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DISCLOSURES ABOUT OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2022
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 the acquisition, development, and exploration of oil and natural gas properties, whether capitalized or expensed, are summarized below (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Acquisition(1) | $ | 437,100 |  |  | $ | 4,861,619 |  |  | $ | 11,296 |
Development(2)(3) | 1,044,392 |  |  | 315,746 |  |  | 55,934 |
Exploration | 6,981 |  |  | 7,937 |  |  | 595 |
Total | $ | 1,488,473 |  |  | $ | 5,185,302 |  |  | $ | 67,825 |
_________________________ (1)Acquisition costs for unproved properties for the years ended December 31, 2022, 2021, and 2020 were $16.8 million, $648.0 million, and $2.3 million, respectively. There were $420.3 million, $4.2 billion, and $9.0 million in acquisition costs for proved properties for the years ended December 31, 2022, 2021, and 2020, respectively. (2)Development costs include workover costs of $8.6 million, $2.2 million, and $1.2 million charged to lease operating expense for the years ended December 31, 2022, 2021, and 2020, respectively. (3)Includes amounts relating to asset retirement obligations of $64.7 million, $13.8 million, and $(1.0) million for the years ended December 31, 2022, 2021, and 2020, respectively.
Summary of BCEI's Changes in Quantities of Proved Oil, Natural Gas Liquids and Natural Gas Liquids Reserves | A summary of the Company’s changes in quantities of proved oil, natural gas, and natural gas liquids reserves for the years ended December 31, 2022, 2021, and 2020 are as follows:
|  |  |  | Natural |  | Natural
|  | Oil |  | Gas |  | Gas Liquids
|  | (MBbl) |  | (MMcf) |  | (MBbl)
Balance-December 31, 2019 |  | 64,413 |  |  | 212,200 |  |  | 22,161 |
Extensions, discoveries, and other additions(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 other additions(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 |
Extensions, discoveries, and other additions(1) |  | 12,408 |  |  | 51,358 |  |  | 6,936 |
Production |  | (27,651) |  |  | (112,478) |  |  | (15,666) |
Removed from capital program(2) |  | (105) |  |  | (459) |  |  | (46) |
Purchases of minerals in place |  | 17,479 |  |  | 31,872 |  |  | 4,478 |
Revisions to previous estimates(3) |  | 6,892 |  |  | 8,708 |  |  | 17,104 |
Balance-December 31, 2022 |  | 152,602 |  |  | 867,500 |  |  | 118,834 |
Proved developed reserves: |  |  |  |  |  |
December 31, 2020 |  | 24,320 |  |  | 123,220 |  |  | 14,315 |
December 31, 2021 |  | 104,078 |  |  | 748,762 |  |  | 88,967 |
December 31, 2022 |  | 117,768 |  |  | 750,793 |  |  | 102,004 |
Proved undeveloped reserves: |  |  |  |  |  |
December 31, 2020 |  | 28,473 |  |  | 112,508 |  |  | 11,796 |
December 31, 2021 |  | 39,501 |  |  | 139,737 |  |  | 17,061 |
December 31, 2022 |  | 34,834 |  |  | 116,707 |  |  | 16,830 |
________________________ (1)During the years ended December 31, 2022, 2021, and 2020, horizontal development resulted in extensions, discoveries, and other additions of 27.9 MMBoe, nominal MMBoe, and 18.0 MMBoe, respectively. (2)During the years ended December 31, 2022, 2021, and 2020, proved undeveloped reserves were reduced by 0.2 MMBoe, 24.1 MMBoe, and 22.9 MMBoe respectively, primarily due to the removal of proved undeveloped locations from our five-year drilling program. (3)As of December 31, 2022, the Company revised its proved reserves upward by 25.4 MMBoe. Price-related revisions of 11.8 MMBoe resulted from the increase to SEC prices of $27.11 to $93.67 per Bbl WTI for oil and $2.76 to $6.36 per MMBtu HH for natural gas. The remaining positive revisions of 13.6 MMBoe are primarily driven by updates to well performance forecasts and NGL yields. 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.
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,
| 2022 |  | 2021 |  | 2020
Future cash flows | $ | 23,225,188 |  |  | $ | 14,401,814 |  |  | $ | 2,230,012 |
Future production costs | (6,490,522) |  |  | (5,054,695) |  |  | (675,755) |
Future development costs | (1,337,494) |  |  | (1,107,576) |  |  | (530,970) |
Future income tax expense | (2,870,178) |  |  | (1,465,949) |  |  | — |
Future net cash flows | 12,526,994 |  |  | 6,773,594 |  |  | 1,023,287 |
10% annual discount for estimated timing of cash flows | (4,599,504) |  |  | (2,361,490) |  |  | (586,233) |
Standardized measure of discounted future net cash flows | $ | 7,927,490 |  |  | $ | 4,412,104 |  |  | $ | 437,054 |
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,
| 2022 |  | 2021 |  | 2020
Beginning of period | $ | 4,412,104 |  |  | $ | 437,054 |  |  | $ | 858,147 |
Sale of oil and gas produced, net of production costs | (2,980,527) |  |  | (773,711) |  |  | (160,466) |
Net changes in prices and production costs | 5,016,678 |  |  | 874,155 |  |  | (641,137) |
Net changes in extensions, discoveries, and other additions | 638,537 |  |  | 855 |  |  | (54,269) |
Development costs incurred | 411,138 |  |  | 108,113 |  |  | 42,325 |
Changes in estimated development cost | (87,466) |  |  | 106,788 |  |  | 220,964 |
Purchases of minerals in place | 627,833 |  |  | 4,484,125 |  |  | 12,372 |
Revisions of previous quantity estimates | 619,800 |  |  | (84,126) |  |  | 60,754 |
Net change in income taxes | (991,734) |  |  | (915,053) |  |  | — |
Accretion of discount | 532,716 |  |  | 43,705 |  |  | 85,815 |
Changes in production rates and other | (271,589) |  |  | 130,199 |  |  | 12,549 |
End of period | $ | 7,927,490 |  |  | $ | 4,412,104 |  |  | $ | 437,054 |
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, 2022, 2021, and 2020 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,
|  | 2022 |  | 2021 |  | 2020
Oil (per Bbl) |  | $ | 90.28 |  |  | $ | 61.60 |  |  | $ | 34.96 |
Gas (per Mcf) |  | $ | 5.54 |  |  | $ | 2.60 |  |  | $ | 0.95 |
Natural gas liquids (per Bbl) |  | $ | 39.05 |  |  | $ | 30.60 |  |  | $ | 6.12 |

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- Definition Tabular disclosure of oil and gas sale price and production cost, including, but not limited to, average sale price and production cost per unit. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1204 + Details
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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Form 20-F -Section Item 18 -Subsection Instruction 2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 35 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e62500-109447 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 36 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e62536-109447 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e62496-109447 + Details
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- 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Form 20-F -Section Item 18 -Subsection Instruction 2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61884-109447 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61858-109447 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61872-109447 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61831-109447 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61797-109447 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61869-109447 + Details
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