General
Information
Last Update:
Mar. 10, 2011
bottom of page

Standardized measure of discounted future net cash flows relating to proved oil and gas reserves (SMOG)

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. The proved reserves are valued at the average price calculated from the prices on the first day of the 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.

  Download (Download XLS xls, 18 kB)

Standardized measure of discounted future cash flows 2010 (million €)

 

Germany

Rest of Europe

Russia, Caspian Sea region

North Africa, Middle East

South America

Total

Future revenues

3,470

862

6,647

16,250

2,306

29,535

Future production/development costs

1,980

687

1,364

3,372

1,377

8,780

Future income taxes

326

84

723

10,153

120

11,406

Future net cash flows

1,164

91

4,560

2,725

809

9,349

Discounted to present value at a 10% annual rate

378

30

1,739

925

274

3,346

Standardized measures of discounted future cash flows

786

61

2,821

1,800

535

6,003

Minority interests

770

770

Standardized measures of discounted future cash flows after minority interests

786

61

2,821

1,030

535

5,233

Thereof at equity companies

1,340

1,340

Standardized measures of discounted future cash flows after minority interests and at equity companies

786

61

1,481

1,030

535

3,893

  Download (Download XLS xls, 18 kB)

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 (Download XLS xls, 19 kB)

Summary of changes in standardized measure of
discounted future net cash flows 2010
(million €)

 

Germany

Rest of Europe

Russia, Caspian Sea region

North Africa, Middle East

South America

Total

Balance as of January 1

692

88

3,235

953

513

5,481

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

(324)

(201)

(636)

(1,444)

(181)

(2,786)

Net changes in price and in development and production costs

277

(13)

(403)

3,575

83

3,519

Extension, discoveries and improved recovery, less related costs

Revisions of previous quantity estimates

109

169

160

1,054

77

1,569

Development costs incurred during the period

53

109

34

76

23

295

Changes in estimated future development costs

(56)

(136)

(54)

3

(51)

(294)

Purchase/sale reserves

Net change in income taxes

(42)

41

131

(2,851)

14

(2,707)

Accretion of discounts

79

9

354

434

57

933

Other

(2)

(5)

 

 

 

(7)

Balance as of December 31

786

61

2,821

1,800

535

6,003

Minority interests

770

770

Standardized measures of discounted future cash flows (SMOG) after minority interests

786

61

2,821

1,030

535

5,233

Thereof at equity companies

1,340

1,340

Standardized measure of discounted future cash flows after minority interests and at equity companies

786

61

1,481

1,030

535

3,893

  Download (Download XLS 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

previous page top of page next page