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Supplemental Oil and Natural Gas Reserve Data (unaudited) (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
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| Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities |
Changes in the estimated net quantities of crude oil and natural gas reserves, all of which are located onshore within the continental United States and offshore within the Gulf of Mexico, are as follows:
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Reserve Quantities
For the year ended December 31,
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2012 |
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2011 |
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2010 |
Proved developed and undeveloped reserves: |
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Crude Oil (MBbls): |
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Beginning of period |
10,075 |
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|
8,149 |
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|
6,479 |
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Revisions to previous estimates |
(488 |
) |
|
(110 |
) |
|
423 |
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Change in ownership |
— |
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— |
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— |
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Purchase of reserves in place |
38 |
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— |
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— |
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Sale of reserves in place |
(504 |
) |
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(30 |
) |
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— |
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Extensions and discoveries |
2,636 |
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3,062 |
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|
2,106 |
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Production |
(977 |
) |
|
(996 |
) |
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(859 |
) |
End of period |
10,780 |
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10,075 |
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8,149 |
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Natural Gas (MMcf): |
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Beginning of period |
35,118 |
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32,957 |
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|
19,103 |
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Revisions to previous estimates |
(10,838 |
) |
|
486 |
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|
354 |
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Change in ownership |
— |
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— |
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— |
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Purchase of reserves in place |
115 |
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— |
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— |
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Sale of reserves in place |
(4,404 |
) |
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(308 |
) |
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— |
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Extensions and discoveries |
3,350 |
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|
7,064 |
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18,392 |
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Production |
(3,588 |
) |
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(5,081 |
) |
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(4,892 |
) |
End of period |
19,753 |
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35,118 |
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32,957 |
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Proved developed reserves: |
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Crude Oil (MBbls): |
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Beginning of period |
5,069 |
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4,503 |
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4,346 |
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End of period |
4,955 |
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5,069 |
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4,503 |
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Natural Gas (MMcf): |
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Beginning of period |
11,605 |
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12,715 |
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12,301 |
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End of period |
10,680 |
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11,605 |
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12,715 |
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MBoe: |
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Beginning of period |
7,003 |
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6,622 |
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6,396 |
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End of period |
6,735 |
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7,003 |
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6,622 |
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Proved undeveloped reserves: |
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Crude Oil (MBbls): |
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Beginning of period |
5,006 |
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3,645 |
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2,133 |
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End of period |
5,825 |
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5,006 |
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3,645 |
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Natural Gas (MMcf): |
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Beginning of period |
23,513 |
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20,241 |
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6,802 |
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End of period |
9,073 |
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23,513 |
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20,241 |
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MBoe |
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Beginning of period |
8,925 |
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7,019 |
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3,267 |
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End of period |
7,337 |
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8,925 |
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7,019 |
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| 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:
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2012 |
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2011 |
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2010 |
Average 12-month price, net of differentials, per Mcf of natural gas |
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$ |
4.81 |
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$ |
5.60 |
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$ |
5.10 |
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Average 12-month price, net of differentials, per barrel of crude oil |
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94.68 |
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98.98 |
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78.07 |
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| Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure |
The projected oil prices of $94.68 and $98.98 used in the 2012 and 2011 reserve estimates have been adjusted to reflect all wellhead deductions and premiums on a property-by-property basis, including transportation costs, location differentials and crude quality.
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Standardized Measure
For the year ended December 31,
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2012 |
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2011 |
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2010 |
Future cash inflows |
$ |
1,115,570 |
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$ |
1,194,079 |
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$ |
804,111 |
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Future costs - |
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Production |
(249,329 |
) |
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(356,653 |
) |
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(277,793 |
) |
Development and net abandonment |
(273,817 |
) |
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(268,628 |
) |
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(146,870 |
) |
Future net inflows before income taxes |
592,424 |
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568,798 |
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379,448 |
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Future income taxes |
(55,772 |
) |
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(78,813 |
) |
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(24,719 |
) |
Future net cash flows |
536,652 |
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489,985 |
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354,729 |
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10% discount factor |
(305,504 |
) |
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(219,628 |
) |
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(155,813 |
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Standardized measure of discounted future net cash flows |
$ |
231,148 |
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$ |
270,357 |
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$ |
198,916 |
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Changes in Standardized Measure
For the year ended December 31,
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2012 |
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2011 |
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2010 |
Standardized measure at the beginning of the period |
$ |
270,357 |
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$ |
198,916 |
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$ |
135,921 |
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Sales and transfers, net of production costs |
(84,044 |
) |
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(107,297 |
) |
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(72,171 |
) |
Net change in sales and transfer prices, net of production costs |
47,261 |
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|
125,518 |
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126,571 |
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Net change due to purchases and sales of in place reserves |
(35,665 |
) |
|
1,275 |
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|
621 |
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Extensions, discoveries, and improved recovery, net of future production and development costs incurred |
53,446 |
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|
22,598 |
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|
23,739 |
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Changes in future development cost |
39,815 |
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(83,110 |
) |
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(68,960 |
) |
Revisions of quantity estimates |
(77,322 |
) |
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(949 |
) |
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23,295 |
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Accretion of discount |
30,989 |
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68,384 |
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10,597 |
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Net change in income taxes |
13,969 |
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(32,918 |
) |
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(5,170 |
) |
Changes in production rates, timing and other |
(27,658 |
) |
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77,940 |
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|
24,473 |
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Aggregate change |
(39,209 |
) |
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71,441 |
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62,995 |
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Standardized measure at the end of period |
$ |
231,148 |
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$ |
270,357 |
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$ |
198,916 |
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