Standardized measure of discounted future net cash flows relating to proven oil and gas reserves
The following information was determined based on the regulations on 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.
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 |
Standardized measure of discounted future net cash flows 2015 (million €) |
||||||||
Consolidated and equity-accounted companies |
|
Germany |
Rest of Europe |
Russia |
North Africa, Middle East |
South America |
Total Group |
Thereof at equity |
|---|---|---|---|---|---|---|---|---|
Future revenues |
|
1,861 |
10,154 |
7,992 |
4,245 |
4,051 |
28,303 |
4,526 |
Future production/development costs |
|
1,761 |
6,593 |
1,766 |
1,304 |
1,359 |
12,783 |
1,618 |
Future income taxes |
|
(60) |
1,413 |
1,092 |
2,494 |
702 |
5,641 |
2,458 |
Future net cash flows, not discounted |
|
160 |
2,148 |
5,134 |
447 |
1,990 |
9,879 |
450 |
10% discount rate |
|
(49) |
743 |
2,109 |
143 |
639 |
3,585 |
104 |
Standardized measure of discounted future net cash flows |
|
209 |
1,405 |
3,025 |
304 |
1,351 |
6,294 |
346 |
Thereof equity-accounted companies |
|
– |
28 |
53 |
265 |
– |
346 |
346 |
Summary of changes in standardized measure of discounted future net cash flows 2016 (million €) |
||||||||
Consolidated companies 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 |
Summary of changes in standardized measure of discounted future net cash flows 2015 (million €) |
||||||||
Consolidated companies and equity-accounted companies |
|
Germany |
Rest of Europe |
Russia |
North Africa, Middle East |
South America |
Total Group |
Thereof at equity |
|---|---|---|---|---|---|---|---|---|
As of January 1 |
|
734 |
1,338 |
4,355 |
923 |
678 |
8,028 |
794 |
Sales of oil and gas produced, net of production costs in the current period |
|
(174) |
(835) |
(631) |
(98) |
(222) |
(1,960) |
(185) |
Net changes in prices and production costs at balance sheet date |
|
(730) |
(1,726) |
(2,132) |
(2,111) |
730 |
(5,969) |
(2,167) |
Net changes from extensions, discoveries and improved recovery, less related costs |
|
– |
50 |
– |
– |
– |
50 |
(17) |
Revisions of previous reserves estimates |
|
43 |
539 |
197 |
(55) |
278 |
1,002 |
126 |
Investments in the period |
|
72 |
898 |
133 |
8 |
289 |
1,400 |
171 |
Changes in estimated investments in future periods |
|
(26) |
(603) |
313 |
20 |
(226) |
(522) |
(87) |
Purchase/sale of reserves |
|
– |
(32) |
– |
– |
– |
(32) |
(28) |
Net change in income taxes |
|
206 |
1,464 |
295 |
1,288 |
(262) |
2,991 |
1,435 |
Accretion of discount |
|
84 |
312 |
495 |
329 |
86 |
1,306 |
304 |
Other |
|
– |
– |
– |
– |
– |
– |
– |
Standardized measure of discounted future net cash flows as of December 31 |
|
209 |
1,405 |
3,025 |
304 |
1,351 |
6,294 |
346 |
Thereof equity-accounted companies |
|
– |
28 |
53 |
265 |
– |
346 |
346 |