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Supplemental information on oil and gas activities (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure of Supplemental information on oil and gas activities [Abstract]  
Schedule of Costs Incurred in Exploration, Property Acquisitions and Development Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves.

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Total

Year ended December 31, 2021

  

  

  

  

  

Acquisition of properties

  

  

  

  

  

Proved

Unproved

Total property acquisition

Exploration

40,828

3,940

3

998

45,769

Development (a)

81,310

1,900

(2,212)

2

81,000

Total costs incurred

122,138

5,840

(2,209)

1,000

126,769

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Total

Year ended December 31, 2020

  

  

  

  

  

Acquisition of properties

  

  

  

  

  

Proved

202,913

202,913

Unproved

73,310

73,310

Total property acquisition

276,223

276,223

Exploration

19,142

9,447

668

694

29,951

Development (a)

51,793

3,580

412

(3,855)

51,930

Total costs incurred

70,935

13,027

1,080

(3,161)

81,881

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Peru

Total

Year ended December 31, 2019

  

  

  

  

  

  

Acquisition of properties

  

Proved

Unproved

Total property acquisition

Exploration

22,008

8,483

5,219

4,116

39,826

Development (a)

68,818

2,611

143

25,109

14,408

111,089

Total costs incurred

90,826

11,094

5,362

29,225

14,408

150,915

(a)Includes the effect of change in estimate of assets retirement obligations.
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Total

As of December 31, 2021

  

  

  

  

  

Proved properties (a)

  

  

  

  

  

Equipment, camps and other facilities

125,078

72,766

3,333

201,177

Mineral interest and wells

580,931

334,993

42,008

957,932

Other uncompleted projects

26,136

818

250

27,204

Unproved properties (b)

94,419

271

94,690

Gross capitalized costs

826,564

408,577

45,862

1,281,003

Accumulated depreciation

(282,616)

(358,417)

(38,741)

(679,774)

Total net capitalized costs

543,948

50,160

7,121

601,229

(a)Includes capitalized amounts related to asset retirement obligations, impairment loss recognized in Chile for US$ 17,641,000 and impairment loss reversed in Argentina for US$ 13,307,000.
(b)Do not include Ecuador capitalized costs.

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Total

As of December 31, 2020

  

  

  

  

  

Proved properties (a)

  

  

  

  

  

Equipment, camps and other facilities

115,577

74,363

3,580

4,309

197,829

Mineral interest and wells

511,040

348,366

47,729

61,482

968,617

Other uncompleted projects (b)

13,048

2,158

245

26

15,477

Unproved properties (c)

77,388

432

77,820

Gross capitalized costs

717,053

424,887

51,986

65,817

1,259,743

Accumulated depreciation

(228,929)

(345,611)

(38,273)

(45,619)

(658,432)

Total net capitalized costs

488,124

79,276

13,713

20,198

601,311

(a)Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile, Argentina and Brazil for US$ 81,967,000, US$ 16,205,000 and US$ 1,717,000, respectively.
(b)Do not include Peru capitalized costs.
(c)Do not include Ecuador capitalized costs.

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Total

As of December 31, 2019

  

  

  

  

  

Proved properties (a)

  

  

  

  

  

Equipment, camps and other facilities

79,999

84,069

4,615

3,824

172,507

Mineral interest and wells

282,973

402,392

64,179

81,393

830,937

Other uncompleted projects (b)

19,754

11,984

209

765

32,712

Unproved properties

567

45,681

1,788

48,036

Gross capitalized costs

383,293

544,126

70,791

85,982

1,084,192

Accumulated depreciation

(172,207)

(313,379)

(46,370)

(30,897)

(562,853)

Total net capitalized costs

211,086

230,747

24,421

55,085

521,339

(a)Includes capitalized amounts related to asset retirement obligations, impairment loss in Argentina for US$ 7,559,000.
(b)Do not include Peru capitalized costs.
Schedule of Results of Operations for Oil and Gas Producing Activities

The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the years ended December 31, 2021, 2020 and 2019. Income tax for the years presented was calculated utilizing the statutory tax rates.

