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Crescent Point Energy Announces Year-End 2013 Results

CALGARY, ALBERTA--(Marketwired - Mar 12, 2014) - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (CPG.TO) (CPG) is pleased to announce its operating and financial results for the year ended December 31, 2013. The Company also announces that its audited financial statements and management's discussion and analysis for the year ended December 31, 2013, will be available shortly on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and on Crescent Point's website at www.crescentpointenergy.com.

FINANCIAL AND OPERATING HIGHLIGHTS

Three months ended December 31 Year ended December 31
(Cdn$000s except shares, per share and per boe amounts) 2013 2012 % Change 2013 2012 % Change
Financial
Funds flow from operations (1) 533,310 430,386 24 2,047,817 1,601,850 28
Per share (1) (2) 1.35 1.18 14 5.28 4.83 9
Net income (loss) (13,723 ) (95,241 ) (86 ) 144,876 190,653 (24 )
Per share (2) (0.03 ) (0.26 ) (88 ) 0.37 0.57 (35 )
Operating income (1) 78,216 (19,802 ) (495 ) 485,688 303,568 60
Per share (1) (2) 0.20 (0.05 ) (500 ) 1.25 0.91 37
Dividends paid or declared 274,797 255,621 8 1,081,551 931,400 16
Per share (2) 0.69 0.69 - 2.76 2.76 -
Payout ratio (%) (1) (3) 52 59 (7 ) 53 58 (5 )
Per share (%) (1) (2) (3) 51 58 (7 ) 52 57 (5 )
Net debt (1) 2,077,078 1,760,324 18 2,077,078 1,760,324 18
Net debt to funds flow from operations (1) (4) 1.0 1.1 (9 ) 1.0 1.1 (9 )
Capital acquisitions (net) (5) 20,109 926,985 (98 ) 118,267 3,021,230 (96 )
Development capital expenditures (6) 485,460 463,438 5 1,724,507 1,488,947 16
Decommissioning and environmental expenditures (6) 4,272 4,478 (5 ) 15,008 15,440 (3 )
Weighted average shares outstanding (mm)
Basic 393.8 361.2 9 386.3 329.4 17
Diluted 395.3 363.4 9 387.7 331.8 17
Operating
Average daily production
Crude oil and NGLs (bbls/d) 115,971 97,731 19 109,129 89,704 22
Natural gas (mcf/d) 70,017 61,654 14 66,952 54,284 23
Total (boe/d) 127,641 108,007 18 120,288 98,751 22
Average selling prices (7)
Crude oil and NGLs ($/bbl) 82.81 78.78 5 86.32 80.51 7
Natural gas ($/mcf) 3.90 3.36 16 3.61 2.61 38
Total ($/boe) 77.38 73.20 6 80.32 74.57 8
Netback ($/boe)
Oil and gas sales 77.38 73.20 6 80.32 74.57 8
Royalties (13.92 ) (13.97 ) - (14.67 ) (12.95 ) 13
Operating expenses (10.64 ) (12.15 ) (12 ) (11.50 ) (11.65 ) (1 )
Transportation (2.15 ) (1.74 ) 24 (2.17 ) (1.83 ) 19
Netback prior to realized derivatives 50.67 45.34 12 51.98 48.14 8
Realized gain (loss) on derivatives (2.20 ) 1.15 (291 ) (2.07 ) (0.49 ) 322
Netback (1) 48.47 46.49 4 49.91 47.65 5
(1) Funds flow from operations, operating income, payout ratio, net debt, net debt to funds flow from operations and netback as presented do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable with the calculation of similar measures presented by other entities. Please refer to the Non-GAAP Financial Measures section of this press release for further information.
(2) The per share amounts (with the exception of per share dividends) are the per share - diluted amounts.
(3) Payout ratio is calculated as dividends paid or declared (including the value of dividends paid pursuant to the Company's dividend reinvestment plans) divided by funds flow from operations.
(4) Net debt to funds flow from operations is calculated as the period end net debt divided by the sum of funds flow from operations for the trailing four quarters.
(5) Capital acquisitions represent total consideration for the transactions, including long-term debt and working capital assumed, and exclude transaction costs.
(6) Decommissioning and environmental expenditures includes environmental emission reduction expenditures, which are also included in development capital expenditures in the table above.
(7) The average selling prices reported are before realized derivatives and transportation charges.

