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Supplemental Oil and Gas Reserve Information - Unaudited (Tables)
12 Months Ended
Dec. 31, 2019
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, 2019, 2018 and 2017:
Crude Oil
(MBbl)
Natural Gas
(MMcf)
MBoe(1)
2017
Proved reserves
Beginning balance236,593  411,104  305,110  
Revisions of previous estimates(28,323) 54,726  (19,200) 
Extensions, discoveries and other additions36,238  89,489  51,153  
Sales of reserves in place(1,196) (1,147) (1,387) 
Purchases of reserves in place466  1,230  671  
Production(18,818) (31,946) (24,143) 
Net proved reserves at December 31, 2017224,960  523,456  312,204  
Proved developed reserves, December 31, 2017150,628  301,101  200,812  
Proved undeveloped reserves, December 31, 201774,332  222,355  111,392  
2018
Proved reserves
Beginning balance224,960  523,456  312,204  
Revisions of previous estimates(17,352) 3,019  (16,850) 
Extensions, discoveries and other additions30,640  46,309  38,358  
Sales of reserves in place(12,470) (20,735) (15,926) 
Purchases of reserves in place25,688  43,107  32,873  
Production(23,050) (42,430) (30,122) 
Net proved reserves at December 31, 2018228,416  552,726  320,537  
Proved developed reserves, December 31, 2018144,533  339,444  201,107  
Proved undeveloped reserves, December 31, 201883,883  213,282  119,430  
2019
Proved reserves
Beginning balance228,416  552,726  320,537  
Revisions of previous estimates(51,965) (68,301) (63,349) 
Extensions, discoveries and other additions49,297  87,382  63,861  
Sales of reserves in place(2,136) (2,368) (2,531) 
Production(22,825) (55,906) (32,142) 
Net proved reserves at December 31, 2019200,787  513,533  286,376  
Proved developed reserves, December 31, 2019113,418  314,000  165,751  
Proved undeveloped reserves, December 31, 201987,369  199,533  120,625  
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(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, 2019, 2018 and 2017:
 At December 31,
 201920182017
 (In thousands)
Future cash inflows$12,385,040  $16,652,405  $11,636,126  
Future production costs(5,509,127) (6,609,097) (4,458,418) 
Future development costs(1,490,521) (1,701,672) (992,271) 
Future income tax expense(188,823) (968,466) (580,481) 
Future net cash flows5,196,569  7,373,170  5,604,956  
10% annual discount for estimated timing of cash flows(2,352,200) (3,322,864) (2,304,261) 
Standardized measure of discounted future net cash flows$2,844,369  $4,050,306  $3,300,695  
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:
201920182017
 (In thousands)
January 1$4,050,306  $3,300,695  $2,483,065  
Net changes in prices and production costs(1,070,192) 1,003,008  881,742  
Net changes in future development costs131,003  (89,304) (60,929) 
Sales of crude oil and natural gas, net(943,989) (1,155,223) (769,367) 
Extensions437,700  461,196  661,467  
Purchases of reserves in place—  385,763  6,518  
Sales of reserves in place(36,907) (197,867) (9,024) 
Revisions of previous quantity estimates(732,253) (115,015) (78,942) 
Previously estimated development costs incurred246,311  303,364  157,386  
Accretion of discount467,426  368,374  262,776  
Net change in income taxes533,872  (240,908) (238,354) 
Changes in timing and other(238,908) 26,223  4,357  
December 31$2,844,369  $4,050,306  $3,300,695