|
Supplemental Oil and Gas Information (Tables)
|
12 Months Ended |
|
Jun. 30, 2014
|
| Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
|
| Analysis of Changes in Proved Reserves |
The following table sets forth information regarding the Company's estimated proved oil and gas reserve quantities. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries and undeveloped locations are more imprecise than estimates of established producing oil and gas properties. Accordingly, these estimates are expected to change as future information becomes available.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
Australia (1)
|
|
Total |
|
Oil
(Mbbls)
|
|
Gas
(Bcf)
|
|
Oil
(Mbbls)
|
|
Gas
(Bcf)
|
Fiscal year ended June 30, 2012 |
8,905.2 |
|
|
11.5 |
|
|
8,905.2 |
|
|
11.5 |
|
Revision of previous estimates |
(1,215.7 |
) |
|
0.2 |
|
|
(1,215.7 |
) |
|
0.2 |
|
Production |
(320.9 |
) |
|
(0.3 |
) |
|
(320.9 |
) |
|
(0.3 |
) |
Fiscal year ended June 30, 2013 |
7,368.6 |
|
|
11.4 |
|
|
7,368.6 |
|
|
11.4 |
|
Revision of previous estimates |
(1,515.0 |
) |
|
— |
|
|
(1,515.0 |
) |
|
— |
|
Sales of minerals in place |
— |
|
|
(11.4 |
) |
|
— |
|
|
(11.4 |
) |
Production |
(117.9 |
) |
|
— |
|
|
(117.9 |
) |
|
— |
|
Fiscal year ended June 30, 2014 |
5,735.7 |
|
|
— |
|
|
5,735.7 |
|
|
— |
|
|
|
|
|
|
|
|
|
Proved Developed Reserves: |
|
|
|
|
|
|
|
Fiscal year ended June 30, 2013 |
1,581.5 |
|
|
11.4 |
|
|
1,581.5 |
|
|
11.4 |
|
Fiscal year ended June 30, 2014 |
2,494.6 |
|
|
— |
|
|
2,494.6 |
|
|
— |
|
|
|
|
|
|
|
|
|
Proved Undeveloped Reserves: |
|
|
|
|
|
|
|
Fiscal year ended June 30, 2013 |
5,787.1 |
|
|
— |
|
|
5,787.1 |
|
|
— |
|
Fiscal year ended June 30, 2014 |
3,241.1 |
|
|
— |
|
|
3,241.1 |
|
|
— |
|
(1) The amount of proved reserves applicable to Australia gas reflects the amount of gas committed to specific long term supply contracts.
|
| Standardized Measure of Oil and Gas - Prices |
The following table summarizes the resulting prices used for proved reserves for the fiscal years ended:
|
|
|
|
|
|
|
|
|
|
June 30, |
|
2014 |
|
2013 |
|
United States |
|
Australia |
|
United States |
|
Australia |
Oil (per Bbl) |
$86.11 |
|
NA |
|
$82.90 |
|
NA |
Gas (per Mcf) |
NA |
|
NA |
|
NA |
|
$4.92 |
|
| Standardized Measure of Oil and Gas - Discounted Future Cash Flows Relating to Proved Reserves Disclosure |
The following table presents the standardized measure of discounted future net cash flows related to proved oil and gas reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
Australia |
|
Total |
|
(In thousands) |
Fiscal year ended June 30, 2014 |
|
|
|
|
|
Future cash inflows |
$ |
493,901 |
|
|
$ |
— |
|
|
$ |
493,901 |
|
Future production costs |
(226,464 |
) |
|
— |
|
|
(226,464 |
) |
Future development costs |
(23,594 |
) |
|
— |
|
|
(23,594 |
) |
Future income tax expense |
(73,820 |
) |
|
— |
|
|
(73,820 |
) |
Future net cash flows |
170,023 |
|
|
— |
|
|
170,023 |
|
10% annual discount |
(82,980 |
) |
|
— |
|
|
(82,980 |
) |
Standardized measures of discounted future net cash flows |
$ |
87,043 |
|
|
$ |
— |
|
|
$ |
87,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
Australia |
|
Total |
|
(In thousands) |
Fiscal year ended June 30, 2013 |
|
|
|
|
|
Future cash inflows |
$ |
610,853 |
|
|
$ |
55,947 |
|
|
$ |
666,800 |
|
Future production costs |
(244,703 |
) |
|
(38,576 |
) |
|
(283,279 |
) |
Future development costs |
(28,922 |
) |
|
(4,095 |
) |
|
(33,017 |
) |
Future income tax expense |
(112,193 |
