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Supplemental Oil and Gas Information | 12 Months Ended
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Dec. 31, 2017
Supplemental Oil and Gas Information [Abstract] |
Supplemental Oil and Gas Information | ﻿ The following unaudited schedules are presented in accordance with required disclosures about Oil and Gas Producing Activities to provide users with a common base for preparing estimates of future cash flows and comparing reserves among companies. Additional background information concerning some of the schedules follows: ﻿ SCHEDULE 1 – SUMMARY OF PROVED CRUDE OIL AND SYNTHETIC OIL RESERVES SCHEDULE 2 – SUMMARY OF PROVED NATURAL GAS LIQUIDS RESERVES SCHEDULE 3 – SUMMARY OF PROVED NATURAL GAS RESERVES ﻿ Reserves of crude oil, synthetic oil, condensate, natural gas liquids and natural gas are estimated by the Company’s or independent engineers and are adjusted to reflect contractual arrangements and royalty rates in effect at the end of each year. Many assumptions and judgmental decisions are required to estimate reserves. Reported quantities are subject to future revisions, some of which may be substantial, as additional information becomes available from reservoir performance, new geological and geophysical data, additional drilling, technological advancements, price changes and other economic factors. ﻿ Murphy’s estimations for proved reserves were generated through the integration of available geoscience, engineering, and economic data and commercially available technologies, to establish ‘reasonable certainty’ of economic productibility. As defined by the SEC, reasonable certainty of proved reserves describes a high degree of confidence that the quantities will be recovered. In estimating proved reserves, Murphy uses familiar industry-accepted methods for subsurface evaluations, including performance, volumetric and analogue-based studies. Where appropriate, Murphy includes reliable geologic and engineering technology to estimate proved reserves. Reliable geologic and engineering technology is a method or combination of methods that are field tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. This integrated approach increases the quality of and confidence in Mur phy’s proved reserves estimates. The approach was utilized in certain undrilled acreage at distances greater than the directly offsetting development spacing areas and in certain reservoirs developed with the application of improved recovery techniques. Murphy utilized a combination of 3D seismic interpretation, core analysis, wellbore log measurements, well test data, histor ic production and pressure data and commercially available seismic processing and numerical reservoir simulation programs. Reservoir parameters from analogous reservoirs were used to strengthen the reserves estimates when available. ﻿ Prior to its disposition in 2016, Murphy included synthetic crude oil from its 5% interest in the Syncrude project in Alberta, Canada in its proved crude oil reserves. All synthetic oil volumes reported as proved reserves in Schedule 1 are the final synthetic crude oil product. ﻿ Production quantities shown are net volumes withdrawn from reservoirs. These may differ from sales quantities due to inventory changes, volumes consumed for fuel and/or shrinkage from extraction of natural gas liquids. ﻿ All crude oil and synthetic reserves, natural gas liquids reserves and natural gas reserves are from consolidated subsidiaries and proportionately consolidated joint ventures. The Company has no proved reserves attributable to investees accounted for by the equity method. ﻿ All proved reserves in Malaysia are associated with production sharing contracts for Blocks SK 309/311, K and H. Malaysia reserves include oil and gas to be received for both cost recovery and profit provisions under the contract. At December 31, 2017, l iquids and natural gas proved reserves associated with the production sharing contracts in Malaysia totaled 52.2 million barrels and 491.3 billion cubic feet (BCF), respectively. A t December 31, 2017, a pproximately 26.7 BCF of natural gas proved reserves in Malaysia relate to fields in Block K for which the Company expects to receive sale proceeds of approximately $0.24 pe r thousand cubic feet. Sales price for other natural gas produced in Malaysia is based on market-driven prices. ﻿ SCHEDULE 6 – STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES ﻿ GAAP requires calculation of future net cash flows using a 10% annual discount factor, an unweighted average of oil and natural gas prices in effect at the beginning of each month of the year, and year-end costs and statutory tax rates, except for known future changes such as contracted prices and legislated tax rates. On December 22, 2017, the U.S. enacted into legislation the Tax Cuts and