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Oil and Gas Reserves Information (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2021
Extractive Industries [Abstract]  
Summary of Changes in Net Quantities of Crude Oil and Natural Gas Reserves
Set forth below is a summary of the Company's proved oil and natural gas reserves:
Year Ended December 31,
202120202019
Oil
(MBbls)
Natural
Gas
(MMcf)
Oil
(MBbls)
Natural
Gas
(MMcf)
Oil
(MBbls)
Natural
Gas
(MMcf)
Proved Reserves:
Beginning of period11,000 5,562,876 16,747 5,341,497 23,612 2,282,758 
Revisions of previous estimates145 88,546 (4,241)306,552 (4,621)62,697 
Extensions and discoveries— 797,198 365,663 259 315,286 
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 period627 6,118,083 11,000 5,562,876 16,747 5,341,497 
Proved Developed Reserves:
Beginning of period11,000 1,967,288 15,104 1,890,357 21,466 583,107 
End of period627 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 
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves
The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves:
As of December 31,
202120202019
(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 Flows11,623,736 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 
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves
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,
202120202019
(In thousands)
Standardized Measure, Beginning of Year$1,935,725 $2,913,211 $1,473,840 
Net change in sales price, net of production costs5,012,696 (1,858,026)(716,930)
Development costs incurred during the year which were previously estimated502,674 302,135 311,331 
Revisions of quantity estimates119,200 215,268 16,340 
Accretion of discount199,124 326,074 175,514 
Changes in future development and abandonment costs1,505 313,191 (93,476)
Changes in timing and other(224,617)(127,663)180,314 
Extensions and discoveries679,418 180,624 442,099 
Acquisitions of minerals in place150,065 — 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 
Summary of Prices Used in Determining Oil and Natural Gas Reserves Quantities and Cash Flows Prices used in determining oil and natural gas reserves quantities and cash flows are as follows:
Year Ended December 31,
202120202019
Crude Oil: $/barrel$62.38 $32.88 $50.94 
Natural Gas: $/Mcf$3.33 $1.71 $2.29