Standardized measure of discounted future net cash flows relating to proven oil and gas reserves

The following information was determined based on the provisions of the standard Extractive Activities – Oil and Gas (Topic 932) published by FASB. Based on this, a standardized measure of discounted future net cash flows with the relevant revenues, costs and income tax rates is to be made. The proven reserves are valued at the average price calculated from the prices on the first day of the month for the past business year. The values thus determined are discounted at a 10% annual discount rate.

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Standardized measure of discounted future net cash flows 2017 (million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa, Middle East

South America

Total Group

Thereof at equity

Future revenues

 

1,538

9,543

6,556

3,476

3,362

24,475

3,561

Future production/development costs

 

1,486

4,767

1,786

1,173

1,562

10,774

1,426

Future income taxes

 

(22)

2,589

966

2,089

491

6,113

2,002

Future net cash flows, not discounted

 

74

2,187

3,804

214

1,309

7,588

133

10% discount rate

 

(96)

379

1,544

38

285

2,150

(1)

Standardized measure of discounted future net cash flows

 

170

1,808

2,260

176

1,024

5,438

134

Thereof equity-accounted companies

 

–

(27)

26

135

–

134

134

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Standardized measure of discounted future net cash flows 2016 (million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa, Middle East

South America

Total Group

Thereof at equity

Future revenues

 

1,365

6,975

5,732

3,478

3,428

20,978

3,610

Future production/development costs

 

1,549

5,264

1,633

1,378

1,203

11,027

1,582

Future income taxes

 

(120)

164

690

1,937

570

3,241

1,933

Future net cash flows, not discounted

 

(64)

1,547

3,409

163

1,655

6,710

95

10% discount rate

 

(132)

527

1,278

59

508

2,240

13

Standardized measure of discounted future net cash flows

 

68

1,020

2,131

104

1,147

4,470

82

Thereof equity-accounted companies

 

–

(42)

25

99

–

82

82

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Summary of changes in standardized measure of discounted future net cash flows 2017 (million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa, Middle East

South America

Total Group

Thereof at equity

As of January 1

 

68

1,020

2,131

104

1,147

4,470

82

Sales of oil and gas produced, net of production costs in the current period

 

(151)

(868)

(488)

(104)

(282)

(1,893)

(94)

Net changes in prices and production costs at balance sheet date

 

242

1,410

474

205

(74)

2,257

143

Net changes from extensions, discoveries and improved recovery, less related costs

 

–

–

–

–

–

–

–

Revisions of previous reserves estimates

 

46

973

248

90

105

1,462

72

Investments in the period

 

67

652

79

–

134

932

7

Changes in estimated investments in future periods

 

(41)

286

(278)

(27)

(187)

(247)

(44)

Purchase/sale of reserves

 

–

–

–

–

–

–

–

Net change in income taxes

 

(61)

(1,779)

(145)

(227)

41

(2,171)

(163)

Accretion of discount

 

–

115

239

135

140

629

131

Other

 

–

(1)

–

–

–

(1)

–

Standardized measure of discounted future net cash flows as of December 31

 

170

1,808

2,260

176

1,024

5,438

134

Thereof equity-accounted companies

 

–

(27)

26

135

–

134

134

(XLS:) Download

Summary of changes in standardized measure of discounted future net cash flows 2016 (million €)

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa, Middle East

South America

Total Group

Thereof at equity

As of January 1

 

209

1,405

3,025

304

1,351

6,294

346

Sales of oil and gas produced, net of production costs in the current period

 

(130)

(747)

(380)

(97)

(280)

(1,634)

(105)

Net changes in prices and production costs at balance sheet date

 

(186)

(1,416)

(1,292)

(482)

(242)

(3,618)

(572)

Net changes from extensions, discoveries and improved recovery, less related costs

 

–

–

–

–

–

–

–

Revisions of previous reserves estimates

 

30

283

68

(175)

78

284

(172)

Investments in the period

 

67

702

87

–

144

1,000

79

Changes in estimated investments in future periods

 

2

(39)

63

24

(182)

(132)

(27)

Purchase/sale of reserves

 

–

–

–

–

–

–

–

Net change in income taxes

 

59

625

212

347

116

1,359

351

Accretion of discount

 

17

207

348

183

171

926

182

Other

 

–

–

–

–

(9)

(9)

–

Standardized measure of discounted future net cash flows as of December 31

 

68

1,020

2,131

104

1,147

4,470

82

Thereof equity-accounted companies

 

–

(42)

25

99

–

82

82