FOURTH QUARTER 2013 HIGHLIGHTS

In fourth quarter 2013, Crescent Point continued to execute its integrated business strategy of acquiring, exploiting and developing high-quality, long-life light and medium oil and natural gas properties.

  • Crescent Point achieved a new production record in fourth quarter 2013 and averaged 127,641 boe/d. This represents a production per share growth rate of 9 percent over fourth quarter 2012. A successful drilling program and the Company's continued advancements in technology drove production, with Crescent Point surpassing its 2013 exit guidance of 124,000 boe/d in November.

  • During the quarter, the Company spent $389.4 million on drilling and development activities, drilling 205 (161.6 net) wells with a 99 percent success rate. Crescent Point also spent $96.1 million on land, seismic and facilities, for total capital expenditures of $485.5 million.

  • Crescent Point generated funds flow from operations of $1.35 per share - diluted ($533.3 million) in fourth quarter 2013, representing a 14 percent increase over fourth quarter 2012 funds flow from operations of $1.18 per share - diluted ($430.4 million). Funds flow from operations was driven by strong operating netbacks prior to realized derivatives of $50.67 per boe and better than expected production volumes.

  • Crescent Point maintained consistent monthly dividends of $0.23 per share, totaling $0.69 per share for fourth quarter 2013. This is unchanged from $0.69 per share paid in fourth quarter 2012. On an annualized basis, the fourth quarter dividend equates to a yield of 6.9 percent, based on a volume weighted average quarterly share price of $40.15.

  • Subsequent to the quarter, on January 22, 2014, Crescent Point's shares opened for trading on the New York Stock Exchange ("NYSE"), under the symbol "CPG." KCG Americas LLC is the Designated Market Maker for the Company. To celebrate the listing, Scott Saxberg, president and CEO of Crescent Point, will visit the NYSE on March 24, 2014, to ring The Opening Bell®.

2013 HIGHLIGHTS

  • Crescent Point executed strong organic production growth across its core areas in 2013, growing average daily production to 120,288 boe/d, a 22 percent increase over 2012. Production was weighted 91 percent to light and medium crude oil and liquids.

  • Due to its successful drilling program in 2013, as well as the Company's ongoing technological advancements in both multi-stage cemented liner techniques and tight-rock waterfloods, Crescent Point raised its production targets four times throughout the year. The Company exited the year ahead of targets and grew annual average production by approximately 20,000 boe/d.

  • In 2013, the Company spent $1.7 billion on development capital activities, including $1.4 billion on drilling and development activities and $300.2 million on land, seismic and facilities. Crescent Point drilled 737 (549.5 net) wells in 2013 with a 100 percent success rate.

  • The Company increased proved plus probable reserves by 9 percent to 663.8 million boe ("mmboe") at year-end 2013, weighted 91 percent to light and medium crude oil and liquids. Proved reserves increased by 8 percent to 432.8 mmboe. This represents annual reserves per share growth of 4 percent for proved plus probable reserves and 3 percent for proved reserves.

  • Crescent Point's Net Asset Value ("NAV") per share increased to $38.13 per fully diluted share, discounted at 10 percent, representing growth of 9 percent over 2012, not including dividends paid during the year. Including dividends paid in 2013, this represents a 16 percent growth in value per share.

  • Crescent Point achieved 2013 Finding and Development ("F&D") costs of $18.42 per proved plus probable boe and $23.84 per proved boe of reserves, excluding changes in Future Development Capital ("FDC"). This represents recycle ratios of 2.8 times and 2.2 times, respectively, based on the Company's strong netback prior to realized derivatives of $51.98 per boe. Including changes in FDC, 2013 F&D costs were $20.09 per proved plus probable boe and $21.51 per proved boe, generating proved plus probable and proved recycle ratios of 2.6 times and 2.4 times, respectively.

  • Crescent Point achieved 2013 Finding, Development and Acquisition ("FD&A") costs of $18.64 per proved plus probable boe of reserves and $24.15 per proved boe of reserves, excluding changes in FDC.

  • In 2013, Crescent Point added 93.6 mmboe of proved plus probable reserves, excluding reserves added through acquisitions. This includes approximately 83 mmboe in its core Bakken/Torquay, Shaunavon and Uinta Basin resource plays and represents the twelfth consecutive year of strong positive technical and development reserves additions.