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Total

Year ended December 31, 2021

  

  

  

  

  

Revenue

618,268

21,471

20,109

28,695

688,543

Production costs, excluding depreciation

Operating costs

(72,043)

(10,280)

(2,954)

(14,490)

(99,767)

Royalties

(106,341)

(770)

(1,642)

(4,270)

(113,023)

Total production costs

(178,384)

(11,050)

(4,596)

(18,760)

(212,790)

Exploration expenses (a)

(11,276)

(4,509)

(998)

(16,783)

Accretion expense (b)

(576)

(1,319)

(535)

(710)

(3,140)

Impairment loss for non-financial assets

(17,641)

13,307

(4,334)

Depreciation, depletion and amortization

(54,588)

(12,806)

(2,933)

(8,152)

(78,479)

Results of operations before income tax

373,444

(25,854)

12,045

13,382

373,017

Income tax (expense) benefit

(115,989)

3,878

(4,095)

(4,684)

(120,890)

Results of oil and gas operations

257,455

(21,976)

7,950

8,698

252,127

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Total

Year ended December 31, 2020

  

  

  

  

  

Revenue

334,606

21,704

12,783

24,599

393,692

Production costs, excluding depreciation

Operating costs

(61,866)

(9,491)

(2,827)

(15,013)

(89,197)

Royalties

(30,453)

(753)

(1,049)

(3,620)

(35,875)

Total production costs

(92,319)

(10,244)

(3,876)

(18,633)

(125,072)

Exploration expenses (a)

(12,493)

(50,301)

(1,000)

(694)

(64,488)

Accretion expense (b)

(670)

(1,358)

(867)

(1,381)

(4,276)

Impairment loss for non-financial assets

(81,967)

(1,717)

(16,205)

(99,889)

Depreciation, depletion and amortization

(56,720)

(32,233)

(2,488)

(14,723)

(106,164)

Results of operations before income tax

172,404

(154,399)

2,835

(27,037)

(6,197)

Income tax (expense) benefit

(55,169)

23,160

(964)

8,111

(24,862)

Results of oil and gas operations

117,235

(131,239)

1,871

(18,926)

(31,059)

Amounts in US$‘000

Colombia

Chile

Brazil

Argentina

Total

Year ended December 31, 2019

  

  

  

  

  

Revenue

538,917

32,336

23,049

34,605

628,907

Production costs, excluding depreciation

Operating costs

(60,545)

(18,608)

(4,098)

(21,137)

(104,388)

Royalties

(56,399)

(1,181)

(1,855)

(5,141)

(64,576)

Total production costs

(116,944)

(19,789)

(5,953)

(26,278)

(168,964)

Exploration expenses (a)

(10,921)

(126)

(6,152)

(13,947)

(31,146)

Accretion expense (b)

(813)

(1,283)

(832)

(722)

(3,650)

Impairment loss for non-financial assets

(7,559)

(7,559)

Depreciation, depletion and amortization

(44,906)

(34,344)

(6,200)

(14,534)

(99,984)

Results of operations before income tax

365,333

(23,206)

3,912

(28,435)

317,604

Income tax (expense) benefit

(120,560)

3,481

(1,330)

8,531

(109,878)

Results of oil and gas operations

244,773

(19,725)

2,582

(19,904)

207,726

(a)Do not include Peru and Ecuador costs.
(b)Represents accretion of ARO and other environmental liabilities.
Schedule of Reserve Quantity Information

The estimated GeoPark net proved reserves for the properties evaluated as of December 31, 2021, 2020, 2019 and 2018 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf):

As of December 31, 2021

As of December 31, 2020

As of December 31, 2019

As of December 31, 2018

Oil and

Oil and

Oil and

Oil and

condensate

Natural gas

condensate

Natural gas

condensate

Natural gas

condensate

Natural gas

    

(Mbbl)

    

(MMcf)

    

(Mbbl)

    

(MMcf)

    

(Mbbl)

    

(MMcf)

    

(Mbbl)

    

(MMcf)

Net proved developed

  

  

  

  

  

  

  

  

Colombia (a)

