| Schedule of Property and Equipment |
As of December 31, 2021 and 2020, total property and equipment, net consisted of the following:
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As of December 31, |
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2021 |
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2020 |
| Oil and natural gas properties, full cost accounting method |
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(In thousands) |
| Evaluated properties |
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$9,238,823 |
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$7,894,513 |
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| Accumulated depreciation, depletion, amortization and impairments |
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(5,886,002) |
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(5,538,803) |
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| Evaluated properties, net |
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3,352,821 |
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2,355,710 |
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| Unevaluated properties |
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| Unevaluated leasehold and seismic costs |
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1,557,453 |
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1,532,304 |
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| Capitalized interest |
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255,374 |
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200,946 |
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| Total unevaluated properties |
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1,812,827 |
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1,733,250 |
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| Total oil and natural gas properties, net |
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$5,165,648
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$4,088,960
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| Other property and equipment |
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$58,367 |
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$60,287 |
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| Accumulated depreciation |
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(30,239) |
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(28,647) |
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| Other property and equipment, net |
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$28,128
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$31,640
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| 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, 2021, 2020, and 2019 are summarized in the table below:
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Years Ended December 31, |
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2021 |
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2020 |
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2019 |
| Impairment of evaluated oil and natural gas properties (In thousands) |
$— |
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$2,547,241 |
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$— |
| Beginning of period 12-Month Average Realized Price ($/Bbl) |
$37.44 |
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$53.90 |
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$58.40 |
| End of period 12-Month Average Realized Price ($/Bbl) |
$65.44 |
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$37.44 |
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$53.90 |
| Percent increase (decrease) in 12-Month Average Realized Price |
75 |
% |
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(31 |
%) |
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(8 |
%) |
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Years Ended December 31, |
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2021 |
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2020 |
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2019 |
| Oil ($/Bbl) |
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$65.44 |
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$37.44 |
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$53.90 |
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| Natural gas ($/Mcf) |
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$3.31 |
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$1.02 |
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$1.55 |
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| NGLs ($/Bbl) |
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$29.19 |
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$11.10 |
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$15.58 |
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| Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization |
Unevaluated property costs not subject to amortization as of December 31, 2021 were incurred in the following periods:
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2021 |
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2020 |
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2019 |
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2018 and Prior |
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Total |
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(In thousands) |
| Unevaluated property costs |
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$401,403 |
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$113,079 |
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$479,836 |
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$818,509 |
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$1,812,827 |
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