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Supplemental Oil and Gas Disclosures (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Capitalized Costs Related to Oil, Natural Gas and NGL Activities and Related Accumulated Depletion and Amortization

Aggregate amounts of capitalized costs relating to oil, natural gas and NGL activities and the aggregate amount of related accumulated depletion and amortization as of the dates indicated are presented below (in thousands):

	Year Ended December 31,
	2020			2019
Proved properties	$	4,945,550		$	4,066,260
Unproved oil and gas properties, not subject to amortization⁽¹⁾		254,994			194,532
Total oil and gas properties		5,200,544			4,260,792
Less: Accumulated depletion		(2,680,254	)		(2,051,856	)
Net capitalized costs	$	2,520,290		$	2,208,936
Depletion and amortization rate (Per Boe)	$	31.42		$	18.05

⁽¹⁾	Amount includes $121.7 million and $106.9 million of unproved properties, not subject to amortization related to the Company’s Mexico properties for the years ended December 31, 2020 and 2019, respectively.

Schedule of Costs Incurred in Oil, Natural Gas and NGL Property Acquisition, Exploration and Development Activities

The following table reflects the costs incurred in oil, natural gas and NGL property acquisition, exploration and development activities during the years indicated (in thousands). Costs incurred also include new asset retirement obligations established in the current year, as well as increases or decreases to the asset retirement obligations resulting from changes to cost estimates during the year.

	Year Ended December 31,
	2020		2019		2018
Property acquisition costs:
Proved properties	$	422,833	$	27,660	$	850,515
Unproved properties, not subject to amortization		95,242		16,062		65,063
Total property acquisition costs		518,075		43,722		915,578
Exploration costs⁽¹⁾		59,422		209,161		93,780
Development costs		362,011		292,547		215,467
Total costs incurred	$	939,508	$	545,430	$	1,224,825

⁽¹⁾	Amount includes $14.6 million, $74.2 million and $16.9 million of exploration costs related to the Company’s Mexico properties for the year ended December 31, 2020, 2019 and 2018, respectively.

Schedule of Estimated Proved Reserves at Net Ownership Interest

The following table presents the Company’s estimated proved reserves at its net ownership interest:

	Oil (MBbls)			Gas (MMcf)			NGL (MBbls)			Oil Equivalent (MBoe)
Total proved reserves at December 31, 2017		72,804			127,656			6,547			100,625
Revision of previous estimates		2,595			(37,933	)		3,187			(539	)
Production		(11,771	)		(22,771	)		(1,176	)		(16,742	)
Purchases of reserves		44,788			95,661			2,074			62,806
Extensions and discoveries		4,123			8,411			64			5,589
Total proved reserves at December 31, 2018		112,539			171,024			10,696			151,739
Revision of previous estimates		(5,553	)		(15,898	)		(1,237	)		(9,440	)
Production⁽¹⁾		(13,844	)		(23,306	)		(1,228	)		(18,956	)
Purchases of reserves		2,094			2,626			130			2,662
Extensions and discoveries		11,518			21,552			620			15,730
Total proved reserves at December 31, 2019		106,754			155,998			8,981			141,735
Revision of previous estimates		(14,633	)		(56,358	)		(168	)		(24,195	)
Production		(13,665	)		(28,652	)		(1,559	)		(19,999	)
Purchases of reserves		26,903			181,872			3,528			60,743
Extensions and discoveries		3,948			4,348			76			4,749
Total proved reserves at December 31, 2020		109,307			257,208			10,858			163,033
Total proved developed reserves as of:
December 31, 2018		85,530			131,364			8,104			115,528
December 31, 2019		72,016			115,381			6,733			97,979
December 31, 2020		85,007			204,054			8,104			127,120
Total proved undeveloped reserves as of:
December 31, 2018		27,009			39,660			2,592			36,211
December 31, 2019		34,738			40,617			2,248			43,756
December 31, 2020		24,300			53,154			2,754			35,913

⁽¹⁾	Excludes approximately 3.0 MBoe of Mexico well test production

Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Interest in Proved Oil, Natural Gas and NGL Reserves

The following table reflects the standardized measure of discounted future net cash flows relating to the Company’s interest in proved oil, natural gas and NGL reserves (in thousands):

	Year Ended December 31,
	2020			2019			2018
Future cash inflows	$	4,927,497		$	7,151,875		$	8,654,631
Future costs:
Production		(1,105,211	)		(1,633,432	)		(1,740,850	)
Development and abandonment		(1,236,874	)		(1,464,270	)		(1,349,005	)
Future net cash flows before income taxes		2,585,412			4,054,173			5,564,776
Future income tax expense		(141,515	)		(662,317	)		(862,473	)
Future net cash flows after income taxes		2,443,897			3,391,856			4,702,303
Discount at 10% annual rate		(538,963	)		(854,261	)		(1,362,057	)
Standardized measure of discounted future net cash flows	$	1,904,934		$	2,537,595		$	3,340,246

Schedule of Base Prices Used in Determining Standardized Measure

Future cash inflows are computed by applying SEC Pricing to year-end quantities of proved reserves. The discounted future cash flow estimates do not include the effects of derivative instruments. See the following table for base prices used in determining the standardized measure:

	Year Ended December 31,
	2020		2019		2018
Oil price per Bbl	$	39.47	$	61.01	$	69.42
Natural gas price per Mcf	$	1.97	$	2.59	$	3.08
NGL price per Bbl	$	9.89	$	26.17	$	29.50

Schedule of Principal Changes in Standardized Measure of Discounted Future Net Cash Flows

Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved oil, natural gas and NGL reserves are as follows (in thousands):

	Year Ended December 31,
	2020			2019			2018
Standardized measure, beginning of year	$	2,537,595		$	3,340,246		$	1,807,669
Sales and transfers of oil, net gas and NGLs produced during the period		(339,557	)		(665,226	)		(727,969	)
Net change in prices and production costs		(1,468,304	)		(849,696	)		1,578,330
Changes in estimated future development costs		32,589			(75,564	)		32,328
Previously estimated development costs incurred		46,143			117,049			45,937
Accretion of discount		299,302			392,526			180,767
Net change in income taxes		361,875			129,590			(585,017	)
Purchases of reserves		730,611			75,009			943,519
Extensions and discoveries		71,589			306,515			148,068
Net change due to revision in quantity estimates		(309,338	)		(199,576	)		190,853
Changes in production rates (timing) and other		(57,571	)		(33,278	)		(274,239	)
Standardized measure, end of year	$	1,904,934		$	2,537,595		$	3,340,246

F-42

- 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 + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details