Jobs Act (2017 Tax Act); as a result the company’s statutory U.S. tax rate will be 21% beginning in 2018, a decrease from the previous rate of 35%. ﻿ The reported value of proved reserves is not necessarily indicative of either fair market value or present value of future cash flows because prices, costs and governmental policies do not remain static; appropriate discount rates may vary; and extensive judgment is required to estimate the timing of production. Other logical assumptions would likely have resulted in significantly different amounts. ﻿ Schedule 6 also presents the principal reasons for change in the standardized measure of discounted future net cash flows for each of the three years ended December 31, 2017. Schedule 1 – Summary of Proved Crude Oil and Synthetic Oil Reserves Based on Average Prices for 2014 – 2017 ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Crude & Synthetic Oil |  | Crude Oil |  | Synthetic Oil 1
﻿(Millions of barrels) | Total |  | Total |  | United States |  | Canada |  | Malaysia |  | Canada
﻿Proved developed and undeveloped crude oil / synthetic oil reserves: |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 2014 | 441.8 |  | 336.2 |  | 204.9 |  | 37.4 |  | 93.9 |  | 105.6
﻿Revisions of previous estimates | 5.3 |  | (8.2) |  | (7.6) |  | (4.8) |  | 4.2 |  | 13.5
﻿Improved recovery | 2.4 |  | 2.4 |  | – |  | – |  | 2.4 |  | –
﻿Extensions and discoveries | 63.8 |  | 63.8 |  | 63.8 |  | – |  | – |  | –
﻿Sales of properties | (11.0) |  | (11.0) |  | – |  | – |  | (11.0) |  | –
﻿Production | (46.1) |  | (41.8) |  | (22.2) |  | (4.7) |  | (14.9) |  | (4.3)
﻿December 31, 2015 | 456.2 |  | 341.4 |  | 238.9 |  | 27.9 |  | 74.6 |  | 114.8
﻿Revisions of previous estimates | (5.8) |  | (5.8) |  | (10.9) |  | 2.5 |  | 2.6 |  | –
﻿Extensions and discoveries | 11.0 |  | 11.0 |  | 8.6 |  | – |  | 2.4 |  | –
﻿Purchases of properties | 26.3 |  | 26.3 |  | – |  | 26.3 |  | – |  | –
﻿Sales of properties | (121.0) |  | (7.8) |  | (4.5) |  | (3.3) |  | – |  | (113.2)
﻿Production | (37.7) |  | (36.1) |  | (17.7) |  | (4.5) |  | (13.9) |  | (1.6)
﻿December 31, 2016 | 329.0 |  | 329.0 |  | 214.4 |  | 48.9 |  | 65.7 |  | (0.0)
﻿Revisions of previous estimates | (6.0) |  | (6.0) |  | (4.7) |  | 2.3 |  | (3.6) |  | –
﻿Improved recovery | 2.0 |  | 2.0 |  | – |  | – |  | 2.0 |  | –
﻿Extensions and discoveries | 31.6 |  | 31.6 |  | 27.2 |  | 4.4 |  | – |  | –
﻿Purchases of properties | 4.7 |  | 4.7 |  | 4.7 |  | – |  | – |  | –
﻿Production | (33.2) |  | (33.2) |  | (16.9) |  | (4.1) |  | (12.2) |  | –
﻿ December 31, 2017 | 328.1 |  | 328.1 |  | 224.7 |  | 51.5 |  | 51.9 |  | –
﻿Proved developed crude oil/ synthetic oil reserves: |  |  |  |  |  |  |  |  |  |  |
﻿ December 31, 2014 | 324.1 |  | 218.5 |  | 106.2 |  | 32.4 |  | 79.9 |  | 105.6
﻿ December 31, 2015 | 326.6 |  | 211.8 |  | 125.9 |  | 23.8 |  | 62.1 |  | 114.8
﻿ December 31, 2016 | 184.9 |  | 184.9 |  | 113.9 |  | 19.2 |  | 51.8 |  | –
﻿ December 31, 2017 | 185.5 |  | 185.5 |  | 126.3 |  | 21.9 |  | 37.3 |  | –
﻿Proved undeveloped crude oil reserves: |  |  |  |  |  |  |  |  |  |  |
﻿ December 31, 2014 | 117.7 |  | 117.7 |  | 98.7 |  | 5.0 |  | 14.0 |  | –
﻿ December 31, 2015 | 129.6 |  | 129.6 |  | 113.0 |  | 4.1 |  | 12.5 |  | –
﻿ December 31, 2016 | 144.1 |  | 144.1 |  | 100.5 |  | 29.7 |  | 13.9 |  | –
﻿ December 31, 2017 | 142.6 |  | 142.6 |  | 98.4 |  | 29.6 |  | 14.6 |  | –
﻿ 1 All synthetic oil operations were sold in June 2016. ﻿ Schedule 1 – Summary of Proved Crude Oil and Synthetic Oil Reserves Based on Average Prices for 2014 – 2017 – Continued ﻿ 2017 Comments for Proved Crude Oil Reserves Changes Revisions of previous estimate – The 2017 negative crude oil revision in the U.S. was primarily attributable to the removal of proved undeveloped locations within the 5-year development window as capital was reallocated to higher performing drilling locations within the Company’s Eagle Ford Shale fields, partially offset by improved Eagle Ford Shale costs and performance results in the Gulf of Mexico. The positive Canadian oil reserves revisions in 2017 resulted from improved performance at Tupper Montney assets in Western Canada, and offshore Canada fields, Hibernia and Terra Nova. The negative revisions for crude oil reserves in Malaysia were principally attributable to the redetermination of Kakap participation that lowered the Company’s entitlement, and higher government entitlement under the terms of the respective production sharing contracts due to higher oil prices, offsetting positive performance revisions at the Company’s Sarawak projects. ﻿ Improved recovery – The 201 7 Malaysia crude oil proved reserve add ition was primarily due to favorable impacts for waterflood activity at certain Sarawak oil fields. ﻿ Extensions and discoveries – In 2017, proved oil reserves were added in the U.S. for drilling