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DISCLOSURES ABOUT OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2021
Results of Operations, Revenue from Oil and Gas Producing Activities [Abstract] |
Schedule of Costs Incurred in Oil and Natural Gas Producing Activities | Costs incurred in oil and natural gas producing activities are as follows (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Acquisition(1) | $ | 4,861,619 |  |  | $ | 11,296 |  |  | $ | 12,901 |
Development(2)(3) | 315,746 |  |  | 55,934 |  |  | 209,535 |
Exploration | 7,937 |  |  | 595 |  |  | 796 |
Total | $ | 5,185,302 |  |  | $ | 67,825 |  |  | $ | 223,232 |
_________________________ (1)Acquisition costs for unproved properties for the years ended December 31, 2021, 2020, and 2019 were $648.0 million, $2.3 million, and $4.2 million, respectively. There were $4.2 billion, $9.0 million, and $8.7 million in acquisition costs for proved properties for the years ended December 31, 2021, 2020, and 2019, respectively. (2)Development costs include workover costs of $2.2 million, $1.2 million, and $1.4 million charged to lease operating expense for the years ended December 31, 2021, 2020, and 2019, respectively. (3)Includes amounts relating to asset retirement obligations of $13.8 million, $(1.0) million, and $(0.9) million, for the years ended December 31, 2021, 2020, and 2019, respectively.
Summary of BCEI's Changes in Quantities of Proved Oil, Natural Gas Liquids and Natural Gas Reserves | A summary of the Company's changes in quantities of proved oil, natural gas liquids, and natural gas reserves for the years ended December 31, 2021, 2020, and 2019 are as follows:
|  |  |  | Natural |  | Natural
|  | Oil |  | Gas |  | Gas Liquids
|  | (MBbl) |  | (MMcf) |  | (MBbl)
Balance-December 31, 2018 |  | 64,354 |  |  | 165,012 |  |  | 24,930 |
Extensions, discoveries and infills(1) |  | 8,825 |  |  | 20,604 |  |  | 3,123 |
Production |  | (5,136) |  |  | (11,967) |  |  | (1,431) |
Sales of minerals in place |  | (52) |  |  | (110) |  |  | (18) |
Removed from capital program(2) |  | (4,926) |  |  | (11,508) |  |  | (1,862) |
Purchases of minerals in place |  | 303 |  |  | 627 |  |  | 102 |
Revisions to previous estimates(3) |  | 1,045 |  |  | 49,542 |  |  | (2,683) |
Balance-December 31, 2019 |  | 64,413 |  |  | 212,200 |  |  | 22,161 |
Extensions, discoveries and infills(1) |  | 9,376 |  |  | 32,172 |  |  | 3,269 |
Production |  | (5,019) |  |  | (14,166) |  |  | (1,858) |
Removed from capital program(2) |  | (14,120) |  |  | (33,886) |  |  | (3,141) |
Purchases of minerals in place |  | 1,430 |  |  | 5,457 |  |  | 570 |
Revisions to previous estimates(3) |  | (3,287) |  |  | 33,951 |  |  | 5,110 |
Balance-December 31, 2020 |  | 52,793 |  |  | 235,728 |  |  | 26,111 |
Extensions, discoveries and infills(1) |  | 19 |  |  | 103 |  |  | — |
Production |  | (4,523) |  |  | (13,852) |  |  | (1,763) |
Removed from capital program(2) |  | (12,249) |  |  | (43,918) |  |  | (4,485) |
Purchases of minerals in place |  | 114,379 |  |  | 767,504 |  |  | 89,797 |
Revisions to previous estimates(3) |  | (6,840) |  |  | (57,066) |  |  | (3,632) |
Balance-December 31, 2021 |  | 143,579 |  |  | 888,499 |  |  | 106,028 |
Proved developed reserves: |  |  |  |  |  |
December 31, 2019 |  | 25,397 |  |  | 105,840 |  |  | 11,566 |
December 31, 2020 |  | 24,320 |  |  | 123,220 |  |  | 14,315 |
December 31, 2021 |  | 104,078 |  |  | 748,762 |  |  | 88,967 |
Proved undeveloped reserves: |  |  |  |  |  |
December 31, 2019 |  | 39,016 |  |  | 106,360 |  |  | 10,595 |
December 31, 2020 |  | 28,473 |  |  | 112,508 |  |  | 11,796 |
December 31, 2021 |  | 39,501 |  |  | 139,737 |  |  | 17,061 |
