Annual report pursuant to Section 13 and 15(d)

Supplemental Information On Oil And Gas Exploration And Production Activities (Tables)

v2.4.0.8
Supplemental Information On Oil And Gas Exploration And Production Activities (Tables)
12 Months Ended
Dec. 31, 2013
Extractive Industries [Abstract]  
Capitalized Costs Relating to Oil and Gas Producing Activities
talized Costs Related to Oil and Gas Producing Activities
 
 
2013
 
2012
 
(In thousands)
Proven properties
$
1,526,588

 
$
984,795

Unproven properties
950,590

 
626,295

 
2,477,178

 
1,611,090

Accumulated depreciation, depletion, amortization and impairment reserve
(779,561
)
 
(661,442
)
Net capitalized costs
$
1,697,617

 
$
949,648

 
 
 
 
Equity investment in Diamondback Energy, Inc.
 
 
 
Proven properties
$
92,074

 
$
123,370

Unproven properties
26,608

 
25,947

 
118,682

 
149,317

Accumulated depreciation, depletion, amortization and impairment reserve
$
(15,180
)
 
$
(31,052
)
Net capitalized costs
$
103,502

 
$
118,265

Cos
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities
s Incurred in Oil and Gas Property Acquisition and Development Activities
 
 
2013
 
2012
 
2011
 
(In thousands)
Acquisition
$
338,153

 
$
513,904

 
$
119,522

Development of proved undeveloped properties
408,121

 
121,787

 
123,489

Exploratory
26,174

 
93,397

 
3,994

Recompletions
44,633

 
24,643

 
17,259

Capitalized asset retirement obligation
3,556

 
2,195

 
1,390

Total
$
820,637

 
$
755,926

 
$
265,654

 
 
 
 
 
 
Equity investment in Diamondback Energy, Inc.
 
 
 
 
 
Acquisition
$
44,534

 
$
49,895

 
$

Development of proved undeveloped properties
6,369

 
22,740

 

Exploratory
17,491

 
3,755

 

Capitalized asset retirement obligation
50

 
203

 

Total
$
68,444

 
$
76,593

 
$

Res
Results of Operations for Producing Activities
results of operations exclude general office overhead and interest expense attributable to oil and gas production.
 
 
2013
 
2012
 
2011
 
(In thousands)
Revenues
$
262,225

 
$
248,601

 
$
228,953

Production costs
(64,666
)
 
(53,708
)
 
(47,230
)
Depletion
(118,118
)
 
(90,230
)
 
(61,965
)
 
79,441

 
104,663

 
119,758

Income tax expense (benefit)
 
 
 
 
 
Current

 
730

 
282

Deferred
49,447

 
25,633

 
(372
)
 
49,447

 
26,363

 
(90
)
Results of operations from producing activities
$
29,994

 
$
78,300

 
$
119,848

Depletion per barrel of oil equivalent (BOE)
$
28.68

 
$
35.07

 
$
26.56

 
 
 
 
 
 
Results of Operations from equity method investment in Diamondback Energy, Inc.
 
 
 
 
 
Revenues
$
14,976

 
$
16,042

 
$

Production costs
(2,518
)
 
(4,474
)
 

Depletion
(4,754
)
 
(5,515
)
 

 
7,704

 
6,053

 

Income tax expense (benefit)
2,286

 
2,158

 

 
 
 
 
 
 
Results of operations from producing activities
$
5,418

 
$
3,895

 
$

Oil
Oil And Gas Reserves
n
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Unaudited)
dardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves  
 
Year ended December 31,
 
2013
 
2012
 
2011
 
(In thousands)
Future cash flows
$
1,657,708

 
$
954,833

 
$
1,594,050

Future development and abandonment costs
(272,500
)
 
(159,113
)
 
(306,810
)
Future production costs
(274,428
)
 
(147,024
)
 
(295,383
)
Future production taxes
(78,647
)
 
(89,175
)
 
(124,739
)
Future income taxes
(172,691
)
 
(114,867
)
 
(229,649
)
Future net cash flows
859,442

 
444,654

 
637,469

10% discount to reflect timing of cash flows
(280,976
)
 
(96,013
)
 
(260,788
)
Standardized measure of discounted future net cash flows
$
578,466

 
$
348,641

 
$
376,681

 
 
 
 
 
 
Equity investment in Diamondback Energy, Inc. Standardized measure of discounted cash flows
 
 
 
 
 
Future cash flows
$
331,505

 
$
592,669

 
$

Future development and abandonment costs
(37,229
)
 
(115,869
)
 

Future production costs
(58,096
)
 
(165,553
)
 

Future production taxes
(22,925
)
 
(30,122
)
 

Future income taxes
(48,547
)
 
(71,669
)
 

Future net cash flows
164,708

 
209,456

 

10% discount to reflect timing of cash flows
(94,462
)
 
(130,871
)
 

Standardized measure of discounted future net cash flows
$
70,246

 
$
78,585

 
$

In
Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
ges in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
 
 
Year ended December 31,
 
2013
 
2012
 
2011
 
(In thousands)
Sales and transfers of oil and gas produced, net of production costs
$
(197,559
)
 
$
(194,893
)
 
$
(181,723
)
Net changes in prices, production costs, and development costs
65,573

 
108,941

 
136,071

Acquisition of oil and gas reserves in place

 

 
72

Extensions and discoveries
130,826

 
151,654

 
107,110

Previously estimated development costs incurred during the period
43,478

 
10,211

 
41,193

Revisions of previous quantity estimates, less related production costs
(3,591
)
 
(10,504
)
 
(112,553
)
Sales of reserves in place

 
(214,867
)
 

Accretion of discount
34,864

 
37,668

 
31,549

Net changes in income taxes
(30,239
)
 
25,585

 
(36,674
)
Change in production rates and other
186,473

 
58,165

 
76,149

Total change in standardized measure of discounted future net cash flows
$
229,825

 
$
(28,040
)
 
$
61,194

 
 
 
 
 
 
Equity investment in Diamondback Energy, Inc. Changes in standardized measure of discounted cash flows
 
 
 
 
 
Change in ownership interest in Diamondback
$
(52,145
)
 
$

 
$

Sales and transfers of oil and gas produced, net of production costs
(12,524
)
 
(11,601
)
 

Net changes in prices, production costs, and development costs
3,312

 
(14,596
)
 

Acquisition of oil and gas reserves in place
21,968

 
23,090

 

Extensions and discoveries
39,776

 
16,969

 

Previously estimated development costs incurred during the period
5,517

 
19,014

 

Revisions of previous quantity estimates, less related production costs
(9,143
)
 
(4,897
)
 

Accretion of discount
4,175

 
7,803

 

Net changes in income taxes
(12,137
)
 
(26,866
)
 

Change in production rates and other
2,862

 
(8,358
)
 

Total change in standardized measure of discounted future net cash flows
$
(8,339
)
 
$
558

 
$