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DISCLOSURES ABOUT CRUDE OIL AND NATURAL GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
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,
202420232022
Acquisition(1)
$2,155,306 $5,039,610 $437,100 
Development(2)
2,065,070 1,386,371 1,044,392 
Exploration14,322 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 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)
Divestitures 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 
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 reserves55,978 354,438 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,
202420232022
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 flows12,509,118 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,
202420232022
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 additions1,415,760 363,594 638,537 
Development costs incurred810,591 447,181 411,138 
Changes in estimated development cost39,668 (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 taxes210,815 796,068 (991,734)
Accretion of discount1,172,236 983,428 532,716 
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,
202420232022
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