b'unable to export associated natural gas in large quantities from the Jubilee and TEN fields thenproduction could be limited and the future net revenues discussed herein will be adversely affected.Estimated Future Net Revenues(4)(in millions except $/Bbl)Equity MethodKosmos Investment TotalEstimated future net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,487 $ 774 $ 6,261Present value of estimated future net revenues:PV-10(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,928 $ 705 $ 4,633Future income tax expense (levied at a corporate parent andintermediate subsidiary level) . . . . . . . . . . . . . . . . . . . . . . . . . . (1,431) (416) (1,847)Discount of future income tax expense (levied at a corporateparent and intermediate subsidiary level) at 10% per annum . . . 413 102 515Standardized Measure(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,910 $ 391 $ 3,301Benchmark Dated Brent oil price($/Bbl)(3) . . . . . . . . . . . . . . . . . . . $ 71.54Benchmark HLS oil price($/Bbl)(3) . . . . . . . . . . . . . . . . . . . . . . . . . $ 70.20Benchmark Henry Hub gas price($/MMBtu)(3) . . . . . . . . . . . . . . . . $ 3.10(1) PV-10 represents the present value of estimated future revenues to be generated from theproduction of proved oil and natural gas reserves, net of future development and production costs,royalties, additional oil entitlements and future tax expense levied at an asset level, using pricesbased on an average of the first-day-of-the-months throughout 2018 and costs as of the date ofestimation without future escalation, without giving effect to hedging activities, non-propertyrelated expenses such as general and administrative expenses, debt service and depreciation,depletion and amortization, and discounted using an annual discount rate of 10% to reflect thetiming of future cash flows. PV-10 is a non-GAAP financial measure and often differs fromStandardized Measure, the most directly comparable GAAP financial measure, because it does notinclude the effects of future income tax expense related to proved oil and gas reserves levied at acorporate parent level on future net revenues. However, it does include the effects of future taxexpense levied at an asset level. Neither PV-10 nor Standardized Measure represents an estimateof the fair market value of our oil and natural gas assets. PV-10 should not be considered as analternative to the Standardized Measure as computed under GAAP; however, we and others in theindustry use PV-10 as a measure to compare the relative size and value of proved reserves held bycompanies without regard to the specific corporate tax characteristics of such entities.(2) Standardized Measure represents the present value of estimated future cash inflows to begenerated from the production of proved oil and natural gas reserves, net of future developmentand production costs, future income tax expense related to our proved oil and gas reserves leviedat a corporate parent and intermediate subsidiary level, royalties, additional oil entitlements andfuture tax expense levied at an asset level, without giving effect to hedging activities, non-propertyrelated expenses such as general and administrative expenses, debt service and depreciation,depletion and amortization, and discounted using an annual discount rate of 10% to reflect timingof future cash flows and using the same pricing assumptions as were used to calculate PV-10.Standardized Measure often differs from PV-10 because Standardized Measure includes the effectsof future income tax expense related to our proved oil and gas reserves levied at a corporateparent level on future net revenues.(3) This amount represents the unweighted arithmetic average first-day-of-the-month prices for theprior 12 months at December 31, 2018 for the respective benchmark. The benchmark price wasadjusted for handling fees, transportation fees, quality, and a regional price differential.(4) Future net revenues and PV-10 have been adjusted from the reserve report which is based on theentitlements method as we account for oil and gas revenues under the sales method of accounting.26'