|
Supplemental Information On Oil And Gas Exploration And Production Activities (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Extractive Industries [Abstract] |
|
| Capitalized Costs Relating to Oil and Gas Producing Activities |
talized Costs Related to Oil and Gas Producing Activities
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
(In thousands) |
Proven properties |
$ |
1,526,588 |
|
|
$ |
984,795 |
|
Unproven properties |
950,590 |
|
|
626,295 |
|
|
2,477,178 |
|
|
1,611,090 |
|
Accumulated depreciation, depletion, amortization and impairment reserve |
(779,561 |
) |
|
(661,442 |
) |
Net capitalized costs |
$ |
1,697,617 |
|
|
$ |
949,648 |
|
|
|
|
|
Equity investment in Diamondback Energy, Inc. |
|
|
|
Proven properties |
$ |
92,074 |
|
|
$ |
123,370 |
|
Unproven properties |
26,608 |
|
|
25,947 |
|
|
118,682 |
|
|
149,317 |
|
Accumulated depreciation, depletion, amortization and impairment reserve |
$ |
(15,180 |
) |
|
$ |
(31,052 |
) |
Net capitalized costs |
$ |
103,502 |
|
|
$ |
118,265 |
|
Cos
|
| Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities |
s Incurred in Oil and Gas Property Acquisition and Development Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
2011 |
|
(In thousands) |
Acquisition |
$ |
338,153 |
|
|
$ |
513,904 |
|
|
$ |
119,522 |
|
Development of proved undeveloped properties |
408,121 |
|
|
121,787 |
|
|
123,489 |
|
Exploratory |
26,174 |
|
|
93,397 |
|
|
3,994 |
|
Recompletions |
44,633 |
|
|
24,643 |
|
|
17,259 |
|
Capitalized asset retirement obligation |
3,556 |
|
|
2,195 |
|
|
1,390 |
|
Total |
$ |
820,637 |
|
|
$ |
755,926 |
|
|
$ |
265,654 |
|
|
|
|
|
|
|
Equity investment in Diamondback Energy, Inc. |
|
|
|
|
|
Acquisition |
$ |
44,534 |
|
|
$ |
49,895 |
|
|
$ |
— |
|
Development of proved undeveloped properties |
6,369 |
|
|
22,740 |
|
|
— |
|
Exploratory |
17,491 |
|
|
3,755 |
|
|
— |
|
Capitalized asset retirement obligation |
50 |
|
|
203 |
|
|
— |
|
Total |
$ |
68,444 |
|
|
$ |
76,593 |
|
|
$ |
— |
|
Res
|
| Results of Operations for Producing Activities |
results of operations exclude general office overhead and interest expense attributable to oil and gas production.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
2011 |
|
(In thousands) |
Revenues |
$ |
262,225 |
|
|
$ |
248,601 |
|
|
$ |
228,953 |
|
Production costs |
(64,666 |
) |
|
(53,708 |
) |
|
(47,230 |
) |
Depletion |
(118,118 |
) |
|
(90,230 |
) |
|
(61,965 |
) |
|
79,441 |
|
|
104,663 |
|
|
119,758 |
|
Income tax expense (benefit) |
|
|
|
|
|
Current |
— |
|
|
730 |
|
|
282 |
|
Deferred |
49,447 |
|
|
25,633 |
|
|
(372 |
) |
|
49,447 |
|
|
26,363 |
|
|
(90 |
) |
Results of operations from producing activities |
$ |
29,994 |
|
|
$ |
78,300 |
|
|
$ |
119,848 |
|
Depletion per barrel of oil equivalent (BOE) |
$ |
28.68 |
|
|
$ |
35.07 |
|
|
$ |
26.56 |
|
|
|
|
|
|
|
Results of Operations from equity method investment in Diamondback Energy, Inc. |
|
|
|
|
|
Revenues |
$ |
14,976 |
|
|
$ |
16,042 |
|
|
$ |
— |
|
Production costs |
(2,518 |
) |
|
(4,474 |
) |
|
— |
|
Depletion |
(4,754 |
) |
|
(5,515 |
) |
|
— |
|
|
7,704 |
|
|
6,053 |
|
|
— |
|
Income tax expense (benefit) |
2,286 |
|
|
2,158 |
|
|
— |
|
|
|
|
|
|
|
Results of operations from producing activities |
$ |
5,418 |
|
|
$ |
3,895 |
|
|
$ |
— |
|
Oil
|
| Oil And Gas Reserves |
|
| Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Unaudited) |
dardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
(In thousands) |
Future cash flows |
$ |
1,657,708 |
|
|
$ |
954,833 |
|
