BP 2010 Annual Report Download - page 247


Supplementaryinformationonoilandnaturalgas(unaudited)
Financial statements
Supplementaryinformationonoilandnaturalgas(unaudited)continued
Standardized measure of discounted future net cash ows and changes therein relating to proved oil and gas reserves continued
$million
     2009
Europe North South Africa Asia Australasia  Total
  America America    
    Restof     
  Restof  North    Restof 
 UK Europe US America   Russia Asia 
At31December2009
Subsidiaries
Futurecashinowsa 50,800 17,700204,000 4,900 26,400 58,400 – 36,100 32,500430,800
Futureproductioncostb 20,000 8,000 91,300 2,700 6,700 12,000 – 9,200 11,000160,900
Futuredevelopmentcostb 5,000 2,500 24,900 1,000 5,600 12,200 – 6,400 3,100 60,700
Futuretaxationc 12,900 3,700 27,300 200 5,800 11,300 – 4,700 4,500 70,400
Futurenetcashows 12,900 3,500 60,500 1,000 8,300 22,900 – 15,800 13,900138,800
10%annualdiscountd 5,800 1,600 29,500 500 3,200 9,800 – 6,300 7,300 64,000
Standardizedmeasureofdiscounted
 futurenetcashowse 7,100 1,900 31,000 500 5,100 13,100 – 9,500 6,600 74,800
Equity-accountedentities(BPshare)f
Futurecashinowsa – – – – 37,700 – 96,700 30,000 –164,400
Futureproductioncostb – – – – 17,000 – 65,200 25,200 –107,400
Futuredevelopmentcostb – – – – 4,000 – 10,200 3,100 – 17,300
Futuretaxationc – – – – 5,200 – 4,300 100 – 9,600
Futurenetcashows – – – – 11,500 – 17,000 1,600 – 30,100
10%annualdiscountd – – – – 6,800 – 7,900 800 – 15,500
Standardizedmeasureofdiscounted
 futurenetcashowsgh – – – – 4,700 – 9,100 800 – 14,600
Totalsubsidiariesandequity-accountedentities
Standardizedmeasureofdiscounted
 futurenetcashows 7,100 1,900 31,000 500 9,800 13,100 9,100 10,300 6,600 89,400
Thefollowingaretheprincipalsourcesofchangeinthestandardizedmeasureofdiscountedfuturenetcashows:
 $million
           Equity-accounted Totalsubsidiariesand
         Subsidiaries  entities(BPshare) equity-accountedentities
Salesandtransfersofoilandgasproduced,netofproductioncosts   (18,900)  (3,400)  (22,300)
Developmentcostsforthecurrentyearasestimatedinpreviousyear   11,700  2,100  13,800
Extensions,discoveriesandimprovedrecovery,lessrelatedcosts   8,500  1,600  10,100
Netchangesinpricesandproductioncost    37,200  5,900  43,100
Revisionsofpreviousreservesestimates    (4,300)  (200)  (4,500)
Netchangeintaxation    (10,600)  (1,600)  (12,200)
Futuredevelopmentcosts    (600)  900  300
Netchangeinpurchaseandsalesofreserves-in-place    (100)  (900)  (1,000)
Additionof10%annualdiscount    4,700  900  5,600
Totalchangeinthestandardizedmeasureduringtheyeari    27,600  5,300  32,900
   
aT

hemarkerpricesusedwereBrent$59.91/bbl,HenryHub$3.82/mmBtu.
b
P roductioncosts,whichincludeproductiontaxes,anddevelopmentcostsrelatingtofutureproductionofprovedreservesarebasedonthecontinuationofexistingeconomicconditions.Future
decommissioningcostsareincluded.
cT

axationiscomputedusingappropriateyear-endstatutorycorporateincometaxrates.
d
Futurenetcashowsfromoilandnaturalgasproductionarediscountedat10%regardlessofthegroupassessmentoftheriskassociatedwithitsproducingactivities.
e
MinorityinterestinBPTrinidadandTobagoLLCamountedto$1,300million.
fT
 hestandardizedmeasureofdiscountedfuturenetcashowsofequity-accountedentitiesincludesstandardizedmeasureofdiscountedfuturenetcashowsofequity-accountedinvestmentsofthose
entities.
g
Minorit
yinterestinTNK-BPamountedto$600million.
h
Noequity-accountedfuturecashowsinAfricabecauseprovedreservesarereceivedasaresultofcontractualarrangements,withnoassociatedcosts.
iT
otalchangeinthestandardizedmeasureduringtheyearincludestheeffectofexchangeratemovements.
BPAnnualReportandForm20-F2010 245