Supplemental Information on Oil and Natural Gas Properties (Unaudited) (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
|
| Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities |
The following tables disclose changes in the estimated quantities of proved reserves, all of which are located onshore within the continental United States:
|
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|
Years Ended December 31, |
Proved reserves |
|
2019 |
|
2018 |
|
2017 |
Oil (MBbls) |
|
|
|
|
|
|
Beginning of period |
|
180,097 |
|
|
107,072 |
|
|
71,145 |
|
Purchase of reserves in place |
|
183,382 |
|
|
30,756 |
|
|
8,388 |
|
Sales of reserves in place |
|
(17,980 |
) |
|
— |
|
|
— |
|
Extensions and discoveries |
|
45,663 |
|
|
67,763 |
|
|
39,267 |
|
Revisions to previous estimates |
|
(33,136 |
) |
|
(16,051 |
) |
|
(5,171 |
) |
Production |
|
(11,665 |
) |
|
(9,443 |
) |
|
(6,557 |
) |
End of period |
|
346,361 |
|
|
180,097 |
|
|
107,072 |
|
Natural Gas (MMcf) |
|
|
|
|
|
|
Beginning of period |
|
350,466 |
|
|
179,410 |
|
|
122,611 |
|
Purchase of reserves in place |
|
455,158 |
|
|
53,563 |
|
|
12,711 |
|
Sale of reserves in place |
|
(86,856 |
) |
|
— |
|
|
— |
|
Extensions and discoveries |
|
82,566 |
|
|
103,149 |
|
|
48,648 |
|
Revisions to previous estimates |
|
(24,482 |
) |
|
29,791 |
|
|
6,336 |
|
Production |
|
(19,718 |
) |
|
(15,447 |
) |
|
(10,896 |
) |
End of period |
|
757,134 |
|
|
350,466 |
|
|
179,410 |
|
NGLs (MBbls) |
|
|
|
|
|
|
Beginning of period |
|
— |
|
|
— |
|
|
— |
|
Purchase of reserves in place |
|
67,597 |
|
|
— |
|
|
— |
|
Production |
|
(135 |
) |
|
— |
|
|
— |
|
End of period |
|
67,462 |
|
|
— |
|
|
— |
|
Total (MBoe) |
|
|
|
|
|
|
Beginning of period |
|
238,508 |
|
|
136,974 |
|
|
91,580 |
|
Purchase of reserves in place |
|
326,838 |
|
|
39,683 |
|
|
10,507 |
|
Sale of reserves in place |
|
(32,456 |
) |
|
— |
|
|
— |
|
Extensions and discoveries |
|
59,424 |
|
|
84,955 |
|
|
47,375 |
|
Revisions to previous estimates |
|
(37,216 |
) |
|
(11,086 |
) |
|
(4,115 |
) |
Production |
|
(15,086 |
) |
|
(12,018 |
) |
|
(8,373 |
) |
End of period |
|
540,012 |
|
|
238,508 |
|
|
136,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
Proved developed reserves: |
|
2019 |
|
2018 |
|
2017 |
Oil (MBbls) |
|
|
|
|
|
|
Beginning of period |
|
92,202 |
|
|
51,920 |
|
|
32,920 |
|
End of period |
|
152,687 |
|
|
92,202 |
|
|
51,920 |
|
Natural gas (MMcf) |
|
|
|
|
|
|
Beginning of period |
|
218,417 |
|
|
104,389 |
|
|
61,871 |
|
End of period |
|
320,676 |
|
|
218,417 |
|
|
104,389 |
|
NGLs (MBbls) |
|
|
|
|
|
|
Beginning of period |
|
— |
|
|
— |
|
|
— |
|
End of period |
|
24,844 |
|
|
— |
|
|
— |
|
Total proved developed reserves (MBoe) |
|
|
|
|
|
|
Beginning of period |
|
128,605 |
|
|
69,318 |
|
|
43,232 |
|
End of period |
|
230,977 |
|
|
128,605 |
|
|
69,318 |
|
Proved undeveloped reserves |
|
|
|
|
|
|
Oil (MBbls) |
|
|
|
|
|
|
Beginning of period |
|
87,895 |
|
|
55,152 |
|
|
38,225 |
|
End of period |
|
193,674 |
|
|
87,895 |
|
|
55,152 |
|
Natural gas (MMcf) |
|
|
|
|
|
|
Beginning of period |
|
132,049 |
|
|
75,021 |
|
|
60,740 |
|
End of period |
|
436,458 |
|
|
132,049 |
|
|
75,021 |
|
NGLs (MBbls) |
|
|
|
|
|
|
Beginning of period |
|
— |
|
|
— |
|
|
— |
|
End of period |
|
42,618 |
|
|
— |
|
|
— |
|
Total proved undeveloped reserves (MBoe) |
|
|
|
|
|
|
Beginning of period |
|
109,903 |
|
|
67,656 |
|
|
48,348 |
|
End of period |
|
309,035 |
|
|
109,903 |
|
|
67,656 |
|
Total proved reserves |
|
|
|
|
|
|
Oil (MBbls) |
|
|
|
|
|
|
Beginning of period |
|
180,097 |
|
|
107,072 |
|
|
71,145 |
|
End of period |
|
346,361 |
|
|
180,097 |
|
|
107,072 |
|
Natural gas (MMcf) |
|
|
|
|
|
|
Beginning of period |
|
350,466 |
|
|
179,410 |
|
|
122,611 |
|
End of period |
|
757,134 |
|
|
350,466 |
|
|
179,410 |
|
NGLs (MBbls) |
|
|
|
|
|
|
Beginning of period |
|
— |
|
|
— |
|
|
— |
|
End of period |
|
67,462 |
|
|
— |
|
|
— |
|
Total proved reserves (MBoe) |
|
|
|
|
|
|
Beginning of period |
|
238,508 |
|
|
136,974 |
|
|
91,580 |
|
End of period |
|
540,012 |
|
|
238,508 |
|
|
136,974 |
|
|
| Capitalized Costs Relating to Oil and Natural Gas Activities |
Capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion, amortization and impairment are as follows:
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As of December 31, |
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|
2019 |
|
2018 |
Oil and natural gas properties: |
|
(In thousands) |
Evaluated properties |
|
|
$7,203,482 |
