Supplemental Oil and Gas Information (Unaudited) (Tables)
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12 Months Ended |
Jun. 30, 2015 |
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| Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
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| 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 economic conditions change and new information becomes available.
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United States |
Australia (1)
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Total |
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Oil
(Mbbls)
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|
Gas
(Bcf)
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|
Oil
(Mbbls)
|
|
Gas
(Bcf)
|
Proved Reserves: |
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Fiscal year ended June 30, 2013 |
7,368.6 |
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|
11.4 |
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|
7,368.6 |
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|
11.4 |
|
Revision of previous estimates |
(1,515.0 |
) |
|
— |
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|
(1,515.0 |
) |
|
— |
|
Sales of minerals in place |
— |
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|
(11.4 |
) |
|
— |
|
|
(11.4 |
) |
Production |
(117.9 |
) |
|
— |
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|
(117.9 |
) |
|
— |
|
Fiscal year ended June 30, 2014 |
5,735.7 |
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|
— |
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|
5,735.7 |
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|
— |
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Revision of previous estimates |
(3,417.1 |
) |
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— |
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|
(3,417.1 |
) |
|
— |
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Production |
(79.0 |
) |
|
— |
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|
(79.0 |
) |
|
— |
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Fiscal year ended June 30, 2015 |
2,239.6 |
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— |
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2,239.6 |
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— |
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Proved Developed Reserves: |
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Fiscal year ended June 30, 2014 |
2,494.6 |
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— |
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2,494.6 |
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— |
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Fiscal year ended June 30, 2015 |
2,239.6 |
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|
— |
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|
2,239.6 |
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— |
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Proved Undeveloped Reserves: |
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Fiscal year ended June 30, 2014 |
3,241.1 |
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— |
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3,241.1 |
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— |
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Fiscal year ended June 30, 2015 |
— |
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— |
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— |
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— |
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(1) The amount of proved reserves applicable to Australia gas reflects the amount of gas committed to specific long term supply contracts.
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| Standardized Measure of Oil and Gas - Prices |
The following table summarizes the resulting prices used for proved reserves for the fiscal years ended:
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June 30, |
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2015 |
|
2014 |
Oil (per Bbl) |
|
$58.93 |
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$86.11 |
Gas (per Mcf) |
|
NA |
|
NA |
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| 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 for the United States cost center only:
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Year Ended June 30, |
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2015 |
|
2014 |
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(In thousands) |
Future cash inflows |
$ |
131,979 |
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|
$ |
493,901 |
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Future production costs |
(85,372 |
) |
|
(226,464 |
) |
Future development costs |
(7,021 |
) |
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(23,594 |
) |
Future income tax expense |
— |
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|
(73,820 |
) |
Future net cash flows |
39,586 |
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|
170,023 |
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10% annual discount |
(22,569 |
) |
|
(82,980 |
) |
Standardized measures of discounted future net cash flows |
$ |
17,017 |
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$ |
87,043 |
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| 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:
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United States |
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Australia |
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Total |
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(In thousands) |
Fiscal year ended June 30, 2013 |
$ |
97,391 |
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|
$ |
10,285 |
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$ |
107,676 |
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Net change in prices and production costs
|
(10,222 |
) |
|
— |
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|
(10,222 |
) |
Revisions of previous quantity estimates |
(34,441 |
) |
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— |
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|
(34,441 |
) |
Divestiture of reserves |
— |
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(10,285 |
) |
|
(10,285 |
) |
Changes in estimated future development costs |
3,161 |
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— |
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|
3,161 |
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Sales and transfers of oil and gas produced |
(4,720 |
) |
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— |
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|
(4,720 |
) |
Previously estimated development cost incurred during the period |
1,723 |
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— |
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|
1,723 |
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Accretion of discount |
14,632 |
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— |
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|
14,632 |
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Net change in income taxes |
16,746 |
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— |
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16,746 |
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Net change in timing and other |
2,773 |
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— |
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|
2,773 |
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Fiscal year ended June 30, 2014 |
87,043 |
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— |
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|
87,043 |
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Net change in prices and production costs (1)
|
(71,406 |
) |
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— |
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(71,406 |
) |
Revisions of previous quantity estimates (2)
|
(54,415 |
) |
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— |
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(54,415 |
) |
Divestiture of reserves |
— |
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|
— |
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|
— |
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Changes in estimated future development costs |
9,071 |
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— |
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|
9,071 |
|
Sales and transfers of oil and gas produced |
(440 |
) |
|
— |
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|
(440 |
) |
Previously estimated development cost incurred during the period |
7,749 |
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|
— |
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|
7,749 |
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Accretion of discount |
8,853 |
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— |
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|
8,853 |
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Net change in income taxes (3)
|
32,188 |
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|
— |
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|
32,188 |
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Net change in timing and other |
(1,626 |
) |
|
— |
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|
(1,626 |
) |
Fiscal year ended June 30, 2015 |
$ |
17,017 |
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|
$ |
— |
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|
$ |
17,017 |
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(1) For fiscal year 2015, there was a $71.4 million downward revision in reserve value due to the net change in prices and production costs. This change was the result of the steep decline in the WTI price, the benchmark oil price for sale of the Company's crude oil.
(2) The downward revision of $54.4 million relates to the elimination of PUDs of 3,241Mbbls from the classification as proved reserves and is discussed in greater detail above under the heading "Analysis of Changes in Proved Reserves."
(3) The increase in cash flows from the net change in income taxes represents the decrease in future income taxes as a result of the elimination of cash flows from PUD reserves.
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