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DISCLOSURES ABOUT OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
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,
202120202019
Acquisition(1)
$4,861,619 $11,296 $12,901 
Development(2)(3)
315,746 55,934 209,535 
Exploration7,937 595 796 
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:
    NaturalNatural
OilGasGas 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 place303 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 place1,430 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 place114,379 767,504 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,
202120202019
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 flows6,773,594 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,
202120202019
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 costs874,155 (641,137)(372,233)
Net changes in extensions, discoveries and improved recoveries855 (54,269)45,728 
Development costs incurred108,113 42,325 185,086 
Changes in estimated development cost106,788 220,964 81,358 
Purchases of minerals in place4,484,125 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 discount43,705 85,815 95,498 
Changes in production rates and other130,199 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,
202120202019
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