Chevron 2004 Annual Report Download - page 91
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Please find page 91 of the 2004 Chevron 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.CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT 89
NET PROVED RESERVES OF NATURAL GAS
Consolidated Companies
United States International
Gulf of Total Asia- Total Affiliated Companies
Billionsofcubicfeet Calif. Mexico Other U.S. Africa Pacific Indonesia Other Int’l. Total TCO Hamaca
341 2,361 4,685 7,387 1,872 4,239 520 3,088 9,719 17,106 2,262 42
Changes attributable to:
Revisions 16 (200) (414) (598) 277 375 15 92 759 161 293 1
Improved recovery9 11 1 21 42 – 4 10 56 77 – –
Extensions and
discoveries5 229 161 395 134 227 33 103 497 892 – –
Purchases1– 65 28 93 – 8 – – 8 101 – –
Sales2– – (3) (3) – – – – – (3) – –
Production (46) (414) (418) (878) (27) (203) (54) (369) (653) (1,531) (66) –
325 2,052 4,040 6,417 2,298 4,646 518 2,924 10,386 16,803 2,489 43
Changes attributable to:
Revisions 25 (106) (525) (606) 342 879 36 976 2,233 1,627 109 70
Improved recovery15 7 1 23 17 – 15 35 67 90 – –
Extensions and
discoveries – 270 118 388 3 76 12 47 138 526 – –
Purchases1 – 8 – 8 – 7 – 55 62 70 – –
Sales2(1) (12) (51) (64) – – – (6) (6) (70) – –
Production (41) (378) (394) (813) (18) (235) (61) (366) (680) (1,493) (72) (1)
323 1,841 3,189 5,353 2,642 5,373 520 3,665 12,200 17,553 2,526 112
Changes attributable to:
Revisions
Improved recovery
Extensions and
discoveries
Purchases1
Sales2
Production
At Jan. 1, 2002 284 1,976 3,986 6,246 444 2,920 250 2,231 5,845 12,091 1,477 6
At Dec. 31, 2002 266 1,770 3,600 5,636 582 2,934 262 2,157 5,935 11,571 1,474 6
At Dec. 31, 2003 265 1,572 2,964 4,801 954 3,627 223 3,043 7,847 12,648 1,789 52
1 Includes reserves acquired through property exchanges.
2 Includes reserves disposed of through property exchanges.
3 Net reserve changes (excluding production) in 2004 consist of (543) billion cubic feet of developed reserves and 490 billion cubic feet of undeveloped reserves for consolidated
companies and 883 billion cubic feet of developed reserves and 103 billion cubic feet of undeveloped reserves for affiliated companies.
4 During 2004, the percentages of undeveloped reserves at December 31, 2003, transferred to developed reserves were 4 percent and 6 percent for consolidated companies and
affiliated companies, respectively.
In2004,netrevisionsdecreasedreserves218millionbarrels
forconsolidatedcompaniesandincreasedreservesforaffiliates
by204millionbarrels.Forconsolidatedcompanies,thedecrease
wascomposedof161millionbarrelsforinternationalareasand
57millionbarrelsfortheUnitedStates.Thelargestdownward
revisioninternationallywas70millionbarrelsinAfrica.One
fieldinAngolaaccountedforthemajorityofthenetdeclineas
changesweremadetooil-in-placeestimatesbasedonreservoir
performancedata.OnefieldintheAsia-Pacificareaessentially
accountedforthe43-million-barreldownwardrevisionforthat
region.Therevisionwasassociatedwithreducedwellperfor-
mance.Partofthe36-million-barrelnetdownwardrevision
forIndonesiawasassociatedwiththeeffectofhigheryear-end
pricesonthecalculationofreservesforcost-oilrecoveryunder
aproduction-sharingcontract.IntheUnitedStates,the68-mil-
lion-barrelnetdownwardrevisionintheGulfofMexicoareawas
acrossseveralfieldsandbasedmainlyonreservoiranalysesand
assessmentsofwellperformance.Foraffiliatedcompanies,the
206-million-barrelincreaseforTCOwasbasedonanupdated
assessmentofreservoirperformancefortheTengizField.Par-
tiallyoffsettingthisnetincreasewasadownwardeffectofhigher
year-endpricesonthevariableroyalty-ratecalculation.Down-
wardrevisionsalsooccurredinothergeographicareasbecause
oftheeffectofhigheryear-endpricesonvariousproduction-
sharingtermsandvariableroyaltycalculations.
ImprovedRecovery In2002,improvedrecoveryincreased
liquidsvolumesworldwideby239millionbarrelsforconsoli-
datedcompanies.Thelargestincreaseof99millionbarrels
occurredintheUnitedStates,primarilyintheCaliforniaregion
duetopatternmodifications,injectorconversionsandinfilldrill-
ingonalargeheavyoilfieldunderthermalrecovery.
ExtensionsandDiscoveries In2002,extensionsanddiscov-
eriesincreasedliquidsvolumesworldwideby442millionbarrels
forconsolidatedcompanies.Thelargestincreasewas301million
barrelsinAfrica,principally172millionbarrelsreflectingthe
projectsanctionofarecentdiscoveryinNigeriaand96million
barrelsassociatedwithapprovalofseveraldevelopmentprojects
inAngola.
TABLE V – RESERVE QUANTITY INFORMATION – Continued