|
|
|
$4,585,020 |
|
Unevaluated properties |
|
1,986,124 |
|
|
1,404,513 |
|
Total oil and natural gas properties |
|
9,189,606 |
|
|
5,989,533 |
|
Accumulated depreciation, depletion, amortization and impairment |
|
(2,520,488 |
) |
|
(2,270,675 |
) |
Total oil and natural gas properties capitalized |
|
|
$6,669,118 |
|
|
|
$3,718,858 |
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|
| Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities |
Costs incurred in oil and natural gas property acquisitions, exploration and development activities are as follows:
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Years Ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Acquisition costs: |
|
(In thousands) |
Evaluated properties |
|
|
$49,572 |
|
|
|
$347,305 |
|
|
|
$156,340 |
|
Unevaluated properties |
|
107,347 |
|
|
466,816 |
|
|
499,295 |
|
Development costs |
|
189,259 |
|
|
259,410 |
|
|
148,254 |
|
Exploration costs |
|
309,013 |
|
|
323,458 |
|
|
239,453 |
|
Total costs incurred |
|
|
$655,191 |
|
|
|
$1,396,989 |
|
|
|
$1,043,342 |
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| Oil and Gas Net Production, Average Sales Price and Average Production Costs Disclosure |
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|
Years Ended December 31, |
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|
2019 |
|
2018 |
|
2017 |
Oil ($/Bbl) (1)
|
|
|
$53.90 |
|
|
|
$58.40 |
|
|
|
$49.48 |
|
Natural gas ($/Mcf) (2)
|
|
|
$1.55 |
|
|
|
$3.64 |
|
|
|
$3.47 |
|
NGLs ($/Bbl) |
|
|
$15.58 |
|
|
|
$— |
|
|
|
$— |
|
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|
(1) |
Includes adjustments to reflect all wellhead deductions and premiums on a property-by-property basis, including transportation costs, location differentials and crude quality. |
(2)
Includes a high Btu content of separator natural gas and adjustments to reflect the Btu content, transportation charges and other fees specific to the individual properties.
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| Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure |
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|
Standardized Measure |
|
|
For the Year Ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
|
|
(In thousands) |
Future cash inflows |
|
|
$20,891,469 |
|
|
|
$11,794,080 |
|
|
|
$5,920,328 |
|
Future costs |
|
|
|
|
|
|
Production |
|
(6,717,088 |
) |
|
(2,923,959 |
) |
|
(1,692,871 |
) |
Development and net abandonment |
|
(3,058,861 |
) |
|
(1,429,787 |
) |
|
(680,948 |
) |
Future net inflows before income taxes |
|
11,115,520 |
|
|
7,440,334 |
|
|
3,546,509 |
|
Future income taxes |
|
(941,768 |
) |
|
(782,470 |
) |
|
(166,985 |
) |
Future net cash flows |
|
10,173,752 |
|
|
6,657,864 |
|
|
3,379,524 |
|
10% discount factor |
|
(5,222,726 |
) |
|
(3,716,571 |
) |
|
(1,822,842 |
) |
Standardized measure of discounted future net cash flows |
|
|
$4,951,026 |
|
|
|
$2,941,293 |
|
|
|
$1,556,682 |
|
|
|
|
|
|
|
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|
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|
Changes in Standardized Measure |
|
|
For the Year Ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
|
|
(In thousands) |
Standardized measure at the beginning of the period |
|
|
$2,941,293 |
|
|
|
$1,556,682 |
|
|
|
$809,832 |
|
Sales and transfers, net of production costs |
|
(579,744 |
) |
|
(481,306 |
) |
|
(294,172 |
) |
Net change in sales and transfer prices, net of production costs |
|
(387,970 |
) |
|
222,802 |
|
|
176,234 |
|
Net change due to purchases of in place reserves |
|
2,975,296 |
|
|
554,697 |
|
|
129,454 |
|
Net change due to sales of in place reserves |
|
(303,526 |
) |
|
— |
|
|
— |
|
Extensions, discoveries, and improved recovery, net of future production and development costs incurred |
|
607,146 |
|
|
1,001,873 |
|
|
635,000 |
|
Changes in future development cost |
|
205,398 |
|
|
40,483 |
|
|
(8,148 |
) |
Previously estimated development costs incurred |
|
134,037 |
|
|
91,900 |
|
|
45,131 |
|
Revisions of quantity estimates |
|
(420,488 |
) |
|
(167,096 |
) |
|
(79,325 |
) |
Accretion of discount |
|
314,921 |
|
|
157,676 |
|
|
80,983 |
|
Net change in income taxes |
|
(210,641 |
) |
|
(187,841 |
) |
|
(20,073 |
) |
Changes in production rates, timing and other |
|
(324,696 |
) |
|
151,423 |
|
|
81,766 |
|
Aggregate change |
|
2,009,733 |
|
|
1,384,611 |
|
|
746,850 |
|
Standardized measure at the end of period |
|
|
$4,951,026 |
|
|
|
$2,941,293 |
|
|
|
$1,556,682 |
|
|