Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Extractive Industries [Abstract] |
|
| Schedule of capitalized costs related to oil and gas producing activities |
Capitalized Costs Related to Oil and Gas Producing Activities
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
(In thousands) |
Proven properties |
$ |
7,153,799 |
|
|
$ |
6,256,182 |
|
Unproven properties |
2,873,037 |
|
|
2,912,974 |
|
|
10,026,836 |
|
|
9,169,156 |
|
Accumulated depreciation, depletion, amortization and impairment reserve |
(4,613,293 |
) |
|
(4,136,777 |
) |
Net capitalized costs |
$ |
5,413,543 |
|
|
$ |
5,032,379 |
|
|
|
|
|
Equity investment in Grizzly Oil Sands ULC |
|
|
|
Proven properties |
$ |
67,475 |
|
|
$ |
73,818 |
|
Unproven properties |
79,605 |
|
|
86,540 |
|
|
147,080 |
|
|
160,358 |
|
Accumulated depreciation, depletion, amortization and impairment reserve |
(1,553 |
) |
|
(1,693 |
) |
Net capitalized costs |
$ |
145,527 |
|
|
$ |
158,665 |
|
|
| Schedule of cost incurred in oil and gas property acquisition and development activities |
Costs Incurred in Oil and Gas Property Acquisition and Development Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
|
(In thousands) |
Acquisition |
$ |
124,558 |
|
|
$ |
1,951,281 |
|
|
$ |
152,887 |
|
Development |
603,676 |
|
|
994,237 |
|
|
423,998 |
|
Exploratory |
21,840 |
|
|
— |
|
|
— |
|
Recompletions |
7,915 |
|
|
14,289 |
|
|
16,386 |
|
Capitalized asset retirement obligation |
1,452 |
|
|
42,270 |
|
|
10,971 |
|
Total |
$ |
759,441 |
|
|
$ |
3,002,077 |
|
|
$ |
604,242 |
|
|
|
|
|
|
|
Equity investment in Grizzly Oil Sands ULC |
|
|
|
|
|
Acquisition |
$ |
238 |
|
|
$ |
503 |
|
|
$ |
357 |
|
Development |
— |
|
|
— |
|
|
— |
|
Exploratory |
— |
|
|
— |
|
|
— |
|
Capitalized asset retirement obligation |
(285 |
) |
|
(524 |
) |
|
784 |
|
Total |
$ |
(47 |
) |
|
$ |
(21 |
) |
|
$ |
1,141 |
|
|
| Schedule of results of operations for oil and gas production activities |
The results of operations exclude general office overhead and interest expense attributable to oil and gas production.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
|
(In thousands) |
Revenues |
$ |
1,355,044 |
|
|
$ |
1,320,303 |
|
|
$ |
385,910 |
|
Production costs |
(415,308 |
) |
|
(350,367 |
) |
|
(248,125 |
) |
Depletion |
(476,517 |
) |
|
(358,792 |
) |
|
(243,098 |
) |
Impairment |
— |
|
|
— |
|
|
(715,495 |
) |
|
463,219 |
|
|
611,144 |
|
|
(820,808 |
) |
Income tax expense (benefit) |
|
|
|
|
|
Current |
254 |
|
|
3,362 |
|
|
— |
|
Deferred |
(322 |
) |
|
(3,602 |
) |
|
— |
|
|
(68 |
) |
|
(240 |
) |
|
— |
|
Results of operations from producing activities |
$ |
463,287 |
|
|
$ |
611,384 |
|
|
$ |
(820,808 |
) |
Depletion per Mcf of gas equivalent (Mcfe) |
$ |
0.96 |
|
|
$ |
0.90 |
|
|
$ |
0.92 |
|
|
|
|
|
|
|
Results of Operations from equity method investment in Grizzly Oil Sands ULC |
|
|
|
|
|
Revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Production costs |
— |
|
|
— |
|
|
(13 |
) |
Depletion |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13 |
) |
Income tax expense |
— |
|
|
— |
|
|
— |
|
Results of operations from producing activities |
$ |
— |
|
|
$ |
— |
|
|
$ |
(13 |
) |
|
| Schedule of oil and gas reserves |
These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
|
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 |
19,157 |
|
|
4,825,310 |
|
|
75,766 |
|
|
5,546 |
|
|
2,167,068 |
|
|
20,127 |
|
|
6,458 |
|
|
1,560,145 |
|
|
17,736 |
|
Purchases in oil and natural gas reserves in place |
— |
|
|
— |
|
|
— |
|
|
15,132 |
|
|
1,098,644 |
|
|
53,617 |
|
|
— |
|
|
— |
|
|
— |
|
Extensions and discoveries |
5,205 |
|
|
622,271 |
|
|
9,631 |
|
|
951 |
|
|
1,594,734 |
|
|
4,619 |
|
|
1,217 |
|
|
1,082,220 |
|
|
7,677 |
|
Sales of oil and natural gas reserves in place |
(134 |
) |
|
(43,444 |
) |
|
(112 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Revisions of prior reserve estimates |
(377 |
) |
|
(826,506 |
) |
|
1,228 |
|
|
107 |
|
|
314,925 |
|
|
2,737 |
|
|
(3 |
) |
|
(247,703 |
) |
|
