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SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2020
Extractive Industries [Abstract] |
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 |

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