Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Extractive Industries [Abstract] |
|
| Schedule of capitalized costs related to oil and gas producing activities |
Capitalized Costs Related to Oil and Gas Producing Activities
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
(In thousands) |
Proved properties |
$ |
8,909,069 |
|
|
$ |
7,153,799 |
|
Unproved properties |
1,686,666 |
|
|
2,873,037 |
|
|
10,595,735 |
|
|
10,026,836 |
|
Accumulated depreciation, depletion, amortization and impairment |
(7,191,957 |
) |
|
(4,613,293 |
) |
Net capitalized costs |
$ |
3,403,778 |
|
|
$ |
5,413,543 |
|
|
|
|
|
Equity investment in Grizzly Oil Sands ULC |
|
|
|
Proved properties |
$ |
64,476 |
|
|
$ |
67,475 |
|
Unproved properties |
85,395 |
|
|
79,605 |
|
|
149,871 |
|
|
147,080 |
|
Accumulated depreciation, depletion, amortization and impairment |
(1,634 |
) |
|
(1,553 |
) |
Net capitalized costs |
$ |
148,237 |
|
|
$ |
145,527 |
|
|
| Schedule of cost incurred in oil and gas property acquisition and development activities |
Costs Incurred in Oil and Gas Property Acquisition and Development Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
|
(In thousands) |
Acquisition |
$ |
37,598 |
|
|
$ |
119,444 |
|
|
$ |
1,946,416 |
|
Development |
594,673 |
|
|
714,269 |
|
|
1,138,951 |
|
Exploratory |
9,762 |
|
|
22,081 |
|
|
9,058 |
|
Total |
$ |
642,033 |
|
|
$ |
855,794 |
|
|
$ |
3,094,425 |
|
|
|
|
|
|
|
Equity investment in Grizzly Oil Sands ULC |
|
|
|
|
|
Acquisition |
$ |
— |
|
|
$ |
238 |
|
|
$ |
503 |
|
Development |
— |
|
|
— |
|
|
— |
|
Exploratory |
849 |
|
|
— |
|
|
— |
|
Total |
$ |
849 |
|
|
$ |
238 |
|
|
$ |
503 |
|
|
| Schedule of results of operations for oil and gas production activities |
The results of operations exclude general office overhead and interest expense attributable to oil and gas production.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
|
(In thousands) |
Revenues |
$ |
1,137,648 |
|
|
$ |
1,478,523 |
|
|
$ |
1,106,624 |
|
Production costs |
(403,294 |
) |
|
(415,308 |
) |
|
(350,367 |
) |
Depletion |
(539,379 |
) |
|
(476,517 |
) |
|
(358,792 |
) |
Impairment |
(2,039,770 |
) |
|
— |
|
|
— |
|
Income tax benefit |
7,563 |
|
|
68 |
|
|
240 |
|
Results of operations from producing activities |
$ |
(1,837,232 |
) |
|
$ |
586,766 |
|
|
$ |
397,705 |
|
Depletion per Mcf of gas equivalent (Mcfe) |
$ |
1.08 |
|
|
$ |
0.96 |
|
|
$ |
0.90 |
|
|
|
|
|
|
|
Results of Operations from equity method investment in Grizzly Oil Sands ULC |
|
|
|
|
|
Revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Production costs |
— |
|
|
— |
|
|
— |
|
Depletion |
— |
|
|
— |
|
|
— |
|
Income tax expense |
— |
|
|
— |
|
|
— |
|
Results of operations from producing activities |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of oil and gas reserves |
These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
|
Oil |
|
Natural Gas |
|
NGL |
|
Oil |
|
Natural Gas |
|
NGL |
|
Oil |
|
Natural Gas |
|
NGL |
|
(Mbbls) |
|
(MMcf) |
|
(Mbbls) |
|
(Mbbls) |
|
(MMcf) |
|
(Mbbls) |
|
(Mbbls) |
|
(MMcf) |
|
(Mbbls) |
Proved Reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of the period |
21,050 |
|
|
4,133,889 |
|
|
80,520 |
|
|
19,157 |
|
|
4,825,310 |
|
|
75,766 |
|
|
5,546 |
|
|
2,167,068 |
|
|
20,127 |
|
Purchases in oil and natural gas reserves in place |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15,132 |
|
|
1,098,644 |
|
|
53,617 |
|
Extensions and discoveries |
3,612 |
|
|
997,014 |
|
|
12,992 |
|
|
5,205 |
|
|
622,271 |
|
|
9,631 |
|
|
951 |
|
|
1,594,734 |
|
|
4,619 |
|
Sales of oil and natural gas reserves in place |
(2,369 |
) |
|
(62,557 |
) |
|
— |
|
|
(134 |
) |
|
(43,444 |
) |
|
(112 |
) |
|
— |
|
|
— |
|
|
— |
|
Revisions of prior reserve estimates |
(1,749 |
) |
|
(561,890 |
) |
|
(26,909 |
) |
|
(377 |
) |
|
(826,506 |
) |
|
1,228 |
|
|
107 |
|
|
314,925 |
|
|
2,737 |
|
Current production |
(2,186 |
) |
|
(458,178 |
) |
|
(5,074 |
) |
|
(2,801 |
) |
|
(443,742 |
) |
|
(5,993 |
) |
|
(2,579 |
) |
|
(350,061 |
) |
|
(5,334 |
) |
End of period |
18,357 |
|
|
4,048,279 |
|
|
61,528 |
|
|
21,050 |
|
|
4,133,889 |
|
|
80,520 |
|
|
19,157 |
|
|
4,825,310 |
|
|
75,766 |
|
Proved developed reserves |
7,887 |
|
|
1,757,303 |
|
|
29,898 |
|
|
9,570 |
|
|
1,813,184 |
|
|
40,810 |
|
|
10,245 |
|
|
1,616,930 |
|
|
36,247 |
|
Proved undeveloped reserves |
10,470 |
|
|
2,290,976 |
|
|
31,630 |
|
|
11,480 |
|
|
2,320,705 |
