Supplemental Oil and Gas Reserve Information - Unaudited (Tables)

12 Months Ended

Dec. 31, 2020

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Net Proved, Proved Developed and Proved Undeveloped Reserves

The following table summarizes changes in quantities of the Company’s estimated net proved reserves for the periods presented:


	Crude Oil (MBbl)	Natural Gas (MMcf)	MBoe(1)
2018
Proved reserves
Beginning balance (Predecessor)	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 (Predecessor)	228,416	552,726	320,537
Proved developed reserves, December 31, 2018 (Predecessor)	144,533	339,444	201,107
Proved undeveloped reserves, December 31, 2018 (Predecessor)	83,883	213,282	119,430
2019
Proved reserves
Beginning balance (Predecessor)	228,416	552,726	320,537
Revisions of previous estimates	(51,965)	(68,301)	(63,349)
Extensions, discoveries and other additions	49,297	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, 2019 (Predecessor)	200,787	513,533	286,376
Proved developed reserves, December 31, 2019 (Predecessor)	113,418	314,000	165,751
Proved undeveloped reserves, December 31, 2019 (Predecessor)	87,369	199,533	120,625
2020
Proved reserves
Beginning balance (Predecessor)	200,787	513,533	286,376
Revisions of previous estimates	(69,782)	(98,815)	(86,251)
Extensions, discoveries and other additions	4,578	8,659	6,021


Production	(15,818)	(47,207)	(23,686)
Net proved reserves at December 31, 2020 (Successor)	119,765	376,170	182,460
Proved developed reserves, December 31, 2020 (Successor)	85,428	262,676	129,207
Proved undeveloped reserves, December 31, 2020 (Successor)	34,337	113,494	53,253

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(1)Natural gas is converted to barrel of oil 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, 2020, 2019 and 2018:


	At December 31,
	2020		2019		2018

	(In thousands)
Future cash inflows	$	5,197,220	$	12,385,040	$	16,652,405
Future production costs	(2,792,921)		(5,509,127)		(6,609,097)
Future development costs	(610,658)		(1,490,521)		(1,701,672)
Future income tax expense	(232,849)		(188,823)		(968,466)
Future net cash flows	1,560,792		5,196,569		7,373,170
10% annual discount for estimated timing of cash flows	(611,915)		(2,352,200)		(3,322,864)
Standardized measure of discounted future net cash flows	$	948,877	$	2,844,369	$	4,050,306

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:


	2020		2019		2018

	(In thousands)
January 1	$	2,844,369	$	4,050,306	$	3,300,695
Net changes in prices and production costs	(1,088,936)		(1,070,192)		1,003,008
Net changes in future development costs	4,640		131,003		(89,304)
Sales of crude oil and natural gas, net	(407,417)		(943,989)		(1,155,223)
Extensions	47,693		437,700		461,196

Purchases of reserves in place	—		—		385,763
Sales of reserves in place	—		(36,907)		(197,867)
Revisions of previous quantity estimates	(694,320)		(732,253)		(115,015)
Previously estimated development costs incurred	87,640		246,311		303,364
Accretion of discount	293,445		467,426		368,374
Net change in income taxes	(76,066)		533,872		(240,908)
Changes in timing and other	(62,171)		(238,908)		26,223
December 31	$	948,877	$	2,844,369	$	4,050,306

- 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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