Supplemental Information On Oil And Gas Exploration And Production Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Extractive Industries [Abstract]

Costs Incurred in Oil and Gas Producing Activities

The Company’s oil and natural gas activities for 2019 and 2018 were entirely within the United States of America. Costs incurred in oil and natural gas producing activities were as follows (in thousands):

	Years Ended December 31,
	2019			2018
Acquisition cost (1):
Proved	$	(141	)	$	41,569
Unproved	(125		)	31,268
Exploration costs:
Abandonment costs	653			—
Geological and geophysical	—			630
Development costs	210,520			153,161
Total additions	$	210,907		$	226,628

(1) Acquisition costs incurred during 2019 consisted primarily of purchase price adjustments related to 2018 acquisitions and during 2018 consisted primarily of an acreage trade in the Midland Basin.  

Summary of Capitalized Costs, Impairment, and Depreciation, Depletion and Amortization

Capitalized costs, impairment, and depreciation, depletion and amortization relating to the Company’s oil and natural gas properties producing activities, all of which are conducted within the continental United States as of December 31, 2019 and 2018, are summarized below (in thousands):

	December 31,
	2019			2018
Oil and gas properties, successful efforts method:
Proved properties	$	1,046,208		$	830,843
Accumulated impairment to proved properties	(75,400		)	(75,400		)
Proved properties, net of accumulated impairments	970,808			755,443
Unproved properties	305,961			311,828
Accumulated impairment to Unproved properties	(45,690		)	(45,688		)
Unproved properties, net of accumulated impairments	260,271			266,140
Land	5,382			5,382
Total oil and gas properties, net of accumulated impairments	1,236,461			1,026,965
Accumulated depreciation, depletion and amortization	(195,567		)	(127,256		)
Net oil and gas properties	$	1,040,894		$	899,709

Summary of Changes in Quantities of Proved Oil and Natural Gas Reserves

A summary of the Company’s changes in quantities of proved oil, natural gas and NGLs reserves for the years ended December 31, 2019 and 2018 are as follows:      

	Oil (MBbl)		Natural Gas (MMcf)		NGLs (MBbl)		Total (MBOE)
Balance - December 31, 2017	47,327		91,088		17,468		79,976
Extensions and discoveries	10,148		17,673		3,116		16,209
Sales of minerals in place	(2,651	)	(14,300	)	(1,562	)	(6,596	)
Purchases of minerals in place	3,532		9,890		1,629		6,810
Production	(2,370	)	(3,610	)	(655	)	(3,627	)
Revision to previous estimates	3,048		12,476		947		6,075
Balance - December 31, 2018	59,034		113,217		20,943		98,847
Extensions and discoveries	3,598		4,476		721		5,065
Sales of minerals in place	(31	)	(4	)	(1	)	(32	)
Production	(3,086	)	(4,760	)	(1,022	)	(4,902	)
Revision to previous estimates	(6,865	)	(4,939	)	3,047		(4,642	)
Balance - December 31, 2019	52,650		107,990		23,688		94,336
Proved developed reserves:
December 31, 2017	11,949		23,336		4,123		19,961
December 31, 2018	14,325		26,110		4,969		23,646
December 31, 2019	18,220		35,120		7,447		31,521
Proved undeveloped reserves:
December 31, 2017	35,378		67,752		13,345		60,015
December 31, 2018	44,709		87,107		15,974		75,201
December 31, 2019	34,430		72,870		16,241		62,815

The table below presents the quantities of proved oil, natural gas and NGLs reserves attributable to noncontrolling interests as of December 31, 2019 and 2018:

As of December 31, 2019	Oil (MBbl)	Natural Gas (MMcf)	NGLs (MBbl)	Total (MBOE)
Proved developed	9,933	19,146	4,060	17,183
Proved undeveloped	18,769	39,724	8,853	34,243
Total proved	28,702	58,870	12,913	51,426
As of December 31, 2018	Oil (MBbl)	Natural Gas (MMcf)	NGLs (MBbl)	Total (MBOE)
Proved developed	7,917	14,430	2,746	13,068
Proved undeveloped	24,709	48,140	8,828	41,560
Total proved	32,626	62,570	11,574	54,628

Changes in PUD Reserves

Changes in PUD reserves for the years ended December 31, 2019 and 2018 were as follows (in MBOE):

Proved undeveloped reserves at December 31, 2017 (1)	60,015
Conversions to developed	(4,419	)
Extensions and discoveries	13,734
Sales of minerals in place	(4,702	)
Purchases of minerals in place	4,735
Revision to previous estimates	5,838
Proved undeveloped reserves at December 31, 2018 (2)	75,201
Conversions to developed	(10,254	)
Extensions and discoveries	1,230
Revision to previous estimates	(3,362	)
Proved undeveloped reserves at December 31, 2019 (3)	62,815

(1) Includes 34,029 MBOE attributable to noncontrolling interests.

(2) Includes 41,560 MBOE attributable to noncontrolling interests.

(3) Includes 34,243 MBOE attributable to noncontrolling interests.

Schedule Of Standardized Measure

The Standardized Measure is as follows (in thousands):

	December 31,
	2019			2018
Future cash inflows	$	3,250,868		$	4,479,757
Future production costs	(1,027,464		)	(1,013,131		)
Future development costs	(628,692		)	(963,536		)
Future income tax expense	(58,824		)	(90,570		)
Future net cash flows	1,535,888			2,412,520
10% annual discount for estimated timing of cash flows	(746,311		)	(1,453,068		)
Standardized measure of discounted future net cash flows (1)	$	789,577		$	959,452

(1) At December 31, 2019 and 2018, the portion of the standardized measure of discounted future net cash flows attributable to noncontrolling interests was $430.4 million and $530.2 million, respectively.

Schedule Of Changes In Standardized Measure Of Discontinued Future Net Cash Flows Relating To Proved Oil And Natural Gas Reserves

The following is a summary of the changes in the Standardized Measure for the Company’s proved oil and natural gas reserves during each of the years in the two-year period ended December 31, 2019 (in thousands):

	December 31,
	2019			2018
Beginning of year	$	959,452		$	592,700
Sales of oil and gas produced, net of production costs	(150,708		)	(136,143		)
Sales of minerals in place	(458		)	(41,320		)
Net changes in prices and production costs	(565,240		)	319,486
Extensions, discoveries, and improved recoveries	127,182			185,540
Changes in income taxes, net	12,697			(43,108		)
Previously estimated development costs incurred during the period	210,520			153,161
Net changes in future development costs	118,348			(316,765		)
Purchases of minerals in place	—			57,013
Revisions of previous quantity estimates	(35,588		)	144,356
Accretion of discount	107,432			51,222
Changes in timing of estimated cash flows and other	5,940			(6,690		)
End of year (1)	$	789,577		$	959,452

(1) At December 31, 2019 and 2018, the portion of the standardized measure of discounted future net cash flows attributable to noncontrolling interests was $430.4 million and $530.2 million, respectively.