<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 14. OIL AND GAS OPERATIONS (UNAUDITED)--(CONTINUED)
<TABLE>
<CAPTION>
UNITED
STATES BOLIVIA TOTAL
-------- ------- --------
(IN THOUSANDS)
<S> <C> <C> <C>
1992
Estimated future cash flows Revenues from
hydrocarbon sales................................. $106,284 $106,284
Production costs................................. 27,059 27,059
Development costs................................ 8,860 8,860
-------- --- --------
Future net cash flows before income taxes.......... 70,365 70,365
Estimated income tax payments...................... 12,545 12,545
-------- --- --------
Future net cash flows.............................. 57,820 57,820
10% discount....................................... 10,818 10,818
-------- --- --------
Standardized measure of discounted future net cash
flows............................................. $ 47,002 $ 47,002
======== === ========
</TABLE>
CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE
NET CASH FLOWS RELATING TO PROVED RESERVES
<TABLE>
<CAPTION>
1994 1993 1992
------- ------- -------
(IN THOUSANDS)
<S> <C> <C> <C>
Standardized measure, beginning of year--U.S........ $37,902 $47,002 $58,780
Standardized measure, beginning of year--Bolivia.... 10,312
Change in sales prices, net of production costs... (24,990) 8,163 (3,038)
Costs incurred or transferred into the
amortization pool during the period that reduced
estimated future development costs............... 4,975 2,188
Changes in estimated future development and
abandonment costs................................ (4,638) (4,679) (660)
Sales, net of production costs.................... (6,281) (11,369) (12,107)
Revisions of quantity estimates................... 3,243 (1,800) (4,260)
Purchase of reserves in-place..................... 1,098
Accretion of discount............................. 4,283 5,397 7,004
Net change in income taxes........................ (149) 2,048 4,291
Changes in production rates and other............. 588 (7,958) (5,196)
------- ------- -------
Standardized measure, end of year................... $25,245 $37,902 $47,002
======= ======= =======
</TABLE>
59