) |
|
— |
|
|
(112,193 |
) |
Future net cash flows |
225,035 |
|
|
13,276 |
|
|
238,311 |
|
10% annual discount |
(127,644 |
) |
|
(2,991 |
) |
|
(130,635 |
) |
Standardized measures of discounted future net cash flows |
$ |
97,391 |
|
|
$ |
10,285 |
|
|
$ |
107,676 |
|
|
| Standardized Measure of Oil and Gas - Changes in Standardized Measure of Discounted Future Net Cash Flows |
A summary of changes in the standardized measure of discounted future net cash flows is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
Australia |
|
Total |
|
(In thousands) |
Fiscal year ended June 30, 2012 |
$ |
121,496 |
|
|
$ |
8,579 |
|
|
$ |
130,075 |
|
Net change in prices and production costs |
(7,955 |
) |
|
(624 |
) |
|
(8,579 |
) |
Revisions of previous quantity estimates |
(26,503 |
) |
|
192 |
|
|
(26,311 |
) |
Changes in estimated future development costs |
3,473 |
|
|
5 |
|
|
3,478 |
|
Sales and transfers of oil and gas produced |
(20,178 |
) |
|
556 |
|
|
(19,622 |
) |
Previously estimated development cost incurred during the period |
3,419 |
|
|
7 |
|
|
3,426 |
|
Accretion of discount |
19,269 |
|
|
1,016 |
|
|
20,285 |
|
Net change in income taxes |
22,258 |
|
|
1,577 |
|
|
23,835 |
|
Net change in timing and other (1)
|
(17,888 |
) |
|
(1,023 |
) |
|
(18,911 |
) |
Fiscal year ended June 30, 2013 |
97,391 |
|
|
10,285 |
|
|
107,676 |
|
Net change in prices and production costs (2)
|
(10,222 |
) |
|
— |
|
|
(10,222 |
) |
Revisions of previous quantity estimates (3)
|
(34,441 |
) |
|
— |
|
|
(34,441 |
) |
Divestiture of reserves |
— |
|
|
(10,285 |
) |
|
(10,285 |
) |
Changes in estimated future development costs |
3,161 |
|
|
— |
|
|
3,161 |
|
Sales and transfers of oil and gas produced |
(4,720 |
) |
|
— |
|
|
(4,720 |
) |
Previously estimated development cost incurred during the period |
1,723 |
|
|
— |
|
|
1,723 |
|
Accretion of discount |
14,632 |
|
|
— |
|
|
14,632 |
|
Net change in income taxes |
16,746 |
|
|
— |
|
|
16,746 |
|
Net change in timing and other |
2,773 |
|
|
— |
|
|
2,773 |
|
Fiscal year ended June 30, 2014 |
$ |
87,043 |
|
|
$ |
— |
|
|
$ |
87,043 |
|
(1) For fiscal year 2013, in the US, there was a $17.9 million downward revision in reserves value due to changes in timing and other. This revision primarily relates to the change, relative to the prior year reserves projections, in the expected timing of drilling and completing PUD wells and the attendant cash flow expected from these wells. During fiscal year 2013, the Company focused its activities at Poplar on executing water shut-off treatments due to their potential attractive economics. As a result, PUDs previously estimated to be drilled during fiscal year 2013 were postponed, resulting in a change in the annual quantity and timing of PUD wells to be drilled in the current reserves projections.
(2) For fiscal year 2014, in the US there was a $10.2 million downward revision in reserves value due to the net change in prices and production costs. This change was the result of increased production cost estimates that more than offset impact of the increase in the assumed price per barrel of oil between fiscal year 2013 and 2014. The Company revised its estimated future production costs upwards following a detailed bottom-up analysis of historical and projected production costs undertaken during fiscal year 2014.
(3) This revision is related to our PUDs and is discussed in greater detail above under the heading "Analysis of Changes in Proved Reserves."
|