Annual report pursuant to Section 13 and 15(d)

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

v3.19.3.a.u2
Supplemental Information on Oil and Gas Producing Activities (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2019
Supplemental Information on Oil and Gas Producing Activities (Unaudited)  
Schedule of capitalized costs relating to oil and gas producing activities

Year ended December 31,

 

(In thousands)

2018

2019

Proved properties

$

12,705,672

11,859,817

Unproved properties

 

1,767,600

 

1,368,854

 

14,473,272

 

13,228,671

Accumulated depletion and depreciation

 

(3,615,680)

 

(3,284,330)

Net capitalized costs

$

10,857,592

9,944,341

Schedule of costs incurred in certain oil and gas activities

Year ended December 31,

(In thousands)

2017

2018

2019

Acquisition costs:

Proved property

$

175,650

Unproved property

 

204,272

172,387

88,682

Development costs

 

897,287

1,164,800

1,104,336

Exploration costs

 

384,698

323,773

149,782

Total costs incurred

$

1,661,907

1,660,960

1,342,800

Schedule of results of operations (including discontinued operations) for oil and gas producing activities

Year ended December 31,

 

(In thousands)

2017

2018

2019

Revenues

$

2,747,920

3,652,894

3,643,873

Operating expenses:

Production expenses

 

1,279,217

1,601,985

2,417,509

Exploration expenses

 

8,538

4,958

884

Depletion and depreciation

 

694,332

832,326

884,350

Impairment of oil and gas properties

 

159,598

549,437

1,300,444

Results of operations before income tax (expense) benefit

 

606,235

664,188

(959,314)

Income tax (expense) benefit

 

(228,096)

(156,350)

224,511

Results of operations

$

378,139

507,838

(734,803)

Schedule of proved developed and undeveloped reserves

Oil and

Natural gas

NGLs

condensate

Equivalents

(Bcf)

(MMBbl)

(MMBbl)

(Bcfe)

Proved reserves:

December 31, 2016

9,414

957

38

15,386

Revisions

342

(22)

(6)

176

Extensions, discoveries and other additions

1,644

77

7

2,148

Production

(591)

(36)

(2)

(822)

Purchases of reserves

289

13

1

373

December 31, 2017

11,098

989

38

17,261

Revisions

(1,087)

8

(1)

(1,042)

Extensions, discoveries and other additions

2,125

98

12

2,781

Production

(711)

(43)

(3)

(989)

Purchases of reserves

December 31, 2018

11,425

1,052

46

18,011

Revisions

(1,735)

25

(11)

(1,648)

Extensions, discoveries and other additions

2,626

169

11

3,705

Production

(822)

(55)

(4)

(1,175)

Purchases of reserves

December 31, 2019

11,494

1,191

42

18,893

Oil and

Natural gas

NGLs

condensate

Equivalents

(Bcf)

(MMBbl)

(MMBbl)

(Bcfe)

Proved developed reserves:

December 31, 2017

5,587

467

16

8,488

December 31, 2018

6,669

600

20

10,389

December 31, 2019

7,229

731

21

11,740

Proved undeveloped reserves:

December 31, 2017

5,511

522

22

8,773

December 31, 2018

4,756

452

26

7,622

December 31, 2019

4,265

460

21

7,153

Schedule of standardized measure of discounted future net cash flows attributable to proved reserves

Year ended December 31,

(in millions)

2017

2018

2019

 

Future cash inflows

$

55,824

64,199

54,228

Future production costs

 

(26,375)

(30,007)

(36,524)

Future development costs

 

(3,312)

(3,453)

(2,772)

Future net cash flows before income tax

 

26,137

30,739

14,932

Future income tax expense

 

(4,104)

(5,505)

(1,639)

Future net cash flows

 

22,033

25,234

13,293

10% annual discount for estimated timing of cash flows

 

(13,406)

(14,756)

(7,824)

Standardized measure of discounted future net cash flows

$

8,627

10,478

5,469

Schedule of weighted average prices used to estimate the Company's total equivalent reserves

December 31, 2017

$

3.23

December 31, 2018

$

3.56

December 31, 2019

$

2.87

Schedule of changes in standardized measure of discounted future net cash flow

Year ended December 31,

(in millions)

2017

2018

2019

Sales of oil and gas, net of productions costs

$

(1,469)

(2,051)

(1,116)

Net changes in prices and production costs (1)

 

3,918

707

(6,729)

Development costs incurred during the period

 

627

755

758

Net changes in future development costs (2)

 

229

37

(92)

Extensions, discoveries and other additions

 

1,448

1,925

782

Acquisitions

 

258

Divestitures

Revisions of previous quantity estimates

 

734

(53)

(1,011)

Accretion of discount

 

368

1,018

1,259

Net change in income taxes

 

(1,159)

(563)

1,513

Changes in timing and other

 

386

76

(373)

Net increase (decrease)

 

5,340

1,851

(5,009)

Beginning of year

 

3,287

8,627

10,478

End of year

$

8,627

10,478

5,469

(1) Includes $3.3 billion in increased production costs due to the deconsolidation of Antero Midstream Partners.

(2) Includes $185 million in increased future development costs due to the deconsolidation of Antero Midstream Partners.