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Supplemental Information on Oil and Natural Gas Producing Activities (Tables)
 12 Months Ended
Dec. 31, 2014
Reserve Quantities [Line Items]  
Capitalized Costs Relating to Oil, Natural Gas and NGL Producing Activities
Capitalized Costs Related to Oil and Natural Gas Producing Activities

The Company’s capitalized costs for oil and natural gas activities consisted of the following (in thousands):
 
December 31,
 
2014
 
2013
 
2012
Oil and natural gas properties
 
 
 
 
 
Proved
$
11,707,147

 
$
10,972,816

 
$
12,262,921

Unproved
290,596

 
531,606

 
865,863

Total oil and natural gas properties
11,997,743

 
11,504,422

 
13,128,784

Less accumulated depreciation, depletion and impairment
(6,359,149
)
 
(5,762,969
)
 
(5,231,182
)
Net oil and natural gas properties capitalized costs
$
5,638,594

 
$
5,741,453

 
$
7,897,602
Cost Incurred in Oil and Natural Gas Property Acquisition, Exploration, and Development
Costs incurred in oil and natural gas property acquisition, exploration and development activities which have been capitalized are summarized as follows (in thousands):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Acquisitions of properties
 
 
 
 
 
Proved
$
73,370

 
$
21,130

 
$
1,761,556

Unproved
123,649

 
100,242

 
377,185

Exploration(1)
41,070

 
82,775

 
120,438

Development(2)
1,288,395

 
1,131,269

 
1,704,991

Total cost incurred
$
1,526,484

 
$
1,335,416

 
$
3,964,170

____________________
(1)
Includes seismic costs of $10.8 million, $6.7 million and $15.3 million for 2014, 2013 and 2012, respectively.
(2)
Includes the Company’s share of Century Plant construction costs of $50.0 million for 2012. See Note 7.
Results of Operations for Oil, Natural Gas and NGL Producing Activities
The Company’s results of operations from oil and natural gas producing activities for each of the years 2014, 2013 and 2012 are shown in the following table (in thousands):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Revenues
$
1,420,879

 
$
1,820,278

 
$
1,759,282

Expenses
 
 
 
 
 
Production costs
377,819

 
548,719

 
524,364

Depreciation and depletion
434,295

 
567,732

 
568,029

Accretion of asset retirement obligations
9,092

 
36,777

 
28,996

Total expenses
821,206

 
1,153,228

 
1,121,389

Income before income taxes
599,673

 
667,050

 
637,893

Benefit of income taxes(1)
(3,933
)
 
(7,471
)
 
(437,595
)
Results of operations for oil and natural gas producing activities (excluding corporate overhead and interest costs)
$
603,606

 
$
674,521

 
$
1,075,488

____________________
(1)
Reflects the Company’s effective tax rate, including the partial valuation allowance releases.
Summary of Changes in Estimated Oil, Natural Gas and NGL Reserves
The summary below presents changes in the Company’s estimated reserves for 2012, 2013 and 2014.
 
Oil
 
NGL
 
Natural Gas
 
(MBbls)
 
(MBbls)
 
(MMcf)(1)
Proved developed and undeveloped reserves
 
 
 
 
 
As of December 31, 2011
214,450

 
30,335

 
1,355,056

Revisions of previous estimates
(37,394
)
 
15,098

 
(538,214
)
Acquisitions of new reserves
31,470

 
683

 
202,995

Extensions and discoveries
89,656

 
27,259

 
489,302

Sales of reserves in place
(20,269
)
 
(3,287
)
 
(548
)
Production
(15,868
)
 
(2,094
)
 
(93,549
)
As of December 31, 2012(2)
262,045

 
67,994

 
1,415,042

Revisions of previous estimates
(13,969
)
 
3,717

 
(53,432
)
Acquisitions of new reserves
43

 
13

 
363

Extensions and discoveries
40,570

 
18,686

 
359,918

Sales of reserves in place
(131,769
)
 
(29,067
)
 
(228,229
)
Production
(14,279
)
 
(2,291
)
 
(103,233
)
As of December 31, 2013(2)
142,641

 
59,052

 
1,390,429

Revisions of previous estimates
(18,687
)
 
11,103

 
167,589

Acquisitions of new reserves
1,009

 
441

 
12,527

Extensions and discoveries
37,603

 
27,500

 
467,185

Sales of reserves in place
(25,659
)
 
(2,516
)
 
(163,800
)
Production
(10,876
)
 
(3,794
)
 
(85,697
)
As of December 31, 2014(2)
126,031

 
91,786

 
1,788,233

Proved developed reserves
 
 
 
 
 
As of December 31, 2011
101,578

 
17,150

 
670,382

As of December 31, 2012
136,605

 
33,785

 
896,701

As of December 31, 2013
83,893

 
35,807

 
951,609

As of December 31, 2014
79,022

 
56,823

 
1,203,447

Proved undeveloped reserves
 
 
 
 
 
