Supplemental information on the Exploration & Production business sector of the Oil & Gas segment
Proved oil and gas reserves are the estimated volumes of crude oil, natural gas and natural gas liquids that are shown by geological and engineering data with reasonable certainty to be recoverable in future years from known reserves under existing economic and operating conditions.
Operating Results of Operations
This represents only those revenues and expenses directly associated with Wintershall’s oil and gas production.
Costs incurred represent amounts capitalized or charged against income as incurred in connection with oil and gas property acquisition, exploration and development activities.
Capitalized costs represent total expenditures on proved and unproved oil and gas properties with related accumulated depreciation, depletion and amortization.
Capitalized Exploration Costs
Exploratory drilling costs are capitalized until the drilling of the well is complete.
Net Cash Flows
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves (SMOG)