  • Crescent Point's strong reserves additions included reserves attributed to the Company's waterfloods in the Viewfield Bakken resource play, as well as a significant increase in reserves due to the latest generation of the Company's cemented liner completions. In the Viewfield Bakken inner core area, Estimated Ultimate Recoveries ("EURs") assigned by the Company's independent reserve evaluators increased by approximately 25 percent per well on average due to the application of current cemented liner technology, which provides more efficient fracture stimulation results, more controlled access to the reservoir and lower decline rates. In general, these EUR increases have raised the value of the Bakken inner core area by approximately 35 percent.

  • Additionally in the Viewfield Bakken, Crescent Point's independent reserve evaluators assigned the Company's waterflood patterns an incremental 3 percent recovery factor from the previous primary recoverable reserve levels, which equates to a 16 percent increase in EURs. This is consistent with the Company's independent engineering firm's study earlier in the year that found ultimate long-term recovery factors up to 30 percent are achievable in these areas. This is the first time "improved recovery" reserves have been independently recognized in the early stages of the Company's Viewfield Bakken waterflood.

  • Beyond the reserve additions, Crescent Point continues to be pleased with ongoing results from its waterfloods, which have now been implemented in all of Crescent Point's major Canadian unconventional oil fields. In the Viewfield Bakken alone, the Company has grown volumes positively affected by waterfloods to more than 15,000 bbl/d and expects to more than double current affected volumes within two years. During 2013, the Company received approval for its first waterflood unit in the Lower Shaunavon resource play and technical approval for its first Viewfield Bakken waterflood unit, which are significant milestones for its waterflood programs. The Company continues to pursue approvals for subsequent units, both in the Lower Shaunavon and the Viewfield Bakken resource plays, as unitization allows Crescent Point to implement its waterfloods across larger areas.

  • Crescent Point is also pleased with successful results from its first full year of operations in the Uinta Basin resource play in Utah. In 13 months to year-end 2013, the Company grew production in the resource play by more than 30 percent and grew reserves, including production, by more than 30 percent from the November 2012 time of acquisition. Also during the year, Crescent Point established and grew its rail operations in Utah to help broaden the market for Uinta Basin crude. Based on results to date and Crescent Point's plans for future development, the Company believes the Uinta Basin resource play has significant long-term upside.

  • Crescent Point generated record funds flow from operations of $5.28 per share - diluted ($2.05 billion) in 2013. This represents a 9 percent per share increase over 2012 funds flow from operations of $4.83 per share - diluted ($1.60 billion). The Company's record funds flow from operations was driven by higher than expected production and its strong netback prior to realized derivatives of $51.98 per boe.

  • Crescent Point maintained consistent monthly dividends of $0.23 per share, totaling $2.76 per share for the year. This is unchanged from $2.76 per share paid in 2012. Since inception, Crescent Point has paid approximately $4.8 billion in dividends.

  • Consistent with Crescent Point's dedication to environmental responsibility, in 2013 the Company contributed $30.7 million ($0.70 per produced boe) to its reclamation fund and spent $15.0 million during the year on decommissioning and environmental emission reduction projects. Since inception, Crescent Point has contributed $86.7 million to its reclamation fund and spent $60.6 million.

OPERATIONS REVIEW

Fourth Quarter Operations Summary

Crescent Point achieved a new production record in fourth quarter and averaged 127,641 boe/d. This represents production per share growth of 9 percent over fourth quarter 2012. The Company's strong organic production performance during the quarter was driven by its successful drilling program, the Company's ongoing waterflood success, lower-than-budgeted corporate declines and continued strong results from cemented liner completion techniques.

During the quarter, the Company spent $389.4 million on drilling and development activities, drilling 205 (161.6 net) wells with a 99 percent success rate. Crescent Point also spent $96.1 million on land, seismic and facilities, for total capital expenditures of $485.5 million.

Drilling Results

The following tables summarize our drilling results for the three months and year ended December 31, 2013:

Three months ended December 31, 2013 Gas Oil D&A Service Standing Total Net % Success
Southeast Saskatchewan and Manitoba - 104 1 2 1 108 101.5 99
Southwest Saskatchewan - 42 - 1 - 43 40.7 100
Alberta and West Central Saskatchewan - 17 - - - 17 9.2 100
United States (1) - 37 - - - 37 10.2 100
Total - 200 1 3 1 205 161.6 99
Year ended December 31, 2013 Gas Oil D&A Service Standing Total Net % Success
Southeast Saskatchewan and Manitoba - 322 1 3 1 327 287.2 100
Southwest Saskatchewan - 126 - 1 - 127 118.3 100
Alberta and West Central Saskatchewan - 101 - - - 101 61.2 100
United States (1) - 182 - - - 182 82.8 100
Total - 731 1 4 1 737 549.5 100
(1) The net well count is subject to final working interest determination.

