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OIL AND GAS RESERVE INFORMATION - UNAUDITED (Tables)
12 Months Ended
Dec. 31, 2013
Extractive Industries [Abstract]  
Summary of Estimated Proved Oil and Natural Gas Reserve

Reserve volumes for the year ended December 31, 2010 have not been reclassified to conform to the current presentation given the immateriality of NGL volumes in such period.

 

     Oil
(MBbls)
    NGLs
(MBbls)
    Natural
Gas

(MMcf)
    Oil,
Natural
Gas and
NGLs

(MMcfe)
 

Estimated proved reserves as of December 31, 2010

     33,203        —          274,705        473,923   

Revisions of previous estimates

     2,889        4,911        (26,725     20,075   

Extensions, discoveries and other additions

     3,544        —          93,520        114,784   

Purchase of producing properties

     14,396        —          24,595        110,971   

Sale of reserves

     (1,950     —          (2,150     (13,850

Production

     (6,427     (506     (38,466     (80,064
  

 

 

   

 

 

   

 

 

   

 

 

 

Estimated proved reserves as of December 31, 2011

     45,655        4,405        325,479        625,839   

Revisions of previous estimates

     (1,559     9,349        (26,694     20,050   

Extensions, discoveries and other additions

     3,681        4,856        131,408        182,633   

Purchase of producing properties

     4,336        619        8,168        37,895   

Sale of reserves

     (60     —          (418     (775

Production

     (7,135     (1,163     (42,569     (92,357
  

 

 

   

 

 

   

 

 

   

 

 

 

Estimated proved reserves as of December 31, 2012

     44,918        18,066        395,374        773,285   

Revisions of previous estimates

     3,606        2,439        36,006        72,275   

Extensions, discoveries and other additions

     2,367        4,395        79,729        120,299   

Sale of reserves

     (170     —          (214     (1,235

Production

     (6,894     (1,603     (50,129     (101,111
  

 

 

   

 

 

   

 

 

   

 

 

 

Estimated proved reserves as of December 31, 2013

     43,827        23,297        460,766        863,513   
  

 

 

   

 

 

   

 

 

   

 

 

 

Estimated proved developed reserves:

        

as of December 31, 2011

     30,914        3,195        171,871        376,528   
  

 

 

   

 

 

   

 

 

   

 

 

 

as of December 31, 2012

     29,005        8,593        210,956        436,540   
  

 

 

   

 

 

   

 

 

   

 

 

 

as of December 31, 2013

     27,920        11,569        246,946        483,885   
  

 

 

   

 

 

   

 

 

   

 

 

 
Summary of Standardized Measure of Discounted Future Net Cash Flows
     Standardized Measure Year Ended December 31,  
     2013     2012     2011  

Future cash inflows

   $ 7,040,928      $ 6,295,455      $ 6,171,279   

Future production costs

     (2,062,657     (1,946,426     (1,747,806

Future development costs

     (1,431,101     (1,241,531     (1,219,214

Future income taxes

     (884,637     (799,007     (852,364
  

 

 

   

 

 

   

 

 

 

Future net cash flows

     2,662,533        2,308,491        2,351,895   

10% annual discount

     (977,531     (794,632     (808,933
  

 

 

   

 

 

   

 

 

 

Standardized measure of discounted future net cash flows

   $ 1,685,002      $ 1,513,859      $ 1,542,962   
  

 

 

   

 

 

   

 

 

 
     Changes in Standardized Measure
Year Ended December 31,
 
     2013     2012     2011  

Standardized measure at beginning of year

   $ 1,513,859      $ 1,542,962      $ 957,629   

Sales and transfers of oil, gas and NGLs produced, net of production costs

     (708,017     (697,741     (670,347

Changes in price, net of future production costs

     229,425        (380,841     502,324   

Extensions and discoveries, net of future production and development costs

     155,592        178,272        293,168   

Changes in estimated future development costs, net of development costs incurred during the period

     28,684        212,329        97,852   

Revisions of quantity estimates

     281,558        76,450        (27,854

Accretion of discount

     202,087        207,292        118,722   

Net change in income taxes

     (28,084     22,947        (300,363

Purchases of reserves in-place

     —          276,389        567,286   

Sales of reserves in-place

     15,531        2,480        (36,278

Changes in production rates due to timing and other

     (5,633     73,320        40,823   
  

 

 

   

 

 

   

 

 

 

Net increase (decrease) in standardized measure

     171,143        (29,103     585,333   
  

 

 

   

 

 

   

 

 

 

Standardized measure at end of year

   $ 1,685,002      $ 1,513,859      $ 1,542,962