- 34 -
Crude Crude Amount Of Actual
Processed Produced Product Crude UsedTrue Self-
Year By CRA By Terra Utilized By CRA Sufficiency
1971 52,085 11,904 40.80% 4,857 9.32%
1972 53,852 11,555 51.80% 5,985 11.11%
1973 51,997 10,425 43.50% 4,535 8.72%
1974 56,959 11,033 65.20% 7,194 12.63%
1975 62,271 11,312 70.20% 7,941 12.75%
1976 68,527 13,249 56.00% 7,419 10.83%
1977 71,756 13,455 67.00% 9,015 12.56%
1978 71,926 12,636 69.00% 8,719 12.12%
1979 76,167 11,597 72.00% 8,350 10.96%
1980 71,434 10,937 87.00% 9,515 13.32%
1981 68,896 10,310 97.00% 10,001 14.52%
1982 55,932 9,984 96.00% 9,585 17.14%
Average 62,446 11,632 67.96% 7,760 12.17%
Terra's crude oil reserves totaled 22.3 million
barrels, or 6.12 years of production, as of August 31,
1982. On the same date, petitioner's balance sheet showed
investment in oil and gas properties of $619,990,000. This
constituted 35 percent of petitioner's total investment in
property, plant, and equipment.
At all relevant times, Terra's operating results,
assets, and liabilities were included in petitioner's
consolidated financial statements submitted to the
Securities and Exchange Commission, its member-patrons,
and its creditors. Each of petitioner's annual reports
included a discussion of Terra's operations. However,
petitioner's consolidated financial statements did not
disclose its interest in Terra. Petitioner's and CRA's
separate and unconsolidated financial statements listed the
Terra stock in an asset account entitled “Investments in
Page: Previous 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 NextLast modified: May 25, 2011