XML 62 R46.htm IDEA: XBRL DOCUMENT

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities

The following tables illustrate the Company's net proved reserves, including changes, and proved developed and proved undeveloped reserves for the periods indicated, as estimated by the Company's engineering staff. All reserves are located within the continental United States.


	Natural Gas (Bcf)	Crude Oil & NGLs (Mbbl)(1)	Total (Bcfe)(2)
December 31, 2017	9,353	62,252	9,726
Revision of prior estimates(3)	776	677	780
Extensions, discoveries and other additions(4)	2,243	—	2,244
Production	(730)	(829)	(735)

Sales of reserves in place(5)	(38)	(61,980)	(410)
December 31, 2018	11,604	120	11,605
Revision of prior estimates(6)	48	(48)	47
Extensions, discoveries and other additions(4)	2,116	—	2,116
Production	(865)	—	(865)

Sales of reserves in place	—	(50)	—
December 31, 2019	12,903	22	12,903
Revision of prior estimates(7)	(347)	(3)	(347)
Extensions, discoveries and other additions(4)	1,974	—	1,974
Production	(858)	(4)	(858)


December 31, 2020	13,672	15	13,672
Proved Developed Reserves
December 31, 2017	6,001	31,066	6,187
December 31, 2018	7,402	107	7,403
December 31, 2019	8,056	22	8,056
December 31, 2020	8,608	15	8,608
Proved Undeveloped Reserves
December 31, 2017	3,352	31,186	3,539
December 31, 2018	4,202	13	4,202
December 31, 2019	4,847	—	4,847
December 31, 2020	5,064	—	5,064

_______________________________________________________________________________

(1)There were no significant NGL reserves for 2020, 2019 and 2018. For 2017, NGL reserves were less than one percent of the Company's total proved equivalent reserves and 13.7 percent of the Company's proved crude oil and NGL reserves.

(2)Includes natural gas and natural gas equivalents determined by using the ratio of 6 Mcf of natural gas to 1 Bbl of crude oil, condensate or NGLs.

(3)The net upward revision of 780 Bcfe was primarily due to an upward revision of 1,123 Bcfe associated with positive drilling results in the Dimock field in northeast Pennsylvania, partially offset by a downward revision of 345 Bcfe associated with proved undeveloped (PUD) reserves reclassifications.

(4)Extensions, discoveries and other additions were primarily related to drilling activity in the Dimock field located in northeast Pennsylvania. The Company added 1,974 Bcfe, 2,116 Bcfe and 2,243 Bcfe of proved reserves in this field in 2020, 2019 and 2018, respectively.

(5)Sales of reserves in place were primarily related to the divestiture of certain oil and gas properties in the Eagle Ford Shale in February 2018 and the Haynesville Shale in July 2018, which represented 404 Bcfe and 6 Bcfe, respectively.

(6)The net upward revision of 47 Bcfe was primarily due to a net upward performance revision of 67 Bcfe, partially offset by a downward revision of 18 Bcfe associated with PUD reclassifications as a result of the five-year limitation. The net upward performance revision of 67 Bcfe was primarily due to an upward revision of 417 Bcfe associated with the

Company's PUD reserves due to performance revisions and the drilling of longer lateral length wells, partially offset by a downward performance revision of 350 Bcfe related to certain proved developed producing properties.

(7)The net downward revision of 347 Bcfe was primarily due to a net downward performance revision of 245 Bcfe and a downward revision of 66 Bcfe associated with PUD reclassifications as a result of the five-year limitation. The net downward performance revision of 245 Bcfe was primarily due to a downward performance revision of 368 Bcfe related to certain proved developed producing properties, partially offset by an upward revision of 123 Bcfe associated with our PUD reserves due to performance revisions and the drilling of longer lateral length wells.

Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure

Capitalized costs relating to oil and gas producing activities and related accumulated depreciation, depletion and amortization were as follows:


	December 31,
(In thousands)	2020		2019		2018
Aggregate capitalized costs relating to oil and gas producing activities	$	7,154,452	$	6,676,122	$	5,995,194
Aggregate accumulated depreciation, depletion and amortization	(3,148,564)		(2,861,014)		(2,540,068)
Net capitalized costs	$	4,005,888	$	3,815,108	$	3,455,126

Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure

Costs incurred in property acquisition, exploration and development activities were as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Property acquisition costs, proved	$	—	$	—	$	—
Property acquisition costs, unproved	5,821		6,072		29,851
Exploration costs	15,419		20,270		94,309
Development costs	546,646		761,326		778,574
Total costs	$	567,886	$	787,668	$	902,734

Oil and Gas, Average Sale Price and Production Cost

The average prices (adjusted for basis and quality differentials) related to proved reserves are as follows:


	Year Ended December 31,
	2020		2019		2018
Natural gas	$	1.64	$	2.35	$	2.58
Crude oil	$	32.53	$	55.80	$	65.21
NGLs	$	—	$	—	$	21.64

Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure

Standardized Measure is as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Future cash inflows	$	22,385,385	$	30,302,480	$	29,904,474
Future production costs	(10,783,895)		(10,039,294)		(8,702,734)
Future development costs(1)	(1,612,659)		(2,006,167)		(1,766,796)
Future income tax expenses	(2,175,916)		(4,042,787)		(4,166,089)
Future net cash flows	7,812,915		14,214,232		15,268,855
10% annual discount for estimated timing of cash flows	(4,750,760)		(8,353,115)		(8,785,547)
Standardized measure of discounted future net cash flows	$	3,062,155	$	5,861,117	$	6,483,308

______________________________________________________________________________

(1)Includes $223.7 million, $212.9 million and $193.5 million in plugging and abandonment costs for the years ended December 31, 2020, 2019 and 2018, respectively.

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

The following is an analysis of the changes in the Standardized Measure:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Beginning of year	$	5,861,117	$	6,483,308	$	5,010,446
Discoveries and extensions, net of related future costs	311,336		1,075,839		1,280,499
Net changes in prices and production costs	(4,326,254)		(1,510,104)		2,078,479
Accretion of discount	750,041		813,480		596,569
Revisions of previous quantity estimates	(107,467)		28,310		586,494
Timing and other	5,992		(192,563)		(76,761)
Development costs incurred	501,093		468,748		338,297
Sales and transfers, net of production costs	(746,310)		(1,316,752)		(1,343,872)
Sales of reserves in place	—		(1,350)		(1,290,594)
Net change in income taxes	812,607		12,201		(696,249)
End of year	$	3,062,155	$	5,861,117	$	6,483,308

- 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