Supplemental Oil and Gas Reserve Information - Unaudited (Tables)

12 Months Ended

Dec. 31, 2023

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Schedule of Net Proved, Proved Developed and Proved Undeveloped Reserves

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


	Crude Oil (MBbl)	NGLs(1) (MBbl)	Natural Gas (MMcf)	MBoe(2)
2021
Proved reserves
Beginning balance	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	174,317	—	459,262	250,860
Proved developed reserves, December 31, 2021	114,041	—	361,836	174,347
Proved undeveloped reserves, December 31, 2021	60,276	—	97,426	76,513
2022
Proved reserves
Beginning balance	174,317	—	459,262	250,860
Revisions of previous estimates	(8,032)	64,557	(56,500)	47,110
Extensions, discoveries and other additions	38,144	7,452	35,689	51,544
Sales of reserves in place	—	—	—	—
Purchases of reserves in place	202,316	73,468	443,903	349,768
Production	(25,457)	(7,026)	(67,428)	(43,722)
Net proved reserves at December 31, 2022	381,288	138,451	814,926	655,560
Proved developed reserves, December 31, 2022	272,529	115,227	689,651	502,698
Proved undeveloped reserves, December 31, 2022	108,759	23,224	125,275	152,862
2023
Proved reserves
Beginning balance	381,288	138,451	814,926	655,560
Revisions of previous estimates	(38,073)	(5,270)	(33,308)	(48,895)
Extensions, discoveries and other additions	53,207	15,046	62,273	78,632
Sales of reserves in place	(3,999)	(53)	(3,067)	(4,564)
Purchases of reserves in place	12,375	3,052	20,060	18,771
Production	(36,427)	(13,047)	(82,953)	(63,300)
Net proved reserves at December 31, 2023	368,371	138,179	777,931	636,204
Proved developed reserves, December 31, 2023	241,362	105,702	640,180	453,762
Proved undeveloped reserves, December 31, 2023	127,008	32,476	137,751	182,442

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(1)For periods prior to July 1, 2022, we reported crude oil and natural gas on a two-stream basis, and NGLs were combined with the natural gas stream when reporting reserves. As of July 1, 2022, NGLs are reported separately from the natural gas stream on a three-stream basis. This prospective change impacts the comparability of the periods presented.

(2)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.

The following table summarizes the changes in the Company’s estimates of PUD reserves during 2023:


			Year Ended December 31, 2023

			(MBoe)
Proved undeveloped reserves, beginning of period			152,862
Purchases of minerals in place			7,167
Extensions, discoveries and other additions			74,514

Revisions of previous estimates			(8,198)
Conversion to proved developed reserves			(43,903)
Proved undeveloped reserves, end of period			182,442

Schedule of 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, 2023, 2022 and 2021:


	At December 31,
	2023		2022		2021

	(In thousands)
Future cash inflows	$	31,882,940	$	44,544,247	$	13,366,064
Future production costs	(13,815,882)		(15,879,712)		(6,548,794)
Future development costs	(3,055,823)		(2,553,605)		(1,322,207)
Future income tax expense	(2,573,017)		(5,283,201)		(717,721)
Future net cash flows	12,438,218		20,827,729		4,777,342
10% annual discount for estimated timing of cash flows	(5,447,578)		(9,333,254)		(2,080,404)
Standardized measure of discounted future net cash flows	$	6,990,640	$	11,494,475	$	2,696,938

Schedule of 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:


	2023		2022		2021

	(In thousands)
January 1	$	11,494,475	$	2,696,938	$	948,877
Net changes in prices and production costs	(6,138,846)		3,148,745		1,617,331
Net changes in future development costs	(92,072)		35,427		(36,645)
Sales of crude oil and natural gas, net	(2,033,251)		(2,161,708)		(796,874)
Extensions	864,249		958,924		98,125

Purchases of reserves in place	373,913		7,441,750		780,442
Sales of reserves in place	(75,097)		—		(204,153)
Revisions of previous quantity estimates	(1,142,960)		1,434,357		639,320
Previously estimated development costs incurred	574,607		137,534		102,519
Accretion of discount	1,445,215		683,631		94,090
Net change in income taxes	1,419,851		(2,539,182)		(252,347)
Changes in timing and other	300,556		(341,941)		(293,747)
December 31	$	6,990,640	$	11,494,475	$	2,696,938

- 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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