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Supplemental Information on Oil and Natural Gas Producing Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

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,
			2021						2020						2019
Oil and natural gas properties
Proved			$	1,454,016					$	1,463,950					$	1,484,359
Unproved			12,255						17,964						24,603
Total oil and natural gas properties			1,466,271						1,481,914						1,508,962
Less accumulated depreciation, depletion and impairment			(1,373,217)						(1,375,692)						(1,129,622)
Net oil and natural gas properties capitalized costs			$	93,054					$	106,222					$	379,340

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,
			2021						2020						2019
Acquisitions of properties
Proved			$	3,545					$	3,701					$	(210)
Unproved			—						—						2,653
Exploration (1)			905						1,005						2,900
Development			10,045						3,563						156,210
Total cost incurred			$	14,495					$	8,269					$	161,553

____________________

(1)    Includes land, geological, geophysical and leasehold costs.

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,
			2021						2020						2019
Revenues			$	168,882					$	114,450					$	266,104
Expenses
Production costs			46,309						53,474						110,711
Depreciation and depletion			9,372						50,349						146,874
Impairment			—						218,399						409,574
Total expenses			55,681						322,222						667,159
Income (loss) before income taxes			113,201						(207,772)						(401,055)
Income tax expense (benefit) (1)			26,734						(51,750)						(105,477)
Results of operations for oil and natural gas producing activities (excluding corporate overhead and interest costs)			$	86,467					$	(156,022)					$	(295,578)

____________________

(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. NPB is included in 2021, 2020 and 2019.

			Oil						NGL						Natural Gas						Total
			(MBbls)						(MBbls)						(MMcf) (1)						MBoe
Proved developed and undeveloped reserves
As of December 31, 2018			64,019						28,175						407,891						160,176
Revisions of previous estimates			(25,530)						(9,277)						(142,239)						(58,514)
Acquisitions of new reserves			—						—						—						—
Extensions and discoveries			635						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, 2019			35,308						15,859						232,307						89,885
Revisions of previous estimates			(24,650)						(2,246)						(107,426)						(44,800)
Acquisitions of new reserves			74						437						3,391						1,076
Extensions and discoveries			—						—						—						—
Sales of reserves in place			(163)						(111)						(1,827)						(579)
Production			(2,084)						(2,694)						(23,552)						(8,703)
As of December 31, 2020			8,485						11,245						102,893						36,879
Revisions of previous estimates (2)			3,627						14,924						148,736						43,340
Acquisitions of new reserves			135						438						5,235						1,446
Extensions and discoveries			—						—						—						—
Sales of reserves in place			(3440)						(28)						(716)						(3,587)
Production			(957)						(2,266)						(21,417)						(6,793)
As of December 31, 2021			7,850						24,313						234,731						71,285
Proved developed reserves
As of December 31, 2019			14,078						14,532						200,853						62,086
As of December 31, 2020			8,485						11,245						102,893						36,879
As of December 31, 2021			7,850						24,313						234,731						71,285
Proved undeveloped reserves
As of December 31, 2019			21,230						1,327						31,454						27,799
As of December 31, 2020			—						—						—						—
As of December 31, 2021			—						—						—						—

_________________

(1)    Natural gas reserves are computed at 14.65 pounds per square inch absolute and 60 degrees Fahrenheit.

(2)    Revisions include changes due to previous quantity estimates, pricing, and productions costs.

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,
			2021						2020						2019
Oil (per Bbl)			$	64.95					$	36.54					$	50.63
NGL (per Bbl)			$	19.26					$	6.40					$	12.45
Natural gas (per Mcf)			$	2.56					$	0.87					$	1.16

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,
			2021						2020						2019
Future cash inflows from production			$	1,579,734					$	471,038					$	2,254,530
Future production costs			(735,904)						(270,512)						(1,028,695)
Future development costs (1)			(66,732)						(81,687)						(536,081)
Future income tax expenses (2)			—						—						—
Undiscounted future net cash flows			777,098						118,839						689,754
10% annual discount			(344,184)						(13,853)						(325,464)
Standardized measure of discounted future net cash flows (3)			$	432,914					$	104,986					$	364,290

____________________

(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.

(3)    NPB is included in 2020 and 2019.

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,
			2021						2020						2019
Beginning present value			$	104,986					$	364,290					$	1,045,603
Changes during the year
Revenues less production			(122,964)						(61,407)						(155,772)
Net changes in prices, production and other costs			380,026						(135,652)						(491,035)
Development costs incurred			83						—						90,591
Net changes in future development costs (1)			446						(2,167)						450,162
Extensions and discoveries			—						—						11,921
Revisions of previous quantity estimates (1)			112,926						(99,533)						(478,238)
Accretion of discount			6,016						36,429						101,778
Purchases of reserves in-place			15,541						4,744						—
Sales of reserves in-place			(29,792)						(1,067)						(3,331)
Timing differences and other (2)			(34,354)						(651)						(207,389)
Net change for the year			327,928						(259,304)						(681,313)
Ending present value (3) (4)			$	432,914					$	104,986					$	364,290

____________________

(1)     The change in estimated future development costs and revisions of previous quantity estimates primarily reflect increases from the well reactivation program and extended reserve life due to increase in pricing.

(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.

(4)    NPB is included in 2020 and 2019.

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