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Supplemental Information on Natural Gas and Oil Exploration, Development and Production Activities (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2023
Extractive Industries [Abstract] |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a)
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Natural gas and oil properties: |  |  |  |  |  |  |  |  |
Properties subject to depletion |  | $ | 10,435,611 |  |  | $ | 9,855,287 |  |  | $ | 9,338,236 |
Unproved properties |  |  | 789,871 |  |  |  | 800,592 |  |  |  | 837,334 |
Total |  |  | 11,225,482 |  |  |  | 10,655,879 |  |  |  | 10,175,570 |
Accumulated depreciation, depletion and amortization |  |  | (5,107,801 | ) |  |  | (4,765,475 | ) |  |  | (4,420,914 | )
Net capitalized costs |  | $ | 6,117,681 |  |  | $ | 5,890,404 |  |  | $ | 5,754,656 |
(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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Acquisitions: |  |  |  |  |  |  |  |  |
Acreage purchases |  | $ | 40,067 |  |  | $ | 28,735 |  |  | $ | 21,942 |
Development |  |  | 568,484 |  |  |  | 460,668 |  |  |  | 381,753 |
Exploration: |  |  |  |  |  |  |  |  |
Drilling |  |  | — |  |  |  | — |  |  |  | 6,329 |
Expense |  |  | 25,280 |  |  |  | 25,194 |  |  |  | 22,048 |
Stock-based compensation expense |  |  | 1,250 |  |  |  | 1,578 |  |  |  | 1,507 |
Gas gathering facilities: |  |  |  |  |  |  |  |  |
Development |  |  | 3,123 |  |  |  | 1,466 |  |  |  | 3,402 |
Subtotal |  |  | 638,204 |  |  |  | 517,641 |  |  |  | 436,981 |
Asset retirement obligations |  |  | 4,616 |  |  |  | 18,096 |  |  |  | 18,634 |
Total costs incurred |  | $ | 642,820 |  |  | $ | 535,737 |  |  | $ | 455,615 |
(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, 2020 |  | 11,148,560 |  |  |  | 951,466 |  |  |  | 57,626 |  |  |  | 17,203,114 |
Revisions |  | (311,410 | ) |  |  | 16,845 |  |  |  | (7,089 | ) |  |  | (252,876 | )
Extensions, discoveries and additions |  | 1,155,952 |  |  |  | 69,367 |  |  |  | 5,103 |  |  |  | 1,602,769 |
Production |  | (541,021 | ) |  |  | (36,373 | ) |  |  | (3,044 | ) |  |  | (777,523 | )
Balance, December 31, 2021 |  | 11,452,081 |  |  |  | 1,001,305 |  |  |  | 52,596 |  |  |  | 17,775,484 |
Revisions |  | (393,165 | ) |  |  | (20,251 | ) |  |  | (12,885 | ) |  |  | (591,983 | )
Extensions, discoveries and additions |  | 1,278,499 |  |  |  | 59,296 |  |  |  | 5,661 |  |  |  | 1,668,244 |
Production |  | (539,443 | ) |  |  | (36,392 | ) |  |  | (2,716 | ) |  |  | (774,089 | )
Balance, December 31, 2022 |  | 11,797,972 |  |  |  | 1,003,958 |  |  |  | 42,656 |  |  |  | 18,077,656 |
Revisions |  | 326,783 |  |  |  | 44,515 |  |  |  | 2,485 |  |  |  | 608,784 |
Extensions, discoveries and additions |  | 24,078 |  |  |  | 30,234 |  |  |  | 296 |  |  |  | 207,260 |
Production |  | (538,085 | ) |  |  | (37,940 | ) |  |  | (2,475 | ) |  |  | (780,575 | )
Balance, December 31, 2023 |  | 11,610,748 |  |  |  | 1,040,767 |  |  |  | 42,962 |  |  |  | 18,113,125 |
Proved developed reserves: |  |  |  |  |  |  |  |  |  |  |
December 31, 2021 |  | 6,809,849 |  |  |  | 577,506 |  |  |  | 23,833 |  |  |  | 10,417,887 |
December 31, 2022 |  | 7,230,313 |  |  |  | 594,931 |  |  |  | 22,213 |  |  |  | 10,933,180 |
December 31, 2023 |  | 7,631,202 |  |  |  | 629,379 |  |  |  | 21,396 |  |  |  | 11,535,852 |
