Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume the following information in Diamondback Energy's supplemental disclosures for its 2018 annual report. Estimated Quantities of Net Proved Oil and Natural Gas 2018 Oil

image text in transcribed

Assume the following information in Diamondback Energy's supplemental disclosures for its 2018 annual report. Estimated Quantities of Net Proved Oil and Natural Gas 2018 Oil Gas MMBO BCF Beginning of year 288 285 Revisions of previous estimates 15 3.6 Purchases of reserves in place 380 641 Sales of reserves in place 0 -1 Extensions and discoveries 176 154 Production -42 -35 End of year 817 1,049 BOE MMBOE 336 16 487 0 202 -48 992 Calculate the following reserve ratios for the year on a BOE basis, showing your formulas: a) Reserve replacement ratio including revisions. b) Reserve replacement ratio including revisions and purchases of reserves. Assume the following information in Diamondback Energy's supplemental disclosures for its 2018 annual report. Estimated Quantities of Net Proved Oil and Natural Gas 2018 Oil Gas MMBO BCF Beginning of year 288 285 Revisions of previous estimates 15 3.6 Purchases of reserves in place 380 641 Sales of reserves in place 0 -1 Extensions and discoveries 176 154 Production -42 -35 End of year 817 1,049 BOE MMBOE 336 16 487 0 202 -48 992 Calculate the following reserve ratios for the year on a BOE basis, showing your formulas: a) Reserve replacement ratio including revisions. b) Reserve replacement ratio including revisions and purchases of reserves

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investing In People Financial Impact Of Human Resource Initiatives

Authors: John W. Boudreau, Wayne F. Cascio, Alexis A. Fink

3rd Edition

1586446096, 978-1586446093

More Books

Students also viewed these Accounting questions

Question

What are the challenges associated with tunneling in urban areas?

Answered: 1 week ago

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago

Question

What is the purpose of a retaining wall, and how is it designed?

Answered: 1 week ago

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago

Question

Describe global employee and labor relations practices.

Answered: 1 week ago