Southeast Saskatchewan and Manitoba

In fourth quarter, Crescent Point continued to successfully execute its large capital program in southeast Saskatchewan and Manitoba. Successful results in the Company's Viewfield Bakken and Flat Lake resource plays in southeast Saskatchewan continue to be strong drivers of Crescent Point's organic production growth.

Crescent Point's work to refine its one-mile, 25-stage cemented liner completion technique in the Viewfield Bakken resource play continues to drive strong rates of return. The Company has been utilizing cemented liner completions in the Viewfield area for more than three years and is pleased with production performance from wells completed using the most recent generation of the technology. Crescent Point's advancements have reduced water utilized per well by approximately 45 percent from 2011 levels and first-year decline rates are coming in approximately 10 percent lower than those of the previous generation.

In the Viewfield Bakken inner core area, EURs assigned by the Company's independent reserves evaluators increased by approximately 25 percent per well on average due to the application of current cemented liner technology, which provides more efficient fracture stimulation results, more controlled access to the reservoir and lower decline rates. In general, these EUR increases have raised the value of the Bakken inner core area by approximately 35 percent.

Additionally in the Viewfield Bakken, Crescent Point's independent reserve evaluators assigned the Company's waterflood patterns an incremental 3 percent recovery factor from the previous primary recoverable reserve levels, which equates to a 16 percent increase in EURs. This is consistent with the Company's independent engineering firm's study earlier in the year that found ultimate long-term recovery factors up to 30 percent are achievable in these areas. This is the first time "improved recovery" reserves have been independently recognized in the early stages of the Company's Viewfield Bakken waterflood and this, combined with the Government of Saskatchewan's technical approval earlier in the year for the first of Crescent Point's four proposed Bakken waterflood units, demonstrates independent verification that the waterflood is working on a commercial scale.

The Company's waterflood continues to improve production performance in the Viewfield Bakken resource play. The Company has grown volumes positively affected by waterfloods to more than 15,000 bbl/d and plans to double the number of water injection wells in the play over the next two years. Crescent Point's plans for 2014 include the conversion of 30 producing wells to water injection wells, which is expected to ultimately lower production declines and improve rates of return on adjacent producing oil wells. Also, based on success in the Manitoba Bakken play, the Company is pursuing waterflood unitization to initiate its first waterflood in the area in 2014 and is planning to build a battery in 2014 to accommodate increased production.

During fourth quarter, the Company continued construction to expand its Viewfield gas plant from 30 mmscf/d to 42 mmscf/d. The expansion is expected to be complete in early 2014 and is designed to accommodate Crescent Point's growing production volumes in the Viewfield Bakken resource play.

At Flat Lake, Crescent Point drilled 30 net wells in 2013 and current production is more than 5,500 boe/d. The Company plans to drill 48 net wells in the area in 2014.

Southwest Saskatchewan

Crescent Point had its most active quarter for waterflood activity in the Lower Shaunavon resource play during fourth quarter, converting a total of seven producing wells into water injection wells. Two of the conversions were in the Company's recently approved waterflood unit, the Leitchville North Shaunavon Unit #1, and five were in a second development area adjacent to the first unit. Crescent Point plans to apply for unitization for the second development area in second quarter 2014. In total, the Company currently has eight water injection wells operating in the Leitchville North Shaunavon Voluntary Unit #1 and 10 water injection wells operating in the second development area, all in the Lower Shaunavon zone. Current waterflood-affected production in the first unit is more than 2,600 bbl/d and waterflood-affected production in the second development area is more than 600 bbl/d. Crescent Point plans to double the number of water injection wells in the play by year-end 2014, as the Company continues to be pleased with production performance in both its Lower and Upper Shaunavon waterflood projects.

Crescent Point had a record year of activity in the Upper Shaunavon resource play, having drilled 26.5 net Upper Shaunavon horizontal wells, 17 of which were drilled in the third quarter. The Company is pleased with results, which continue to exceed expectations, and plans to drill 27 net horizontal wells in the Upper Shaunavon resource play in 2014.