47,766

1,207

43,817

1,695

39,397

2,319

32,326

1,763

Chile (b)

755

15,196

798

19,054

898

14,406

696

11,944

Brazil (c)

43

13,601

34

13,927

48

14,872

55

17,339

Argentina (d)

1,186

3,379

1,685

5,599

1,658

5,785

2,058

6,207

Total consolidated

49,750

33,383

46,334

40,275

42,001

37,382

35,135

37,253

Net proved undeveloped

  

  

  

  

  

  

  

Colombia (e)

31,019

45,240

51,212

42,449

359

Chile (b)

575

1,563

1,229

5,661

2,809

6,413

2,622

8,823

Argentina (f)

603

104

1,370

450

1,440

3,174

Peru (g)

19,210

18,460

Total consolidated

32,197

1,563

46,573

5,661

74,601

6,863

64,971

12,356

Total proved reserves

81,947

34,946

92,907

45,936

116,602

44,245

100,106

49,609

(a)Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 88%, 8%, 2% and 2% (Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 86%, 8%, 3% and 3% in 2020, Llanos 34
Block and Llanos 32 Block account for 97% and 3% in 2019, and Llanos 34 Block, La Cuerva Block, Yamu Block and Llanos 32 Block account for 96%, 1.5%, 1.5% and 1% in 2018) of the proved developed reserves, respectively.
(b)Fell Block accounts for 100% of the reserves.
(c)BCAM-40 Block accounts for 100% of the reserves.
(d)Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 45%, 21% and 33% (Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 50%, 26% and 24% in 2020, 49%, 30% and 21% in 2019 and 48%, 33% and 19% in 2018) of the proved developed reserves, respectively.
(e)Llanos 34 Block, Llanos 32 Block, CPO-5 Block and Platanillo Block account 88%, 5%, 5% and 3% (Llanos 34 Block, Llanos 32 Block and CPO-5 Block account 91%, 5% and 4% in 2020, Llanos 34 Block and Llanos 32 Block account 96% and 4% in 2019, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2018) of the proved undeveloped reserves, respectively.
(f)Aguada Baguales Block accounts for 100% (Aguada Baguales Block accounts for 100% in 2020 and 2019, and Aguada Baguales Block and El Porvenir Block account for 75% and 25% in 2018) of the proved undeveloped reserves, respectively.
(g)Morona Block accounted for 100% of the reserves.

Schedule of Net Proved Reserves of Oil, Condensate and Natural Gas

Net proved reserves (developed and undeveloped) of oil and condensate:

Thousands of barrels

Colombia

Chile

Brazil

Argentina

Peru

Total

Reserves as of December 31, 2018

74,775

3,318

55

3,498

18,460

100,106

Increase (decrease) attributable to:

  

  

  

  

  

  

Revisions (a)

18,341

541

4

95

750

19,731

Extensions and discoveries (b)

8,071

36

8,107

Production

(10,578)

(188)

(11)

(565)

(11,342)

Reserves as of December 31, 2019

90,609

3,707

48

3,028

19,210

116,602

Increase (decrease) attributable to:

  

  

  

  

  

Revisions (c)

(1,964)

(1,825)

(7)

(734)

(4,530)

Extensions and discoveries (d)

4,545

279

4,824

Purchase or (Disposal) of Minerals in place (e)

6,853

(19,210)

(12,357)

Production

(10,986)

(134)

(7)

(505)

(11,632)

Reserves as of December 31, 2020

89,057

2,027

34

1,789

92,907

Increase (decrease) attributable to:

  

  

  

  

  

Revisions (f)

(3,207)

(597)

18

(169)

(3,955)

Extensions and discoveries (g)

3,375

603

3,978

Production

(10,440)

(100)

(9)

(434)

(10,983)

Reserves as of December 31, 2021

78,785

1,330

43

1,789

81,947

(a)For the year ended December 31, 2019, the Group’s oil and condensate proved reserves were revised upward by 19.7 mmbbl. The primary factors leading to the above were:

- A technical revision of the expected results of future wells in the Jacana and Tigana Fields that led to an increase in reserves of 12.3 mmbbl.