activities in the Eagle Ford Shale concurrent with the reallocation of capital to higher performing drilling areas moving well locations within the 5-year development window for proved undeveloped reserves, and in Canada for drilling activities in the Montney and Duvernay. Proved oil reserves were also added for drilling activities in the U.S. offshore. ﻿ Purchases of p roperties – In 2017, the Company acquire d greater working interests in two of its operated Gulf of Mexico fields. In U.S. onshore, the Company acquired acreage in the Permian area of west Texas. Additional Eagle Ford Shale acreage was acquired through joint venture agreement s with other operators within its core acreage position. ﻿ 2016 Comments for Proved Crude Oil and Synthetic Oil Reserves Changes Revisions of previous estimate – The 2016 negative crude oil revision in the U.S. was primarily attributable to impacts of lower price on Eagle Ford Shale volumes and reduced performance in a particular location, partially offset by improved Eagle Ford Shale costs and drilling results in the Gulf of Mexico. The positive Canadian oil reserves revisions in 2016 resulted from improved Kaybob Duvernay performance and an increase at Terra Nova due to development drilling. The positive revisions for crude oil reserves in Malaysia was attributable to improved performance and lower government entitlement under the terms of the respective production sharing contracts due to lower oil prices, which collectively more than offset a negative revision at Kikeh following updated decline curve analysis. ﻿ Extensions and discoveries – In 2016, proved oil reserves were added in the U.S. for drilling activities in the Eagle Ford Shale, and deeper oil-water contacts realized at a field in Malaysia. ﻿ Purchases of p roperties – In 2016, the Company’s Canadian subsidiary acquired working interests in the Kaybob Duvernay and liquids rich Placid Montney areas. The crude oil reserves are all associated with the Kaybob Duvernay area. ﻿ Sales of properties – In the U.S., proved oil reserves were reduced following the sale of certain non-core Eagle Ford Shale acreage. In Canada, the Company sold its interests in both a heavy oil field and a synthetic oil project. ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ 2015 Comments for Proved Crude Oil and Synthetic Oil Reserves Changes Revisions of previous estimate – The 2015 negative crude oil revision in the U.S. was primarily attributable to impacts of lower price on Eagle Ford Shale volumes, partially offset by improved Eagle Ford Shale performance, improved Eagle Ford Shale lifting costs, and drilling activity in the Gulf of Mexico. The negative Canadian conventional oil reserves revision in 2015 was result of lower heavy oil prices partially offset by increases at both Hibernia and Terra Nova due to development drilling and lower government royalty effects. The positive synthetic oil revision in the current period is due predominantly to lower government royalty effects due to lower oil prices. The positive revision for crude oil reserves in Malaysia was attributable to improved performance and lower government entitlement under the terms of the respective production sharing contracts due to lower oil prices. ﻿ Improved recovery – The 2015 Malaysia crude oil proved reserve add ition was primarily due to favorable impacts for waterflood activity at certain Sarawak oil fields. ﻿ Extensions and discoveries – In 2015, the U.S. added proved oil reserves primarily for planned drilling activities in the Eagle Ford Shale. ﻿ Sales of prope rties – The proved crude oil reserves reduction in Malaysia was associated with the 2015 sale of 10% of the Company’s oil and gas asset s in Malaysia. ﻿ ﻿ ﻿ Schedule 2 – Summary of Proved Natural Gas Liquids (NGL) Reserves Based on Average Prices for 2014 – 2017 ﻿ ﻿
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﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿(Millions of barrels) | Total |  | United States |  | Canada |  | Malaysia |
﻿Proved developed and undeveloped NGL reserves: |  |  |  |  |  |  |  |
﻿December 31, 2014 | 30.6 |  | 29.1 |  | 0.7 |  | 0.8 |
﻿Revisions of previous estimates | 2.0 |  | 2.2 |  | (0.3) |  | 0.1 |
﻿Extensions and discoveries | 7.6 |  | 7.6 |  | – |  | – |
﻿Sales of properties | (0.1) |  | – |  | – |  | (0.1) |
﻿Production | (3.7) |  | (3.5) |  | – |  | (0.2) |
﻿December 31, 2015 | 36.4 |  | 35.4 |  | 0.4 |  | 0.6 |
﻿Revisions of previous estimates | 1.6 |  | 1.2 |  | 0.2 |  | 0.2 |
﻿Extensions and discoveries | 2.9 |  | 2.8 |  | 0.1 |  | – |
﻿Purchases of properties | 5.1 |  | – |  | 5.1 |  | – |
﻿Production | (3.5) |  | (3.0) |  | (0.2) |  | (0.3) |
﻿December 31, 2016 | 42.5 |  | 36.4 |  | 5.6 |  | 0.5 |
﻿Revisions of previous estimates | 1.3 |  | 2.0 |  | (0.6) |  | (0.1) |
﻿Extensions and discoveries | 7.8 |  | 7.0 |  | 0.8 |  | – |
