In 2020, Range Resources completed the sales of our North Louisiana and conventional assets. To enable benchmarking of data in the future, the 2020 environmental data throughout the report excludes data from this asset. Prior year data has not been restated and reflects ownership of the asset.
Consistent with other data provided throughout this report, the calculation of scope 2 emissions in 2020 excludes scope 2 emissions from our North Louisiana assets that were sold during this year.
iOil and NGLs volumes are converted at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not indicative of the relationship between oil and natural gas prices.
iiPV-10 is considered a non-GAAP financial measure as defined by the U.S. Securities and Exchange Commision (the “SEC”). We believe that the presentation of PV-10 is relevant and useful to our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it represents the discounted feature net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of ech company. PV-10 is based on prices and discount factors that are consistent for all companies. Because of this, PV-10 can be used within the industry and by creditors and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis. The difference between the standardized measure and the PV-10 amount is the discounted estimated future income tax of $134.4 million at December 31, 2020.PV-10 for December 31, 2020 was determined using NYMEX benchmark prices of $1.98 per mcf for natural gas and $39.77 per bbl for oil.
*2020 production and avarage sales prices include the results of our North Louisiana assets, which were sold in August 2020.