Net Oil, Natural Gas and Natural Gas Liquids Production, Average Price and Average Production Cost Midland Basin 43 * Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (BOE). ** Amounts exclude the impact of cash paid/received on settled derivative contracts as we did not elect to apply hedge accounting. * Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (BOE). ** Amounts exclude the impact of cash paid/received on settled derivative contracts as we did not elect to apply hedge accounting. Our derivatives for 2020 and 2019 have been marked-to-market in our Consolidated Statements of Operations and both the realized and unrealized amounts are reported as other income/expense. The following tables summarize the net quantities of oil, natural gas and natural gas liquids produced and sold by us, the average sales price per unit sold (excluding hedges) and the average production cost per unit for each of our core areas for the years ended December 31, 2020 and 2019. The net quantities of oil, natural gas and natural gas liquids produced and sold by us for the years ended December 31, 2020 and 2019, the average sales price per unit sold (excluding hedges) and the average production cost per unit are presented below: Years Ended December 31, 2020 2019 Sales Volumes: Oil (MBbl) 3,180  3,086  Natural gas (MMcf) 7,282  4,760  Natural gas liquids (MBbl) 1,198  1,022  Barrels of oil equivalent (MBOE)* 5,591  4,902  Average daily production (BOE per day) 15,276  13,429  Average prices realized:** Oil (per Bbl) $ 37.85  $ 55.71  Natural gas (per Mcf) $ 1.18  $ 0.82  Natural gas liquids (per Bbl) $ 13.03  $ 15.09  Barrels of oil equivalent (per BOE) $ 25.85  $ 39.02  Production cost per BOE $ 5.21  $ 5.85  Years Ended December 31, 2020 2019 Sales Volumes: Oil (MBbl) 2,687  2,599  Natural gas (MMcf) 7,079  4,558  Natural gas liquids (MBbl) 1,141  965  Barrels of oil equivalent (MBOE)* 5,007  4,324  Average daily production (BOE per day) 13,681  11,846  Average prices realized:** Oil (per Bbl) $ 37.68  $ 55.05  Natural gas (per Mcf) $ 1.15  $ 0.75  Natural gas liquids (per Bbl) $ 13.08  $ 15.07  Barrels of oil equivalent (per BOE) $ 24.83  $ 37.25  Production cost per BOE $ 4.81  $ 5.22 