Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net (Tables)

v3.20.4
Property and Equipment, Net (Tables)
12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
As of December 31, 2020 and 2019, total property and equipment, net consisted of the following:
As of December 31,
2020 2019
Oil and natural gas properties, full cost accounting method (In thousands)
Evaluated properties $7,894,513  $7,203,482 
Accumulated depreciation, depletion, amortization and impairments (5,538,803) (2,520,488)
Evaluated properties, net 2,355,710  4,682,994 
Unevaluated properties
Unevaluated leasehold and seismic costs 1,532,304  1,843,725 
Capitalized interest 200,946  142,399 
Total unevaluated properties 1,733,250  1,986,124 
Total oil and natural gas properties, net $4,088,960  $6,669,118 
Other property and equipment $60,287  $67,202 
Accumulated depreciation (28,647) (31,949)
Other property and equipment, net $31,640  $35,253 
Summary of Average Realized Price of Crude Oil
Details of the 12-Month Average Realized Price of crude oil for the years ended December 31, 2020, 2019, and 2018 are summarized in the table below:
Years Ended December 31,
2020 2019 2018
Impairment of evaluated oil and natural gas properties (In thousands) $2,547,241 $— $—
Beginning of period 12-Month Average Realized Price ($/Bbl) $53.90 $58.40 $49.48
End of period 12-Month Average Realized Price ($/Bbl) $37.44 $53.90 $58.40
Percent increase (decrease) in 12-Month Average Realized Price (31  %) (8  %) 18  %
The following average realized prices were used in the calculation of proved reserves and the standardized measure of discounted future net cash flows.
Years Ended December 31,
2020 2019 2018
Oil ($/Bbl) $37.44  $53.90  $58.40 
Natural gas ($/Mcf) $1.02  $1.55  $3.64 
NGLs ($/Bbl) $11.10  $15.58  $— 
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization
Unevaluated property costs not subject to amortization as of December 31, 2020 were incurred in the following periods:
2020 2019 2018 2017 and Prior Total
(In thousands)
Unevaluated property costs $113,078  $680,456  $439,478  $500,238  $1,733,250