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Oil and Gas: Assume the following information in Diamondback Energy's supplemental disclosures for its 2018...

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Accounting

Oil and Gas:

Assume the following information in Diamondback Energy's supplemental disclosures for its 2018 annual report.

Estimated Quantities of Net Proved Oil and Natural Gas
2018
Oil Gas BOE
MMBO BCF MMBOE
Beginning of year 288 285 336
Revisions of previous estimates 15 3.6 16
Purchases of reserves in place 380 641 487
Sales of reserves in place 0 -1 0
Extensions and discoveries 176 154 202
Production -42 -35 -48
End of year 817 1,049 992

Calculate the following reserve ratios for the year on a BOE basis, showing your formulas:

a) Reserve replacement ratio including revisions.

b) Reserve replacement ratio including revisions and purchases of reserves.

c) Reserve life ratio.

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