|
$ |
1,594,050 |
|
Future development and abandonment costs |
(272,500 |
) |
|
(159,113 |
) |
|
(306,810 |
) |
Future production costs |
(274,428 |
) |
|
(147,024 |
) |
|
(295,383 |
) |
Future production taxes |
(78,647 |
) |
|
(89,175 |
) |
|
(124,739 |
) |
Future income taxes |
(172,691 |
) |
|
(114,867 |
) |
|
(229,649 |
) |
Future net cash flows |
859,442 |
|
|
444,654 |
|
|
637,469 |
|
10% discount to reflect timing of cash flows |
(280,976 |
) |
|
(96,013 |
) |
|
(260,788 |
) |
Standardized measure of discounted future net cash flows |
$ |
578,466 |
|
|
$ |
348,641 |
|
|
$ |
376,681 |
|
|
|
|
|
|
|
Equity investment in Diamondback Energy, Inc. Standardized measure of discounted cash flows |
|
|
|
|
|
Future cash flows |
$ |
331,505 |
|
|
$ |
592,669 |
|
|
$ |
— |
|
Future development and abandonment costs |
(37,229 |
) |
|
(115,869 |
) |
|
— |
|
Future production costs |
(58,096 |
) |
|
(165,553 |
) |
|
— |
|
Future production taxes |
(22,925 |
) |
|
(30,122 |
) |
|
— |
|
Future income taxes |
(48,547 |
) |
|
(71,669 |
) |
|
— |
|
Future net cash flows |
164,708 |
|
|
209,456 |
|
|
— |
|
10% discount to reflect timing of cash flows |
(94,462 |
) |
|
(130,871 |
) |
|
— |
|
Standardized measure of discounted future net cash flows |
$ |
70,246 |
|
|
$ |
78,585 |
|
|
$ |
— |
|
In
|
| Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves |
ges in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
(In thousands) |
Sales and transfers of oil and gas produced, net of production costs |
$ |
(197,559 |
) |
|
$ |
(194,893 |
) |
|
$ |
(181,723 |
) |
Net changes in prices, production costs, and development costs |
65,573 |
|
|
108,941 |
|
|
136,071 |
|
Acquisition of oil and gas reserves in place |
— |
|
|
— |
|
|
72 |
|
Extensions and discoveries |
130,826 |
|
|
151,654 |
|
|
107,110 |
|
Previously estimated development costs incurred during the period |
43,478 |
|
|
10,211 |
|
|
41,193 |
|
Revisions of previous quantity estimates, less related production costs |
(3,591 |
) |
|
(10,504 |
) |
|
(112,553 |
) |
Sales of reserves in place |
— |
|
|
(214,867 |
) |
|
— |
|
Accretion of discount |
34,864 |
|
|
37,668 |
|
|
31,549 |
|
Net changes in income taxes |
(30,239 |
) |
|
25,585 |
|
|
(36,674 |
) |
Change in production rates and other |
186,473 |
|
|
58,165 |
|
|
76,149 |
|
Total change in standardized measure of discounted future net cash flows |
$ |
229,825 |
|
|
$ |
(28,040 |
) |
|
$ |
61,194 |
|
|
|
|
|
|
|
Equity investment in Diamondback Energy, Inc. Changes in standardized measure of discounted cash flows |
|
|
|
|
|
Change in ownership interest in Diamondback |
$ |
(52,145 |
) |
|
$ |
— |
|
|
$ |
— |
|
Sales and transfers of oil and gas produced, net of production costs |
(12,524 |
) |
|
(11,601 |
) |
|
— |
|
Net changes in prices, production costs, and development costs |
3,312 |
|
|
(14,596 |
) |
|
— |
|
Acquisition of oil and gas reserves in place |
21,968 |
|
|
23,090 |
|
|
— |
|
Extensions and discoveries |
39,776 |
|
|
16,969 |
|
|
— |
|
Previously estimated development costs incurred during the period |
5,517 |
|
|
19,014 |
|
|
— |
|
Revisions of previous quantity estimates, less related production costs |
(9,143 |
) |
|
(4,897 |
) |
|
— |
|
Accretion of discount |
4,175 |
|
|
7,803 |
|
|
— |
|
Net changes in income taxes |
(12,137 |
) |
|
(26,866 |
) |
|
— |
|
Change in production rates and other |
2,862 |
|
|
(8,358 |
) |
|
— |
|
Total change in standardized measure of discounted future net cash flows |
$ |
(8,339 |
) |
|
$ |
558 |
|
|
$ |
— |
|
|