Annual report pursuant to Section 13 and 15(d)

Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Tables)

v3.8.0.1
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2017
Extractive Industries [Abstract]  
Capitalized Costs Relating to Oil and Gas Producing Activities
Capitalized Costs Related to Oil and Gas Producing Activities
 
2017
 
2016
 
(In thousands)
Proven properties
$
6,256,182

 
$
4,491,615

Unproven properties
2,912,974

 
1,580,305

 
9,169,156

 
6,071,920

Accumulated depreciation, depletion, amortization and impairment reserve
(4,136,777
)
 
(3,778,043
)
Net capitalized costs
$
5,032,379

 
$
2,293,877

 
 
 
 
Equity investment in Grizzly Oil Sands ULC
 
 
 
Proven properties
$
73,818

 
$
70,266

Unproven properties
86,540

 
80,892

 
160,358

 
151,158

Accumulated depreciation, depletion, amortization and impairment reserve
(1,693
)
 
(1,578
)
Net capitalized costs
$
158,665

 
$
149,580

Cost Incurred in Oil and Gas Property Acquisition and Development Activities
Costs Incurred in Oil and Gas Property Acquisition and Development Activities
 
2017
 
2016
 
2015
 
(In thousands)
Acquisition
$
1,951,281

 
$
152,887

 
$
810,755

Development of proved undeveloped properties
994,237

 
423,998

 
642,811

Exploratory
—

 
—

 
—

Recompletions
14,289

 
16,386

 
13,894

Capitalized asset retirement obligation
42,270

 
10,971

 
8,800

Total
$
3,002,077

 
$
604,242

 
$
1,476,260

 
 
 
 
 
 
Equity investment in Grizzly Oil Sands ULC
 
 
 
 
 
Acquisition
$
503

 
$
357

 
$
396

Development of proved undeveloped properties
—

 
—

 
47

Exploratory
—

 
—

 
—

Capitalized asset retirement obligation
(524
)
 
784

 
282

Total
$
(21
)
 
$
1,141

 
$
725

Results of Operations for Producing Activities
The results of operations exclude general office overhead and interest expense attributable to oil and gas production.
 
2017
 
2016
 
2015
 
(In thousands)
Revenues
$
1,320,303

 
$
385,910

 
$
708,990

Production costs
(350,367
)
 
(248,125
)
 
(222,805
)
Depletion
(358,792
)
 
(243,098
)
 
(335,288
)
Impairment
—

 
(715,495
)
 
(1,440,418
)
 
611,144

 
(820,808
)
 
(1,289,521
)
Income tax expense (benefit)
 
 
 
 
 
Current
3,362

 
—

 
—

Deferred
(3,602
)
 
—

 
(220,201
)
 
(240
)
 
—

 
(220,201
)
Results of operations from producing activities
$
611,384

 
$
(820,808
)
 
$
(1,069,320
)
Depletion per Mcf of gas equivalent (Mcfe)
$
0.90

 
$
0.92

 
$
1.68

 
 
 
 
 
 
Results of Operations from equity method investment in Grizzly Oil Sands ULC
 
 
 
 
 
Revenues
$
—

 
$
—

 
$
1,436

Production costs
—

 
(13
)
 
(1,549
)
Depletion
—

 
—

 
(625
)
 
—

 
(13
)
 
(738
)
Income tax expense
—

 
—

 
—

Results of operations from producing activities
$
—

 
$
(13
)
 
$
(738
)
Oil and Gas Reserves
These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data.
 
2017
 
2016
 
2015
 
Oil
 
Natural Gas
 
Natural Gas Liquids
 
Oil
 
Natural Gas
 
Natural Gas Liquids
 
Oil
 
Natural Gas
 
Natural Gas Liquids
 
(MBbls)
 
(MMcf)
 
(MBbls)
 
(MBbls)
 
(MMcf)
 
(MBbls)
 
(MBbls)
 
(MMcf)
 
(MBbls)
Proved Reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning of the period
5,546

 
2,167,068

 
20,127

 
6,458

 
1,560,145

 
17,736

 
9,497

 
719,006

 
26,268

Purchases in oil and natural gas reserves in place
15,132

 
1,098,644

 
53,617

 
—

 
—

 
—

 
—

 
371,663

 
—

Extensions and discoveries
951

 
1,594,734

 
4,619

 
1,217

 
1,082,220

 
7,677

 
2,413

 
997,057

 
5,486

Revisions of prior reserve estimates
107

 
314,925

 
2,737

 
(3
)
 
(247,703
)
 
