Supplemental Information on Oil and Gas Producing Activities (Unaudited) (Tables)
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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 |
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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) |
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Net capitalized costs |
|
$ |
10,857,592 |
|
|
9,944,341 |
|
|
Schedule of costs incurred in certain oil and gas activities |
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|
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Year ended December 31, |
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(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 |
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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 |
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Year ended December 31, |
|
(In thousands) |
|
2017 |
|
2018 |
|
2019 |
|
Revenues |
|
$ |
2,747,920 |
|
|
3,652,894 |
|
|
3,643,873 |
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Operating expenses: |
|
|
|
|
|
|
|
|
|
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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 |
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Oil and |
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|
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Natural gas |
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NGLs |
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condensate |
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Equivalents |
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|
|
(Bcf) |
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(MMBbl) |
|
(MMBbl) |
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(Bcfe) |
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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) |
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Purchases of reserves |
|
— |
|
— |
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— |
|
— |
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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 |
|
— |
|
— |
|
— |
|
— |
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December 31, 2019 |
|
11,494 |
|
1,191 |
|
42 |
|
18,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
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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 |
|
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Schedule of standardized measure of discounted future net cash flows attributable to proved reserves |
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|
|
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|
|
|
|
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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) |
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Future net cash flows before income tax |
|
|
26,137 |
|
|
30,739 |
|
|
14,932 |
|
Future income tax expense |
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|
(4,104) |
|
|
(5,505) |
|
|
(1,639) |
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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) |
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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 |
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|
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|
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|
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 |
|
|
|
|
|
|
|
|
|
|
|
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|
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.
|