Standardized Measure of Discounted Future Net Cash Flows Relating to Proven Oil and Gas Reserves

The following information was determined based on the provisions of the standard 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.

(XLS:) Download

Standardized measure of discounted future net cash flows 2018 (Million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa/Middle East

South America

Total Group

Of which at equity

Future revenues

 

1,818

8,243

10,197

4,599

2,562

27,419

5,890

Future production/development costs

 

1,540

4,683

3,278

921

1,055

11,477

2,109

Future income taxes

 

28

1,823

1,459

3,285

311

6,906

3,014

Future net cash flows, not discounted

 

250

1,737

5,460

393

1,196

9,036

767

10% discount rate

 

(36)

297

2,601

140

282

3,284

587

Standardized measure of discounted future net cash flows

 

286

1,440

2,859

253

914

5,752

180

of which equity-accounted companies

 

–

1

65

114

–

180

180

(XLS:) Download

Standardized measure of discounted future net cash flows 2017 (Million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa/Middle East

South America

Total Group

Of which at equity

Future revenues

 

1,538

9,543

6,556

3,476

3,362

24,475

3,561

Future production/development costs

 

1,486

4,767

1,786

1,173

1,562

10,774

1,426

Future income taxes

 

(22)

2,589

966

2,089

491

6,113

2,002

Future net cash flows, not discounted

 

74

2,187

3,804

214

1,309

7,588

133

10% discount rate

 

(96)

379

1,544

38

285

2,150

(1)

Standardized measure of discounted future net cash flows

 

170

1,808

2,260

176

1,024

5,438

134

of which equity-accounted companies

 

–

(27)

26

135

–

134

134

(XLS:) Download

Summary of changes in standardized measure of discounted future net cash flows 2018 (Million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa/Middle East

South America

Total Group

Of which at equity

As of January 1

 

170

1,808

2,260

176

1,024

5,438

134

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

 

(192)

(1,211)

(590)

(159)

(374)

(2,526)

(110)

Net changes in prices and production costs at balance sheet date

 

239

846

775

811

(123)

2,548

619

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

 

–

12

–

–

–

12

21

Revisions of previous reserves estimates

 

62

(694)

191

122

(2)

(321)

22

Investments in the period

 

59

525

94

13

140

831

48

Changes in estimated investments in future periods

 

(30)

(439)

(24)

7

30

(456)

(29)

Purchase/sale of reserves

 

–

–

34

–

–

34

34

Net change in income taxes

 

(34)

254

(146)

(871)

97

(700)

(703)

Accretion of discount

 

12

340

265

154

122

893

144

Other

 

–

(1)

–

–

–

(1)

–

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

 

286

1,440

2,859

253

914

5,752

180

of which equity-accounted companies

 

–

1

65

114

–

180

180

(XLS:) Download

Summary of changes in standardized measure of discounted future net cash flows 2017 (Million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa/Middle East

South America

Total Group

Of which at equity

As of January 1

 

68

1,020

2,131

104

1,147

4,470

82

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

 

(151)

(868)

(488)

(104)

(282)

(1,893)

(94)

Net changes in prices and production costs at balance sheet date

 

242

1,410

474

205

(74)

2,257

143

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

 

–

–

–

–

–

–

–

Revisions of previous reserves estimates

 

46

973

248

90

105

1,462

72

Investments in the period

 

67

652

79

–

134

932

7

Changes in estimated investments in future periods

 

(41)

286

(278)

(27)

(187)

(247)

(44)

Purchase/sale of reserves

 

–

–

–

–

–

–

–

Net change in income taxes

 

(61)

(1,779)

(145)

(227)

41

(2,171)

(163)

Accretion of discount

 

–

115

239

135

140

629

131

Other

 

–

(1)

–

–

–

(1)

–

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

 

170

1,808

2,260

176

1,024

5,438

134

of which equity-accounted companies

 

–

(27)

26

135

–

134

134