,050 |
|
Sales and transfers of oil and gas produced, net of production costs |
(534) |
(404) |
(440) |
(2,467) |
(149) |
(3,994) |
|
Net changes in price and in development and production costs |
(746) |
268 |
162 |
(5,669) |
(306) |
(6,291) |
|
Extension, discoveries and improved recovery, less related costs |
– |
105 |
– |
– |
– |
105 |
|
Revisions of previous quantity estimates |
50 |
91 |
98 |
625 |
131 |
995 |
|
Development costs incurred during the period |
75 |
23 |
170 |
80 |
32 |
380 |
|
Changes in estimated future development costs |
(96) |
(7) |
(3) |
(254) |
(63) |
(423) |
|
Purchase/sale reserves |
– |
6 |
– |
– |
– |
6 |
|
Net change in income taxes |
320 |
(86) |
76 |
6,118 |
64 |
6,492 |
|
Accretion of discounts |
170 |
26 |
416 |
832 |
91 |
1,535 |
|
Other |
(2) |
– |
– |
2 |
(2) |
(2) |
|
Balance as of December 31 |
626 |
317 |
3,794 |
502 |
614 |
5,853 |
|
Minority interests |
– |
– |
– |
193 |
– |
193 |
|
Standardized measures of discounted future cash flows (SMOG) after minority interests |
626 |
317 |
3,794 |
309 |
614 |
5,660 |
|
Thereof at equity companies |
– |
– |
652 |
– |
– |
652 |
|
Standardized measure of discounted future cash flows after minority interests and at equity companies |
626 |
317 |
3,142 |
309 |
614 |
5,008 |
