Oil and Gas Producing Activities |
3 Months Ended |
|---|---|
Mar. 31, 2021 | |
| Extractive Industries [Abstract] | |
| Oil and Gas Producing Activities | Oil and Gas Producing Activities We measure 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 March 31, 2021 and March 31, 2020, our share of oil and gas produced was approximately 16.4 and 16.5 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 is determined using uniform drilling spacing units with pooled interests for all wells awaiting completion. We have identified 541 and 531 DUC wells subject to our royalty interest as of March 31, 2021 and December 31, 2020, respectively.
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