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March 1, 2012
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Standardized measure of discounted future net cash flows relating to proven 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 proven 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 proven 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 rather 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 2011 (million €)

 

Germany

Rest of Europe

Russia, Caspian Sea region

North Africa, Middle East

South America

Total

Future revenues

4,671

1,519

7,989

19,765

1,985

35,929

Future production/development costs

1,914

1,127

1,260

3,320

989

8,610

Future income taxes

666

255

1,062

13,780

109

15,872

Future net cash flows

2,091

137

5,667

2,665

887

11,447

Discounted to present value at a 10% annual rate

764

(18)

2,223

892

339

4,200

Standardized measures of discounted future cash flows

1,327

155

3,444

1,773

548

7,247

Minority interests

738

738

Standardized measures of discounted future cash flows after minority interests

1,327

155

3,444

1,035

548

6,509

Thereof at-equity companies

832

832

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

1,327

155

2,612

1,035

548

5,677

  Download (Download XLS xls, 19 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, 20 kB)

Summary of changes in standardized measure of discounted future net cash flows 2011 (million €)

 

Germany

Rest of Europe

Russia, Caspian Sea region

North Africa, Middle East

South America

Total

Balance as of January 1

786

61

2,821

1,800

535

6,003

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

(432)

(249)

(784)

(710)

(214)

(2,389)

Net changes in price and in development and production costs

600

195

956

2,667

163

4,581

Extension, discoveries and improved recovery, less related costs

6

6

Revisions of previous quantity estimates

413

250

31

25

61

780

Development costs incurred during the period

83

153

36

8

28

308

Changes in estimated future development costs

(19)

(132)

(31)

7

(80)

(255)

Purchase/sale reserves

395

395

Net change in income taxes

(196)

(135)

(206)

(2,504)

1

(3,040)

Accretion of discounts

93

6

226

480

54

859

Other

(1)

(1)

Balance as of December 31

1,327

155

3,444

1,773

548

7,247

Minority interests

738

738

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

1,327

155

3,444

1,035

548

6,509

Thereof at-equity companies

832

832

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

1,327

155

2,612

1,035

548

5,677

  Download (Download XLS xls, 20 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

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