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DISCLOSURES ABOUT OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
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,
202220212020
Acquisition(1)
$437,100 $4,861,619 $11,296 
Development(2)(3)
1,044,392 315,746 55,934 
Exploration6,981 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:
NaturalNatural
OilGasGas 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 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 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 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 
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 place17,479 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,
202220212020
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 flows12,526,994 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,
202220212020
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 costs5,016,678 874,155 (641,137)
Net changes in extensions, discoveries, and other additions638,537 855 (54,269)
Development costs incurred411,138 108,113 42,325 
Changes in estimated development cost(87,466)106,788 220,964 
Purchases of minerals in place627,833 4,484,125 12,372 
Revisions of previous quantity estimates619,800 (84,126)60,754 
Net change in income taxes(991,734)(915,053)— 
Accretion of discount532,716 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,
202220212020
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