Proved undeveloped reserves: |  |  |  |  |  |  |  |  |  |  |
December 31, 2021 |  | 4,642,232 |  |  |  | 423,798 |  |  |  | 28,762 |  |  |  | 7,357,597 |
December 31, 2022 |  | 4,567,659 |  |  |  | 409,027 |  |  |  | 20,443 |  |  |  | 7,144,476 |
December 31, 2023 |  | 3,979,546 |  |  |  | 411,388 |  |  |  | 21,566 |  |  |  | 6,577,273 |
(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 2023 (Mmcfe):
Beginning proved undeveloped reserves at December 31, 2022 |  |  | 7,144,476 |
Undeveloped reserves transferred to developed |  |  | (937,906 | )
Revisions (a) |  |  | 191,920 |
Extension and discoveries |  |  | 178,783 |
Ending proved undeveloped reserves at December 31, 2023 |  |  | 6,577,273 |
(a) Includes 280.2 Bcfe positive revision for previously proved undeveloped properties due to their addition back into our five year development plan along with positive revisions for longer laterals offset by 370.6 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, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Future cash inflows |  | $ | 54,389,915 |  |  | $ | 113,954,835 |
Future costs: |  |  |  |  |  |
Production |  |  | (29,663,691 | ) |  |  | (31,991,109 | )
Development (a) |  |  | (2,978,183 | ) |  |  | (3,313,724 | )
Future net cash flows before income taxes |  |  | 21,748,041 |  |  |  | 78,650,002 |
Future income tax expense |  |  | (4,176,604 | ) |  |  | (16,651,625 | )
Total future net cash flows before 10% discount |  |  | 17,571,437 |  |  |  | 61,998,377 |
10% annual discount |  |  | (10,732,951 | ) |  |  | (37,453,094 | )
Standardized measure of discounted future net cash flows |  | $ | 6,838,486 |  |  | $ | 24,545,283 |
(a) 2023 includes $358.7 million of undiscounted future asset retirement costs as of December 31, 2023, using current estimates of future abandonment costs.
Changes in Discounted Future Net Cash Flows | The following table summarizes ch anges in the standardized measure of discounted future net cash flows.
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Revisions of previous estimates: |  |  |  |  |  |  |  |  |
Changes in prices and production costs |  | $ | (23,584,574 | ) |  | $ | 14,326,997 |  |  | $ | 11,600,850 |
Revisions in quantities |  |  | (131,078 | ) |  |  | 109,129 |  |  |  | 577,737 |
Changes in future development and abandonment costs |  |  | (123,529 | ) |  |  | (524,847 | ) |  |  | (53,818 | )
Net change in income taxes |  |  | 3,920,556 |  |  |  | (2,625,699 | ) |  |  | (2,248,161 | )
Accretion of discount |  |  | 2,955,359 |  |  |  | 1,486,783 |  |  |  | 298,077 |
Additions to proved reserves from extensions, discoveries and improved recovery |  |  | 103,116 |  |  |  | 2,842,173 |  |  |  | 1,423,510 |
Natural gas, NGLs and oil sales, net of production costs |  |  | (1,100,908 | ) |  |  | (3,550,632 | ) |  |  | (1,934,254 | )
Actual development costs incurred during the period |  |  | 574,646 |  |  |  | 471,877 |  |  |  | 399,681 |
Changes in timing and other |  |  | (320,385 | ) |  |  | (475,724 | ) |  |  | (424,718 | )
Net change for the year |  |  | (17,706,797 | ) |  |  | 12,060,057 |  |  |  | 9,638,904 |
Beginning of year |  |  | 24,545,283 |  |  |  | 12,485,226 |  |  |  | 2,846,322 |
End of year |  | $ | 6,838,486 |  |  | $ | 24,545,283 |  |  | $ | 12,485,226 |

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