- Better than expected performance from existing wells that increase the proved developed reserves, mostly originated in Colombia (6.3 mmbbl) from the Tigana and Jacana fields in the Llanos 34 Block. There were also minor increments in Argentina (0.4 mmbbl) originated in better performance of the Aguada Baguales Field wells; and in Chile (0.3 mmbbl) mostly in the Yagan Norte, Konawentru, Alakaluf and Yagan Fields.

- An updated geological model for the Situche Field in the Morona Block originated a new estimation of the proved original oil in place volumes that increased the proved undevelop reserves of the block by 0.7 mmbbl.

- Such increase was partially offset by a lower average oil prices resulted in a 0.3 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia and Argentina, respectively.

- There were also better well types considered for the Kiuaku, Loij and Konawentru Field that originated a minor increment of 0.2 mmbbl partially compensated by a reduction of 0.04 mmbbl in Argentina Challaco Field condensate due to an unsuccessful well.

(b)

In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Guaco field discovery in the Llanos 34 Block and the Azogue field discovery in the Llanos 32 Block. In the Fell Block in Chile, the discovery of the Jauke field.

( c)

For the year ended December 31, 2020, the Group’s oil and condensate proved reserves were revised downward by 4.5 mmbbl. The primary factors leading to the above were:

- Lower average oil prices resulted in a 4.2 mmbbl, 1.1 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia, Argentina and Chile, respectively.

- A reduction of 1.6 mmbbl in Chile due to the revision of the type well in the Kiaku and Loij fields and a reduction in Argentina of 0.2 mmbbl, associated to the revision of the type of well in the Aguada Baguales fields.

- Lower than expected performance from the existing wells in Colombia that reduced the proved developed reserves from the Jacana, Tigana and Tigui fields (2.8 mmbbl).

- Such decrease was partially offset by a better performance of proved undeveloped reserves in Colombia (5.1 mmbbl) originated by a new estimation of original oil in place and better type wells considered in the Jacana and Tigana fields. In addition, the proved developed reserves increased in the Aguada Baguales Block in Argentina (0.5 mmbbl) and the Konawentru and Guanaco Fields in Chile of 0.1 mmbbl due to better performance of the existing wells.

(d) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Chile are due to the Jauke Field discovery in the Fell Block.
(e) Purchase of Minerals in place refers to the CPO-5 and Platanillo Blocks acquisition during 2020 in Colombia. The reduction in Peru is due to the decision to retire from the Morona Block (see Note 36.4.1).
(f) For the year ended December 31, 2021, the Group’s oil and condensate proved reserves were revised downward by 4.0 mmbbl. The primary factors leading to the above were:

- Lower than expected performance from the existing wells that reduced the proved developed reserves in Colombia (8.9 mmbbl), in Argentina (0.3 mmbbl), and in Chile (0.3 mmbbl).

- A decrease of 0.6 mmbbl in Chile due to a change in a previously adopted development plan in the Fell Block.

- Such decrease was partially offset by a higher average oil prices resulted in a 5.7 mmbbl, 0.1 mmbbl and 0.3 mmbbl increase in reserves from the blocks in Colombia, Argentina and Chile, respectively.

(g) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Argentina are due to the Aguada Baguales Field.

Net proved reserves (developed and undeveloped) of natural gas:

Millions of cubic feet

Colombia

Chile

Brazil

Argentina

Total

Reserves as of December 31, 2018

2,122

20,767

17,339

9,381

49,609

Increase (decrease) attributable to:

  

  

  

  

Revisions (a)

621

(167)

1,812

(1,791)

475

Extensions and discoveries (b)

295

5,386

5,681

Production

(719)

(5,167)

(4,279)

(1,355)

(11,520)

Reserves as of December 31, 2019

2,319

20,819

14,872

6,235

44,245

Increase (decrease) attributable to:

  

  

  

  

Revisions (c)

(211)

(385)

1,840

889

2,133

Extensions and discoveries (d)

10,456

10,456

Production

(413)

(6,175)

(2,785)

(1,525)

(10,898)

