content_image/21212.jpg
The Corporation’s net oil and gas reserves have been estimated by independent consultants DeGolyer and MacNaughton. The reserves in the tabulation below include proved undeveloped crude oil and natural gas reserves that will require substantial future development expenditures. On 

## OIL AND GAS RESERVES 

a barrel of oil equivalent basis, 32% of the Corporation’s December 31, 2003 worldwide proved reserves are undevel- oped. The estimates of the Corporation’s proved reserves of crude oil and natural gas (after deducting royalties and operating interests owned by others) follow: 

<img src='content_image/21212.jpg'>

(a) Includes the impact of changes in selling prices on production sharing contracts with cost recovery provisions and stipulated rates of return. In 2003 such revisions were immaterial. In 2002 revisions included reductions of approximately 44 million barrels of crude oil and 26 million Mcf of natural gas relating to higher selling prices. In 2002 revisions also reGLYPH<223>ected reductions in reserves on GLYPH<222>elds acquired in the LLOG and Triton acquisitions. 

(b) Includes the reclassiGLYPH<222>cation of reserves to GLYPH<210>Africa, Asia and otherGLYPH<211> from GLYPH<210>Equity InvesteesGLYPH<211> as a result of the consolidation of the CorporationGLYPH<213>s interest in the JDA. 

(c) Includes additions and reductions to reserves from asset exchanges. 

(d) Includes 32% of crude oil reserves and 43% of natural gas reserves held under production sharing contracts. These reserves are located outside of the United States and are subject to different political and economic risks. 

(e) Excludes 443 million Mcf of carbon dioxide gas for sale or use in company operations. 

