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Operations

Operations

Overview

Our assets consist primarily of producing oil and natural gas properties and are located in Oklahoma, Eagle Ford, East Texas / North Louisiana, Rockies, and offshore southern California. Most of our oil and natural gas properties are located in large, mature oil and natural gas reservoirs with well-known geologic characteristics and long-lived, predictable production profiles and modest capital requirements.

  • Oklahoma - Approximately 34% of our estimated proved reserves as of December 31, 2020 were located in the Oklahoma region.
  • East Texas / North Louisiana – Approximately 30% of our estimated proved reserves as of December 31, 2020 were located in the East Texas / North Louisiana region.
  • Offshore Southern California – Approximately 15% of our estimated proved reserves as of December 31, 2020 were located in federal waters Offshore Southern California.
  • Rockies – Approximately 19% of our estimated proved reserves as of December 31, 2020 were located in the Rockies region.
  • Eagle Ford – Approximately 2% of our estimated proved reserves as of December 31, 2020 were located in Eagle Ford.

Total Company

Est. Proved Reserves (MMBoe) 1 114
% Proved Developed 85%
% Liquids Reserves 60%
Gross Wells 2,448
Net Wells 1,354
1Q21 Production (MBoe/d) 24.7
California
California
Texas
Louisiana
Wyoming
Oklahoma

(1) Reflects estimated proved reserves as of December 31, 2020 prepared by Cawley, Gillespie and Associates, Inc.

Oklahoma

Our liquids-rich acreage in Oklahoma consisted of approximately 100 thousand net (140 thousand gross) prospective acres in the Mississippian Lime trend in the Woods and Alfalfa Counties of Oklahoma. Our Oklahoma properties contained 39.3 MMBoe of estimated net proved reserves as of December 31, 2020.

Est. Proved Reserves (MMBoe) 1 39.3
% Liquids Reserves 49%
Gross Wells 335
Net Wells 242
1Q21 Production (MBoe/d) 6.5
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Oklahoma

(1) Reflects estimated proved reserves as of December 31, 2020 prepared by Cawley, Gillespie and Associates, Inc.

Rockies

Our liquids-heavy Rockies properties include wells and properties primarily located in the Lost Soldier and Wertz fields in the Rockies at our Bairoil complex. Our Rockies properties contained 21.2 MMBbls of estimated net proved oil and NGLs reserves as of December 31, 2020.

Est. Proved Reserves (MMBbls) 1 21.2
% Liquids Reserves 100%
Gross Wells 137
Net Wells 137
1Q21 Production (MBbls/d) 3.9
California
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Wyoming

(1) Reflects estimated proved reserves as of December 31, 2020 prepared by Cawley, Gillespie and Associates, Inc.

Offshore Southern California

Our oil-producing California properties, also known as the Beta properties, include: two wellbore production platforms and one production handling and processing platform. The Beta properties also include the San Pedro Bay Pipeline Company, which owns and operates a 16- inch diameter oil pipeline that extends approximately 17.5 miles from one of the Beta platforms to the Beta pump station located onshore at the Port of Long Beach, California, and an onshore tankage and metering facility. Our Beta properties contained 16.7 MMBbls of estimated net proved oil reserves as of December 31, 2020.

Est. Proved Reserves (MMBbls) 1 16.7
% Oil Reserves 100%
Gross Wells 53
Net Wells 53
1Q21 Production (MBbls/d) 3.6
California
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California

(1) Reflects estimated proved reserves as of December 31, 2020 prepared by Cawley, Gillespie and Associates, Inc.

East Texas / North Louisiana

Our East Texas / North Louisiana properties include wells and properties primarily located in the Joaquin, Carthage, Willow Springs and East Henderson fields in East Texas. These gas-weighted properties collectively contained 206.4 Bcfe of estimated net proved reserves as of December 31, 2020.

Est. Proved Reserves (Bcfe)1 206.4
% Liquids Reserves 25%
Gross Wells 1,609
Net Wells 899
1Q21 Production (MMcfe/d) 58.1
Texas
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Texas
Louisiana

(1) Reflects estimated proved reserves as of December 31, 2020 prepared by Cawley, Gillespie and Associates, Inc.

Eagle Ford

Our non-operated South Texas properties include wells and properties in fields located primarily in the Eagle Ford. Our Eagle Ford properties contained 2.2 MMBoe of estimated net proved reserves as of December 31, 2020.

Est. Proved Reserves (MMBoe) 1 2.2
% Liquids Reserves 91%
Gross Wells 314
Net Wells 23
1Q21 Production (MBoe/d) 1.0
South Texas
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Texas

(1) Reflects estimated proved reserves as of December 31, 2020 prepared by Cawley, Gillespie and Associates, Inc.