As of December 31, 2011
112,872

 
13,185

 
684,674

As of December 31, 2012
125,440

 
34,209

 
518,341

As of December 31, 2013
58,748

 
23,245

 
438,820

As of December 31, 2014
47,009

 
34,963

 
584,786

____________________
(1)
Natural gas reserves are computed at 14.65 pounds per square inch absolute and 60 degrees Fahrenheit.
(2)
Includes proved reserves attributable to noncontrolling interests at December 31, 2014, 2013 and 2012 as shown in the table below:
 
December 31,
 
2014
 
2013
 
2012
Oil (MBbl)
11,027

 
13,569

 
17,340

NGL (MBbl)
4,761

 
4,737

 
5,132

Natural gas (MMcf)
70,833

 
69,693

 
94,543
Calculation of Weighted Average Per Unit Prices
The calculated weighted average per unit prices for the Company’s proved reserves and future net revenues were as follows:
 
At December 31,
 
2014
 
2013
 
2012
Oil (per barrel)
$
91.65

 
$
95.67

 
$
91.65

NGL (per barrel)
$
32.79

 
$
31.40

 
$
32.64

Natural gas (per Mcf)
$
3.61

 
$
3.65

 
$
2.29
Standardized Measure of Discounted Future Cash Flows
The summary below presents the Company’s future net cash flows relating to proved oil, natural gas and NGL reserves based on the standardized measure in ASC Topic 932 (in thousands).
 
At December 31,
 
2014
 
2013
 
2012
Future cash inflows from production
$
21,022,320

 
$
19,937,484

 
$
29,482,544

Future production costs
(6,499,366
)
 
(6,843,713
)
 
(8,899,465
)
Future development costs(1)
(1,810,201
)
 
(2,546,680
)
 
(4,021,051
)
Future income tax expenses
(3,223,740
)
 
(2,283,541
)
 
(3,721,509
)
Undiscounted future net cash flows
9,489,013

 
8,263,550

 
12,840,519

10% annual discount
(5,401,261
)
 
(4,245,939
)
 
(7,000,151
)
Standardized measure of discounted future net cash flows(2)
$
4,087,752

 
$
4,017,611

 
$
5,840,368

____________________
(1)
Includes abandonment costs.
(2)
Includes approximately $643.3 million, $781.6 million and $952.7 million attributable to noncontrolling interests at December 31, 2014, 2013 and 2012 respectively.
Estimate of Changes in Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves

The following table represents the Company’s estimate of changes in the standardized measure of discounted future net cash flows from proved reserves (in thousands):
Present value as of December 31, 2011
$
5,216,337

Changes during the year
 
Revenues less production and other costs
(1,234,918
)
Net changes in prices, production and other costs
(2,555,391
)
Development costs incurred
766,943

Net changes in future development costs
(45,397
)
Extensions and discoveries
2,092,423

Revisions of previous quantity estimates
(530,755
)
Accretion of discount
678,200

Net change in income taxes
11,433

Purchases of reserves in-place
1,708,301

Sales of reserves in-place
(410,415
)
Timing differences and other(1)
143,607

Net change for the year
624,031

Present value as of December 31, 2012(2)
5,840,368

Changes during the year
 
Revenues less production and other costs
(1,271,559
)
Net changes in prices, production and other costs
271,566

Development costs incurred
474,275

Net changes in future development costs
(207,729
)
Extensions and discoveries
1,406,102

Revisions of previous quantity estimates
(296,418
)
Accretion of discount
711,385

Net change in income taxes
477,328

Purchases of reserves in-place
1,628

Sales of reserves in-place
(3,172,187
)
Timing differences and other(1)
(217,148
)
Net change for the year
(1,822,757
)
Present value as of December 31, 2013(2)
4,017,611

Changes during the year
 
Revenues less production and other costs
(1,043,060
)
Net changes in prices, production and other costs
331,694

Development costs incurred
364,262

Net changes in future development costs
(341,183
)
Extensions and discoveries
1,785,963

Revisions of previous quantity estimates
(77,688
)
Accretion of discount
477,458

Net change in income taxes
(256,371
)
Purchases of reserves in-place
50,958

Sales of reserves in-place
(1,058,330
)
Timing differences and other(1)
(163,562
)
Net change for the year
70,141

Present value as of December 31, 2014(2)
$
4,087,752

____________________
(1)
The change in timing differences and other are related to revisions in the Company’s estimated time of production and development.
(2)
Includes approximately $643.3 million, $781.6 million and $952.7 million attributable to noncontrolling interests at December 31, 2014, 2013, and 2012 respectively.
Noncontrolling Interest  
Reserve Quantities [Line Items]  
Summary of Changes in Estimated Oil, Natural Gas and NGL Reserves
Includes proved reserves attributable to noncontrolling interests at December 31, 2014, 2013 and 2012 as shown in the table below:
 
December 31,
 
2014
 
2013
 
2012
Oil (MBbl)
11,027

 
13,569

 
17,340

NGL (MBbl)
4,761

 
4,737

 
5,132

Natural gas (MMcf)
70,833

 
69,693

 
94,543