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Supplemental Oil and Gas Reserve Information - Unaudited (Tables)

12 Months Ended

Dec. 31, 2021

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)
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
2021
Proved reserves
Beginning balance (Successor)			119,765						376,170						182,460
Revisions of previous estimates			42,411						68,768						53,871
Extensions, discoveries and other additions			7,734						14,539						10,157
Sales of reserves in place			(24,760)						(40,211)						(31,461)
Purchases of reserves in place			42,656						86,153						57,015
Production			(13,489)						(46,157)						(21,182)
Net proved reserves at December 31, 2021 (Successor)			174,317						459,262						250,860
Proved developed reserves, December 31, 2021 (Successor)			114,041						361,836						174,347
Proved undeveloped reserves, December 31, 2021 (Successor)			60,276						97,426						76,513

__________________ 

(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, 2021, 2020 and 2019:

			At December 31,
			2021						2020						2019
			(In thousands)
Future cash inflows			$	13,366,064					$	5,197,220					$	12,385,040
Future production costs			(6,548,794)						(2,792,921)						(5,509,127)
Future development costs			(1,322,207)						(610,658)						(1,490,521)
Future income tax expense			(717,721)						(232,849)						(188,823)
Future net cash flows			4,777,342						1,560,792						5,196,569
10% annual discount for estimated timing of cash flows			(2,080,404)						(611,915)						(2,352,200)
Standardized measure of discounted future net cash flows			$	2,696,938					$	948,877					$	2,844,369

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:

			2021						2020						2019
			(In thousands)
January 1			$	948,877					$	2,844,369					$	4,050,306
Net changes in prices and production costs			1,617,331						(1,088,936)						(1,070,192)
Net changes in future development costs			(36,645)						4,640						131,003
Sales of crude oil and natural gas, net			(796,874)						(407,417)						(943,989)
Extensions			98,125						47,693						437,700
Purchases of reserves in place			780,442						—						—
Sales of reserves in place			(204,153)						—						(36,907)
Revisions of previous quantity estimates			639,320						(694,320)						(732,253)
Previously estimated development costs incurred			102,519						87,640						246,311
Accretion of discount			94,090						293,445						467,426
Net change in income taxes			(252,347)						(76,066)						533,872
Changes in timing and other			(293,747)						(62,171)						(238,908)
December 31			$	2,696,938					$	948,877					$	2,844,369

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- Definition

Tabular disclosure of the aggregate change in the standardized measure of discounted future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchases under long-term agreements in which the enterprise participates in the operation of the properties on which oil and gas is located or otherwise serves as the producer.

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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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