13. The following reserve table appeared in the financial statements of Tyler Company: Estimated Quantities of...
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13. The following reserve table appeared in the financial statements of Tyler Company: Estimated Quantities of Net Proved Crude Oil and Natural Gas (Worldwide Totals only), in Thousands of Barrels and Millions of Cubic Feet Year ended Dec. 31 2020 2021 2022 Beginning of year Revisions of previous estimates Improved recovery Purchases of reserves-in-place Sales of reserves-in-place Extensions & discoveries Production End of year totals Year 2020 2021 2022 Oil 171 10 21 0 (12) 69 (25) 234 Net Wells 750 840 900 Gas Oil Gas Oil 779 234 783 335 12 15 31 30 25 23 0 12 12 (12) 78 (104) 783 Gas 724 22 50 0 24 (70) (24) 6 150 (21) (68) (24) (76) 335 724 251 870 (20) 90 Gross Wells 2,010 1,910 2,050 (99) 42 (11) 15 REQUIRED: Compute the following ratios for all three years: a. The reserve replacement ratio computed for all three methods and for oil and gas separately b. The reserve life ratio computed for oil and gas separately c. The net wells to gross wells ratio d. The average reserves per well ratio computed using BOE, i.e., combining reserves based on relative energy content e. The average daily production per well computed using BOE 13. The following reserve table appeared in the financial statements of Tyler Company: Estimated Quantities of Net Proved Crude Oil and Natural Gas (Worldwide Totals only), in Thousands of Barrels and Millions of Cubic Feet Year ended Dec. 31 2020 2021 2022 Beginning of year Revisions of previous estimates Improved recovery Purchases of reserves-in-place Sales of reserves-in-place Extensions & discoveries Production End of year totals Year 2020 2021 2022 Oil 171 10 21 0 (12) 69 (25) 234 Net Wells 750 840 900 Gas Oil Gas Oil 779 234 783 335 12 15 31 30 25 23 0 12 12 (12) 78 (104) 783 Gas 724 22 50 0 24 (70) (24) 6 150 (21) (68) (24) (76) 335 724 251 870 (20) 90 Gross Wells 2,010 1,910 2,050 (99) 42 (11) 15 REQUIRED: Compute the following ratios for all three years: a. The reserve replacement ratio computed for all three methods and for oil and gas separately b. The reserve life ratio computed for oil and gas separately c. The net wells to gross wells ratio d. The average reserves per well ratio computed using BOE, i.e., combining reserves based on relative energy content e. The average daily production per well computed using BOE
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Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
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