(1,439
)
 
(2,553
)
 
(371,430
)
 
(9,594
)
Current production
(2,579
)
 
(350,061
)
 
(5,334
)
 
(2,126
)
 
(227,594
)
 
(3,847
)
 
(2,899
)
 
(156,151
)
 
(4,424
)
End of period
19,157

 
4,825,310

 
75,766

 
5,546

 
2,167,068

 
20,127

 
6,458

 
1,560,145

 
17,736

Proved developed reserves
10,245

 
1,616,930

 
36,247

 
4,882

 
744,797

 
14,299

 
6,120

 
652,961

 
12,910

Proved undeveloped reserves
8,912

 
3,208,380

 
39,519

 
664

 
1,422,271

 
5,828

 
338

 
907,184

 
4,826

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity investment in Grizzly Oil Sands ULC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning of the period
—

 
—

 
—

 
—

 
—

 
—

 
14,558

 
—

 
—

Purchases in oil and natural gas reserves in place
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Extensions and discoveries
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Revisions of prior reserve estimates
—

 
—

 
—

 
—

 
—

 
—

 
(14,530
)
 
—

 
—

Current production
—

 
—

 
—

 
—

 
—

 
—

 
(28
)
 
—

 
—

End of period
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Proved developed reserves
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Proved undeveloped reserves
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves  
 
Year ended December 31,
 
2017
 
2016
 
2015
 
(In thousands)
Future cash flows
$
11,202,692

 
$
3,354,168

 
$
3,043,450

Future development and abandonment costs
(3,005,217
)
 
(1,165,025
)
 
(877,660
)
Future production costs
(2,152,821
)
 
(924,167
)
 
(941,243
)
Future production taxes
(289,944
)
 
(69,447
)
 
(58,169
)
Future income taxes
(573,965
)
 
(14,545
)
 
(2,648
)
Future net cash flows
5,180,745

 
1,180,984

 
1,163,730

10% discount to reflect timing of cash flows
(2,537,181
)
 
(492,944
)
 
(399,399
)
Standardized measure of discounted future net cash flows
$
2,643,564

 
$
688,040

 
$
764,331

 
 
 
 
 
 
Equity investment in Grizzly Oil Sands ULC Standardized measure of discounted cash flows
 
 
 
 
 
Future cash flows
$
—

 
$
—

 
$
—

Future development and abandonment costs
—

 
—

 
—

Future production costs
—

 
—

 
—

Future production taxes
—

 
—

 
—

Future income taxes
—

 
—

 
—

Future net cash flows
—

 
—

 
—

10% discount to reflect timing of cash flows


 


 


Standardized measure of discounted future net cash flows
$
—

 
$
—

 
$
—

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
 
Year ended December 31,
 
2017
 
2016
 
2015
 
(In thousands)
Sales and transfers of oil and gas produced, net of production costs
$
(756,257
)
 
$
(312,291
)
 
$
(486,185
)
Net changes in prices, production costs, and development costs
913,714

 
(146,518
)
 
(1,412,181
)
Acquisition of oil and gas reserves in place
703,866

 
—

 
83,340

Extensions and discoveries
618,039

 
186,909

 
262,895

Previously estimated development costs incurred during the period
390,673

 
176,218

 
117,540

Revisions of previous quantity estimates, less related production costs
155,200

 
(38,448
)
 
(98,162
)
Accretion of discount
68,804

 
76,433

 
142,717

Net changes in income taxes
(231,545
)
 
(6,495
)
 
412,240

Change in production rates and other
93,030

 
(12,099
)
 
314,960

Total change in standardized measure of discounted future net cash flows
$
1,955,524

 
$
(76,291
)
 
$
(662,836
)
 
 
 
 
 
 
Equity investment in Grizzly Oil Sands ULC Changes in standardized measure of discounted cash flows
 
 
 
 
 
Sales and transfers of oil and gas produced, net of production costs
$
—

 
$
—

 
$
114

Net changes in prices, production costs, and development costs
—

 
—

 
—

Acquisition of oil and gas reserves in place
—

 
—

 
—

Extensions and discoveries
—

 
—

 
—

Previously estimated development costs incurred during the period
—

 
—

 
47

Revisions of previous quantity estimates, less related production costs
—

 
—

 
(103,282
)
Accretion of discount
—

 
—

 
9,375

Net changes in income taxes
—

 
—

 
—

Change in production rates and other
—

 
—

 
—

Total change in standardized measure of discounted future net cash flows
$
—

 
$
—

 
$
(93,746
)