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DISCLOSURES ABOUT CRUDE OIL AND NATURAL GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2023
Results of Operations, Revenue from Oil and Gas Producing Activities [Abstract]  
Schedule of Costs Incurred in Crude Oil and Natural Gas Producing Activities Costs incurred in the acquisition, development, and exploration of crude oil and natural gas properties, whether capitalized or expensed, are summarized below (in thousands):
Year Ended December 31,
202320222021
Acquisition(1)
$5,039,610 $437,100 $4,861,619 
Development(2)(3)
1,386,371 1,044,392 315,746 
Exploration2,178 6,981 7,937 
Total$6,428,159 $1,488,473 $5,185,302 
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(1)Acquisition costs for unproved properties for the years ended December 31, 2023, 2022, and 2021 were $414.7 million, $16.8 million, and $648.0 million, respectively. There were $4.6 billion, $420.3 million, and $4.2 billion in acquisition costs for proved properties for the years ended December 31, 2023, 2022, and 2021, respectively.
(2)Development costs include workover costs of $14.1 million, $8.6 million, and $2.2 million charged to lease operating expense for the years ended December 31, 2023, 2022, and 2021, respectively.
(3)Includes amounts relating to asset retirement obligations of $7.5 million, $64.7 million, and $13.8 million for the years ended December 31, 2023, 2022, and 2021, respectively.
Summary of BCEI's Changes in Quantities of Proved Crude Oil, Natural Gas Liquids and Natural Gas Liquids Reserves A summary of our changes in quantities of proved crude oil, natural gas, and NGL reserves for the years ended December 31, 2023, 2022, and 2021 are as follows:
Crude Oil
Natural Gas
NGL
Total
 
(MBbl)
(MMcf)(MBbl)(MBoe)
Proved reserves-December 31, 2020
 52,793 235,728 26,111 118,192 
Extensions, discoveries, and other additions
 19 103 — 36 
Production (4,523)(13,852)(1,763)(8,595)
Removed from capital program
(12,249)(43,918)(4,485)(24,054)
Acquisition of reserves114,379 767,504 89,797 332,093 
Revisions to previous estimates(1)
 (6,840)(57,066)(3,632)(19,983)
Proved reserves-December 31, 2021
 143,579 888,499 106,028 397,690 
Extensions, discoveries, and other additions
 12,408 51,358 6,936 27,904 
Production (27,651)(112,478)(15,666)(62,063)
Removed from capital program
(105)(459)(46)(228)
Acquisition of reserves17,479 31,872 4,478 27,269 
Revisions to previous estimates(1)
 6,892 8,708 17,104 25,447 
Proved reserves-December 31, 2022
 152,602 867,500 118,834 416,019 
Extensions, discoveries, and other additions
12,598 31,174 3,719 21,513 
Production(36,726)(133,821)(18,400)(77,430)
Divestiture of reserves(1)
(830)(3,582)(514)(1,940)
Removed from capital program
(2,301)(7,812)(1,155)(4,758)
Acquisition of reserves151,717 635,710 114,708 372,377 
Revisions to previous estimates(1)
(4,255)(68,867)(12,249)(27,982)
Proved reserves-December 31, 2023
272,805 1,320,302 204,943 697,799 
Proved developed reserves:
December 31, 2021 104,078 748,762 88,967 317,839 
December 31, 2022 117,768 750,793 102,004 344,904 
December 31, 2023 199,585 1,077,221 162,117 541,239 
Proved undeveloped reserves:
December 31, 2021 39,501 139,737 17,061 79,851 
December 31, 2022 34,834 116,707 16,830 71,115 
December 31, 2023 73,220 243,081 42,826 156,560 
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(1)Items may not recalculate due to rounding.
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Crude Oil and Natural Gas Reserves
The standardized measure of discounted future net cash flows relating to proved reserves are as follows (in thousands):
Year Ended December 31,
202320222021
Future cash flows$27,947,743 $23,225,188 $14,401,814 
Future production costs(11,038,268)(6,490,522)(5,054,695)
Future development costs(2,366,582)(1,337,494)(1,107,576)
Future income tax expense(1,605,756)(2,870,178)(1,465,949)
Future net cash flows12,937,137 12,526,994 6,773,594 
10% annual discount for estimated timing of cash flows(4,667,858)(4,599,504)(2,361,490)
Standardized measure of discounted future net cash flows$8,269,279 $7,927,490 $4,412,104 
Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Crude Oil and Natural Gas Reserves
The changes in the standardized measure of discounted future net cash flows relating to proved reserves are as follows (in thousands):
Year Ended December 31,
202320222021
Beginning of period$7,927,490 $4,412,104 $437,054 
Crude oil, natural gas, and NGL sales, net of production costs
(2,558,095)(2,980,527)(773,711)
Net changes in prices and production costs(4,385,615)5,016,678 874,155 
Net changes in extensions, discoveries, and other additions363,594 638,537 855 
Development costs incurred447,181 411,138 108,113 
Changes in estimated development cost(39,386)(87,466)106,788 
Acquisition of reserves
5,199,814 627,833 4,484,125 
Divestiture of reserves
(32,483)— — 
Revisions of previous quantity estimates(529,185)619,800 (84,126)
Net change in income taxes796,068 (991,734)(915,053)
Accretion of discount983,428 532,716 43,705 
Changes in production rates and other96,468 (271,589)130,199 
End of period$8,269,279 $7,927,490 $4,412,104 
Schedule of Average Wellhead Prices Used in Determining Future Net Revenues Related to Standardized Measure Calculation
Year Ended December 31,
202320222021
Crude Oil (per Bbl)
$75.57 $90.28 $61.60 
Gas (per Mcf)$2.03 $5.54 $2.60 
NGL (per Bbl)
$22.69 $39.05 $30.60