(1,439 |
) |
Current production |
(2,801 |
) |
|
(443,742 |
) |
|
(5,993 |
) |
|
(2,579 |
) |
|
(350,061 |
) |
|
(5,334 |
) |
|
(2,126 |
) |
|
(227,594 |
) |
|
(3,847 |
) |
End of period |
21,050 |
|
|
4,133,889 |
|
|
80,520 |
|
|
19,157 |
|
|
4,825,310 |
|
|
75,766 |
|
|
5,546 |
|
|
2,167,068 |
|
|
20,127 |
|
Proved developed reserves |
9,570 |
|
|
1,813,184 |
|
|
40,810 |
|
|
10,245 |
|
|
1,616,930 |
|
|
36,247 |
|
|
4,882 |
|
|
744,797 |
|
|
14,299 |
|
Proved undeveloped reserves |
11,480 |
|
|
2,320,705 |
|
|
39,710 |
|
|
8,912 |
|
|
3,208,380 |
|
|
39,519 |
|
|
664 |
|
|
1,422,271 |
|
|
5,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investment in Grizzly Oil Sands ULC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of the period |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchases in oil and natural gas reserves in place |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Extensions and discoveries |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Revisions of prior reserve estimates |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Current production |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
End of period |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proved developed reserves |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proved undeveloped reserves |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
| Schedule of 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, |
|
2018 |
|
2017 |
|
2016 |
|
(In thousands) |
Future cash flows |
$ |
14,483,197 |
|
|
$ |
11,202,692 |
|
|
$ |
3,354,168 |
|
Future development and abandonment costs |
(2,437,853 |
) |
|
(3,005,217 |
) |
|
(1,165,025 |
) |
Future production costs |
(5,067,554 |
) |
|
(2,152,821 |
) |
|
(924,167 |
) |
Future production taxes |
(455,840 |
) |
|
(289,944 |
) |
|
(69,447 |
) |
Future income taxes |
(943,293 |
) |
|
(573,965 |
) |
|
(14,545 |
) |
Future net cash flows |
5,578,657 |
|
|
5,180,745 |
|
|
1,180,984 |
|
10% discount to reflect timing of cash flows |
(2,595,932 |
) |
|
(2,537,181 |
) |
|
(492,944 |
) |
Standardized measure of discounted future net cash flows |
$ |
2,982,725 |
|
|
$ |
2,643,564 |
|
|
$ |
688,040 |
|
|
|
|
|
|
|
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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of 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, |
|
2018 |
|
2017 |
|
2016 |
|
(In thousands) |
Sales and transfers of oil and gas produced, net of production costs |
$ |
(1,063,215 |
) |
|
$ |
(756,257 |
) |
|
$ |
(312,291 |
) |
Net changes in prices, production costs, and development costs |
590,519 |
|
|
913,714 |
|
|
(146,518 |
) |
Acquisition of oil and gas reserves in place |
— |
|
|
703,866 |
|
|
— |
|
Extensions and discoveries |
519,137 |
|
|
618,039 |
|
|
186,909 |
|
Previously estimated development costs incurred during the period |
402,156 |
|
|
390,673 |
|
|
176,218 |
|
Revisions of previous quantity estimates, less related production costs |
(356,933 |
) |
|
155,200 |
|
|
(38,448 |
) |
Sales of oil and gas reserves in place |
(25,882 |
) |
|
— |
|
|
— |
|
Accretion of discount |
264,356 |
|
|
68,804 |
|
|
76,433 |
|
Net changes in income taxes |
(185,157 |
) |
|
(231,545 |
) |
|
(6,495 |
) |
Change in production rates and other |
194,180 |
|
|
93,030 |
|
|
(12,099 |
) |
Total change in standardized measure of discounted future net cash flows |
$ |
339,161 |
|
|
$ |
1,955,524 |
|
|
$ |
(76,291 |
) |
|
|
|
|
|
|
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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
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 |
— |
|
|
— |
|
|
— |
|
Revisions of previous quantity estimates, less related production costs |
— |
|
|
— |
|
|
— |
|
Accretion of discount |
— |
|
|
— |
|
|
— |
|
Net changes in income taxes |
— |
|
|
— |
|
|
— |
|
Change in production rates and other |
— |
|
|
— |
|
|
— |
|
Total change in standardized measure of discounted future net cash flows |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|