Reserves as of December 31, 2020

1,695

24,715

13,927

5,599

45,936

Increase (decrease) attributable to:

  

  

  

Revisions (e)

14

(3,553)

3,470

(636)

(705)

Production

(502)

(4,403)

(3,796)

(1,584)

(10,285)

Reserves as of December 31, 2021

1,207

16,759

13,601

3,379

34,946

(a)For the year ended December 31, 2019, the Group’s proved natural gas reserves were revised upward by 0.5 billion cubic feet. This was the combined effect of:

- An increase of proved developed reserves due to better performance of existing wells in Chile (2.2 billion cubic feet) mostly associated to the Pampa Larga, Ache and Monte Aymond Fields; in Brazil (1.8 billion cubic feet) in the Manati Field; Colombia (0.6 billion cubic feet) due to a better performance of the Tigana and Jacana Fields; and Argentina (0.1 billion cubic feet) mostly associated to a better performance of wells in the Aguada Baguales Field.

- The above was partially offset by lower than expected performance for the proved undeveloped reserves in Chile (2.4 billion cubic feet) mostly associated to the increase of water production in Ache Field; and Argentina (1.3 billion cubic feet) associated to an unsuccessful well drilled in the Challaco Bajo Field.

- Lower average prices resulted in a decrease of 0.5 billion cubic feet reduction in gas proved developed reserves in Argentina.

(b)The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Azogue field in the Llanos 32 Block, in Colombia.
(c)For the year ended December 31, 2020, the Group’s proved natural gas reserves were revised upwards by 2.1 billion cubic feet. This was the combined effect of:

- An increase of proved developed reserves due to better performance of existing wells in Chile (7.9 billion cubic feet) mostly associated to the Jauke and Ache Fields, in Brazil (3.0 billion cubic feet) associated to new gas sales plateau in 2021 and forward which leads to better than expected performance of the Manati Field and in Argentina (1.9 billion cubic feet) due to better performance of the Puesto Touquet and El Porvenir Blocks.

- The above was partially offset by lower than expected performance of proved undeveloped reserves in Chile (5.8 billion cubic feet) due to revisions of the type of well in the Pampa Larga Field.

- Lower average prices resulted in a decrease of 2.5 billion cubic feet, 1.2 billion cubic feet and 1.2 billion cubic feet reduction in gas reserves in Chile, Brazil and Argentina, respectively.

(d)The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile.
(e)For the year ended December 31, 2021, the Group’s proved natural gas reserves were revised downward by 0.7 billion cubic feet. This was the combined effect of:

- A decrease of proved developed reserves due to lower performance of existing wells in Argentina (1.6 billion cubic feet) and in Chile (2.7 billion cubic feet) partially offset by better than expected performance in the Manati Field in Brazil (2.5 billion cubic feet).

- A decrease of 3.4 billion cubic feet in Chile due to the revision of the type well associated with the incremental activity that reduced the proved undeveloped reserves.

- A decrease of 1.5 billion cubic feet in Chile due to a change in a previously adopted development plan in the Fell Block.

-Such decrease was partially offset by higher average prices which resulted in an increase of 4.0 billion cubic feet, 1 billion cubic feet and 1 billion cubic feet in Chile, Brazil, and Argentina, respectively.

Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves

Amounts in US$‘000

    

Colombia

    

Chile

    

Brazil

    

Argentina

    

Peru

    

Total

As of December 31, 2021

  

  

  

  

  

  

Future cash inflows

4,381,191

136,152

89,208

109,678

4,716,229

Future production costs

(1,715,554)

(69,067)

(34,930)

(61,660)

(1,881,211)

Future development costs

(197,461)

(40,339)

(1,955)

(49,200)

(288,955)

Future income taxes

(754,205)

(3,449)

(2,947)

(760,601)

Undiscounted future net cash flows

1,713,971

26,746

48,874

(4,129)

1,785,462

10% annual discount

(496,150)

6,121

(7,171)

4,471

(492,729)

Standardized measure of discounted future net cash flows

1,217,821

32,867

41,703

342

1,292,733

As of December 31, 2020

  

  

  

  

  