________________________ (1)During the years ended December 31, 2021, 2020, and 2019, horizontal development in the Wattenberg Field resulted in additions in extensions, discoveries, and infills of nominal MMBoe, 18.0 MMBoe, and 15.4 MMBoe, respectively. (2) During the years ended December 31, 2021, 2020, and 2019, proved undeveloped reserves were reduced by 24.1 MMBoe, 22.9 MMBoe, and 8.7 MMBoe respectively, primarily due to the removal of proved undeveloped locations from our five-year drilling program. (3) As of December 31, 2021, the Company revised its proved reserves downward by 20.0 MMBoe primarily driven by 13.1 MMBoe in negative revisions due to changes in well operating cost methodology, 6.9 MMBoe in negative engineering revisions, and 7.1 MMBoe in negative revisions for fuel gas, interest, shrink, and other minor revisions. The commodity prices at December 31, 2021 increased to $66.56 per Bbl WTI and $3.60 per MMBtu HH from $39.57 per Bbl WTI and $1.99 per MMBtu HH at December 31, 2020, resulting in a partially offsetting positive revision of 7.1 MMBoe. As of December 31, 2020, the Company revised its proved reserves upward by 7.5 MMBoe primarily driven by 12.3 MMBoe in positive engineering revisions. The commodity prices at December 31, 2020 decreased to $39.57 per Bbl WTI and $1.99 per MMBtu HH from $55.85 per Bbl WTI and $2.58 per MMBtu HH at December 31, 2019, resulting in a partially offsetting negative revision of 4.8 MMBoe. As of December 31, 2019, the Company revised its proved reserves upward by 6.6 MMBoe. The commodity prices at December 31, 2019 decreased to $55.85 per Bbl WTI and $2.58 per MMBtu HH from $65.56 per Bbl WTI and $3.10 per MMBtu HH at December 31, 2018, resulting in a negative revision of 1.4 MMBoe, offset by 8.1 MMBoe in positive engineering revision.
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves | The standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves are as follows (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Future cash flows | $ | 14,401,814 |  |  | $ | 2,230,012 |  |  | $ | 3,827,009 |
Future production costs | (5,054,695) |  |  | (675,755) |  |  | (1,029,140) |
Future development costs | (1,107,576) |  |  | (530,970) |  |  | (850,327) |
Future income tax expense | (1,465,949) |  |  | — |  |  | — |
Future net cash flows | 6,773,594 |  |  | 1,023,287 |  |  | 1,947,542 |
10% annual discount for estimated timing of cash flows | (2,361,490) |  |  | (586,233) |  |  | (1,089,395) |
Standardized measure of discounted future net cash flows | $ | 4,412,104 |  |  | $ | 437,054 |  |  | $ | 858,147 |
Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves | The changes in the standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves are as follows (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Beginning of period |  | $ | 437,054 |  |  | $ | 858,147 |  |  | $ | 954,980 |
Sale of oil and gas produced, net of production costs |  | (773,711) |  |  | (160,466) |  |  | (233,677) |
Net changes in prices and production costs |  | 874,155 |  |  | (641,137) |  |  | (372,233) |
Net changes in extensions, discoveries and improved recoveries |  | 855 |  |  | (54,269) |  |  | 45,728 |
Development costs incurred |  | 108,113 |  |  | 42,325 |  |  | 185,086 |
Changes in estimated development cost |  | 106,788 |  |  | 220,964 |  |  | 81,358 |
Purchases of minerals in place |  | 4,484,125 |  |  | 12,372 |  |  | 10,135 |
Sales of minerals in place |  | — |  |  | — |  |  | (309) |
Revisions of previous quantity estimates |  | (84,126) |  |  | 60,754 |  |  | 79,637 |
Net change in income taxes |  | (915,053) |  |  | — |  |  | — |
Accretion of discount |  | 43,705 |  |  | 85,815 |  |  | 95,498 |
Changes in production rates and other |  | 130,199 |  |  | 12,549 |  |  | 11,944 |
End of period |  | $ | 4,412,104 |  |  | $ | 437,054 |  |  | $ | 858,147 |
Schedule of Average Wellhead Prices Used in Determining Future Net Revenues Related to Standardized Measure Calculation | The average wellhead prices used in determining future net revenues related to the standardized measure calculation as of December 31, 2021, 2020, and 2019 were calculated using the twelve-month arithmetic average of first-day-of-the-month prices inclusive of adjustments for quality and location.
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Oil (per Bbl) |  | $ | 61.60 |  |  | $ | 34.96 |  |  | $ | 51.22 |
Gas (per Mcf) |  | $ | 2.60 |  |  | $ | 0.95 |  |  | $ | 1.44 |
Natural gas liquids (per Bbl) |  | $ | 30.60 |  |  | $ | 6.12 |  |  | $ | 10.07 |

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