Supplemental Information on Oil and Natural Gas Properties (Unaudited) (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| 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 net quantities of oil and natural gas reserves, all of which are located onshore within the continental United States:
|
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|
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|
|
|
|
|
|
|
|
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For the Year Ended December 31, |
Proved developed and undeveloped reserves: |
|
2018 |
|
2017 |
|
2016 |
Oil (MBbls): |
|
|
|
|
|
|
Beginning of period |
|
107,072 |
|
|
71,145 |
|
|
43,348 |
|
Purchase of reserves in place |
|
30,756 |
|
|
8,388 |
|
|
25,054 |
|
Sale of reserves in place |
|
— |
|
|
— |
|
|
(1,718 |
) |
Extensions and discoveries |
|
67,763 |
|
|
39,267 |
|
|
14,479 |
|
Revisions to previous estimates |
|
(8,982 |
) |
|
(1,548 |
) |
|
(4,544 |
) |
Reclassifications due to changes in development plan |
|
(7,069 |
) |
|
(3,623 |
) |
|
(1,194 |
) |
Production |
|
(9,443 |
) |
|
(6,557 |
) |
|
(4,280 |
) |
End of period |
|
180,097 |
|
|
107,072 |
|
|
71,145 |
|
Natural Gas (MMcf): |
|
|
|
|
|
|
Beginning of period |
|
179,410 |
|
|
122,611 |
|
|
65,537 |
|
Purchase of reserves in place |
|
53,563 |
|
|
12,711 |
|
|
36,474 |
|
Sale of reserves in place |
|
— |
|
|
— |
|
|
(2,765 |
) |
Extensions and discoveries |
|
103,149 |
|
|
48,648 |
|
|
17,194 |
|
Revisions to previous estimates |
|
41,767 |
|
|
18,121 |
|
|
16,842 |
|
Reclassifications due to changes in development plan |
|
(11,976 |
) |
|
(11,785 |
) |
|
(2,913 |
) |
Production |
|
(15,447 |
) |
|
(10,896 |
) |
|
(7,758 |
) |
End of period |
|
350,466 |
|
|
179,410 |
|
|
122,611 |
|
Total (MBOE): |
|
|
|
|
|
|
Beginning of period |
|
136,974 |
|
|
91,580 |
|
|
54,271 |
|
Purchase of reserves in place |
|
39,683 |
|
|
10,507 |
|
|
31,133 |
|
Sale of reserves in place |
|
— |
|
|
— |
|
|
(2,179 |
) |
Extensions and discoveries |
|
84,955 |
|
|
47,375 |
|
|
17,345 |
|
Revisions to previous estimates |
|
(2,021 |
) |
|
1,472 |
|
|
(1,737 |
) |
Reclassifications due to changes in development plan |
|
(9,065 |
) |
|
(5,587 |
) |
|
(1,680 |
) |
Production |
|
(12,018 |
) |
|
(8,373 |
) |
|
(5,573 |
) |
End of period |
|
238,508 |
|
|
136,974 |
|
|
91,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
Proved developed reserves: |
|
2018 |
|
2017 |
|
2016 |
Oil (MBbls): |
|
|
|
|
|
|
Beginning of period |
|
51,920 |
|
|
32,920 |
|
|
22,257 |
|
End of period |
|
92,202 |
|
|
51,920 |
|
|
32,920 |
|
Natural gas (MMcf): |
|
|
|
|
|
|
Beginning of period |
|
104,389 |
|
|
61,871 |
|
|
38,157 |
|
End of period |
|
218,417 |
|
|
104,389 |
|
|
61,871 |
|
MBOE: |
|
|
|
|
|
|
Beginning of period |
|
69,318 |
|
|
43,232 |
|
|
28,617 |
|
End of period |
|
128,605 |
|
|
69,318 |
|
|
43,232 |
|
Proved undeveloped reserves: |
|
|
|
|
|
|
Oil (MBbls): |
|
|
|
|
|
|
Beginning of period |
|
55,152 |
|
|
38,225 |
|
|
21,091 |
|
End of period |
|
87,895 |
|
|
55,152 |
|
|
38,225 |
|
Natural gas (MMcf): |
|
|
|
|
|
|
Beginning of period |
|
75,021 |
|
|
60,740 |
|
|
27,380 |
|
End of period |
|
132,049 |
|
|
75,021 |
|
|
60,740 |
|
MBOE: |
|
|
|
|
|
|
Beginning of period |
|
67,656 |
|
|
48,348 |
|
|
25,654 |
|
End of period |
|
109,903 |
|
|
67,656 |
|
|
48,348 |
|
Total proved reserves: |
|
|
|
|
|
|
Oil (MBbls): |
|
|
|
|
|
|
Beginning of period |
|
107,072 |
|
|
71,145 |
|
|
43,348 |
|
End of period |
|
180,097 |
|
|
107,072 |
|
|
71,145 |
|
Natural gas (MMcf): |
|
|
|
|
|
|
Beginning of period |
|
179,410 |
|
|
122,611 |
|
|
65,537 |
|
End of period |
|
350,466 |
|
|
179,410 |
|
|
122,611 |
|
MBOE: |
|
|
|
|
|
|
Beginning of period |
|
136,974 |
|
|
91,580 |
|
|
54,271 |
|
End of period |
|
238,508 |
|
|
136,974 |
|
|
91,580 |
|
|
| 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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|
|
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|
As of December 31, |
|
|
2018 |
|
2017 |
Oil and natural gas properties: |
|
|