﻿Purchases of properties | 0.5 |  | 0.5 |  | – |  | – |
﻿Production | (3.2) |  | (2.9) |  | (0.2) |  | (0.1) |
﻿ December 31, 2017 | 48.9 |  | 43.0 |  | 5.6 |  | 0.3 |
﻿Proved developed NGL reserves: |  |  |  |  |  |  |  |
﻿ December 31, 2014 | 17.5 |  | 16.5 |  | 0.2 |  | 0.8 |
﻿ December 31, 2015 | 21.6 |  | 20.7 |  | 0.3 |  | 0.6 |
﻿ December 31, 2016 | 22.2 |  | 20.8 |  | 0.9 |  | 0.5 |
﻿ December 31, 2017 | 24.6 |  | 23.3 |  | 1.0 |  | 0.3 |
﻿Proved undeveloped NGL reserves: |  |  |  |  |  |  |  |
﻿ December 31, 2014 | 13.1 |  | 12.6 |  | 0.5 |  | – |
﻿ December 31, 2015 | 14.8 |  | 14.7 |  | 0.1 |  | – |
﻿ December 31, 2016 | 20.3 |  | 15.6 |  | 4.7 |  | – |
﻿ December 31, 2017 | 24.3 |  | 19.7 |  | 4.6 |  | – |
﻿ ﻿ Schedule 2 – Summary of Proved Natural Gas Liquids (NGL) Reserves Based on Average Prices for 2014 – 2017 – Continued ﻿ 2017 Comments for Proved Natural Gas Liquids Reserves Changes Revisions of previous estimates – The positive 2017 NGL proved reserves revision in the U.S. was primarily in the Company’s Eagle Ford Shale fields based on an updated shrinkage ratio of liquids rich gas production combined with improved costs, offsetting removal of proved undeveloped locations from within the 5-year development window as capital was reallocated to higher performing drilling locations within the Eagle Ford Shale. ﻿ Extensions and discoveries – Proved NGL reserves were added primarily from drilling activiti es in the Eagle Ford Shale area concurrent with the reallocation of capital to higher performing drilling areas moving well locations within the 5-year development window for proved undeveloped reserves. ﻿ Purchase of properties – In U.S., proved NGL reserves were added following the acquisition of acreage in both the Eagle Ford Shale and Permian areas, and increased working interest in two Gulf of Mexico fields. ﻿ 2016 Comments for Proved Natural Gas Liquids Reserves Changes Revisions of previous estimates – The positive 2016 NGL proved reserves revision was primarily in the Eagle Ford Shale area based on an updated ratio of oil to gas production. ﻿ Extensions and discoveries – Proved NGL reserves were added primarily from drilling activities in the Eagle Ford Shale area. ﻿ Purchase of properties – In Canada, proved NGL reserves were added following the acquisition of acreage in both the Kabob Duvernay and liquids rich Placid Montney areas. ﻿ 2015 Comments for Proved Natural Gas Liquids Reserves Changes Revisions of previous estimates – The positive 2015 NGL proved reserves revision in the U.S. was primarily in the Eagle Ford Shale area based on improved performance. ﻿ Extensions and discoveries – In 2015, the U.S. added NGL reserves primarily for additional drilling activities in the Eagle Ford Shale. ﻿ Sales of properties – The Company sold 10% of its oil and gas assets in Malaysia in January 2015. ﻿ ﻿ ﻿ Schedule 3 – Summary of Proved Natural Gas Reserves Based on Average Prices for 201 4 – 201 7 ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿(Billions of cubic feet) | Total |  | United States |  | Canada |  | Malaysia |
﻿Proved developed and undeveloped natural gas reserves: |  |  |  |  |  |  |  |
﻿December 31, 2014 | 1,704.7 |  | 226.3 |  | 842.8 |  | 635.6 |
﻿Revisions of previous estimates | 53.5 |  | (5.2) |  | 18.9 |  | 39.8 |
﻿Improved recovery | 1.8 |  | – |  | – |  | 1.8 |
﻿Extensions and discoveries | 162.9 |  | 43.2 |  | 119.7 |  | – |
﻿Sales of properties | (78.0) |  | – |  | – |  | (78.0) |
﻿Production | (156.1) |  | (31.9) |  | (71.8) |  | (52.4) |
﻿December 31, 2015 | 1,688.8 |  | 232.4 |  | 909.6 |  | 546.8 |
﻿Revisions of previous estimates | 43.3 |  | 0.1 |  | 45.3 |  | (2.1) |
﻿Extensions and discoveries | 164.2 |  | 6.4 |  | 120.2 |  | 37.6 |
﻿Purchases of properties | 122.3 |  | – |  | 122.3 |  | – |
﻿Sales of properties | (2.2) |  | (0.1) |  | (2.1) |  | – |
﻿Production | (138.4) |  | (19.4) |  | (76.4) |  | (42.6) |
﻿December 31, 2016 | 1,878.0 |  | 219.4 |  | 1,118.9 |  | 539.7 |
﻿Revisions of previous estimates | (5.4) |  | (16.0) |  | 19.4 |  | (8.8) |
﻿Extensions and discoveries | 190.6 |  | 32.2 |  | 156.7 |  | 1.7 |
﻿Purchases of properties | 4.0 |  | 4.0 |  | – |  | – |
﻿Production | (140.1) |  | (16.3) |  | (82.6) |  | (41.2) |
﻿ December 31, 2017 | 1,927.1 |  | 223.3 |  | 1,212.4 |  | 491.4 |
﻿Proved developed natural gas reserves: |  |  |  |  |  |  |  |
﻿ December 31, 2014 | 812.1 |  | 145.6 |  | 467.4 |  | 199.1 |
﻿ December 31, 2015 | 783.5 |  | 148.3 |  | 453.5 |  | 181.7 |
﻿ December 31, 2016 | 818.1 |  | 138.7 |  | 498.9 |  | 180.5 |
﻿ December 31, 2017 | 819.3 |  | 127.7 |  | 547.0 |  | 144.6 |
﻿Proved undeveloped natural gas reserves: |  |  |  |  |  |  |  |
﻿ December 31, 2014 | 892.6 |  | 80.7 |  | 375.4 |  | 436.5 |
﻿ December 31, 2015 | 905.3 |  | 84.1 |  | 456.1 |  | 365.1 |
