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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 No. 69, which requires the standardized measure of discounted future net cash flows to be based on year-end sales prices, costs and statutory income tax rates and a 10% annual discount rate. Because prices used in the calculation are as of December 31, the standardized measure could vary significantly from year to year depending on market conditions at that specific date.

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 reserves, 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)

2008 (million €)

 

 

 

 

 

 

Germany

Rest of
Europe

Russia,
Caspian Sea
region

North Africa,
Middle East

South America

Total

Future revenues

2,919

1,480

8,594

6,394

2,539

21,926

Future production/development costs

1,649

762

862

2,441

1,254

6,968

Future income taxes

273

379

1,489

3,161

166

5,468

Future net cash flows

997

339

6,243

792

1,119

9,490

Discounted to present value at a
10% annual rate

371

22

2,449

290

505

3,637

Standardized measures of discounted future cash flows

626

317

3,794

502

614

5,853

Minority interests

193

193

Standardized measures of discounted future cash flows after minority interests

626

317

3,794

309

614

5,660

Thereof at equity companies

652

652

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

626

317

3,142

309

614

5,008

  Download (Download XLS xls, 18 kB)

2007 (million €)

 

 

 

 

 

 

Germany

Rest of
Europe

Russia,
Caspian Sea
region

North Africa,
Middle East

South America

Total

Future revenues

4,776

1,062

8,120

16,547

2,629

33,134

Future production/development costs

1,577

496

913

2,204

936

6,126

Future income taxes

850

263

1,644

12,445

222

15,424

Future net cash flows

2,349

303

5,563

1,898

1,471

11,584

Discounted to present value at a
10% annual rate

960

8

2,248

663

655

4,534

Standardized measures of discounted future cash flows

1,389

295

3,315

1,235

816

7,050

Minority interests

410

410

Standardized measures of discounted future cash flows after minority interests

1,389

295

3,315

825

816

6,640

Thereof at equity companies

531

531

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

1,389

295

2,784

825

816

6,109

  Download (Download XLS xls, 19 kB)

Summary of changes in standardized measure of discounted future
net cash flows 2008
(million €)

 

 

Germany

Rest of
Europe

Russia,
Caspian Sea
region

North Africa,
Middle East

South America

Total

Balance as of January 1

1,389

295

3,315

1,235

816

7,050

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

(534)

(404)

(440)

(2,467)

(149)

(3,994)

Net changes in price and in development
and production costs

(746)

268

162

(5,669)

(306)

(6,291)

Extension, discoveries and improved recovery, less related costs

105

105

Revisions of previous quantity estimates

50

91

98

625

131

995

Development costs incurred during
the period

75

23

170

80

32

380

Changes in estimated future
development costs

(96)

(7)

(3)

(254)

(63)

(423)

Purchase/sale reserves

6

6

Net change in income taxes

320

(86)

76

6,118

64

6,492

Accretion of discounts

170

26

416

832

91

1,535

Other

(2)

2

(2)

(2)

Balance as of December 31

626

317

3,794

502

614

5,853

Minority interests

193

193

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

626

317

3,794

309

614

5,660

Thereof at equity companies

652

652

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

626

317

3,142

309

614

5,008

  Download (Download XLS xls, 19 kB)

Summary of changes in standardized measure of discounted future
net cash flows 2007
(million €)

 

 

Germany

Rest of
Europe

Russia,
Caspian Sea
region

North Africa,
Middle East

South America

Total

Balance as of January 1

1,011

400

59

866

697

3,033

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

(470)

(354)

(44)

(2,050)

(151)

(3,069)

Net changes in price and in development
and production costs

547

(39)

95

3,890

122

4,615

Extension, discoveries and improved recovery, less related costs

10

94

104

Revisions of previous quantity estimates

113

145

18

172

(3)

445

Development costs incurred during
the period

47

21

68

40

176

Changes in estimated future
development costs

(21)

(3)

(2)

(39)

22

(43)

Purchase/sale reserves

3,196

3,196

Net change in income taxes

27

54

(20)

(2,375)

7

(2,307)

Accretion of discounts

136

79

8

591

80

894

Other

(1)

(18)

5

18

2

6

Balance as of December 31

1,389

295

3,315

1,235

816

7,050

Minority interests

410

410

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

1,389

295

3,315

825

816

6,640

Thereof at equity companies

531

531

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

1,389

295

2,784

825

816

6,109

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