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Supplemental Oil and Gas Reserve Information - Unaudited (Tables)
 12 Months Ended
Dec. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
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, 2018, 2017 and 2016:
 
Oil
(MBbl)
 
Gas
(MMcf)
 
MBoe(1)
2016
 
 
 
 
 
Proved reserves
 
 
 
 
 
Beginning balance
184,928

 
199,828

 
218,233

Revisions of previous estimates
11,713

 
116,539

 
31,136

Extensions, discoveries and other additions
10,790

 
24,520

 
14,876

Sales of reserves in place
(5,828
)
 
(10,839
)
 
(7,635
)
Purchases of reserves in place
50,164

 
100,629

 
66,936

Production
(15,174
)
 
(19,573
)
 
(18,436
)
Net proved reserves at December 31, 2016
236,593

 
411,104

 
305,110

Proved developed reserves, December 31, 2016
152,337

 
229,568

 
190,598

Proved undeveloped reserves, December 31, 2016
84,256

 
181,536

 
114,512

2017
 
 
 
 
 
Proved reserves
 
 
 
 
 
Beginning balance
236,593

 
411,104

 
305,110

Revisions of previous estimates
(28,323
)
 
54,726

 
(19,200
)
Extensions, discoveries and other additions
36,238

 
89,489

 
51,153

Sales of reserves in place
(1,196
)
 
(1,147
)
 
(1,387
)
Purchases of reserves in place
466

 
1,230

 
671

Production
(18,818
)
 
(31,946
)
 
(24,143
)
Net proved reserves at December 31, 2017
224,960

 
523,456

 
312,204

Proved developed reserves, December 31, 2017
150,628

 
301,101

 
200,812

Proved undeveloped reserves, December 31, 2017
74,332

 
222,355

 
111,392

2018
 
 
 
 
 
Proved reserves
 
 
 
 
 
Beginning balance
224,960

 
523,456

 
312,204

Revisions of previous estimates
(17,352
)
 
3,019

 
(16,850
)
Extensions, discoveries and other additions
30,640

 
46,309

 
38,358

Sales of reserves in place
(12,470
)
 
(20,735
)
 
(15,926
)
Purchases of reserves in place
25,688

 
43,107

 
32,873

Production
(23,050
)
 
(42,430
)
 
(30,122
)
Net proved reserves at December 31, 2018
228,416

 
552,726

 
320,537

Proved developed reserves, December 31, 2018
144,533

 
339,444

 
201,107

Proved undeveloped reserves, December 31, 2018
83,883

 
213,282

 
119,430


__________________ 
(1)
Natural gas is converted to barrel equivalents at the rate of six thousand cubic feet of natural gas to one barrel of oil.
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 proved reserves at December 31, 2018, 2017 and 2016:
 
At December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Future cash inflows
$
16,652,405

 
$
11,636,126

 
$
9,426,963

Future production costs
(6,609,097
)
 
(4,458,418
)
 
(3,996,657
)
Future development costs
(1,701,672
)
 
(992,271
)
 
(784,727
)
Future income tax expense
(968,466
)
 
(580,481
)
 
(279,345
)
Future net cash flows
7,373,170

 
5,604,956

 
4,366,234

10% annual discount for estimated timing of cash flows
(3,322,864
)
 
(2,304,261
)
 
(1,883,169
)
Standardized measure of discounted future net cash flows
$
4,050,306

 
$
3,300,695

 
$
2,483,065
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 reserves for the periods presented:
 
2018
 
2017
 
2016
 
(In thousands)
January 1
$
3,300,695

 
$
2,483,065

 
$
1,914,330

Net changes in prices and production costs
1,003,008

 
881,742

 
(367,527
)
Net changes in future development costs
(89,304
)
 
(60,929
)
 
69,992

Sales of oil and natural gas, net
(1,155,223
)
 
(769,367
)
 
(403,739
)
Extensions
461,196

 
661,467

 
165,926

Purchases of reserves in place
385,763

 
6,518

 
533,505

Sales of reserves in place
(197,867
)
 
(9,024
)
 
(57,770
)
Revisions of previous quantity estimates
(115,015
)
 
(78,942
)
 
333,398

Previously estimated development costs incurred
303,364

 
157,386

 
91,518

Accretion of discount
368,374

 
262,776

 
202,272

Net change in income taxes
(240,908
)
 
(238,354
)
 
(36,303
)
Changes in timing and other
26,223

 
4,357

 
37,463

December 31
$
4,050,306

 
$
3,300,695

 
$
2,483,065