BP 2010 Annual Report Download - page 248
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Please find page 248 of the 2010 BP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Supplementaryinformationonoilandnaturalgas(unaudited)
Supplementaryinformationonoilandnaturalgas(unaudited)continued
Standardized measure of discounted future net cash ows and changes therein relating to proved oil and gas reserves continued
$million
2008
Europe North South Africa Asia Australasia Total
America America
Restof
Restof North Restof
UK Europe US America Russia Asia
At31December2008
Subsidiaries
Futurecashinowsa 36,400 13,800165,800 6,400 26,300 40,400 – 31,400 24,200344,700
Futureproductioncostb 18,100 6,300 80,400 2,700 7,200 11,600 – 11,800 10,700148,800
Futuredevelopmentcostb 3,300 2,900 25,600 1,300 7,200 10,900 – 7,500 3,200 61,900
Futuretaxationc 7,300 2,300 17,500 500 5,500 6,600 – 2,400 2,800 44,900
Futurenetcashows 7,700 2,300 42,300 1,900 6,400 11,300 – 9,700 7,500 89,100
10%annualdiscountd 2,200 1,200 21,000 1,000 2,900 5,500 – 4,200 3,900 41,900
Standardizedmeasureofdiscounted
futurenetcashowse 5,500 1,100 21,300 900 3,500 5,800 – 5,500 3,600 47,200
Equity-accountedentities(BPshare)g
Standardizedmeasureofdiscounted
futurenetcashowsh – – – – 3,600 – 4,800 900 – 9,300
Totalsubsidiariesandequity-accountedentities
Standardizedmeasureofdiscounted
futurenetcashowse 5,500 1,100 21,300 900 7,100 5,800 4,800 6,400 3,600 56,500
Thefollowingaretheprincipalsourcesofchangeinthestandardizedmeasureofdiscountedfuturenetcashows:
$million
2008
Salesandtransfersofoilandgasproduced,netofproductioncosts (43,600)
Developmentcostsforthecurrentyearasestimatedinpreviousyear 9,400
Extensions,discoveriesandimprovedrecovery,lessrelatedcosts 4,400
Netchangesinpricesandproductioncost (146,800)
Revisionsofpreviousreservesestimates 1,200
Netchangeintaxation 69,400
Futuredevelopmentcosts (7,400)
Netchangeinpurchaseandsalesofreserves-in-place (200)
Additionof10%annualdiscount 14,600
Totalchangeinthestandardizedmeasureduringtheyearofsubsidiariesf (99,000)
aT
heyear-endmarkerpricesusedwere2008Brent$36.55/bbl,HenryHub$5.63/mmBtu.
b
P roductioncosts,whichincludeproductiontaxes,anddevelopmentcostsrelatingtofutureproductionofprovedreservesarebasedonyear-endcostlevelsandassumecontinuationofexistingeconomic
conditions.Futuredecommissioningcostsareincluded.
cTaxationiscomputedusingappropriateyear-endstatutorycorporateincometaxrates.
d
Futurenetcashowsfromoilandnaturalgasproductionarediscountedat10%regardlessofthegroupassessmentoftheriskassociatedwithitsproducingactivities.
e
MinorityinterestinBPTrinidadandTobagoLLCamountedto$900millionat31December2008.
fT
otalchangeinthestandardizedmeasureduringtheyearincludestheeffectofexchangeratemovements.
gT hestandardizedmeasureofdiscountedfuturenetcashowsofequity-accountedentitiesincludesstandardizedmeasureofdiscountedfuturenetcashowsofequity-accountedinvestmentsofthose
entities.
h
Minorit
yinterestinTNK-BPamountedto$300millionat31December2008.
246BPAnnualReportandForm20-F2010