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Supplemental Information on Oil and Natural Gas Producing Activities (Tables)
 12 Months Ended
Dec. 31, 2015
Reserve Quantities [Line Items]  
Capitalized Costs Relating to Oil, Natural Gas and NGL Producing Activities
The Company’s capitalized costs for oil and natural gas activities consisted of the following (in thousands):
 
December 31,
 
2015
 
2014
 
2013
Oil and natural gas properties
 
 
 
 
 
Proved
$
12,529,681

 
$
11,707,147

 
$
10,972,816

Unproved
363,149

 
290,596

 
531,606

Total oil and natural gas properties
12,892,830

 
11,997,743

 
11,504,422

Less accumulated depreciation, depletion and impairment
(11,149,888
)
 
(6,359,149
)
 
(5,762,969
)
Net oil and natural gas properties capitalized costs
$
1,742,942

 
$
5,638,594

 
$
5,741,453
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,
 
2015
 
2014
 
2013
Acquisitions of properties
 
 
 
 
 
Proved
$
35,376

 
$
73,370

 
$
21,130

Unproved
210,065

 
123,649

 
100,242

Exploration(1)
29,297

 
41,070

 
82,775

Development
571,562

 
1,288,395

 
1,131,269

Total cost incurred
$
846,300

 
$
1,526,484

 
$
1,335,416

____________________
(1)
Includes seismic costs of $7.1 million, $10.8 million and $6.7 million for 2015, 2014 and 2013, respectively.
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 2015, 2014 and 2013 are shown in the following table (in thousands):
 
Year Ended December 31,
 
2015
 
2014(1)
 
2013
Revenues
$
707,434

 
$
1,420,879

 
$
1,820,278

Expenses
 
 
 
 
 
Production costs
324,141

 
377,819

 
548,719

Depreciation and depletion
319,913

 
434,295

 
567,732

Accretion of asset retirement obligations
4,477

 
9,092

 
36,777

Impairment
4,473,787

 
164,779

 
—

Total expenses
5,122,318

 
985,985

 
1,153,228

(Loss) income before income taxes
(4,414,884
)
 
434,894

 
667,050

Income tax expense (benefit)(2)
126

 
(2,852
)
 
(7,471
)
Results of operations for oil and natural gas producing activities (excluding corporate overhead and interest costs)
$
(4,415,010
)
 
$
437,746

 
$
674,521

____________________
(1)
Total expenses increased by $164.8 million and benefit of income taxes decreased by $1.1 million to correctly include the impact of the ceiling test impairment incurred during the year ended December 31, 2014.
(2)
Reflects the Company’s effective tax rate for each period.
Summary of Changes in Estimated Oil, Natural Gas and NGL Reserves
The summary below presents changes in the Company’s estimated reserves for 2013, 2014 and 2015.
 
Oil
 
NGL
 
Natural Gas
 
(MBbls)
 
(MBbls)
 
(MMcf)(1)
Proved developed and undeveloped reserves
 
 
 
 
 
As of December 31, 2012
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

Revisions of previous estimates
(70,708
)
 
(37,384
)
 
(759,106
)
Acquisitions of new reserves
22,447

 
2,460

 
15,952

Extensions and discoveries
9,741

 
9,257

 
160,865

Production
(9,600
)
 
(5,044
)
 
(92,104
)
As of December 31, 2015(2)
77,911

 
61,075

 
1,113,840

Proved developed reserves
 
 
 
 
 
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

As of December 31, 2015
48,639

 
51,089

 
964,617

Proved undeveloped reserves
 
 
 
 
 
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

As of December 31, 2015
29,272

 
9,986

 
149,223

____________________
(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, 2015, 2014 and 2013 as shown in the table below:
 
December 31,
 
2015
 
2014
 
2013
Oil (MBbl)
7,004

 
11,027

 
13,569

NGL (MBbl)
3,694

 
4,761

 
4,737

Natural gas (MMcf)
50,508

 
70,833

 
69,693
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,
 
2015
 
2014
 
2013
Oil (per barrel)
$
45.29

 
$
91.65

 
$
95.67

NGL (per barrel)
$
12.68

 
$
32.79

 
$
31.40

Natural gas (per Mcf)
$
1.87

 
$
3.61

 
$
3.65
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,
 
2015
 
2014
 
2013
Future cash inflows from production
$
6,387,944

 
$
21,022,320

 
$
19,937,484

Future production costs
(2,731,542
)
 
(6,499,366
)
 
(6,843,713
)
Future development costs(1)
(838,945
)
 
(1,810,201
)
 
(2,546,680
)
Future income tax expenses
(901
)
 
(3,223,740
)
 
(2,283,541
)
Undiscounted future net cash flows
2,816,556

 
9,489,013

 
8,263,550

10% annual discount
(1,501,994
)
 
(5,401,261
)
 
(4,245,939
)
Standardized measure of discounted future net cash flows(2)
$
1,314,562

 
$
4,087,752

 
$
4,017,611

____________________
(1)
Includes abandonment costs.
(2)
Includes approximately $224.6 million, $643.3 million and $781.6 million attributable to noncontrolling interests at December 31, 2015, 2014 and 2013 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, 2012
$
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

Changes during the year
 
Revenues less production and other costs
(383,293
)
Net changes in prices, production and other costs
(3,813,465
)
Development costs incurred
217,596

Net changes in future development costs
273,437

Extensions and discoveries
230,055

Revisions of previous quantity estimates
(1,354,778
)
Accretion of discount
512,483

Net change in income taxes
1,426,333

Purchases of reserves in-place
18,429

Sales of reserves in-place
—

Timing differences and other(1)
100,013

Net change for the year
(2,773,190
)
Present value as of December 31, 2015(2)
$
1,314,562

____________________
(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 $224.6 million, $643.3 million and $781.6 million attributable to noncontrolling interests at December 31, 2015, 2014, and 2013 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, 2015, 2014 and 2013 as shown in the table below:
 
December 31,
 
2015
 
2014
 
2013
Oil (MBbl)
7,004

 
11,027

 
13,569

NGL (MBbl)
3,694

 
4,761

 
4,737

Natural gas (MMcf)
50,508

 
70,833

 
69,693