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Supplemental Information on Natural Gas and Oil Exploration, Development and Production Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Extractive Industries [Abstract]

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization ^(a)

	December 31,
	2020			2019			2018
	(in thousands)
Natural gas and oil properties:
Properties subject to depletion	$	8,891,348		$	9,345,557		$	10,974,929
Unproved properties		859,766			868,180			2,110,277
Total		9,751,114			10,213,737			13,085,206
Accumulated depreciation, depletion and amortization		(4,064,305	)		(4,172,702	)		(4,062,021	)
Net capitalized costs	$	5,686,809		$	6,041,035		$	9,023,185

^(a)	^{Includes capitalized asset retirement costs and the associated accumulated amortization.}

Costs Incurred for Property Acquisition, Exploration and Development

Costs Incurred for Property Acquisition, Exploration and Development ^(a)

	December 31,
	2020		2019		2018
	(in thousands)
Acquisitions
Acreage purchases	$	26,166	$	57,324	$	62,390
Oil and gas properties		—		—		1,683
Development		369,093		666,984		834,552
Exploration:
Drilling		7,709		—		1,380
Expense		31,376		35,117		32,196
Stock-based compensation expense		1,279		1,566		1,921
Gas gathering facilities:
Development		3,694		3,583		10,218
Subtotal		439,317		764,574		944,340
Asset retirement obligations		2,610		11,193		28,826
Total costs incurred	$	441,927	$	775,767	$	973,166

^(a)

^{Includes cost incurred whether capitalized or expensed.}

Proved Developed and Undeveloped Reserves


	Natural Gas			NGLs			Crude Oil and Condensate			Natural Gas Equivalents
	(Mmcf)			(Mbbls)			(Mbbls)			(Mmcfe) ^(a)
Proved developed and undeveloped reserves:
Balance, December 31, 2017		10,263,649			763,264			69,854			15,262,361
Revisions		178,595			84,993			7,197			731,735
Extensions, discoveries and additions		2,269,427			128,436			17,309			3,143,898
Property sales		(135,884	)		(16,774	)		(4,276	)		(262,180	)
Production		(548,085	)		(38,325	)		(4,228	)		(803,408	)
Balance, December 31, 2018		12,027,702			921,594			85,856			18,072,406
Revisions		33,122			57,311			(12,320	)		303,068
Extensions, discoveries and additions		959,901			26,505			7,057			1,161,274
Property sales		(327,634	)		(28,324	)		(2,371	)		(511,811	)
Production		(578,114	)		(38,850	)		(3,690	)		(833,354	)
Balance, December 31, 2019		12,114,977			938,236			74,532			18,191,583
Revisions		(789,992	)		42,741			(12,444	)		(608,211	)
Extensions, discoveries and additions		1,007,415			38,298			4,512			1,264,282
Property sales		(609,311	)		(30,317	)		(6,145	)		(828,084	)
Production		(574,529	)		(37,492	)		(2,829	)		(816,456	)
Balance, December 31, 2020		11,148,560			951,466			57,626			17,203,114
Proved developed reserves:
December 31, 2018		6,451,012			512,318			38,658			9,756,870
December 31, 2019		6,486,211			535,007			34,369			9,902,468
December 31, 2020		6,350,057			550,771			22,976			9,792,540
Proved undeveloped reserves:
December 31, 2018		5,576,690			409,276			47,198			8,315,536
December 31, 2019		5,628,766			403,229			40,163			8,289,115
December 31, 2020		4,798,503			400,695			34,650			7,410,574

^(a)	Oil and NGLs volumes are converted to mcfe at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not indicative of the relationship between oil and natural gas prices.

Changes in Proved Undeveloped Reserves

The following details the changes in proved undeveloped reserves for 2020 (Mmcfe):

Beginning proved undeveloped reserves at December 31, 2019	8,289,115
Undeveloped reserves transferred to developed	(1,258,551	)
Revisions^(a)	(675,150	)
Sales	(175,274	)
Extension and discoveries	1,230,434
Ending proved undeveloped reserves at December 31, 2020	7,410,574

^(a) Includes 961 Bcfe of proved undeveloped reserves removed and deferred due to the five-year rule which can be included in our future proved reserves as these locations are added back to our five-year development plan.

Standardized Measure of Discounted Future Net Cash Flows

The standardized measure of discounted future net cash flows relating to proved natural gas, NGLs, crude oil and condensate reserves is as follows and excludes cash flows associated with derivatives outstanding at each of the respective reporting dates. Future cash inflows are net of third-party transportation, gathering and compression expense.

	As of December 31,
	2020			2019
	(in thousands)
Future cash inflows	$	35,820,758		$	48,718,733
Future costs:
Production		(23,281,268	)		(23,320,477	)
Development^(a)		(2,744,539	)		(3,219,349	)
Future net cash flows before income taxes		9,794,951			22,178,907
Future income tax expense		(1,240,011	)		(4,179,297	)
Total future net cash flows before 10% discount		8,554,940			17,999,610
10% annual discount		(5,708,618	)		(11,371,037	)
Standardized measure of discounted future net cash flows	$	2,846,322		$	6,628,573

^(a) 2020 includes $313.1 million of undiscounted future asset retirement costs estimated as of December 31, 2020, using current estimates of future abandonment costs.

Changes in Discounted Future Net Cash Flows

The following table summarizes changes in the standardized measure of discounted future net cash flows.

	December 31,
	2020			2019			2018
	(in thousands)
Revisions of previous estimates:
Changes in prices and production costs	$	(4,868,371	)	$	(6,560,107	)	$	2,959,488
Revisions in quantities		(345,073	)		(12,741	)		667,763
Changes in future development and abandonment costs		107,899			104,585			(686,632	)
Net change in income taxes		797,816			1,125,639			(1,075,867	)
Accretion of discount		756,083			1,317,349			814,725
Additions to proved reserves from extensions, discoveries and improved recovery		280,441			552,710			2,543,296
Natural gas, NGLs and oil sales, net of production costs		(402,450	)		(881,883	)		(1,547,580	)
Actual development costs incurred during the period		384,530			676,520			851,188
Sales of reserves in place		(394,125	)		(688,937	)		(226,953	)
Timing and other		(99,001	)		(120,156	)		(349,048	)
Net change for the year		(3,782,251	)		(4,487,021	)		3,950,380
Beginning of year		6,628,573			11,115,594			7,165,214
End of year	$	2,846,322		$	6,628,573		$	11,115,594

- 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