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DISCLOSURES ABOUT CRUDE OIL AND NATURAL GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2024
Oil and Gas, Result of Operation, Revenue [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,
| 2024 |  | 2023 |  | 2022
Acquisition(1) | $ | 2,155,306 |  |  | $ | 5,039,610 |  |  | $ | 437,100 |
Development(2) | 2,065,070 |  |  | 1,386,371 |  |  | 1,044,392 |
Exploration | 14,322 |  |  | 2,178 |  |  | 6,981 |
Total | $ | 4,234,698 |  |  | $ | 6,428,159 |  |  | $ | 1,488,473 |
_________________________ (1)Acquisition costs for proved properties for the years ended December 31, 2024, 2023, and 2022 were $1.9 billion, $4.6 billion, and $420.3 million, respectively. Acquisition costs for unproved properties for the years ended December 31, 2024, 2023, and 2022 were $256.9 million, $414.7 million, and $16.8 million, respectively. (2)Includes amounts relating to asset retirement obligations of $134.7 million, $7.5 million, and $64.7 million for the years ended December 31, 2024, 2023, and 2022, 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, 2024, 2023, and 2022 are as follows:
|  | Crude Oil |  | Natural Gas |  | NGL |  | Total
|  | (MBbl) |  | (MMcf) |  | (MBbl) |  | (MBoe)
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 reserves |  | 17,479 |  |  | 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) |
Divestitures of reserves(1) |  | (830) |  |  | (3,582) |  |  | (514) |  |  | (1,940) |
Removed from capital program |  | (2,301) |  |  | (7,812) |  |  | (1,155) |  |  | (4,758) |
Acquisition of reserves |  | 151,717 |  |  | 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 |
Extensions, discoveries, and other additions |  | 51,253 |  |  | 155,483 |  |  | 24,650 |  |  | 101,817 |
Production |  | (58,025) |  |  | (218,905) |  |  | (31,626) |  |  | (126,135) |
Divestiture of reserves(1) |  | (9,695) |  |  | (41,774) |  |  | (6,271) |  |  | (22,929) |
Removed from capital program |  | (9,887) |  |  | (40,657) |  |  | (7,401) |  |  | (24,064) |
Acquisition of reserves |  | 55,978 |  |  | 354,438 |  |  | 64,297 |  |  | 179,348 |
Revisions to previous estimates |  | 2,932 |  |  | 10,631 |  |  | (12,816) |  |  | (8,112) |
Proved reserves-December 31, 2024(1) |  | 305,361 |  |  | 1,539,518 |  |  | 235,776 |  |  | 797,724 |
Proved developed reserves: |  |  |  |  |  |  |  |
December 31, 2022 |  | 117,768 |  |  | 750,793 |  |  | 102,004 |  |  | 344,904 |
December 31, 2023 |  | 199,585 |  |  | 1,077,221 |  |  | 162,117 |  |  | 541,239 |
December 31, 2024 |  | 235,626 |  |  | 1,323,856 |  |  | 203,182 |  |  | 659,451 |
Proved undeveloped reserves: |  |  |  |  |  |  |  |
December 31, 2022 |  | 34,834 |  |  | 116,707 |  |  | 16,830 |  |  | 71,115 |
December 31, 2023 |  | 73,220 |  |  | 243,081 |  |  | 42,826 |  |  | 156,560 |
December 31, 2024 |  | 69,735 |  |  | 215,662 |  |  | 32,594 |  |  | 138,273 |
________________________ (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,
| 2024 |  | 2023 |  | 2022
Future cash flows | $ | 28,250,810 |  |  | $ | 27,947,743 |  |  | $ | 23,225,188 |
Future production costs | (12,006,734) |  |  | (11,038,268) |  |  | (6,490,522) |
Future development costs | (2,491,009) |  |  | (2,366,582) |  |  | (1,337,494) |
Future income tax expense | (1,243,949) |  |  | (1,605,756) |  |  | (2,870,178) |
Future net cash flows | 12,509,118 |  |  | 12,937,137 |  |  | 12,526,994 |
10% annual discount for estimated timing of cash flows | (4,193,705) |  |  | (4,667,858) |  |  | (4,599,504) |
Standardized measure of discounted future net cash flows | $ | 8,315,413 |  |  | $ | 8,269,279 |  |  | $ | 7,927,490 |
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,
| 2024 |  | 2023 |  | 2022
Beginning of period | $ | 8,269,279 |  |  | $ | 7,927,490 |  |  | $ | 4,412,104 |
Crude oil, natural gas, and NGL sales, net of production costs | (3,807,145) |  |  | (2,558,095) |  |  | (2,980,527) |
Net changes in prices and production costs | (1,638,518) |  |  | (4,385,615) |  |  | 5,016,678 |
Net changes in extensions, discoveries, and other additions | 1,415,760 |  |  | 363,594 |  |  | 638,537 |
Development costs incurred | 810,591 |  |  | 447,181 |  |  | 411,138 |
Changes in estimated development cost | 39,668 |  |  | (39,386) |  |  | (87,466) |
Acquisition of reserves | 2,342,362 |  |  | 5,199,814 |  |  | 627,833 |
Divestiture of reserves | (257,413) |  |  | (32,483) |  |  | — |
Revisions of previous quantity estimates | (225,151) |  |  | (529,185) |  |  | 619,800 |
Net change in income taxes | 210,815 |  |  | 796,068 |  |  | (991,734) |
Accretion of discount | 1,172,236 |  |  | 983,428 |  |  | 532,716 |
Changes in production rates and other | (17,071) |  |  | 96,468 |  |  | (271,589) |
End of period | $ | 8,315,413 |  |  | $ | 8,269,279 |  |  | $ | 7,927,490 |
Schedule of Average Wellhead Prices Used in Determining Future Net Revenues Related to Standardized Measure Calculation |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Crude Oil (per Bbl) | $ | 74.12 |  |  | $ | 75.57 |  |  | $ | 90.28 |
Natural Gas (per Mcf) | $ | 0.62 |  |  | $ | 2.03 |  |  | $ | 5.54 |
NGL (per Bbl) | $ | 19.80 |  |  | $ | 22.69 |  |  | $ | 39.05 |

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