Annual report pursuant to Section 13 and 15(d)

Supplemental Information on Oil and Natural Gas Properties (Unaudited) (Tables)

v3.24.0.1
Supplemental Information on Oil and Natural Gas Properties (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2023
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:
Years Ended December 31,
Proved reserves 2023 2022 2021
Oil (MBbls)
Beginning of period 275,609  290,296  289,487 
Extensions and discoveries 40,684  41,064  22,520 
Revisions to previous estimates (28,278) (31,163) (10,514)
Purchase of reserves in place 38,731  —  35,045 
Sales of reserves in place (47,336) (949) (24,019)
Removed for five-year rule (18,259) —  — 
Production (21,891) (23,639) (22,223)
End of period 239,260  275,609  290,296 
Natural Gas (MMcf)
Beginning of period 592,843  577,327  541,598 
Extensions and discoveries 75,616  75,801  37,896 
Revisions to previous estimates 24,206  (11,155) (3,389)
Purchase of reserves in place 42,802  —  73,445 
Sale of reserves in place (53,317) (7,503) (34,837)
Removed for five-year rule (74,548) —  — 
Production (46,109) (41,627) (37,386)
End of period 561,493  592,843  577,327 
NGLs (MBbls)
Beginning of period 105,109  98,104  96,126 
Extensions and discoveries 14,718  14,264  7,345 
Revisions to previous estimates 317  1,376  (3,103)
Purchase of reserves in place 9,487  —  10,366 
Sale of reserves in place (9,537) (1,159) (6,191)
Removed for five-year rule (11,415) —  — 
Production (8,011) (7,476) (6,439)
End of period 100,668  105,109  98,104 
Total (MBoe)
Beginning of period 479,525  484,621  475,879 
Extensions and discoveries 68,005  67,961  36,180 
Revisions to previous estimates (23,927) (31,645) (14,181)
Purchase of reserves in place 55,352  —  57,652 
Sale of reserves in place (65,759) (3,359) (36,015)
Removed for five-year rule (42,099) —  — 
Production (37,587) (38,053) (34,894)
End of period 433,510  479,525  484,621 
Years Ended December 31,
Proved developed reserves 2023 2022 2021
Oil (MBbls)
Beginning of period 170,866  162,886  128,923 
End of period 149,898  170,866  162,886 
Natural gas (MMcf)
Beginning of period 351,278  332,266  238,119 
End of period 376,070  351,278  332,266 
NGLs (MBbls)
Beginning of period 63,788  55,720  43,315 
End of period 65,891  63,788  55,720 
Total proved developed reserves (MBoe)
Beginning of period 293,200  273,983  211,925 
End of period 278,467  293,200  273,983 
Proved undeveloped reserves
Oil (MBbls)
Beginning of period 104,743  127,410  160,564 
End of period 89,362  104,743  127,410 
Natural gas (MMcf)
Beginning of period 241,565  245,061  303,479 
End of period 185,423  241,565  245,061 
NGLs (MBbls)
Beginning of period 41,321  42,384  52,811 
End of period 34,777  41,321  42,384 
Total proved undeveloped reserves (MBoe)
Beginning of period 186,325  210,638  263,954 
End of period 155,043  186,325  210,638 
Total proved reserves
  Oil (MBbls)
Beginning of period 275,609  290,296  289,487 
End of period 239,260  275,609  290,296 
Natural gas (MMcf)
Beginning of period 592,843  577,327  541,598 
End of period 561,493  592,843  577,327 
NGLs (MBbls)
Beginning of period 105,109  98,104  96,126 
End of period 100,668  105,109  98,104 
Total proved reserves (MBoe)
Beginning of period 479,525  484,621  475,879 
End of period 433,510  479,525  484,621 
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:
As of December 31,
2023 2022
Oil and natural gas properties: (In thousands)
   Proved properties $9,657,105  $9,268,135 
   Unproved properties 1,063,033  1,225,768 
Total oil and natural gas properties 10,720,138  10,493,903 
   Accumulated depreciation, depletion, amortization and impairment (4,570,132) (4,416,606)
Total oil and natural gas properties capitalized $6,150,006  $6,077,297 
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:
Years Ended December 31,
2023 2022 2021
Acquisition costs: (In thousands)
   Proved properties $503,433  $—  $677,250 
   Unproved properties 78,144  32,548  301,404 
Development costs 872,808  742,991  396,181 
Exploration costs 113,782  133,080  137,989 
   Total costs incurred $1,568,167  $908,619  $1,512,824 
Oil and Gas Net Production, Average Sales Price and Average Production Costs Disclosure The following average realized prices were used in the calculation of proved reserves and the standardized measure of discounted future net cash flows.
Years Ended December 31,
2023 2022 2021
Oil ($/Bbl) $78.17  $95.02  $65.44 
Natural gas ($/Mcf) $1.53  $5.75  $3.31 
NGLs ($/Bbl) $22.27  $36.40  $29.19 
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure
Standardized Measure
For the Year Ended December 31,
2023 2022 2021
(In thousands)
Future cash inflows $21,804,152  $33,424,190  $23,775,358 
Future costs
Production (8,850,777) (10,702,897) (8,038,362)
Development and net abandonment (1,943,594) (2,326,789) (1,927,789)
Future net inflows before income taxes 11,009,781  20,394,504  13,809,207 
Future income taxes (936,057) (3,000,300) (1,481,005)
Future net cash flows 10,073,724  17,394,204  12,328,202 
10% discount factor (4,639,540) (8,390,068) (6,077,447)
Standardized measure of discounted future net cash flows $5,434,184  $9,004,136  $6,250,755 
Changes in Standardized Measure
For the Year Ended December 31,
2023 2022 2021
(In thousands)
Standardized measure at the beginning of the period $9,004,136  $6,250,755  $2,310,390 
Sales and transfers, net of production costs (1,428,805) (2,208,492) (1,466,413)
Net change in sales and transfer prices, net of production costs (3,387,434) 4,168,425  4,336,078 
Net change due to purchases of in place reserves 868,016  —  797,327 
Net change due to sales of in place reserves (1,724,612) (36,389) (105,376)
Extensions, discoveries, and improved recovery, net of future production and development costs incurred 702,960  1,338,286  583,976 
Changes in future development cost 21,705  (257,344) (81,480)
Previously estimated development costs incurred 570,765  289,207  209,078 
Revisions of quantity estimates (1,217,925) (215,828) (104,572)
Accretion of discount 1,053,483  705,127  234,495 
Net change in income taxes 1,075,309  (730,185) (765,956)
Changes in production rates, timing and other (103,414) (299,426) 303,208 
Aggregate change (3,569,952) 2,753,381  3,940,365 
Standardized measure at the end of period $5,434,184  $9,004,136  $6,250,755