﻿ December 31, 2016 | 1,059.9 |  | 80.7 |  | 620.0 |  | 359.2 |
﻿ December 31, 2017 | 1,107.8 |  | 95.6 |  | 665.5 |  | 346.7 |
﻿ ﻿ Schedule 3 – Summary of Proved Natural Gas Reserves Based on Average Prices for 2014 – 2017 – Continued ﻿ 2017 Comments for Proved Natural Gas Reserves Changes Revisions of previous estimates – In the U.S., the negative natural gas revision was primarily due to shutting in a gas well located in the Gulf of Mexico due to early water break through, and in the Company’s Eagle Ford Shale fields proved undeveloped locations were removed from within the 5-year development window as capital was reallocated to higher performing drilling locations within the Eagle Ford Shale. The negative revision for natural gas reserves in Malaysia was primarily attributable to higher government entitlement under the terms of the respective production sharing contracts due to higher gas prices, offsetting positive performance revisions at the Company’s Sarawak projects. The 2017 positive natural gas revisions in Canada were attributable to updated well type curves and field performance at the Tupper Montney assets in Western Canada. ﻿ Extensions and discoveries – In 2017, the U.S. added natural gas reserves primarily for developmental drilling activities in the Eagle Ford Shale concurrent with the reallocation of capital to higher performing drilling areas moving well locations within the 5-year development window for proved undeveloped reserves, and field development drilling in the Gulf of Mexico. Natural gas reserve add itions in Canada were attributable to developmental drilling activities in the Montney and Kaybob Duvernay areas in Western Canada. In Malaysia, proved natural gas reserves were added in Sarawak from field development activities. ﻿ Purchase of properties – In the U.S., proved natural gas reserves were added following the acquisition of acreage in both the Eagle Ford Shale and Permian areas, and increased working interest in two Gulf of Mexico fields. ﻿ 2016 Comments for Proved Natural Gas Reserves Changes Revisions of previous estimates – The 2016 positive natural gas revisions in Canada were attributable to updated well type curves and field development techniques in both the Montney and Duvernay areas of Western Canada. The negative revision for natural gas reserves in Malaysia was primarily attributable to the removal of Sarawak area proved reserves resulting from the government’s decision to delay certain field development plans. ﻿ Extensions and discoveries – In 2016, the U.S. added natural gas reserves primarily for developmental drilling activities in the Eagle Ford Shale. Natural gas reserve add itions in Canada were attributable to developmental drilling activities in the Tupper area. In Malaysia, proved natural gas reserves were added in Block H as the Permai field was added to the field development plan. ﻿ Purchase of properties – In Canada, proved natural gas reserves were added following the acquisition of acreage in both the Kaybob Duvernay and liquids rich Placid Montney areas. ﻿ Sales of properties – Proved natural gas reserves were reduced following the sale of certain non-core Eagle Ford Shale acreage in the U.S. and the associated gas related to the sale of a heavy oil field in Canada. ﻿ 2015 Comments for Proved Natural Gas Reserves Changes Revisions of previous estimates – The 2015 negative natural gas revision in the U.S. was primarily attributable to performance declines in certain fields in the Gulf of Mexico offset in part by the overall positive performance in the Eagle Ford Shale area. The positive revisions in Canada were attributable to updated well type curves and field development techniques in the Montney area of Western Canada. The positive revision for natural gas reserves in Malaysia was attributable to lower government entitlement under the terms of the respective production sharing contracts due to lower natural gas prices. ﻿ Improved recovery – The 2015 Malaysia natural gas proved reserve add ition was primarily due to favorable impacts for waterflood activity at certain Sarawak oil fields. ﻿ Extensions and discoveries – In 2015, the U.S. added natural gas reserves primarily for planned developmental drilling activities in the Eagle Ford Shale while the gas reserve add ition s in Canada were attributable to developmental drilling activities in the Tupper area. ﻿ Sales of properties – The Company sold 10% of its oil and gas assets in Malaysia in January 2015. ﻿ Schedule 4 – Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |
﻿(Millions of dollars) | United States |  | Canada |  | Malaysia |  | Other |  | Total
﻿Year ended December 31, 2017 |  |  |  |  |  |  |  |  |  |
﻿Property acquisition costs |  |  |  |  |  |  |  |  |  |
﻿ Unproved | $ | 50.4 |  | – |  | – |  | 13.0 |  | 63.4
﻿ Proved |  | 7.7 |  | – |  | – |  | – |  | 7.7
