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Supplemental Information on Oil and Natural Gas Producing Activities (Tables)
 12 Months Ended
Dec. 31, 2018
Extractive Industries [Abstract]  
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,
 201820172016
Oil and natural gas properties
Proved$1,269,091 $1,056,806 $840,201 
Unproved60,152 100,884 74,937 
Total oil and natural gas properties1,329,243 1,157,690 915,138 
Less accumulated depreciation, depletion and impairment(580,132)(460,431)(353,030)
Net oil and natural gas properties capitalized costs$749,111 $697,259 $562,108 
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):
SuccessorPredecessor
 Year Ended December 31, 2018Year Ended December 31, 2017Period from October 2, 2016 through December 31, 2016Period from January 1, 2016 through October 1, 2016
Acquisitions of properties
Proved$30,641 $7,092 $5,142 $3,897 
Unproved4,197 91,139 5,491 1,899 
Exploration1,940 8,850 — 1,234 
Development158,361 187,264 27,429 149,924 
Total cost incurred$195,139 $294,345 $38,062 $156,954 
Results of Operations for Oil, Natural Gas and NGL Producing Activities
The following table presents the Company’s results of operations from oil and natural gas producing activities (in thousands), which exclude any interest costs or indirect general and administrative costs and, therefore, are not necessarily indicative of the impact the Company’s operations have on actual net earnings.
SuccessorPredecessor
Year Ended December 31, 2018Year Ended December 31, 2017Period from October 2, 2016 through December 31, 2016Period from January 1, 2016 through October 1, 2016
Revenues$348,726 $356,210 $98,307 $279,971 
Expenses
Production costs112,173 116,372 27,640 135,715 
Depreciation and depletion127,281 118,035 36,061 90,978 
Impairment — — 319,087 657,392 
Total expenses239,454 234,407 382,788 884,085 
Income (loss) before income taxes109,272 121,803 (284,481)(604,114)
Income tax expense (benefit) (1)28,520 47,722 (112,427)(229,986)
Results of operations for oil and natural gas producing activities (excluding corporate overhead and interest costs)
$80,752 $74,081 $(172,054)$(374,128)
____________________
1.Income tax expense (benefit) is hypothetical and is calculated by applying the Company’s statutory tax rate to income (loss) before income taxes attributable to our oil and natural gas producing activities, after giving effect to permanent differences and tax credits.
Summary of Changes in Estimated Oil, Natural Gas and NGL Reserves
The summary below presents changes in the Company’s estimated reserves.
OilNGLNatural GasTotal
 (MBbls)(MBbls)(MMcf)(1)MBoe
Proved developed and undeveloped reserves
As of December 31, 2015(2) - Predecessor77,911 61,075 1,113,840 324,626 
Adoption of ASU 2015-02(6,971)(3,695)(50,508)(19,084)
Revisions of previous estimates(39,973)(21,475)(415,568)(130,709)
Extensions and discoveries987 472 7,955 2,785 
Sales of reserves in place(387)— (145,267)(24,598)
Production(4,315)(3,358)(44,124)(15,027)
As of October 1, 2016 - Predecessor27,252 33,019 466,328 137,992 
Revisions of previous estimates23,978 1,139 915 25,270 
Extensions and discoveries2,868 448 10,309 5,034 
Production(1,214)(999)(12,770)(4,341)
As of December 31, 2016 - Successor52,884 33,607 464,782 163,955 
Revisions of previous estimates804 2,628 44,679 10,879 
Acquisitions of new reserves18 70 683 202 
Extensions and discoveries12,446 1,914 30,080 19,373 
Sales of reserves in place(204)(529)(7,055)(1,909)
Production(4,157)(3,376)(44,237)(14,906)
As of December 31, 2017 - Successor61,791 34,314 488,932 177,594 
Revisions of previous estimates(2,316)(8,952)(131,518)(33,188)
Acquisitions of new reserves2,146 4,131 54,436 15,350 
Extensions and discoveries11,148 2,320 35,185 19,332 
Sales of reserves in place(5,273)(809)(2,969)(6,577)
Production(3,477)(2,829)(36,175)(12,335)
As of December 31, 2018 - Successor64,019 28,175 407,891 160,176 
Proved developed reserves
As of December 31, 2015 - Predecessor48,639 51,089 964,617 260,498 
As of October 1, 2016 - Predecessor24,541 30,238 428,050 126,121 
As of December 31, 2016 - Successor25,911 29,290 393,028 120,706 
As of December 31, 2017 - Successor25,845 29,922 407,988 123,765 
As of December 31, 2018 - Successor18,693 22,302 307,845 92,303 
Proved undeveloped reserves
As of December 31, 2015 - Predecessor29,272 9,986 149,223 64,129 
As of October 1, 2016 - Predecessor2,711 2,781 38,278 11,872 
As of December 31, 2016 - Successor26,973 4,317 71,754 43,249 
As of December 31, 2017 - Successor35,946 4,392 80,944 53,829 
As of December 31, 2018 - Successor45,326 5,873 100,046 67,873 
____________________
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 as shown in the table below:
 Predecessor
December 31,
 2015
Oil (MBbl)7,004 
NGL (MBbl)3,694 
Natural gas (MMcf)50,508 
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,
 201820172016
Oil (per barrel)$60.86 $48.47 $38.59 
NGL (per barrel)$25.62 $20.28 $10.99 
Natural gas (per Mcf)$1.77 $1.90 $1.56 
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).
December 31,
201820172016
Future cash inflows from production$5,339,265 $4,621,615 $3,136,762 
Future production costs(1,996,689)(1,837,852)(1,454,798)
Future development costs(1)(1,170,113)(966,203)(665,516)
Future income tax expenses (2)— (107)(142)
Undiscounted future net cash flows2,172,463 1,817,453 1,016,306 
10% annual discount(1,126,860)(1,068,159)(577,942)
Standardized measure of discounted future net cash flows
$1,045,603 $749,294 $438,364 
____________________
1.Includes abandonment costs.
2.The future income tax expenses have been computed using statutory tax rates, giving effect to allowable tax deductions and tax credits under current laws, including expected tax benefits to be realized from the utilization of net operating loss carryforwards.
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):
SuccessorPredecessor
Year Ended December 31, 2018Year Ended December 31, 2017Period from October 2, 2016 through December 31, 2016Period from January 1, 2016 through October 1, 2016
Beginning present value $749,294 $438,364 $392,604 $1,314,562 
Changes during the year
Adoption of ASU 2015-02— — — (224,965)
Revenues less production(236,553)(239,838)(70,668)(144,256)
Net changes in prices, production and other costs316,095 347,458 35,684 (394,173)
Development costs incurred80,050 35,517 7,941 69,080 
Net changes in future development costs(11,483)(64,484)(291,232)436,041 
Extensions and discoveries102,961 112,556 14,986 12,449 
Revisions of previous quantity estimates(91,038)26,697 308,374 (728,254)
Accretion of discount70,576 37,226 9,375 91,337 
Net change in income taxes56 23 — 402 
Purchases of reserves in-place35,713 454 — — 
Sales of reserves in-place(2,029)(2,977)— (13,314)
Timing differences and other(1)31,961 58,298 31,300 (26,305)
Net change for the year296,309 310,930 45,760 (921,958)
Ending present value(2)$1,045,603 $749,294 $438,364 $392,604 
____________________
1.The change in timing differences and other are related to revisions in the Company’s estimated time of production and development.
2.Standardized Measure was determined using SEC prices, and does not reflect actual prices received or current market prices.