|
|
39,710 |
|
|
8,912 |
|
|
3,208,380 |
|
|
39,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investment in Grizzly Oil Sands ULC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of the period |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchases in oil and natural gas reserves in place |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Extensions and discoveries |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Revisions of prior reserve estimates |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Current production |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
End of period |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proved developed reserves |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proved undeveloped reserves |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
| Schedule of standardized measure of discounted future net cash flows relating to proved oil and gas reserves |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2019 |
|
2018 |
|
2017 |
|
(In thousands) |
Future cash flows |
$ |
10,451,179 |
|
|
$ |
14,483,197 |
|
|
$ |
11,202,692 |
|
Future development and abandonment costs |
(2,058,374 |
) |
|
(2,437,853 |
) |
|
(3,005,217 |
) |
Future production costs |
(4,512,940 |
) |
|
(5,067,554 |
) |
|
(2,152,821 |
) |
Future production taxes |
(332,525 |
) |
|
(455,840 |
) |
|
(289,944 |
) |
Future income taxes |
— |
|
|
(943,293 |
) |
|
(573,965 |
) |
Future net cash flows |
3,547,340 |
|
|
5,578,657 |
|
|
5,180,745 |
|
10% discount to reflect timing of cash flows |
(1,843,753 |
) |
|
(2,595,932 |
) |
|
(2,537,181 |
) |
Standardized measure of discounted future net cash flows |
$ |
1,703,587 |
|
|
$ |
2,982,725 |
|
|
$ |
2,643,564 |
|
|
|
|
|
|
|
Equity investment in Grizzly Oil Sands ULC Standardized measure of discounted cash flows |
|
|
|
|
|
Future cash flows |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Future development and abandonment costs |
— |
|
|
— |
|
|
— |
|
Future production costs |
— |
|
|
— |
|
|
— |
|
Future production taxes |
— |
|
|
— |
|
|
— |
|
Future income taxes |
— |
|
|
— |
|
|
— |
|
Future net cash flows |
— |
|
|
— |
|
|
— |
|
10% discount to reflect timing of cash flows |
|
|
|
|
|
|
|
|
Standardized measure of discounted future net cash flows |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves |
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2019 |
|
2018 |
|
2017 |
|
(In thousands) |
Sales and transfers of oil and gas produced, net of production costs |
$ |
(734,354 |
) |
|
$ |
(1,063,215 |
) |
|
$ |
(756,257 |
) |
Net changes in prices, production costs, and development costs |
(1,372,443 |
) |
|
590,519 |
|
|
913,714 |
|
Acquisition of oil and gas reserves in place |
— |
|
|
— |
|
|
703,866 |
|
Extensions and discoveries |
388,151 |
|
|
519,137 |
|
|
618,039 |
|
Previously estimated development costs incurred during the period |
405,979 |
|
|
402,156 |
|
|
390,673 |
|
Revisions of previous quantity estimates, less related production costs |
(321,397 |
) |
|
(356,933 |
) |
|
155,200 |
|
Sales of oil and gas reserves in place |
(48,547 |
) |
|
(25,882 |
) |
|
— |
|
Accretion of discount |
298,273 |
|
|
264,356 |
|
|
68,804 |
|
Net changes in income taxes |
424,628 |
|
|
(185,157 |
) |
|
(231,545 |
) |
Change in production rates and other |
(319,428 |
) |
|
194,180 |
|
|
93,030 |
|
Total change in standardized measure of discounted future net cash flows |
$ |
(1,279,138 |
) |
|
$ |
339,161 |
|
|
$ |
1,955,524 |
|
|
|
|
|
|
|
Equity investment in Grizzly Oil Sands ULC Changes in standardized measure of discounted cash flows |
|
|
|
|
|
Sales and transfers of oil and gas produced, net of production costs |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net changes in prices, production costs, and development costs |
— |
|
|
— |
|
|
— |
|
Acquisition of oil and gas reserves in place |
— |
|
|
— |
|
|
— |
|
Extensions and discoveries |
— |
|
|
— |
|
|
— |
|
Previously estimated development costs incurred during the period |
— |
|
|
— |
|
|
— |
|
Revisions of previous quantity estimates, less related production costs |
— |
|
|
— |
|
|
— |
|
Accretion of discount |
— |
|
|
— |
|
|
— |
|
Net changes in income taxes |
— |
|
|
— |
|
|
— |
|
Change in production rates and other |
— |
|
|
— |
|
|
— |
|
Total change in standardized measure of discounted future net cash flows |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|