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Supplemental Information on Oil and Natural Gas Producing Activities (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
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,
 201920182017
Oil and natural gas properties
Proved$1,484,359  $1,269,091  $1,056,806  
Unproved24,603  60,152  100,884  
Total oil and natural gas properties1,508,962  1,329,243  1,157,690  
Less accumulated depreciation, depletion and impairment(1,129,622) (580,132) (460,431) 
Net oil and natural gas properties capitalized costs$379,340  $749,111  $697,259  
Cost Incurred in Oil and Natural Gas Property Acquisition, Exploration, and Development
Costs incurred in oil and natural gas property acquisition, exploration and development activities which have been capitalized are summarized as follows (in thousands):
Year Ended December 31,
201920182017
Acquisitions of properties
Proved$(210) $30,641  $7,092  
Unproved2,653  4,197  91,139  
Exploration2,900  1,940  8,850  
Development156,210  158,361  187,264  
Total cost incurred$161,553  $195,139  $294,345  
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.
Year Ended December 31,
201920182017
Revenues$266,104  $348,726  $356,210  
Expenses
Production costs110,711  112,173  116,372  
Depreciation and depletion146,874  127,281  118,035  
Impairment 409,574  —  —  
Total expenses667,159  239,454  234,407  
Income (loss) before income taxes(401,055) 109,272  121,803  
Income tax (benefit) expense (1)(105,477) 28,520  47,722  
Results of operations for oil and natural gas producing activities (excluding corporate overhead and interest costs)
$(295,578) $80,752  $74,081  
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(1) Income tax (benefit) expense is hypothetical and is calculated by applying the Company’s statutory tax rate to (loss) income 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, 201652,884  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, 201761,791  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, 201864,019  28,175  407,891  160,176  
Revisions of previous estimates(25,530) (9,277) (142,239) (58,514) 
Extensions and discoveries635  94  2,127  1,084  
Sales of reserves in place(297) (223) (2,308) (905) 
Production(3,519) (2,910) (33,164) (11,956) 
As of December 31, 201935,308  15,859  232,307  89,885  
Proved developed reserves
As of December 31, 201725,845  29,922  407,988  123,765  
As of December 31, 201818,693  22,302  307,845  92,303  
As of December 31, 201914,078  14,532  200,853  62,086  
Proved undeveloped reserves
As of December 31, 201735,946  4,392  80,944  53,829  
As of December 31, 201845,326  5,873  100,046  67,873  
As of December 31, 201921,230  1,327  31,454  27,799  
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(1) Natural gas reserves are computed at 14.65 pounds per square inch absolute and 60 degrees Fahrenheit.
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,
 201920182017
Oil (per Bbl)$50.63  $60.86  $48.47  
NGL (per Bbl)$12.45  $25.62  $20.28  
Natural gas (per Mcf)$1.16  $1.77  $1.90  
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,
201920182017
Future cash inflows from production$2,254,530  $5,339,265  $4,621,615  
Future production costs(1,028,695) (1,996,689) (1,837,852) 
Future development costs(1)(536,081) (1,170,113) (966,203) 
Future income tax expenses (2)—  —  (107) 
Undiscounted future net cash flows689,754  2,172,463  1,817,453  
10% annual discount(325,464) (1,126,860) (1,068,159) 
Standardized measure of discounted future net cash flows
$364,290  $1,045,603  $749,294  
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(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):
Year Ended December 31,
201920182017
Beginning present value $1,045,603  $749,294  $438,364  
Changes during the year
Revenues less production(155,772) (236,553) (239,838) 
Net changes in prices, production and other costs(491,035) 316,095  347,458  
Development costs incurred90,591  80,050  35,517  
Net changes in future development costs(1)450,162  (11,483) (64,484) 
Extensions and discoveries11,921  102,961  112,556  
Revisions of previous quantity estimates(1)(478,238) (91,038) 26,697  
Accretion of discount101,778  70,576  37,226  
Net change in income taxes—  56  23  
Purchases of reserves in-place—  35,713  454  
Sales of reserves in-place(3,331) (2,029) (2,977) 
Timing differences and other(2)(207,389) 31,961  58,298  
Net change for the year(681,313) 296,309  310,930  
Ending present value(3)$364,290  $1,045,603  $749,294  
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(1)  The change in estimated future development costs and revisions of previous quantity estimates primarily reflect a decrease in planned PUD development due to declining year end SEC prices for oil and natural gas.
(2) The change in timing differences and other are related to revisions in the Company’s estimated time of production and development.
(3) Standardized Measure was determined using SEC prices, and does not reflect actual prices received or current market prices.