Future cash inflows

2,561,947

130,200

68,857

83,125

2,844,129

Future production costs

(850,029)

(82,290)

(36,254)

(65,536)

(1,034,109)

Future development costs

(197,859)

(28,620)

(2,355)

(24,640)

(253,474)

Future income taxes

(409,276)

(327)

(409,603)

Undiscounted future net cash flows

1,104,783

19,290

29,921

(7,051)

1,146,943

10% annual discount

(345,550)

(2,258)

(4,543)

7,032

(345,319)

Standardized measure of discounted future net cash flows

759,233

17,032

25,378

(19)

801,624

As of December 31, 2019

  

  

  

  

  

Future cash inflows

4,323,914

294,202

86,191

187,064

1,255,239

6,146,610

Future production costs

(1,159,621)

(104,688)

(32,608)

(118,797)

(512,607)

(1,928,321)

Future development costs

(276,804)

(35,420)

(2,166)

(49,595)

(278,388)

(642,373)

Future income taxes

(858,700)

(5,594)

(1,409)

(2,251)

(143,416)

(1,011,370)

Undiscounted future net cash flows

2,028,789

148,500

50,008

16,421

320,828

2,564,546

10% annual discount

(715,217)

(44,277)

(6,626)

(5,080)

(199,611)

(970,811)

Standardized measure of discounted future net cash flows

1,313,572

104,223

43,382

11,341

121,217

1,593,735

Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves

Amounts in US$‘000

    

Colombia

    

Chile

    

Brazil

    

Argentina

    

Peru

    

Total

Present value as of December 31, 2018

1,379,063

89,830

41,549

34,867

238,533

1,783,842

Sales of hydrocarbon, net of production costs

(411,528)

(14,284)

(17,289)

(13,280)

(456,381)

Net changes in sales price and production costs

(299,642)

12,799

6,923

(20,694)

(48,823)

(349,437)

Changes in estimated future development costs

(268,377)

(22,163)

1,165

573

(175,248)

(464,050)

Extensions and discoveries less related costs

182,857

17,300

200,157

Development costs incurred

69,694

4,023

445

4,325

78,487

Revisions of previous quantity estimates

415,349

9,508

5,482

(2,358)

11,992

439,973

Net changes in income taxes

23,398

(2,025)

729

3,760

51,917

77,779

Accretion of discount

222,758

9,235

4,378

4,148

42,846

283,365

Present value as of December 31, 2019

1,313,572

104,223

43,382

11,341

121,217

1,593,735

Sales of hydrocarbon, net of production costs

(221,620)

(12,803)

8,080

(10,454)

(236,797)

Net changes in sales price and production costs

(975,716)

(117,895)

(14,580)

(113)

(1,108,304)

Changes in estimated future development costs

514,317

20,870

(19,606)

(2,587)

512,994

Extensions and discoveries less related costs

59,898

13,914

73,812

Development costs incurred

69,694

10,743

394

445

81,276

Revisions of previous quantity estimates

(27,190)

(13,002)

3,519

(10)

(36,683)

Purchase or (Disposals) of Minerals in place

90,315

(121,217)

(30,902)

Net changes in income taxes

(281,264)

(290)

(281,554)

Accretion of discount

217,227

10,982

4,479

1,359

234,047

Present value as of December 31, 2020

759,233

17,032

25,378

(19)

801,624

Sales of hydrocarbon, net of production costs

(516,844)

(11,520)

(15,677)

(16,855)

(560,896)

Net changes in sales price and production costs

924,875

64,048

19,393

(3,145)

1,005,171

Changes in estimated future development costs

96,364

(18,731)

861

20,674

99,168

Extensions and discoveries less related costs

80,933

(1,020)

79,913

Development costs incurred

87,877

4,111

91,988

Revisions of previous quantity estimates

(76,850)

(23,776)

11,957

465

(88,204)

Net changes in income taxes

(254,618)

(2,780)

244

(257,154)

Accretion of discount

116,851

1,703

2,571

(2)

121,123

Present value as of December 31, 2021

1,217,821

32,867

41,703

342

1,292,733