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OAO LUKOIL Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited)
(Millions of US dollars, except as indicated)
VI. Principal sources of changes in the standardized measure
of discounted future net cash flows
Consolidated companies 2011 2010 2009
Discounted present value as at January 1 43,637 45,597 42,570
Net changes due to purchases and sales of minerals
in place 39 (193) 86
Sales and transfers of oil and gas produced,
net of production costs (13,520) (12,454) (11,151)
Net changes in prices and production costs estimates 69,089 22,241 36,633
Net changes in mineral extraction taxes (32,678) (23,976) (27,376)
Extensions and discoveries, less related costs 3,492 1,886 1,878
Previously estimated development cost incurred
during the period 6,182 5,565 3,201
Revisions of previous quantity estimates 620 (433) (4,495)
Net change in income taxes (7,467) 407 (1,104)
Other changes 229 (141) 70
Accretion of discount 5,539 5,138 5,285
Discounted present value at December 31 75,162 43,637 45,597
Group’s share in equity companies 2011 2010 2009
Discounted present value as at January 1 3,363 2,622 1,006
Net changes due to purchases and sales of minerals
in place – – 1,182
Sales and transfers of oil and gas produced,
net of production costs (1,203) (927) (547)
Net changes in prices and production costs estimates 3,820 2,296 2,129
Net changes in mineral extraction taxes (1,720) (985) (1,086)
Extensions and discoveries, less related costs 8 53 3
Previously estimated development cost incurred
during the period 66 120 31
Revisions of previous quantity estimates 179 (56) 137
Net change in income taxes (365) (294) (442)
Other changes 267 234 95
Accretion of discount 420 300 114
Discounted present value at December 31 4,835 3,363 2,622
188