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Supplemental Oil and Gas Disclosures (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Capitalized Costs Related to Oil, Natural Gas and NGL Activities and Related Accumulated Depletion and Amortization

Aggregate amounts of capitalized costs relating to oil, natural gas and NGL activities and the aggregate amount of related accumulated depletion and amortization as of the dates indicated are presented below (in thousands):


	Year Ended December 31,
	2022		2021		2020
Proved properties	$	5,964,340	$	5,232,479	$	4,945,550
Unproved oil and gas properties, not subject to amortization(1)		154,783		219,055		254,994
Total oil and gas properties		6,119,123		5,451,534		5,200,544
Less: Accumulated depletion		3,484,590		3,072,907		2,680,254
Net capitalized costs	$	2,634,533	$	2,378,627	$	2,520,290
Depletion and amortization rate (Per MBoe)(2)	$	18.95	$	16.71	$	31.42

(1)

Amount includes $111.4 million, $110.3 million and $121.7 million of unproved properties, not subject to amortization, related to the Company’s operations in offshore Mexico for the years ended December 31, 2022, 2021 and 2020, respectively.

(2)

Year ended December 31, 2020 includes the impact of a write-down of U.S. oil and natural gas properties as a result of the Company’s ceiling test computations. See Note 4 — Property, Plant and Equipment for additional information.

Schedule of Costs Incurred in Oil, Natural Gas and NGL Property Acquisition, Exploration and Development Activities

The following table reflects the costs incurred in oil, natural gas and NGL property acquisition, exploration and development activities during the years indicated (in thousands). Costs incurred also include new asset retirement obligations established in the current year, as well as increases or decreases to the asset retirement obligations resulting from changes to estimates during the year.


	Year Ended December 31,
	2022		2021		2020
Property acquisition costs:
Proved properties	$	—	$	210	$	422,833
Unproved properties, not subject to amortization		2,221		—		95,242
Total property acquisition costs		2,221		210		518,075
Exploration costs(1)		125,889		23,844		59,422
Development costs		541,512		245,058		362,011
Total costs incurred	$	669,622	$	269,112	$	939,508

(1)

Amount includes $1.2 million, $6.6 million and $14.6 million of exploration costs related to the Company’s operations in offshore Mexico for the years ended December 31, 2022, 2021 and 2020, respectively.

Schedule of Estimated Proved Reserves at Net Ownership Interest

The following table presents the Company’s estimated proved reserves at its net ownership interest:


	Oil (MBbls)			Gas (MMcf)			NGL (MBbls)			Oil Equivalent (MBoe)
Total proved reserves at December 31, 2019		106,754			155,998			8,981			141,735
Revision of previous estimates		(14,633	)		(56,358	)		(168	)		(24,195	)
Production(1)		(13,665	)		(28,652	)		(1,559	)		(19,999	)
Purchases of reserves		26,903			181,872			3,528			60,743
Extensions and discoveries		3,948			4,348			76			4,749
Total proved reserves at December 31, 2020		109,307			257,208			10,858			163,033
Revision of previous estimates		13,619			8,979			5,137			20,252
Production		(16,159	)		(32,795	)		(1,875	)		(23,500	)
Extensions and discoveries		997			2,961			315			1,806
Total proved reserves at December 31, 2021		107,764			236,353			14,435			161,591
Revision of previous estimates		(5,625	)		(8,302	)		(2,002	)		(9,010	)
Production		(14,561	)		(32,215	)		(1,793	)		(21,723	)
Sales of reserves		(158	)		(7,625	)		—			(1,429	)
Extensions and discoveries		3,639			31,340			2,288			11,150
Total proved reserves at December 31, 2022		91,059			219,551			12,928			140,579
Total proved developed reserves as of:
December 31, 2020		85,007			204,054			8,104			127,120
December 31, 2021		93,420			186,442			11,792			136,286
December 31, 2022		80,285			161,727			9,315			116,555
Total proved undeveloped reserves as of:
December 31, 2020		24,300			53,154			2,754			35,913
December 31, 2021		14,344			49,911			2,643			25,305
December 31, 2022		10,774			57,824			3,613			24,024

(1)

Excludes approximately 3.0 MBoe of Mexico well test production.

Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Interest in Proved Oil, Natural Gas and NGL Reserves

The following table reflects the standardized measure of discounted future net cash flows relating to the Company’s interest in proved oil, natural gas and NGL reserves (in thousands):


	Year Ended December 31,
	2022			2021			2020
Future cash inflows	$	10,674,896		$	8,496,005		$	4,927,497
Future costs:
Production		(1,906,752	)		(1,868,818	)		(1,105,211	)
Development and abandonment		(1,873,453	)		(1,422,507	)		(1,236,874	)
Future net cash flows before income taxes		6,894,691			5,204,680			2,585,412
Future income tax expense		(1,114,409	)		(676,778	)		(141,515	)
Future net cash flows after income taxes		5,780,282			4,527,902			2,443,897
Discount at 10% annual rate		(1,411,834	)		(1,087,291	)		(538,963	)
Standardized measure of discounted future net cash flows	$	4,368,448		$	3,440,611		$	1,904,934

Schedule of Base Prices Used in Determining Standardized Measure

Future cash inflows are computed by applying SEC Pricing to year-end quantities of proved reserves. The discounted future cash flow estimates do not include the effects of derivative instruments. See the following table for SEC Pricing used in determining the standardized measure:


	Year Ended December 31,
	2022		2021		2020
Oil price per Bbl	$	96.03	$	67.14	$	39.47
Natural gas price per Mcf	$	6.80	$	3.71	$	1.97
NGL price per Bbl	$	33.89	$	26.62	$	9.89

Schedule of Principal Changes in Standardized Measure of Discounted Future Net Cash Flows

Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved oil, natural gas and NGL reserves are as follows (in thousands):


	Year Ended December 31,
	2022			2021			2020
Standardized measure, beginning of year	$	3,440,611		$	1,904,934		$	2,537,595
Sales and transfers of oil, net gas and NGLs produced during the period		(1,340,400	)		(957,576	)		(339,557	)
Net change in prices and production costs		2,388,442			2,049,980			(1,468,304	)
Changes in estimated future development and abandonment costs		(84,391	)		(57,876	)		32,589
Previously estimated development and abandonment costs incurred		20,107			69,125			46,143
Accretion of discount		392,600			199,849			299,302
Net change in income taxes		(327,265	)		(391,834	)		361,875
Purchases of reserves		—			—			730,611
Sales of reserves		(5,218	)		—			—
Extensions and discoveries		202,239			45,485			71,589
Net change due to revision in quantity estimates		(255,743	)		426,357			(309,338	)
Changes in production rates (timing) and other		(62,534	)		152,167			(57,571	)
Standardized measure, end of year	$	4,368,448		$	3,440,611		$	1,904,934

- 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