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Oil and Gas Reserves Information (Unaudited) | 12 Months Ended
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Dec. 31, 2021
Extractive Industries [Abstract] |
Oil and Gas Reserves Information (Unaudited) | Oil and Gas Reserves Information (Unaudited) Set forth below is a summary of the Company's proved oil and natural gas reserves:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| Oil (MBbls) |  | Natural Gas (MMcf) |  | Oil (MBbls) |  | Natural Gas (MMcf) |  | Oil (MBbls) |  | Natural Gas (MMcf)
Proved Reserves: |  |  |  |  |  |  |  |  |  |  |
Beginning of period | 11,000 |  |  | 5,562,876 |  |  | 16,747 |  |  | 5,341,497 |  |  | 23,612 |  |  | 2,282,758 |
Revisions of previous estimates | 145 |  |  | 88,546 |  |  | (4,241) |  |  | 306,552 |  |  | (4,621) |  |  | 62,697 |
Extensions and discoveries | — |  |  | 797,198 |  |  | 2 |  |  | 365,663 |  |  | 259 |  |  | 315,286 |
Acquisitions of minerals in place | — |  |  | 202,588 |  |  | — |  |  | — |  |  | 240 |  |  | 3,023,109 |
Sales of minerals in place | (9,308) |  |  | (43,851) |  |  | — |  |  | — |  |  | (58) |  |  | (49,520) |
Production | (1,210) |  |  | (489,274) |  |  | (1,508) |  |  | (450,836) |  |  | (2,685) |  |  | (292,833) |
End of period | 627 |  |  | 6,118,083 |  |  | 11,000 |  |  | 5,562,876 |  |  | 16,747 |  |  | 5,341,497 |
Proved Developed Reserves: |  |  |  |  |  |  |  |  |  |  |
Beginning of period | 11,000 |  |  | 1,967,288 |  |  | 15,104 |  |  | 1,890,357 |  |  | 21,466 |  |  | 583,107 |
End of period | 627 |  |  | 2,245,660 |  |  | 11,000 |  |  | 1,967,288 |  |  | 15,104 |  |  | 1,890,357 |
Proved Undeveloped Reserves: |  |  |  |  |  |  |  |  |  |  |
Beginning of period | — |  |  | 3,595,588 |  |  | 1,643 |  |  | 3,451,140 |  |  | 2,146 |  |  | 1,699,651 |
End of period | — |  |  | 3,872,423 |  |  | — |  |  | 3,595,588 |  |  | 1,643 |  |  | 3,451,140 |
Revisions of previous estimates. Revisions of previous estimates for oil were primarily related to changes in oil prices. Revisions of previous natural gas estimates in 2021 were primarily due to changes in natural gas prices. Revisions of previous natural gas estimates in 2020 and 2019 were primarily attributable to higher production performance from the Company's wells as compared to expected performance from proved undeveloped locations included in proved reserves in the previous year. Extensions and discoveries. Extensions and discoveries for 2021, 2020 and 2019 were primarily comprised of proved reserve additions attributable to the wells drilled in the current year that were not classified as proved undeveloped in prior years and additional proved undeveloped reserves added from the Company's drilling program. Acquisitions of minerals in place. The significant acquisitions of minerals in place in 2019 is primarily related to the Covey Park Acquisition. The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves:
| As of December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Cash Flows Relating to Proved Reserves: |  |  |  |  |
Future Cash Flows | $ | 20,396,381 |  |  | $ | 9,871,616 |  |  | $ | 13,078,155 |
Future Costs: |  |  |  |  |
Production | (3,954,726) |  |  | (3,173,350) |  |  | (3,562,042) |
Development and Abandonment | (2,752,603) |  |  | (2,592,520) |  |  | (3,171,351) |
Future Income Taxes | (2,065,316) |  |  | (154,872) |  |  | (676,759) |
Future Net Cash Flows | 11,623,736 |  |  | 3,950,874 |  |  | 5,668,003 |
10% Discount Factor | (5,848,131) |  |  | (2,015,149) |  |  | (2,754,792) |
Standardized Measure of Discounted Future Net Cash Flows | $ | 5,775,605 |  |  | $ | 1,935,725 |  |  | $ | 2,913,211 |
The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Standardized Measure, Beginning of Year | $ | 1,935,725 |  |  | $ | 2,913,211 |  |  | $ | 1,473,840 |
Net change in sales price, net of production costs | 5,012,696 |  |  | (1,858,026) |  |  | (716,930) |
Development costs incurred during the year which were previously estimated | 502,674 |  |  | 302,135 |  |  | 311,331 |
Revisions of quantity estimates | 119,200 |  |  | 215,268 |  |  | 16,340 |
Accretion of discount | 199,124 |  |  | 326,074 |  |  | 175,514 |
Changes in future development and abandonment costs | 1,505 |  |  | 313,191 |  |  | (93,476) |
Changes in timing and other | (224,617) |  |  | (127,663) |  |  | 180,314 |
Extensions and discoveries | 679,418 |  |  | 180,624 |  |  | 442,099 |
Acquisitions of minerals in place | 150,065 |  |  | — |  |  | 1,813,491 |
Sales of minerals in place | (64,032) |  |  | — |  |  | (51,070) |
Sales, net of production costs | (1,567,182) |  |  | (612,194) |  |  | (580,922) |
Net changes in income taxes | (968,971) |  |  | 283,105 |  |  | (57,320) |
Standardized Measure, End of Year | $ | 5,775,605 |  |  | $ | 1,935,725 |  |  | $ | 2,913,211 |
The standardized measure of discounted future net cash flows was determined based on the simple average of the first of month market prices for oil and natural gas for each year. Prices used in determining quantities of oil and natural gas reserves and future cash inflows from oil and natural gas reserves represent prices received at the Company's sales point. These prices have been adjusted from posted or index prices for both location and quality differences. Prices used in determining oil and natural gas reserves quantities and cash flows are as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Crude Oil: $/barrel | $ | 62.38 |  |  | $ | 32.88 |  |  | $ | 50.94 |
Natural Gas: $/Mcf | $ | 3.33 |  |  | $ | 1.71 |  |  | $ | 2.29 |
Proved reserve information utilized in the preparation of the financial statements were based on estimates prepared by the Company's petroleum engineering staff in accordance with guidelines established by the Securities and Exchange Commission and the Financial Accounting Standards Board, which require that reserve reports be prepared under existing economic and operating conditions with no provision for price and cost escalation except by contractual agreement. All of the Company's reserves are located onshore in the continental United States of America. The Company retained an independent petroleum consultant to conduct an audit of the Company's 2021 reserve estimates. The purpose of this audit was to provide additional assurance on the reasonableness of internally prepared reserve estimates. The engineering firm was selected for their geographic expertise and their historical experience. Future development and production costs are computed by estimating the expenditures to be incurred in developing and producing proved oil and gas reserves at the end of the year, based on year end costs and assuming continuation of existing economic conditions. Future income tax expenses are computed by applying the appropriate statutory tax rates to the future pre-tax net cash flows relating to proved reserves, net of the tax basis of the properties involved. The future income tax expenses give effect to permanent differences and tax credits, but do not reflect the impact of future operations.

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