XML 59 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplemental Crude Oil and Natural Gas Information (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2018
Supplemental Crude Oil and Natural Gas Information [Abstract]  
Proved crude oil and natural gas reserves
Proved crude oil and natural gas reserves
Changes in proved reserves were as follows for the periods presented:
 
 
Crude Oil
(MBbls)
 
Natural Gas
(MMcf)
 
Total
(MBoe)
Proved reserves as of December 31, 2015
 
700,514

 
3,151,786

 
1,225,811

Revisions of previous estimates
 
(99,966
)
 
(63,057
)
 
(110,474
)
Extensions, discoveries and other additions
 
97,587

 
911,062

 
249,430

Production
 
(46,850
)
 
(195,240
)
 
(79,390
)
Sales of minerals in place
 
(8,057
)
 
(14,733
)
 
(10,513
)
Purchases of minerals in place
 

 

 

Proved reserves as of December 31, 2016
 
643,228

 
3,789,818

 
1,274,864

Revisions of previous estimates
 
(77,779
)
 
(25,390
)
 
(82,012
)
Extensions, discoveries and other additions
 
129,895

 
661,867

 
240,206

Production
 
(50,536
)
 
(228,159
)
 
(88,562
)
Sales of minerals in place
 
(4,365
)
 
(64,989
)
 
(15,197
)
Purchases of minerals in place
 
506

 
7,134

 
1,696

Proved reserves as of December 31, 2017
 
640,949

 
4,140,281

 
1,330,995

Revisions of previous estimates
 
(76,994
)
 
(1,153,555
)
 
(269,253
)
Extensions, discoveries and other additions
 
253,066

 
1,871,777

 
565,030

Production
 
(61,384
)
 
(284,730
)
 
(108,839
)
Sales of minerals in place
 
(2,154
)
 
(35,142
)
 
(8,011
)
Purchases of minerals in place
 
3,613

 
52,983

 
12,443

Proved reserves as of December 31, 2018
 
757,096

 
4,591,614

 
1,522,365

Schedule of proved developed and undeveloped oil and gas reserve quantities
The following reserve information sets forth the estimated quantities of proved developed and proved undeveloped crude oil and natural gas reserves of the Company as of December 31, 2018, 2017 and 2016:
 
 
December 31,
 
 
2018
 
2017
 
2016
Proved Developed Reserves
 
 
 
 
 
 
Crude oil (MBbl)
 
347,825

 
318,707

 
290,210

Natural Gas (MMcf)
 
1,964,289

 
1,699,161

 
1,370,620

Total (MBoe)
 
675,206

 
601,901

 
518,646

Proved Undeveloped Reserves
 
 
 
 
 
 
Crude oil (MBbl)
 
409,271

 
322,242

 
353,018

Natural Gas (MMcf)
 
2,627,325

 
2,441,120

 
2,419,198

Total (MBoe)
 
847,159

 
729,094

 
756,218

Total Proved Reserves
 
 
 
 
 
 
Crude oil (MBbl)
 
757,096

 
640,949

 
643,228

Natural Gas (MMcf)
 
4,591,614

 
4,140,281

 
3,789,818

Total (MBoe)
 
1,522,365

 
1,330,995

 
1,274,864

Standardized Measure of Discounted Future Net Cash Flows
The following table sets forth the standardized measure of discounted future net cash flows attributable to proved crude oil and natural gas reserves as of December 31, 2018, 2017 and 2016. Discounted future net cash flows attributable to noncontrolling interests are immaterial and are not separately presented below.
 
 
December 31,
In thousands
 
2018
 
2017
 
2016
Future cash inflows
 
$
61,510,432

 
$
42,574,897

 
$
31,008,587

Future production costs
 
(16,139,001
)
 
(11,159,362
)
 
(9,175,410
)
Future development and abandonment costs
 
(9,706,114
)
 
(6,487,097
)
 
(6,452,647
)
Future income taxes (1)
 
(6,012,439
)
 
(3,488,755
)
 
(3,018,839
)
Future net cash flows
 
29,652,878

 
21,439,683

 
12,361,691

10% annual discount for estimated timing of cash flows
 
(13,968,061
)
 
(10,969,506
)
 
(6,851,468
)
Standardized measure of discounted future net cash flows
 
$
15,684,817

 
$
10,470,177

 
$
5,510,223

Changes in Standardized Measure of Discounted Future Net Cash Flows
The changes in the aggregate standardized measure of discounted future net cash flows attributable to proved crude oil and natural gas reserves are presented below for each of the past three years.
 
 
December 31,
 In thousands
 
2018
 
2017
 
2016
Standardized measure of discounted future net cash flows at January 1
 
$
10,470,177

 
$
5,510,223

 
$
6,476,284

Extensions, discoveries and improved recoveries, less related costs
 
5,162,635

 
1,462,629

 
786,587

Revisions of previous quantity estimates
 
(3,522,428
)
 
(1,004,355
)
 
(794,785
)
Changes in estimated future development and abandonment costs
 
1,063,089

 
743,657

 
1,651,218

Sales of minerals in place, net
 
(9,192
)
 
(41,077
)
 
(90,390
)
Net change in prices and production costs
 
4,224,473

 
3,808,116

 
(2,003,163
)
Accretion of discount
 
1,183,347

 
665,507

 
798,597

Sales of crude oil and natural gas produced, net of production costs
 
(3,743,572
)
 
(2,450,474
)
 
(1,595,281
)
Development costs incurred during the period
 
1,134,153

 
1,045,875

 
454,983

Change in timing of estimated future production and other
 
1,324,365

 
948,519

 
(538,665
)
Change in income taxes
 
(1,602,230
)
 
(218,443
)
 
364,838

Net change
 
5,214,640

 
4,959,954

 
(966,061
)
Standardized measure of discounted future net cash flows at December 31
 
$
15,684,817

 
$
10,470,177

 
$
5,510,223