December 31, 2017. All estimated future net revenues are attributable to projected production from the Jubilee and the TEN fields in Ghana and our equity method investment. If we are unable to export associated natural gas in large quantities from the Jubilee and TEN fields then production could be limited and the future net revenues discussed herein will be adversely affected. Estimated Future Net Revenues(4) (in millions except $/Bbl) Equity Method Kosmos Investment Total Estimated future net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,286 $ 9 $1,295 Present value of estimated future net revenues: PV-10(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 971 $ 130 $1,101 Future income tax expense (levied at a corporate parent and intermediate subsidiary level) . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — Discount of future income tax expense (levied at a corporate parent and intermediate subsidiary level) at 10% per annum . . . . . . . . . . — — — Standardized Measure(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 971 $ 130 $1,101 Benchmark and differential oil price($/Bbl)(3) . . . . . . . . . . . . . . . . . . $54.42 $54.42 (1) PV-10 represents the present value of estimated future revenues to be generated from the production 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 prices based on an average of the first-day-of-the-months throughout 2017 and costs as of the date of estimation without future escalation, without giving effect to hedging activities, non-property related 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 the timing of future cash flows. PV-10 is a non-GAAP financial measure and often differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does not include the effects of future income tax expense related to proved oil and gas reserves levied at a corporate parent level on future net revenues. However, it does include the effects of future tax expense levied at an asset level. Neither PV-10 nor Standardized Measure represents an estimate of the fair market value of our oil and natural gas assets. PV-10 should not be considered as an alternative to the Standardized Measure as computed under GAAP; however, we and others in the industry use PV-10 as a measure to compare the relative size and value of proved reserves held by companies without regard to the specific corporate tax characteristics of such entities. (2) Standardized Measure represents the present value of estimated future cash inflows to be generated from the production of proved oil and natural gas reserves, net of future development and production costs, future income tax expense related to our proved oil and gas reserves levied at a corporate parent and intermediate subsidiary level, royalties, additional oil entitlements and future tax expense levied at an asset level, without giving effect to hedging activities, non-property related 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 timing of 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 effects of future income tax expense related to our proved oil and gas reserves levied at a corporate parent level on future net revenues. However, as we are a tax exempted company incorporated pursuant to the laws of Bermuda, we do not expect to be subject to future income tax expense related to our proved oil and gas reserves levied at a corporate parent level on future net revenues. Therefore, the year-end 2017 estimate of PV-10 is equivalent to the Standardized Measure. 25