Oil and Gas Producing Activities (Unaudited) |
12 Months Ended |
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Dec. 31, 2020 | |
| Extractive Industries [Abstract] | |
| Oil and Gas Producing Activities (Unaudited) | Oil and Gas Producing Activities (Unaudited) We measure the our share of oil and gas produced in barrels of equivalency (“BOEs”). One BOE equals one barrel of crude oil, condensate, NGLs (natural gas liquids) or approximately 6,000 cubic feet of gas. As of December 31, 2020, December 31, 2019 and December 31, 2018, our share of oil and gas produced was approximately 16.2, 13.7 and 8.8 thousand BOEs per day, respectively. Reserves related to our royalty interests are not presented because the information is unavailable.
There are a number of oil and gas wells that have been drilled but are not yet completed (“DUC”) where we have a royalty interest. The number of DUC wells are determined using uniform drilling spacing units with pooled interests for all wells awaiting completion. We have identified 531, 486 and 362 DUC wells subject to our royalty interest as of December 31, 2020, 2019 and 2018, respectively.
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- References No definition available.
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- Definition The entire disclosure for oil and gas producing industries. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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