﻿ Total acquisition costs |  | 58.1 |  | – |  | – |  | 13.0 |  | 71.1
﻿Exploration costs 1 |  | 13.7 |  | 0.6 |  | (8.9) |  | 73.8 |  | 79.2
﻿Development costs 1 |  | 508.4 |  | 273.8 |  | 35.7 |  | 1.1 |  | 819.0
﻿ Total costs incurred |  | 580.2 |  | 274.4 |  | 26.8 |  | 87.9 |  | 969.3
﻿Charged to expense |  |  |  |  |  |  |  |  |  |
﻿ Dry hole expense |  | (1.9) |  | – |  | 0.7 |  | (3.0) |  | (4.2)
﻿ Geophysical and other costs |  | 9.7 |  | 0.5 |  | 1.7 |  | 53.3 |  | 65.2
﻿ Total charged to expense |  | 7.8 |  | 0.5 |  | 2.4 |  | 50.3 |  | 61.0
﻿Property additions | $ | 572.4 |  | 273.9 |  | 24.4 |  | 37.6 |  | 908.3
﻿Year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |
﻿Property acquisition costs |  |  |  |  |  |  |  |  |  |
﻿ Unproved | $ | 18.6 |  | – |  | – |  | – |  | 18.6
﻿ Proved |  | – |  | 206.7 |  | – |  | – |  | 206.7
﻿ Total acquisition costs |  | 18.6 |  | 206.7 |  | – |  | – |  | 225.3
﻿Exploration costs 1 |  | 18.5 |  | 3.6 |  | 6.0 |  | 42.0 |  | 70.1
﻿Development costs 1 |  | 239.7 |  | 165.1 |  | 102.9 |  | 0.3 |  | 508.0
﻿ Total costs incurred |  | 276.8 |  | 375.4 |  | 108.9 |  | 42.3 |  | 803.4
﻿Charged to expense |  |  |  |  |  |  |  |  |  |
﻿ Dry hole expense |  | 0.4 |  | – |  | 4.5 |  | 10.2 |  | 15.1
﻿ Geophysical and other costs |  | 5.7 |  | 3.6 |  | 0.7 |  | 33.4 |  | 43.4
﻿ Total charged to expense |  | 6.1 |  | 3.6 |  | 5.2 |  | 43.6 |  | 58.5
﻿Property additions | $ | 270.7 |  | 371.8 |  | 103.7 |  | (1.3) |  | 744.9
﻿Year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |
﻿Property acquisition costs |  |  |  |  |  |  |  |  |  |
﻿ Unproved | $ | 10.1 |  | 2.5 |  | – |  | – |  | 12.6
﻿ Proved |  | – |  | – |  | – |  | – |  | –
﻿ Total acquisition costs |  | 10.1 |  | 2.5 | – | – |  | – |  | 12.6
﻿Exploration costs 1 |  | 166.8 |  | 0.7 |  | 69.0 |  | 135.4 |  | 371.9
﻿Development costs 1 |  | 1,375.1 |  | 231.5 |  | 210.0 |  | 2.8 |  | 1,819.4
﻿ Total costs incurred |  | 1,552.0 |  | 234.7 |  | 279.0 |  | 138.2 |  | 2,203.9
﻿Charged to expense |  |  |  |  |  |  |  |  |  |
﻿ Dry hole expense |  | 241.3 |  | – |  | 29.7 |  | 25.8 |  | 296.8
﻿ Geophysical and other costs |  | 16.9 |  | 0.7 |  | 7.9 |  | 73.2 |  | 98.7
﻿ Total charged to expense |  | 258.2 |  | 0.7 |  | 37.6 |  | 99.0 |  | 395.5
﻿Property additions | $ | 1,293.8 |  | 234.0 |  | 241.4 |  | 39.2 |  | 1,808.4
﻿ 1 Includes noncash asset retirement costs as follows:
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﻿ |  |  |  |  |  |  |  |  |  |
﻿ 2017 |  |  |  |  |  |  |  |  |  |
﻿ Exploration costs | $ | – |  | – |  | – |  | – |  | –
﻿ Development costs |  | 37.6 |  | 6.3 |  | 8.4 |  | – |  | 52.3
﻿ | $ | 37.6 |  | 6.3 |  | 8.4 |  | – |  | 52.3
﻿ 2016 |  |  |  |  |  |  |  |  |  |
﻿ Exploration costs | $ | – |  | – |  | – |  | – |  | –
﻿ Development costs |  | 0.9 |  | 10.5 |  | 2.3 |  | – |  | 13.7
﻿ | $ | 0.9 |  | 10.5 |  | 2.3 |  | – |  | 13.7
﻿ 2015 |  |  |  |  |  |  |  |  |  |
﻿ Exploration costs | $ | – |  | – |  | – |  | – |  | –
﻿ Development costs |  | 30.7 |  | 49.1 |  | (3.0) |  | – |  | 76.8
﻿ | $ | 30.7 |  | 49.1 |  | (3.0) |  | – |  | 76.8
﻿ ﻿ ﻿ Schedule 5 – Results of Operations for Oil and Gas Producing Activities 1
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  | Canada |  |  |  |  |  |
﻿ | United |  | Conven- |  |  |  |  |  |  |  |
﻿(Millions of dollars) | States |  | tional |  | Synthetic |  | Malaysia |  | Other |  | Total
﻿Year ended December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
﻿Revenues |  |  |  |  |  |  |  |  |  |  |  |
﻿ Crude oil and natural gas liquids sales | $ | 913.3 |  | 203.7 |  | – |  | 639.9 |  | – |  | 1,756.9
﻿ Natural gas sales |  | 37.9 |  | 155.1 |  | – |  | 138.2 |  | – |  | 331.2
﻿ Total oil and gas revenues |  | 951.2 |  | 358.8 |  | – |  | 778.1 |  | – |  | 2,088.1
﻿ Other operating revenues |  | 2.7 |  | 126.7 |  | – |  | 3.0 |  | – |  | 132.4
﻿ Total revenues |  | 953.9 |  | 485.5 |  | – |  | 781.1 |  | – |  | 2,220.5
﻿Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |
﻿ Lease operating expenses |  | 198.5 |  | 101.1 |  | – |  | 168.8 |  | – |  | 468.4
﻿ Severance and ad valorem taxes |  | 42.2 |  | 1.5 |  | – |  | – |  | – |  | 43.7
﻿ Exploration costs charged to expense |  | 7.8 |  | 0.5 |  | – |  | 2.4 |  | 50.3 |  | 61.0
﻿ Undeveloped lease amortization |  | 60.2 |  | 1.6 |  | – |  | – |  | – |  | 61.8
﻿ Depreciation, depletion and amortization |  | 546.1 |  | 185.4 |  | – |  | 204.6 |  | 3.8 |  | 939.9
﻿ Accretion of asset retirement obligations |  | 17.4 |  | 7.9 |  | – |  | 17.3 |  | – |  | 42.6
﻿ Redetermination expense |  | – |  | – |  | – |  | 15.0 |  | – |  | 15.0
﻿ Selling and general expenses |  | 61.8 |  | 28.3 |  | – |  | 14.0 |  | 19.6 |  | 123.7
﻿ Other expenses |  | 20.0 |  | 2.3 |  | – |  | 8.4 |  | – |  | 30.7
﻿ Total costs and expenses |  | 954.0 |  | 328.6 |  | – |  | 430.5 |  | 73.7 |  | 1,786.8
