Changes in standardized measure of discounted future net cash flows
Changes in standardized measure of discounted future net cash flows for the years ended December 31, 2011, 2012 and 2013, are as follows:
(€ million) |
Consolidated subsidiaries |
Equity-accounted entities |
Total |
Standardized measure of discounted future net cash flows at December 31, 2010 |
46,077 |
1,083 |
47,160 |
Increase (decrease): |
|
|
|
- sales, net of production costs |
(23,744) |
(300) |
(24,044) |
- net changes in sales and transfer prices, net of production costs |
40,961 |
442 |
41,403 |
- extensions, discoveries and improved recovery, net of future production and development costs |
1,580 |
2,457 |
4,037 |
- changes in estimated future development and abandonment costs |
(3,890) |
(392) |
(4,282) |
- development costs incurred during the period that reduced future development costs |
7,301 |
866 |
8,167 |
- revisions of quantity estimates |
1,337 |
(87) |
1,250 |
- accretion of discount |
8,640 |
235 |
8,875 |
- net change in income taxes |
(17,067) |
(1,678) |
(18,745) |
- purchase of reserves in-place |
37 |
10 |
47 |
- sale of reserves in-place |
(146) |
|
(146) |
- changes in production rates (timing) and other |
1,152 |
24 |
1,176 |
Net increase (decrease) |
16,161 |
1,577 |
17,738 |
Standardized measure of discounted future net cash flows at December 31, 2011 |
62,238 |
2,660 |
64,898 |
Increase (Decrease): |
|
|
|
- sales, net of production costs |
(28,595) |
(325) |
(28,920) |
- net changes in sales and transfer prices, net of production costs |
2,264 |
(56) |
2,208 |
- extensions, discoveries and improved recovery, net of future production and development costs |
4,868 |
812 |
5,680 |
- changes in estimated future development and abandonment costs |
(3,802) |
(357) |
(4,159) |
- development costs incurred during the period that reduced future development costs |
8,199 |
409 |
8,608 |
- revisions of quantity estimates |
3,725 |
824 |
4,549 |
- accretion of discount |
12,527 |
477 |
13,004 |
- net change in income taxes |
2,207 |
(830) |
1,377 |
- purchase of reserves in-place |
|
|
|
- sale of reserves in-place |
(1,509) |
(615) |
(2,124) |
- changes in production rates (timing) and other |
(830) |
(53) |
(883) |
Net increase (decrease) |
(946) |
286 |
(660) |
Standardized measure of discounted future net cash flows at December 31, 2012 |
61,292 |
2,946 |
64,238 |
Increase (Decrease): |
|
|
|
- sales, net of production costs |
(24,576) |
(261) |
(24,837) |
- net changes in sales and transfer prices, net of production costs |
(3,632) |
(223) |
(3,855) |
- extensions, discoveries and improved recovery, net of future production and development costs |
1,699 |
3 |
1,702 |
- changes in estimated future development and abandonment costs |
(6,821) |
(427) |
(7,248) |
- development costs incurred during the period that reduced future development costs |
8,456 |
665 |
9,121 |
- revisions of quantity estimates |
6,385 |
(298) |
6,087 |
- accretion of discount |
11,937 |
521 |
12,458 |
- net change in income taxes |
5,587 |
379 |
5,966 |
- purchase of reserves in-place |
74 |
|
74 |
- sale of reserves in-place |
(252) |
(770) |
(1,022) |
- changes in production rates (timing) and other |
(3,972) |
(208) |
(4,180) |
Net increase (decrease) |
(5,115) |
(619) |
(5,734) |
Standardized measure of discounted future net cash flows at December 31, 2013 |
56,177 |
2,327 |
58,504 |
