Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Extractive Industries [Abstract] |
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| Schedule of capitalized costs related to oil and gas producing activities |
Capitalized Costs Related to Oil and Gas Producing Activities
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2020 |
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2019 |
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(In thousands) |
| Proved properties |
$ |
9,359,866 |
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|
$ |
8,909,069 |
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| Unproved properties |
1,457,043 |
|
|
1,686,666 |
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10,816,909 |
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|
10,595,735 |
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| Accumulated depreciation, depletion, amortization and impairment |
(8,778,759) |
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|
(7,191,957) |
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| Net capitalized costs |
$ |
2,038,150 |
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$ |
3,403,778 |
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| Schedule of cost incurred in oil and gas property acquisition and development activities |
Costs Incurred in Oil and Gas Property Acquisition and Development Activities
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2020 |
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2019 |
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2018 |
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(In thousands) |
| Acquisition |
$ |
15,260 |
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|
$ |
37,598 |
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|
$ |
119,444 |
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| Development |
276,622 |
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|
594,673 |
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|
714,269 |
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| Exploratory |
— |
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|
9,762 |
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|
22,081 |
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| Total |
$ |
291,882 |
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|
$ |
642,033 |
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$ |
855,794 |
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| 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.
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2020 |
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2019 |
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2018 |
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(In thousands) |
| Revenues |
$ |
801,251 |
|
|
$ |
1,354,766 |
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|
$ |
1,675,180 |
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| Production costs |
(537,609) |
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|
(620,412) |
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|
(611,965) |
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| Depletion |
(229,702) |
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|
(539,379) |
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|
(476,517) |
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| Impairment |
(1,357,099) |
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|
(2,039,770) |
|
|
— |
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| Income tax (expense) benefit |
(7,290) |
|
|
7,563 |
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|
68 |
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| Results of operations from producing activities |
$ |
(1,330,449) |
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|
$ |
(1,837,232) |
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|
$ |
586,766 |
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| Depletion per Mcf of gas equivalent (Mcfe) |
$ |
0.61 |
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$ |
1.08 |
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$ |
0.96 |
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| Schedule of oil and gas reserves |
These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data.
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Oil (MMBbl) |
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Natural Gas (Bcf) |
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NGL (MMBbl) |
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Natural Gas Equivalent (Bcfe) |
| Proved Reserves |
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| December 31, 2017 |
19 |
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|
4,825 |
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|
76 |
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|
5,395 |
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| Purchases of reserves |
— |
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|
— |
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— |
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— |
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| Extensions and discoveries |
5 |
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|
622 |
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|
10 |
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|
711 |
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| Sales of reserves |
— |
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(43) |
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— |
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(45) |
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| Revisions of prior reserve estimates |
— |
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|
(827) |
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|
1 |
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(821) |
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| Current production |
(3) |
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(444) |
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(6) |
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(497) |
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| December 31, 2018 |
21 |
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|
4,134 |
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|
81 |
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|
4,743 |
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| Purchases of reserves |
— |
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— |
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— |
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— |
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| Extensions and discoveries |
4 |
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|
997 |
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13 |
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|
1,097 |
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| Sales of reserves |
(2) |
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|
(63) |
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— |
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(77) |
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| Revisions of prior reserve estimates |
(2) |
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|
(562) |
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(27) |
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(734) |
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| Current production |
(2) |
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(458) |
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(5) |
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(502) |
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| December 31, 2019 |
18 |
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|
4,048 |
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|
62 |
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|
4,528 |
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| Purchases of reserves |
— |
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— |
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— |
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— |
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| Extensions and discoveries |
1 |
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|
216 |
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3 |
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|
240 |
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| Sales of reserves |
— |
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|
(74) |
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— |
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(75) |
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| Revisions of prior reserve estimates |
(4) |
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|
(1,564) |
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(23) |
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(1,725) |
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| Current production |
(2) |
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(345) |
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(4) |
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(380) |
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| December 31, 2020 |
13 |
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|
2,281 |
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|
38 |
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|
2,588 |
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| Proved developed reserves |
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| December 31, 2018 |
10 |
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|
1,813 |
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|
41 |
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|
2,115 |
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| December 31, 2019 |
8 |
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|
1,757 |
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|
30 |
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|
1,984 |
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| December 31, 2020 |
7 |
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|
1,358 |
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22 |
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1,527 |
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| Proved undeveloped reserves |
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| December 31, 2018 |
11 |
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|
2,321 |
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|
40 |
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2,628 |
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| December 31, 2019 |
10 |
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|
2,291 |
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32 |
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|
2,544 |
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| December 31, 2020 |
7 |
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923 |
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16 |
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|
1,061 |
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| Totals may not sum or recalculate due to rounding. |
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| 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
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Year ended December 31, |
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2020 |
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2019 |
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2018 |
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(In millions) |
| Future cash flows |
$ |
4,079 |
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$ |
10,451 |
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$ |
14,483 |
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| Future development and abandonment costs |
(652) |
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|
(2,058) |
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(2,438) |
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| Future production costs |
(2,325) |
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(4,513) |
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(5,068) |
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| Future production taxes |
(137) |
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(333) |
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|
(456) |
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| Future income taxes |
— |
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— |
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(943) |
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| Future net cash flows |
965 |
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|
3,547 |
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|
5,578 |
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| 10% discount to reflect timing of cash flows |
(425) |
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(1,844) |
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(2,596) |
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| Standardized measure of discounted future net cash flows |
$ |
540 |
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$ |
1,703 |
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$ |
2,982 |
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| 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
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Year ended December 31, |
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2020 |
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2019 |
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2018 |
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(In millions) |
| Sales and transfers of oil and gas produced, net of production costs |
$ |
(264) |
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$ |
(734) |
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$ |
(1,063) |
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| Net changes in prices, production costs, and development costs |
(954) |
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|
(1,372) |
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|
591 |
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| Acquisition of oil and gas reserves in place |
— |
|
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— |
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— |
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| Extensions and discoveries |
38 |
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|
388 |
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|
519 |
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| Previously estimated development costs incurred during the period |
215 |
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|
406 |
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|
402 |
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| Revisions of previous quantity estimates, less related production costs |
(255) |
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(321) |
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(357) |
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| Sales of oil and gas reserves in place |
(6) |
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(49) |
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(26) |
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| Accretion of discount |
170 |
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|
298 |
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|
264 |
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| Net changes in income taxes |
— |
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|
425 |
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(185) |
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| Change in production rates and other |
(109) |
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|
(319) |
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|
194 |
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| Total change in standardized measure of discounted future net cash flows |
$ |
(1,165) |
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$ |
(1,278) |
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$ |
339 |
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