Supplemental Oil and Gas Reserve Information (Tables)

12 Months Ended

Dec. 31, 2012

Net Proved, Proved Developed and Proved Undeveloped Reserves

The following table sets forth the Company’s estimated net proved, proved developed and proved undeveloped reserves at December 31, 2012, 2011 and 2010:


	Oil (MBbl)			Gas (MMcf)			MBoe
2010
Proved reserves
Beginning balance		12,421			5,270			13,299
Revisions of previous estimates		2,235			1,897			2,552
Extensions, discoveries and other additions		22,445			12,172			24,473
Sales of reserves in place		(122	)		(5	)		(123	)
Purchases of reserves in place		1,363			696			1,479
Production		(1,792	)		(651	)		(1,900	)

Net proved reserves at December 31, 2010		36,550			19,379			39,780

Proved developed reserves, December 31, 2010		15,650			8,208			17,018

Proved undeveloped reserves, December 31, 2010		20,900			11,171			22,762

2011
Proved reserves
Beginning balance		36,550			19,379			39,780
Revisions of previous estimates		(262	)		(159	)		(288	)
Extensions, discoveries and other additions		36,464			40,220			43,168
Sales of reserves in place		(56	)		(518	)		(142	)
Purchases of reserves in place		100			65			111
Production		(3,732	)		(1,087	)		(3,914	)

Net proved reserves at December 31, 2011		69,064			57,900			78,715

Proved developed reserves, December 31, 2011		31,749			24,535			35,839

Proved undeveloped reserves, December 31, 2011		37,315			33,365			42,876

2012
Proved reserves
Beginning balance		69,064			57,900			78,715
Revisions of previous estimates		(567	)		(8,495	)		(1,983	)
Extensions, discoveries and other additions		66,245			45,759			73,871
Sales of reserves in place		—			—			—
Purchases of reserves in place		881			512			966
Production		(7,533	)		(4,146	)		(8,224	)

Net proved reserves at December 31, 2012		128,090			91,530			143,345

Proved developed reserves, December 31, 2012		62,602			44,695			70,051

Proved undeveloped reserves, December 31, 2012		65,488			46,835			73,294

Standardized Measure of Discounted Future Cash Flows

The following table sets forth the Standardized Measure of discounted future net cash flows from projected production of the Company’s estimated net oil and natural gas reserves at December 31, 2012, 2011 and 2010.


	At December 31,
	2012			2011			2010
	(In thousands)
Future cash inflows	$	11,321,992		$	6,508,604		$	2,620,530
Future production costs		(2,809,960	)		(1,690,264	)		(696,890	)
Future development costs		(1,434,648	)		(783,486	)		(362,328	)
Future income tax expense		(2,123,973	)		(1,225,395	)		(495,788	)

Future net cash flows		4,953,411			2,809,459			1,065,524
10% annual discount for estimated timing of cash flows		(2,693,514	)		(1,489,988	)		(579,789	)

Standardized measure of discounted future net cash flows	$	2,259,897		$	1,319,471		$	485,735

Changes in Standardized Measure of Discounted Future Net Cash Flows Applicable to Proved Oil and Natural Gas Reserves

The following table sets forth the changes in the Standardized Measure of discounted future net cash flows applicable to estimated net proved oil and natural gas reserves for the periods presented.


	2012			2011			2010
	(In thousands)
January 1,	$	1,319,471		$	485,735		$	133,530
Net changes in prices and production costs		(7,814	)		299,108			126,089
Net changes in future development costs		28,124			(38,244	)		(9,767	)
Sales of oil and natural gas, net		(542,515	)		(262,485	)		(100,577	)
Extensions		1,358,479			989,697			426,824
Discoveries		—			—			—
Purchases of reserves in place		15,890			2,679			26,919
Sales of reserves in place		—			(2,499	)		(1,720	)
Revisions of previous quantity estimates		(47,957	)		(5,058	)		55,149
Previously estimated development costs incurred		480,925			146,847			32,729
Accretion of discount		190,370			69,782			13,353
Net change in income taxes		(400,196	)		(372,146	)		(212,085	)
Changes in timing and other		(134,880	)		6,055			(4,709	)

December 31,	$	2,259,897		$	1,319,471		$	485,735

- 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.

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- 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.

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