﻿ Results of operations before taxes |  | (0.1) |  | 156.9 |  | – |  | 350.6 |  | (73.7) |  | 433.7
﻿ Income tax expense (benefit) |  | 2.5 |  | 44.4 |  | – |  | 126.4 |  | (36.2) |  | 137.1
﻿ Results of operations | $ | (2.6) |  | 112.5 |  | – |  | 224.2 |  | (37.5) |  | 296.6
﻿Year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |
﻿Revenues |  |  |  |  |  |  |  |  |  |  |  |
﻿ Crude oil and natural gas liquids sales | $ | 650.7 |  | 171.7 |  | 60.7 |  | 623.7 |  | – |  | 1,506.8
﻿ Natural gas sales |  | 35.1 |  | 130.0 |  | – |  | 127.6 |  | – |  | 292.7
﻿ Total oil and gas revenues |  | 685.8 |  | 301.7 |  | 60.7 |  | 751.3 |  | – |  | 1,799.5
﻿ Other operating revenues |  | (0.1) |  | (0.7) |  | 3.6 |  | 2.1 |  | 0.2 |  | 5.1
﻿ Total revenues |  | 685.7 |  | 301.0 |  | 64.3 |  | 753.4 |  | 0.2 |  | 1,804.6
﻿Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |
﻿ Lease operating expenses |  | 218.6 |  | 102.6 |  | 69.8 |  | 168.4 |  | – |  | 559.4
﻿ Severance and ad valorem taxes |  | 37.0 |  | 4.3 |  | 2.5 |  | – |  | – |  | 43.8
﻿ Exploration costs charged to expense |  | 6.1 |  | 3.6 |  | – |  | 5.2 |  | 43.6 |  | 58.5
﻿ Undeveloped lease amortization |  | 38.4 |  | 4.5 |  | – |  | – |  | 0.5 |  | 43.4
﻿ Depreciation, depletion and amortization |  | 600.5 |  | 186.7 |  | 16.5 |  | 227.7 |  | 5.9 |  | 1,037.3
﻿ Accretion of asset retirement obligations |  | 17.1 |  | 10.9 |  | 2.4 |  | 16.3 |  | – |  | 46.7
﻿ Impairment of assets |  | – |  | 95.1 |  | – |  | – |  | – |  | 95.1
﻿ Redetermination expense |  | – |  | – |  | – |  | 39.1 |  | – |  | 39.1
﻿ Selling and general expenses |  | 68.8 |  | 28.6 |  | 0.5 |  | 15.9 |  | 33.6 |  | 147.4
﻿ Other expenses (benefits) |  | (7.5) |  | 7.5 |  | – |  | 23.8 |  | (9.9) |  | 13.9
﻿ Total costs and expenses |  | 979.0 |  | 443.8 |  | 91.7 |  | 496.4 |  | 73.7 |  | 2,084.6
﻿ Results of operations before taxes |  | (293.3) |  | (142.8) |  | (27.4) |  | 257.0 |  | (73.5) |  | (280.0)
﻿ Income tax expense (benefit) |  | (87.9) |  | (58.9) |  | (75.4) |  | 85.9 |  | (18.8) |  | (155.1)
﻿ Results of operations | $ | (205.4) |  | (83.9) |  | 48.0 |  | 171.1 |  | (54.7) |  | (124.9)
1 Results exclude corporate overhead, interest and discontinued operations. ﻿ ﻿ ﻿ Schedule 5 – Results of Operations for Oil and Gas Producing Activities 1 – Continued ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  | Canada |  |  |  |  |  |
﻿ | United |  | Conven- |  |  |  |  |  |  |  |
﻿(Millions of dollars) | States |  | tional |  | Synthetic |  | Malaysia |  | Other |  | Total
﻿Year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
﻿Revenues |  |  |  |  |  |  |  |  |  |  |  |
﻿ Crude oil and natural gas liquids sales | $ | 1,176.9 |  | 181.0 |  | 203.0 |  | 790.6 |  | – |  | 2,351.5
﻿ Natural gas sales |  | 70.4 |  | 167.7 |  | – |  | 185.4 |  | – |  | 423.5
﻿ Total oil and gas revenues |  | 1,247.3 |  | 348.7 |  | 203.0 |  | 976.0 |  | – |  | 2,775.0
﻿ Other operating revenues |  | 6.3 |  | (2.4) |  | 0.4 |  | 155.4 |  | – |  | 159.7
﻿ Total revenues |  | 1,253.6 |  | 346.3 |  | 203.4 |  | 1,131.4 |  | – |  | 2,934.7
﻿Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |
﻿ Lease operating expenses |  | 312.0 |  | 102.4 |  | 166.0 |  | 251.9 |  | – |  | 832.3
﻿ Severance and ad valorem taxes |  | 55.9 |  | 4.8 |  | 5.1 |  | – |  | – |  | 65.8
﻿ Exploration costs charged to expense |  | 258.2 |  | 0.7 |  | – |  | 37.6 |  | 99.0 |  | 395.5
﻿ Undeveloped lease amortization |  | 59.2 |  | 14.4 |  | – |  | – |  | 1.8 |  | 75.4
﻿ Depreciation, depletion and amortization |  | 794.9 |  | 211.2 |  | 50.7 |  | 544.9 |  | 6.2 |  | 1,607.9
﻿ Accretion of asset retirement obligations |  | 20.2 |  | 7.2 |  | 5.4 |  | 15.9 |  | – |  | 48.7
﻿ Impairment of assets |  | 329.0 |  | 683.6 |  | – |  | 1,480.6 |  | – |  | 2,493.2
﻿ Selling and general expenses |  | 88.2 |  | 25.5 |  | 1.0 |  | 5.7 |  | 56.8 |  | 177.2
﻿ Other expenses |  | 288.7 |  | 43.9 |  | – |  | 15.9 |  | 12.1 |  | 360.6
﻿ Total costs and expenses |  | 2,206.3 |  | 1,093.7 |  | 228.2 |  | 2,352.5 |  | 175.9 |  | 6,056.6
﻿ Results of operations before taxes |  | (952.7) |  | (747.4) |  | (24.8) |  | (1,221.1) |  | (175.9) |  | (3,121.9)
﻿ Income tax expense (benefit) |  | (337.0) |  | (191.2) |  | 2.4 |  | (567.9) |  | (17.3) |  | (1,111.0)
﻿ Results of operations | $ | (615.7) |  | (556.2) |  | (27.2) |  | (653.2) |  | (158.6) |  | (2,010.9)
﻿ 1 Results exclude corporate overhead, interest and discontinued operations. ﻿ Schedule 6 – Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿(Millions of dollars) | United States |  | Canada |  | Malaysia |  | Total
﻿December 31, 2017 |  |  |  |  |  |  |  |
﻿Future cash inflows | $ | 12,885.8 |  | 4,714.3 |  | 4,392.0 |  | 21,992.1
﻿Future development costs |  | (2,079.5) |  | (1,081.7) |  | (632.3) |  | (3,793.5)
﻿Future production costs |  | (4,765.3) |  | (2,507.4) |  | (2,305.0) |  | (9,577.7)
