Standardized measure of discounted future net cash flows relating to proven oil and gas reserves

The following information was determined based on the regulations on Extractive Activities – Oil and Gas (Topic 932) published by FASB. Based on this, a standardized measure of discounted future net cash flows with the relevant revenues, costs and income tax rates is to be made. The proven reserves are valued at the average price calculated from the prices on the first day of the month for the past business year. The values thus determined are discounted at a 10% annual discount rate.

Standardized measure of discounted future net cash flows 2016 (million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa, Middle East

South America

Total Group

Thereof at equity

Future revenues

 

1,365

6,975

5,732

3,478

3,428

20,978

3,610

Future production/development costs

 

1,549

5,264

1,633

1,378

1,203

11,027

1,582

Future income taxes

 

(120)

164

690

1,937

570

3,241

1,933

Future net cash flows, not discounted

 

(64)

1,547

3,409

163

1,655

6,710

95

10% discount rate

 

(132)

527

1,278

59

508

2,240

13

Standardized measure of discounted future net cash flows

 

68

1,020

2,131

104

1,147

4,470

82

Thereof equity-accounted companies

 

(42)

25

99

82

82

Standardized measure of discounted future net cash flows 2015 (million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa, Middle East

South America

Total Group

Thereof at equity

Future revenues

 

1,861

10,154

7,992

4,245

4,051

28,303

4,526

Future production/development costs

 

1,761

6,593

1,766

1,304

1,359

12,783

1,618

Future income taxes

 

(60)

1,413

1,092

2,494

702

5,641

2,458

Future net cash flows, not discounted

 

160

2,148

5,134

447

1,990

9,879

450

10% discount rate

 

(49)

743

2,109

143

639

3,585

104

Standardized measure of discounted future net cash flows

 

209

1,405

3,025

304

1,351

6,294

346

Thereof equity-accounted companies

 

28

53

265

346

346

Summary of changes in standardized measure of discounted future net cash flows 2016 (million €)

Consolidated companies and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa, Middle East

South America

Total Group

Thereof at equity

As of January 1

 

209

1,405

3,025

304

1,351

6,294

346

Sales of oil and gas produced, net of production costs in the current period

 

(130)

(747)

(380)

(97)

(280)

(1,634)

(105)

Net changes in prices and production costs at balance sheet date

 

(186)

(1,416)

(1,292)

(482)

(242)

(3,618)

(572)

Net changes from extensions, discoveries and improved recovery, less related costs

 

Revisions of previous reserves estimates

 

30

283

68

(175)

78

284

(172)

Investments in the period

 

67

702

87

144

1,000

79

Changes in estimated investments in future periods

 

2

(39)

63

24

(182)

(132)

(27)

Purchase/sale of reserves

 

Net change in income taxes

 

59

625

212

347

116

1,359

351

Accretion of discount

 

17

207

348

183

171

926

182

Other

 

(9)

(9)

Standardized measure of discounted future net cash flows as of December 31

 

68

1,020

2,131

104

1,147

4,470

82

Thereof equity-accounted companies

 

(42)

25

99

82

82

Summary of changes in standardized measure of discounted future net cash flows 2015 (million €)

Consolidated companies and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa, Middle East

South America

Total Group

Thereof at equity

As of January 1

 

734

1,338

4,355

923

678

8,028

794

Sales of oil and gas produced, net of production costs in the current period

 

(174)

(835)

(631)

(98)

(222)

(1,960)

(185)

Net changes in prices and production costs at balance sheet date

 

(730)

(1,726)

(2,132)

(2,111)

730

(5,969)

(2,167)

Net changes from extensions, discoveries and improved recovery, less related costs

 

50

50

(17)

Revisions of previous reserves estimates

 

43

539

197

(55)

278

1,002

126

Investments in the period

 

72

898

133

8

289

1,400

171

Changes in estimated investments in future periods

 

(26)

(603)

313

20

(226)

(522)

(87)

Purchase/sale of reserves

 

(32)

(32)

(28)

Net change in income taxes

 

206

1,464

295

1,288

(262)

2,991

1,435

Accretion of discount

 

84

312

495

329

86

1,306

304

Other

 

Standardized measure of discounted future net cash flows as of December 31

 

209

1,405

3,025

304

1,351

6,294

346

Thereof equity-accounted companies

 

28

53

265

346

346