|
|
Evaluated properties |
|
$ |
4,585,020 |
|
|
$ |
3,429,570 |
|
Unevaluated properties |
|
1,404,513 |
|
|
1,168,016 |
|
Total oil and natural gas properties |
|
5,989,533 |
|
|
4,597,586 |
|
Accumulated depreciation, depletion, amortization and impairment |
|
(2,270,675 |
) |
|
(2,084,095 |
) |
Total oil and natural gas properties capitalized |
|
$ |
3,718,858 |
|
|
$ |
2,513,491 |
|
|
| 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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|
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For the Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Acquisition costs: |
|
|
|
|
|
|
Evaluated properties |
|
$ |
347,305 |
|
|
$ |
156,340 |
|
|
$ |
228,832 |
|
Unevaluated properties |
|
466,816 |
|
|
499,295 |
|
|
536,540 |
|
Development costs |
|
259,410 |
|
|
148,254 |
|
|
111,065 |
|
Exploration costs |
|
323,458 |
|
|
239,453 |
|
|
38,612 |
|
Total costs incurred |
|
$ |
1,396,989 |
|
|
$ |
1,043,342 |
|
|
$ |
915,049 |
|
|
| Oil and Gas Net Production, Average Sales Price and Average Production Costs Disclosure |
The following table summarizes the average 12-month oil and natural gas prices net of differentials for the respective periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Average 12-month price, net of differentials, per barrel of oil (a)
|
|
$ |
58.40 |
|
|
$ |
49.48 |
|
|
$ |
40.03 |
|
Average 12-month price, net of differentials, per Mcf of natural gas (b)
|
|
$ |
3.64 |
|
|
$ |
3.47 |
|
|
$ |
2.71 |
|
|
|
(a) |
Includes adjustments to reflect all wellhead deductions and premiums on a property-by-property basis, including transportation costs, location differentials and crude quality. |
|
|
(b) |
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. |
|
| Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Standardized Measure |
|
|
For the Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Future cash inflows |
|
$ |
11,794,080 |
|
|
$ |
5,920,328 |
|
|
$ |
3,180,005 |
|
Future costs |
|
|
|
|
|
|
Production |
|
(2,923,959 |
) |
|
(1,692,871 |
) |
|
(974,667 |
) |
Development and net abandonment |
|
(1,429,787 |
) |
|
(680,948 |
) |
|
(384,117 |
) |
Future net inflows before income taxes |
|
7,440,334 |
|
|
3,546,509 |
|
|
1,821,221 |
|
Future income taxes (a)
|
|
(782,470 |
) |
|
(166,985 |
) |
|
(1,602 |
) |
Future net cash flows |
|
6,657,864 |
|
|
3,379,524 |
|
|
1,819,619 |
|
10% discount factor |
|
(3,716,571 |
) |
|
(1,822,842 |
) |
|
(1,009,787 |
) |
Standardized measure of discounted future net cash flows |
|
$ |
2,941,293 |
|
|
$ |
1,556,682 |
|
|
$ |
809,832 |
|
|
|
(a) |
As of December 31, 2018, 2017, and 2016 the Company’s statutory tax rate applied was 21%, 21%, and 35%, respectively.
|
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|
|
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|
|
|
Changes in Standardized Measure |
|
|
For the Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Standardized measure at the beginning of the period |
|
$ |
1,556,682 |
|
|
$ |
809,832 |
|
|
$ |
570,890 |
|
Sales and transfers, net of production costs |
|
(481,306 |
) |
|
(294,172 |
) |
|
(150,628 |
) |
Net change in sales and transfer prices, net of production costs |
|
222,802 |
|
|
176,234 |
|
|
(103,136 |
) |
Net change due to purchases and sales of in place reserves |
|
554,697 |
|
|
129,454 |
|
|
260,859 |
|
Extensions, discoveries, and improved recovery, net of future production and development costs incurred |
|
1,093,773 |
|
|
635,000 |
|
|
180,228 |
|
Changes in future development cost |
|
40,483 |
|
|
36,983 |
|
|
82,320 |
|
Revisions of quantity estimates |
|
(167,096 |
) |
|
(79,325 |
) |
|
(35,938 |
) |
Accretion of discount |
|
157,676 |
|
|
80,983 |
|
|
57,091 |
|
Net change in income taxes |
|
(187,841 |
) |
|
(20,073 |
) |
|
16 |
|
Changes in production rates, timing and other |
|
151,423 |
|
|
81,766 |
|
|
(51,870 |
) |
Aggregate change |
|
1,384,611 |
|
|
746,850 |
|
|
238,942 |
|
Standardized measure at the end of period |
|
$ |
2,941,293 |
|
|
$ |
1,556,682 |
|
|
$ |
809,832 |
|
|