﻿Future income taxes |  | (893.7) |  | (161.1) |  | (232.2) |  | (1,287.0)
﻿ Future net cash flows |  | 5,147.3 |  | 964.1 |  | 1,222.5 |  | 7,333.9
﻿10% annual discount for estimated timing of cash flows |  | (2,698.2) |  | (394.6) |  | (318.2) |  | (3,411.0)
﻿ Standardized measure of discounted future net cash flows | $ | 2,449.1 |  | 569.5 |  | 904.3 |  | 3,922.9
﻿December 31, 2016 |  |  |  |  |  |  |  |
﻿Future cash inflows | $ | 9,477.9 |  | 3,752.7 |  | 4,318.7 |  | 17,549.3
﻿Future development costs |  | (1,691.1) |  | (1,143.6) |  | (763.8) |  | (3,598.5)
﻿Future production costs |  | (3,981.6) |  | (2,329.7) |  | (2,661.2) |  | (8,972.5)
﻿Future income taxes |  | (118.9) |  | (81.3) |  | (73.3) |  | (273.5)
﻿ Future net cash flows |  | 3,686.3 |  | 198.1 |  | 820.4 |  | 4,704.8
﻿10% annual discount for estimated timing of cash flows |  | (1,799.5) |  | (95.0) |  | (230.3) |  | (2,124.8)
﻿ Standardized measure of discounted future net cash flows | $ | 1,886.8 |  | 103.1 |  | 590.1 |  | 2,580.0
﻿December 31, 2015 |  |  |  |  |  |  |  |
﻿Future cash inflows | $ | 12,373.9 |  | 8,922.0 |  | 6,143.1 |  | 27,439.0
﻿Future development costs |  | (2,620.5) |  | (1,145.4) |  | (957.8) |  | (4,723.7)
﻿Future production costs |  | (4,955.4) |  | (5,892.7) |  | (3,290.5) |  | (14,138.6)
﻿Future income taxes |  | (339.7) |  | (504.8) |  | (216.2) |  | (1,060.7)
﻿ Future net cash flows |  | 4,458.3 |  | 1,379.1 |  | 1,678.6 |  | 7,516.0
﻿10% annual discount for estimated timing of cash flows |  | (2,430.0) |  | (666.8) |  | (560.1) |  | (3,656.9)
﻿ Standardized measure of discounted future net cash flows | $ | 2,028.3 |  | 712.3 |  | 1,118.5 |  | 3,859.1
﻿ ﻿ Schedule 6 – Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves – Continued ﻿ Following are the principal sources of change in the standardized measure of discounted future net cash flows for the years sho wn. ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿(Millions of dollars) |  | 2017 |  | 2016 |  | 2015
﻿Net changes in prices and production costs | $ | 2,428.4 |  | (1,476.1) |  | (11,365.5)
﻿Net changes in development costs |  | (724.4) |  | 544.9 |  | 591.4
﻿Sales and transfers of oil and gas produced, net of production costs |  | (1,576.0) |  | (1,196.3) |  | (1,876.9)
﻿Net change due to extensions and discoveries |  | 807.9 |  | 280.5 |  | 1,145.8
﻿Net change due to purchases and sales of proved reserves |  | 85.9 |  | (583.4) |  | (287.4)
﻿Development costs incurred |  | 802.7 |  | 479.6 |  | 1,725.4
﻿Accretion of discount |  | 270.9 |  | 428.1 |  | 1,289.5
﻿Revisions of previous quantity estimates |  | (109.5) |  | (49.2) |  | 163.3
﻿Net change in income taxes |  | (643.0) |  | 292.8 |  | 2,568.3
﻿ Net increase (decrease) |  | 1,342.9 |  | (1,279.1) |  | (6,046.1)
﻿Standardized measure at January 1 |  | 2,580.0 |  | 3,859.1 |  | 9,905.2
﻿ Standardized measure at December 31 | $ | 3,922.9 |  | 2,580.0 |  | 3,859.1
﻿ ﻿ Schedule 7 – Capitalized Costs Relating to Oil and Gas Producing Activities ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |
﻿(Millions of dollars) | United States |  | Canada |  | Malaysia |  | Other |  | Total
﻿December 31, 2017 |  |  |  |  |  |  |  |  |  |
﻿Unproved oil and gas properties | $ | 360.9 |  | 286.8 |  | 20.5 |  | 162.1 |  | 830.3
﻿Proved oil and gas properties |  | 9,606.4 |  | 3,603.4 |  | 6,139.7 |  | – |  | 19,349.5
﻿ Gross capitalized costs |  | 9,967.3 |  | 3,890.2 |  | 6,160.2 |  | 162.1 |  | 20,179.8
﻿Accumulated depreciation, depletion and amortization |  |  |  |  |  |  |  |  |  |
﻿ Unproved oil and gas properties |  | (149.5) |  | (230.7) |  | – |  | (21.8) |  | (402.0)
﻿ Proved oil and gas properties |  | (4,893.8) |  | (2,027.9) |  | (4,774.5) |  | – |  | (11,696.2)
﻿ Net capitalized costs | $ | 4,924.0 |  | 1,631.6 |  | 1,385.7 |  | 140.3 |  | 8,081.6
﻿December 31, 2016 |  |  |  |  |  |  |  |  |  |
﻿Unproved oil and gas properties | $ | 360.8 |  | 315.6 |  | 47.0 |  | 125.6 |  | 849.0
﻿Proved oil and gas properties |  | 9,384.6 |  | 4,241.6 |  | 6,147.8 |  | – |  | 19,774.0
﻿ Gross capitalized costs |  | 9,745.4 |  | 4,557.2 |  | 6,194.8 |  | 125.6 |  | 20,623.0
﻿Accumulated depreciation, depletion and amortization |  |  |  |  |  |  |  |  |  |
﻿ Unproved oil and gas properties |  | (151.2) |  | (233.6) |  | – |  | (21.8) |  | (406.6)
﻿ Proved oil and gas properties |  | (4,605.9) |  | (2,877.2) |  | (4,566.6) |  | – |  | (12,049.7)
﻿ Net capitalized costs | $ | 4,988.3 |  | 1,446.4 |  | 1,628.2 |  | 103.8 |  | 8,166.7
﻿ ﻿ Note:Unproved oil and gas properties above include costs and associated accumulated amortization of properties that do not have proved reserves; these costs include mineral interests, uncompleted exploratory wells, and exploratory wells capitalized pending further evaluation.

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