Chevron 2004 Annual Report Download - page 94
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Please find page 94 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.92 CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT
Supplemental Information on Oil and Gas Producing Activities – Continued
Thechangesinpresentvaluesbetweenyears,whichcanbe
significant,reflectchangesinestimatedprovedreservequanti-
tiesandpricesandassumptionsusedinforecastingproduction
Consolidated Companies* Affiliated Companies
Millionsofdollars 2003 2002 2003 2002
$ 48,585 $ 23,748 $ 12,606 $ 6,396
Sales and transfers of oil and gas produced net of
production costs (16,630) (13,161) (1,054) (829)
Development costs incurred 3,451 3,695 750 800
Purchases of reserves 97 181 – –
Sales of reserves (839) (42) – –
Extensions, discoveries and improved recovery less related costs 5,445 7,472 – –
Revisions of previous quantity estimates 1,200 180 653 917
Net changes in prices, development and production costs 1,857 40,802 (1,187) 6,722
Accretion of discount 7,903 3,987 1,709 895
Net change in income tax (264) (18,277) (359) (2,295)
Net change for the year 2,220 24,837 512 6,210
$ 50,805 $ 48,585 $ 13,118 $ 12,606
*2003 and 2002 conformed to 2004 presentation.
volumesandcosts.Changesinthetimingofproductionare
includedwith“Revisionsofpreviousquantityestimates.”