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Supplemental Information on Oil and Gas Producing Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Information on Oil and Gas Producing Activities (Unaudited)

Schedule of capitalized costs relating to oil and gas producing activities


	Year Ended December 31,
	2020		2021
Proved properties	$	12,260,713		12,646,303
Unproved properties		1,175,178		1,042,118
Total oil and gas properties		13,435,891		13,688,421
Accumulated depletion		(3,818,279)		(4,229,300)
Net capitalized costs	$	9,617,612		9,459,121

Schedule of costs incurred in certain oil and gas activities


	Year Ended December 31,
	2019		2020		2021
Acquisition costs:
Proved property	$	—		—		—
Unproved property		88,682		45,129		79,138
Development costs		1,104,336		823,271		581,352
Exploration costs		149,782		2,993		19,822
Total costs incurred	$	1,342,800		871,393		680,312

Schedule of results of operations for oil and gas producing activities


	Year Ended December 31,
	2019		2020		2021
Revenues	$	3,643,873		3,083,905		5,790,759
Operating expenses:
Production expenses		2,417,509		2,736,478		2,793,877
Exploration expenses		884		1,083		1,164
Depletion		884,350		854,331		735,687
Impairment of unproved properties		1,300,444		223,770		90,523
Results of operations before income tax (expense) benefit		(959,314)		(731,757)		2,169,508
Income tax (expense) benefit		224,511		(176,061)		520,168
Results of operations	$	(734,803)		(907,818)		2,689,676

Schedule of proved developed and undeveloped reserves


			Oil and
	Natural Gas	NGLs	Condensate	Equivalents
	(Bcf)	(MMBbl)	(MMBbl)	(Bcfe)
Proved reserves:
December 31, 2018	11,425	1,052	46	18,011
Revisions	(1,735)	25	(11)	(1,648)
Extensions, discoveries and other additions	2,626	169	11	3,705
Production	(822)	(55)	(4)	(1,175)
December 31, 2019	11,494	1,191	42	18,893
Revisions	(1,280)	65	(8)	(940)
Extensions, discoveries and other additions	799	48	3	1,105
Production	(875)	(68)	(4)	(1,310)
Sales	(113)	—	—	(113)
December 31, 2020 ⁽¹⁾	10,025	1,236	33	17,635
Revisions	993	77	6	1,486
Extensions, discoveries and other additions	349	18	2	472
Production	(826)	(58)	(4)	(1,194)
Sales	(337)	(54)	(1)	(670)
December 31, 2021 ⁽¹⁾	10,204	1,219	36	17,729

(1)

Proved reserves for the noncontrolling interest in Martica as of December 31, 2020 were 254 Bcfe, which consists of 159 Bcf of natural gas, 15 MMBbl of NGLs and 0.5 MMBbl of oil and condensate. Proved reserves for the noncontrolling interest in Martica as of December 31, 2021 were 167 Bcfe, which consists of 101 Bcf of natural gas, 11 MMBbl of NGLs and 0.4 MMBbl of oil and condensate.


			Oil and
	Natural Gas	NGLs	Condensate	Equivalents
	(Bcf)	(MMBbl)	(MMBbl)	(Bcfe)
Proved developed reserves:
December 31, 2019	7,229	731	21	11,740
December 31, 2020 ⁽¹⁾	6,901	810	19	11,873
December 31, 2021 ⁽¹⁾	7,395	876	17	12,753
Proved undeveloped reserves:
December 31, 2019	4,265	460	21	7,153
December 31, 2020 ⁽²⁾	3,124	426	14	5,762
December 31, 2021 ⁽²⁾	2,809	343	19	4,976

(1)

Proved developed reserves for the noncontrolling interest in Martica as of December 31, 2020 were 181 Bcfe, which consists of 110 Bcf of natural gas, 11 MMBbl of NGLs and 0.3 MMBbl of oil and condensate. Proved developed reserves for the noncontrolling interest in Martica as of December 31, 2021 were 133 Bcfe, which consists of 78 Bcf of natural gas, 9 MMBbl of NGLs and 0.2 MMBbl of oil and condensate.

(2)

Proved undeveloped reserves for the noncontrolling interest in Martica as of December 31, 2020 were 73 Bcfe, which consists of 49 Bcf of natural gas, 4 MMBbl of NGLs and 0.2 MMBbl of oil and condensate. Proved undeveloped reserves for the noncontrolling interest in Martica as of December 31, 2021 were 34 Bcfe, which consists of 23 Bcf of natural gas, 2 MMBbl of NGLs and 0.2 MMBbl of oil and condensate.

Schedule of standardized measure of discounted future net cash flows attributable to proved reserves


	Year Ended December 31,
	2019		2020		2021
Future cash inflows	$	54,228		37,845		74,622
Future production costs		(36,524)		(32,202)		(34,665)
Future development costs		(2,772)		(1,685)		(1,704)
Future net cash flows before income tax		14,932		3,958		38,253
Future income tax expense ⁽¹⁾		(1,639)		—		(7,813)
Future net cash flows		13,293		3,958		30,440
10% annual discount for estimated timing of cash flows		(7,824)		(2,748)		(17,007)
Standardized measure of discounted future net cash flows ⁽²⁾	$	5,469		1,210		13,433

(1)

Based on the 12-month average of the first-day-of-the-month prices used in the computation of PV-10 as of December 31, 2020, the future taxable net income generated over the life of the Company’s proved reserves was expected to be less than its NOL carryforward deductions and therefore, under the standardized measure, there was no deduction for federal or state income taxes.

(2)	The standardized measure of discounted future net cash flows for the noncontrolling interest in Martica was $359 million and $501 million for the years ended December 31, 2020 and 2021, respectively.

Schedule of weighted average prices used to estimate the Company's total equivalent reserves


	Year Ended December 31,
	2019		2020		2021
12-month weighted average price	$	2.87		2.15		4.21

Schedule of changes in standardized measure of discounted future net cash flow


	Year Ended December 31,
	2019		2020		2021
Sales of oil and gas, net of productions costs	$	(1,116)		(347)		(2,917)
Net changes in prices and production costs ⁽¹⁾		(6,729)		(5,455)		14,099
Development costs incurred during the period		758		704		454
Net changes in future development costs ⁽²⁾		(92)		249		(117)
Extensions, discoveries and other additions		782		31		504
Divestitures		—		(174)		(125)
Revisions of previous quantity estimates		(1,011)		(379)		2,543
Accretion of discount		1,259		607		121
Net change in income taxes		1,513		598		(3,115)
Changes in timing and other		(373)		(93)		776
Net increase (decrease)		(5,009)		(4,259)		12,223
Beginning of year		10,478		5,469		1,210
End of year ⁽³⁾	$	5,469		1,210		13,433

(1)	Includes $3.3 billion in increased production costs due to the deconsolidation of Antero Midstream Partners for the year ended December 31, 2019.

(2)	Includes $185 million in increased future development costs due to the deconsolidation of Antero Midstream Partners for the year ended December 31, 2019.

(3)	The standardized measure for the noncontrolling interest in Martica was $359 million and $501 million for the years ended December 31, 2020 and 2021, respectively.

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details