Based on ongoing successful results from cemented liner completion technology, Crescent Point expects to continue to refine this completion approach as it proceeds with its drilling program in 2014. The Company plans to apply techniques developed in the Viewfield Bakken resource play to the Shaunavon resource play drilling program, including using 25-stage cemented liner completions with lower tonnage on each drill. As seen in the Viewfield Bakken, Crescent Point believes this technology should result in higher EURs in the Shaunavon play and should ultimately lead to positive technical reserve additions on its remaining booked drilling inventory and existing producing wells in the future.

Also during the quarter, Crescent Point continued construction of two oil storage tanks with 120,000 barrels of total storage. The tanks, which are adjacent to the Company's rail-loading facility in Dollard, provide Crescent Point with operational flexibility and are expected to be commissioned toward the end of first quarter 2014.

During fourth quarter, the Company set a new production record of more than 3,000 boe/d in its Battrum units. A successful drilling program, combined with optimization of lift equipment and facility configuration, drove the record results. Since acquiring the property in 2006, Crescent Point continues to increase production in this large oil in place waterflood, which has been on production since 1956.

Alberta and West Central Saskatchewan

As a result of Crescent Point's ongoing testing of various completion techniques, costs in the south/central Alberta and west central Saskatchewan area continue to be optimized. For example, operated drilling, completion and equipping costs in Dodsland, Saskatchewan, dropped by approximately 25 percent during 2013.

Crescent Point and its partner continue to inject water into their first waterflood pilot in the Beaverhill Lake play. Expansion of the pilot, incorporating two additional water injection wells, is anticipated in second quarter 2014. The Company has also received regulatory approval for its first operated waterflood pilot in the play. Water injection in this pilot is expected to begin in third quarter 2014.

United States

In its first full year of operations in the Uinta Basin, Crescent Point achieved significant success in production increases, reserves additions and field operation cost reductions. In 13 months to year-end 2013, the Company grew production in the resource play by more than 30 percent and grew reserves, including production, by more than 30 percent from the November 2012 time of acquisition. Crescent Point continues to test various new completion techniques in the area in an effort to further increase fracture stimulation efficiency and improve production rates and ultimate recoveries. In addition, the Company has implemented several field optimization projects in the Randlett area to increase production levels, such as recompleting wells to access bypassed pay and resizing pumps to reduce fluid levels. Based on results to date and Crescent Point's plans for future development, the Company believes the Uinta Basin resource play has significant potential long-term upside.

During early fourth quarter 2013, Crescent Point initiated the permitting process for a 3-D seismic program covering a large portion of the Company's operated lands in the Randlett area. Data acquisition is expected to begin in third quarter 2014. Crescent Point has also received state regulatory approval for down-spaced drilling and a waterflood injection pilot in a four-section Randlett area of the Uinta Basin. Water injection is expected to begin in early 2015.

Rail operations in Utah have allowed the Company to broaden the market for Uinta Basin crude beyond the Salt Lake City refining market. Crescent Point's permanent rail-loading site is now fully operational, with capacity of approximately 10,000 bbl/d and the capability to increase volumes in the future.

Crescent Point is working with partners to design and participate in the drilling of horizontal wells in the Wasatch and Uteland Butte formations. Initial production rates from wells drilled to date are encouraging and Crescent Point is monitoring their early decline profile. The Company anticipates using completion techniques similar to those successfully utilized in the Viewfield Bakken play to increase recovery factors in Utah.

Environmental Responsibility

As part of Crescent Point's ongoing commitment to the environment and to reduce greenhouse gas emissions, Crescent Point has a voluntary reclamation fund for future decommissioning costs and environmental emissions reduction costs. During 2013, the Company contributed $0.70 per produced boe to the fund, of which $0.40 per boe was for future decommissioning costs and $0.30 per boe was directed to environmental emissions reduction.

The reclamation fund increased by $15.7 million during 2013 due to contributions of $30.7 million, partially offset by expenditures of $15.0 million. The expenditures included $11.4 million related primarily to decommissioning work completed in Alberta and southeast Saskatchewan. The remaining $3.6 million related to environmental emissions work completed primarily in Saskatchewan to reduce greenhouse gas emissions and to meet and exceed provincial and federal targets. Since inception, $86.7 million has been contributed to the reclamation fund and $60.6 million has been spent.

RESERVES

In 2013, Crescent Point added 93.6 mmboe of proved plus probable reserves, excluding reserves added through acquisitions. This includes approximately 83 mmboe in its core Bakken/Torquay, Shaunavon and Uinta Basin resource plays and represents the twelfth consecutive year of strong positive technical and development reserves additions.

