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, 2012
Future cash inflows	$	15,547.5			15,511.6			10,354.9			2,395.2			0.0			43,809.2
Future development costs		(3,731.6	)		(1,815.2	)		(966.9	)		(273.2	)		0.0			(6,786.9	)
Future production and abandonment costs		(3,466.6	)		(7,336.4	)		(3,143.4	)		(738.3	)		0.0			(14,684.7	)
Future income taxes		(2,527.6	)		(1,714.9	)		(1,675.9	)		(872.7	)		0.0			(6,791.1	)

Future net cash flows		5,821.7			4,645.1			4,568.7			511.0			0.0			15,546.5
10% annual discount for estimated timing of cash flows		(2,862.1	)		(2,876.5	)		(1,322.9	)		(372.2	)		0.0			(7,433.7	)

Standardized measure of discounted future net cash flows	$	2,959.6			1,768.6			3,245.8			138.8			0.0			8,112.8

December 31, 2011
Future cash inflows	$	6,105.4			18,835.5			11,037.5	*		2,509.5			248.6			38,736.5	*
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	)		(3,087.8	)*		(763.0	)		(183.8	)		(12,652.2	)*
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

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


(Millions of dollars)	2012			2011			2010
Net changes in prices, production costs and development costs	$	(6,321.2	)		(370.5	)		240.1
Sales and transfers of oil and gas produced, net of production costs		(3,493.3	)		(3,273.5	)		(2,792.2	)
Net change due to extensions and discoveries		4,466.3			3,300.9			1,022.2
Net change due to purchases and sales of proved reserves		347.4			0.0			48.7
Development costs incurred		3,299.0			1,881.5			1,271.3
Accretion of discount		1,153.5			827.7			698.9
Revisions of previous quantity estimates		728.1			892.5			798.8
Net change in income taxes		9.8			(1,029.4	)		(450.2	)

Net increase		189.6			2,229.2			837.6
Standardized measure at January 1		7,923.2			5,694.0			4,856.4

Standardized measure at December 31	$	8,112.8			7,923.2			5,694.0

*	Reclassified to conform to current presentation.