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SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Aggregate capitalized costs related to oil and natural gas production activities
Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion, amortization and impairment are as follows:
December 31,
20202019
(In millions)
Oil and natural gas properties:
Proved properties$19,884 $16,575 
Unproved properties7,493 9,207 
Total oil and natural gas properties27,377 25,782 
Accumulated depletion(4,237)(2,995)
Accumulated impairment(7,954)(1,934)
Net oil and natural gas properties capitalized$15,186 $20,853 
Costs incurred in oil and natural gas property acquisition, exploration, and development activities
Costs incurred in oil and natural gas property acquisition, exploration and development activities are as follows:
Year Ended December 31,
202020192018
(In millions)
Acquisition costs:
Proved properties$13 $194 $5,665 
Unproved properties106 418 5,818 
Development costs381 956 493 
Exploration costs1,098 1,915 1,090 
Total$1,598 $3,483 $13,066 
Schedule of changes in estimated proved reserves
The changes in estimated proved reserves are as follows:
Oil
(MBbls)		Natural Gas
Liquids
(MBbls)		Natural Gas
(MMcf)
Proved Developed and Undeveloped Reserves:
As of December 31, 2017233,181 54,609 285,369 
Extensions and discoveries143,256 33,152 154,088 
Revisions of previous estimates3,689 11,138 3,642 
Purchase of reserves in place281,333 98,865 640,761 
Divestitures(156)(8)(543)
Production(34,367)(7,465)(34,668)
As of December 31, 2018626,936 190,291 1,048,649 
Extensions and discoveries256,569 66,572 318,874 
Revisions of previous estimates(84,789)(8,166)(149,657)
Purchase of reserves in place13,974 3,813 19,830 
Divestitures(33,269)(3,809)(21,272)
Production(68,518)(18,498)(97,613)
As of December 31, 2019710,903 230,203 1,118,811 
Extensions and discoveries191,009 58,410 316,035 
Revisions of previous estimates(78,244)21,927 300,160 
Purchase of reserves in place2,124 778 3,512 
Divestitures(209)(141)(905)
Production(66,182)(21,981)(130,549)
As of December 31, 2020759,401 289,196 1,607,064 
Proved Developed Reserves:
December 31, 2017141,246 35,412 190,740 
December 31, 2018403,051 125,509 705,084 
December 31, 2019457,083 165,173 824,760 
December 31, 2020443,464 192,495 1,085,035 
Proved Undeveloped Reserves:
December 31, 201791,935 19,198 94,629 
December 31, 2018223,885 64,782 343,565 
December 31, 2019253,820 65,030 294,051 
December 31, 2020315,937 96,701 522,029 
The following table includes the changes in PUD reserves for 2020 (MBOE):
Beginning proved undeveloped reserves at December 31, 2019367,859 
Undeveloped reserves transferred to developed(89,133)
Revisions(15,742)
Purchases964 
Divestitures(14)
Extensions and discoveries235,709 
Ending proved undeveloped reserves at December 31, 2020499,643 
Standardized measure of discounted future net cash flows attributable to proved crude oil and natural gas reserves
The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2020, 2019 and 2018.
December 31,
202020192018
(In millions)
Future cash inflows$32,173 $40,681 $43,578 
Future development costs(3,585)(3,809)(3,560)
Future production costs(10,763)(9,319)(7,727)
Future production taxes(2,354)(2,905)(2,935)
Future income tax expenses(727)(2,635)(3,913)
Future net cash flows14,744 22,013 25,443 
10% discount to reflect timing of cash flows(7,986)(11,829)(13,767)
Standardized measure of discounted future net cash flows(1)
$6,758 $10,184 $11,676 
(1) Includes $1.0 billion, $1.3 billion, and $1.1 billion, for the years ended December 31, 2020, 2019 and 2018, respectively, attributable to the Company’s consolidated subsidiary, Viper, in which there is a 42% non-controlling interest at December 31, 2020.
Average first-day-of-the-month price for oil, natural gas and natural gas liquids
The table below presents the unweighted arithmetic average first-day-of–the-month price for oil, natural gas and natural gas liquids utilized in the computation of future cash inflows.
December 31,
202020192018
Oil (per Bbl)$38.06 $51.88 $59.63 
Natural gas (per Mcf)$0.09 $0.18 $1.47 
Natural gas liquids (per Bbl)$10.83 $15.65 $24.43 
Schedule of principal changes in the standardized measure of discounted future net cash flows attributable to proved reserves
Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows:
Year Ended December 31,
202020192018
(In millions)
Standardized measure of discounted future net cash flows at the beginning of the period$10,184 $11,676 $3,757 
Sales of oil and natural gas, net of production costs(2,225)(3,334)(1,786)
Acquisitions of reserves30 309 5,520 
Divestitures of reserves(4)(500)(2)
Extensions and discoveries, net of future development costs1,514 4,004 3,287 
Previously estimated development costs incurred during the period704 120 535 
Net changes in prices and production costs(5,273)831 1,805 
Changes in estimated future development costs526 (3,190)(81)
Revisions of previous quantity estimates(462)(1,242)271 
Accretion of discount1,126 1,344 380 
Net change in income taxes807 693 (1,728)
Net changes in timing of production and other(169)(527)(282)
Standardized measure of discounted future net cash flows at the end of the period$6,758 $10,184 $11,676