  • Crescent Point achieved 2013 F&D costs of $18.42 per proved plus probable boe and $23.84 per proved boe, excluding changes in FDC, generating proved plus probable and proved recycle ratios of 2.8 times and 2.2 times, respectively. Including changes in FDC, 2013 F&D costs were $20.09 per proved plus probable boe and $21.51 per proved boe, generating proved plus probable and proved recycle ratios of 2.6 times and 2.4 times, respectively.

  • Crescent Point's 5-year weighted average F&D cost, including expenditures on land, seismic and facilities, is $17.91 per proved plus probable boe and $22.97 per proved boe, representing 5-year weighted average recycle ratios of 2.7 times and 2.1 times, respectively. This highlights the Company's technical ability to efficiently add value to its large resource-in-place asset base and accurately reflects the full cycle nature of investments in land, seismic and facilities.

  • Crescent Point achieved 2013 FD&A costs of $18.64 per proved plus probable boe and $24.15 per proved boe of reserves, excluding changes in FDC. This represents recycle ratios of 2.8 times and 2.2 times, respectively. Including changes in FDC, 2013 FD&A costs were $20.22 per proved plus probable boe and $21.95 per proved boe, generating proved plus probable and proved recycle ratios of 2.6 times and 2.4 times, respectively.

  • Crescent Point replaced 213 percent of production on a proved plus probable basis, excluding reserves added through acquisitions. Including acquisitions, the Company replaced 225 percent of production.

  • Crescent Point's NAV per share increased to $38.13 per fully diluted share, discounted at 10 percent, representing growth of 9 percent over 2012, not including dividends paid during the year. Including dividends paid in 2013, this represents a 16 percent growth in value per share.

The Company's reserves were independently evaluated by GLJ Petroleum Consultants Ltd. ("GLJ") and Sproule Associates Ltd. ("Sproule") as at December 31, 2013, and the following highlights are based on such evaluations.

Summary of Reserves
As at December 31, 2013 (1) (2) (3)
Light and Medium Oil Heavy Oil Natural Gas Liquids Natural Gas Total (4)
Reserves Category Company Company Company Company Company Company Company Company Company Company
Gross Net Gross Net Gross Net Gross Net Gross Net
(Mbbls) (Mbbls) (Mbbls) (Mbbls) (Mbbls) (Mbbls) (MMcf) (MMcf) (Mboe) (Mboe)
Proved Developed Producing 209,811 183,588 639 626 9,611 8,656 116,104 106,070 239,413 210,549
Proved Developed Non-Producing 9,361 8,429 490 462 557 502 10,049 9,226 12,082 10,931
Proved Undeveloped 157,511 141,172 146 131 8,867 7,947 88,495 79,550 181,272 162,509
Total Proved (4) 376,683 333,189 1,274 1,220 19,035 17,105 214,647 194,845 432,767 383,989
Total Probable 201,896 176,362 672 614 9,222 8,110 115,200 103,089 230,990 202,267
Total Proved Plus Probable (4) 578,580 509,551 1,947 1,834 28,257 25,215 329,848 297,934 663,758 586,256
(1) Based on GLJ's January 1, 2014, escalated price forecast.
(2) "Gross Reserves" are the total Company's interest share before the deduction of any royalties and without including any royalty interest of the Company.
(3) "Net Reserves" are the total Company's interest share after deducting royalties and including any royalty interest.
(4) Numbers may not add due to rounding.
...
Summary of Before and After Tax Net Present Values
As at December 31, 2013 (1)
Before Tax Net Present Value ($MM) After Tax Net Present Value ($MM)
Discount Rate Discount Rate
Reserves Category 0% 5% 10% 15% 20% 0% 5% 10% 15% 20%
Proved Developed Producing 11,774 8,870 7,263 6,223 5,488 10,235 7,734 6,345 5,444 4,806
Proved Developed Non-Producing 579 459 382 330 291 439 346 288 247 218
Proved Undeveloped 6,441 4,305 3,037 2,224 1,672 4,860 3,163 2,155 1,508 1,071
Total Proved (2) 18,794 13,634 10,683 8,777 7,451 15,534 11,244 8,787 7,200 6,095
Total Probable 11,763 7,105 4,907 3,667 2,884 8,537 5,104 3,484 2,570 1,994
Total Proved Plus Probable (2) 30,557 20,739 15,590 12,444