Schedule 5 – Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves


(Millions of dollars)	United States			Canada			Malaysia			United Kingdom			Republic of the Congo			Total
December 31, 2011
Future cash inflows	$	6,105.4			18,835.5			14,110.9			2,509.5			248.6			41,809.9
Future development costs		(1,283.5	)		(1,929.5	)		(1,559.8	)		(356.2	)		(0.0	)		(5,129.0	)
Future production and abandonment costs		(1,417.9	)		(7,199.7	)		(6,161.2	)		(763.0	)		(183.8	)		(15,725.6	)
Future income taxes		(807.2	)		(2,806.8	)		(2,129.7	)		(869.0	)		(39.7	)		(6,652.4	)

Future net cash flows		2,596.8			6,899.5			4,260.2			521.3			25.1			14,302.9
10% annual discount for estimated timing of cash flows		(912.0	)		(3,658.7	)		(1,507.4	)		(304.4	)		2.8			(6,379.7	)

Standardized measure of discounted future net cash flows	$	1,684.8			3,240.8			2,752.8			216.9			27.9			7,923.2

December 31, 2010
Future cash inflows	$	2,472.8			13,440.2			8,118.9			1,005.1			758.9			25,795.9
Future development costs		(379.7	)		(1,244.5	)		(756.3	)		(14.0	)		(69.6	)		(2,464.1	)
Future production and abandonment costs		(631.3	)		(6,923.3	)		(2,379.0	)		(305.6	)		(330.7	)		(10,569.9	)
Future income taxes		(335.0	)		(1,509.8	)		(1,659.4	)		(329.0	)		(82.4	)		(3,915.6	)

Future net cash flows		1,126.8			3,762.6			3,324.2			356.5			276.2			8,846.3
10% annual discount for estimated timing of cash flows		(254.2	)		(1,818.0	)		(922.2	)		(123.5	)		(34.4	)		(3,152.3	)

Standardized measure of discounted future net cash flows	$	872.6			1,944.6			2,402.0			233.0			241.8			5,694.0

December 31, 2009
Future cash inflows	$	1,908.1			9,571.1			7,496.1			831.2			467.7			20,274.2
Future development costs		(245.7	)		(191.3	)		(726.3	)		(9.7	)		(99.7	)		(1,272.7	)
Future production and abandonment costs		(523.6	)		(5,450.6	)		(1,976.1	)		(330.4	)		(176.5	)		(8,457.2	)
Future income taxes		(264.8	)		(952.3	)		(1,531.3	)		(250.2	)		(83.2	)		(3,081.8	)

Future net cash flows		874.0			2,976.9			3,262.4			240.9			108.3			7,462.5
10% annual discount for estimated timing of cash flows		(174.8	)		(1,521.4	)		(838.0	)		(64.7	)		(7.2	)		(2,606.1	)

Standardized measure of discounted future net cash flows	$	699.2			1,455.5			2,424.4			176.2			101.1			4,856.4

Following are the principal sources of change in the standardized measure of discounted future net cash flows for the years shown.


(Millions of dollars)	2011			2010			2009
Inclusion of synthetic oil reserves beginning in 2009*	$	0.0			0.0			378.9
Net changes in prices, production costs and development costs		(370.5	)		240.1			675.1
Sales and transfers of oil and gas produced, net of production costs		(3,273.5	)		(2,792.2	)		(2,381.5	)
Net change due to extensions and discoveries		3,300.9			1,022.2			1,976.2
Net change due to purchases and sales of proved reserves		0.0			48.7			(36.7	)
Development costs incurred		1,881.5			1,271.3			1,344.1
Accretion of discount		827.7			698.9			422.1
Revisions of previous quantity estimates		892.5			798.8			267.8
Net change in income taxes		(1,029.4	)		(450.2	)		(454.8	)

Net increase		2,229.2			837.6			2,191.2
Standardized measure at January 1		5,694.0			4,856.4			2,665.2

Standardized measure at December 31	$	7,923.2			5,694.0			4,856.4

*	Prior to 2009, discounted future net cash flows from synthetic oil operations were excluded from this report. With the SEC’s change in the definition of proved reserves to include synthetic oil as proved reserves, the Company has included synthetic oil reserves in this table beginning in 2009.