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Oil and Natural Gas Production Activities | 6 Months Ended
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Jun. 30, 2020
Oil and Gas Property [Abstract] |
Oil and Natural Gas Production Activities | 6. OIL AND NATURAL GAS PRODUCTION ACTIVITIES Ceiling Test and Impairment The reserves used in the ceiling test incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In the calculation of the ceiling test as of June 30, 2020, the Company used $47.17 per barrel for oil and $2.07 per MMbtu for natural gas (as further adjusted for property, specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company’s producing properties. The discount factor used was 10%. The Company recorded a $1.8 million ceiling test write-down of its oil and gas properties during the three-month period ended June 30, 2020 due to a reduction in the value of proved oil and natural gas reserves primarily as a result of a decrease in crude oil prices and the performance of a South Texas well drilled in the prior year. In addition, the Company evaluated its unevaluated property at June 30, 2020 and recorded a reclassification to the depletable base of the full cost pool of $2.1 million related to a reduction in value of certain of its acreage.

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