crp was in compliance with these covenants as of december 31 , 2019 and through the filing of this annual report . 55 for further information on our senior notes , refer to note 4—long-term debt , item 8. financial statements and supplementary data in this annual report . off-balance sheet arrangements we may enter into off-balance sheet arrangements and transactions that can give rise to material off-balance sheet obligations . as of december 31 , 2019 , we had no off-balance sheet arrangements . contractual obligations we routinely enter into or extend operating and transportation agreements , office and equipment leases , drilling rig contracts , among others , in the ordinary course of business . the following table summarizes our obligations and commitments as of december 31 , 2019 to make future payments under long-term contracts for the time periods specified below . replace_table_token_20_th ( 1 ) operating leases include our drilling rig contracts , office rental agreements , and other wellhead equipment . please refer to note 15—leases , item 8. financial statements and supplementary data in this annual report for details on our operating lease commitments . ( 2 ) water disposal agreements consist of contracts for transportation and disposal of produced water from our operated wells . under the terms of these agreements , we are obligated to provide a minimum volume of produced water or else pay for any deficiencies at the prices stipulated in the contracts . the obligations reported above represent our minimum financial commitments pursuant to the terms of these contracts as of december 31 , 2019 . actual expenditures under these contracts may exceed the minimum commitments presented above . ( 3 ) purchase obligations include purchase agreements to buy frac sand , which is used in our well fracture stimulation process . under the terms of these agreements , we are obligated to purchase a minimum volume of frac sand at a fixed sales price . the obligations reported above represent our minimum financial commitments pursuant to the terms of the contracts as of december 31 , 2019 . actual expenditures under these contracts may exceed the minimum commitments presented above . ( 4 ) asset retirement obligations reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and gas wells and the related land restoration in accordance with applicable laws and regulations . ( 5 ) long-term debt consists of the principal amounts of the senior notes and borrowings outstanding under our credit agreement maturing on may 4 , 2023 . ( 6 ) cash interest expense on the senior notes is estimated assuming no principal repayment until the maturity of the instruments . cash interest expense on the credit agreement includes unused commitment fees and assumes no additional principal borrowings , repayments or changes to commitments under the agreement through the instrument due date . ( 7 ) transportation agreements include various firm natural gas transportation contracts whereby we are required to deliver a minimum volume of natural gas or else pay for any deficiencies at prices stipulated in the contracts . the obligations reported above represent minimum financial commitments pursuant to the terms of these contracts . however , our expenditures under these contracts may exceed the minimum commitments presented above . recently issued accounting standards please refer to note 1—basis of presentation and summary of significant accounting policies , item 8. financial statements and supplementary data in this annual report for a discussion of recently issued accounting standards and their anticipated effect on our business . 56 critical accounting policies and estimates the discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with gaap . the preparation of these statements requires us to make certain assumptions , judgments and estimates that affect the reported amounts of assets , liabilities , revenues and expenses , as well as , the disclosure of contingent assets and liabilities and commitments as of the date of our financial statements . we base our assumptions and estimates on historical experience and other sources that we believe to be reasonable at the time . actual results may vary from our estimates due to changes in circumstances , weather , politics , global economics , commodity prices , production performance , drilling results , mechanical problems , general business conditions , our assumptions and other factors . a summary of our significant accounting policies is detailed in note 1—basis of presentation and summary of significant accounting policies , item 8. financial statements and supplementary data in this annual report . we have outlined certain of our accounting policies below which require the application of significant judgment by our management . oil and natural gas reserve quantities we use the successful efforts method of accounting for our oil and gas producing activities . the successful efforts method inherently relies on the estimation of proved crude oil , natural gas and ngl reserves . reserve quantities and the related estimates of future net cash flows are used as inputs in our calculation of depletion , evaluation of proved properties for impairment , assessment of expected realizability of our deferred income tax assets and calculation of the standardized measure of discounted future net cash flows . the process of estimating quantities of proved reserves is inherently imprecise and relies on the following : i ) interpretations and judgment of available geological , geophysical , engineering and production data ; ii ) certain economic assumptions , some of which are mandated by the sec , such as commodity prices ; and iii ) assumptions and estimates of underlying inputs such as operating expenses , capital expenditures , plug and abandonment costs and taxes . all of these assumptions may differ substantially from actual results , which could result in a significant change in the estimated reserves and future net cash flows . for story_separator_special_tag crp was in compliance with these covenants as of december 31 , 2019 and through the filing of this annual report . 55 for further information on our senior notes , refer to note 4—long-term debt , item 8. financial statements and supplementary data in this annual report . off-balance sheet arrangements we may enter into off-balance sheet arrangements and transactions that can give rise to material off-balance sheet obligations . as of december 31 , 2019 , we had no off-balance sheet arrangements . contractual obligations we routinely enter into or extend operating and transportation agreements , office and equipment leases , drilling rig contracts , among others , in the ordinary course of business . the following table summarizes our obligations and commitments as of december 31 , 2019 to make future payments under long-term contracts for the time periods specified below . replace_table_token_20_th ( 1 ) operating leases include our drilling rig contracts , office rental agreements , and other wellhead equipment . please refer to note 15—leases , item 8. financial statements and supplementary data in this annual report for details on our operating lease commitments . ( 2 ) water disposal agreements consist of contracts for transportation and disposal of produced water from our operated wells . under the terms of these agreements , we are obligated to provide a minimum volume of produced water or else pay for any deficiencies at the prices stipulated in the contracts . the obligations reported above represent our minimum financial commitments pursuant to the terms of these contracts as of december 31 , 2019 . actual expenditures under these contracts may exceed the minimum commitments presented above . ( 3 ) purchase obligations include purchase agreements to buy frac sand , which is used in our well fracture stimulation process . under the terms of these agreements , we are obligated to purchase a minimum volume of frac sand at a fixed sales price . the obligations reported above represent our minimum financial commitments pursuant to the terms of the contracts as of december 31 , 2019 . actual expenditures under these contracts may exceed the minimum commitments presented above . ( 4 ) asset retirement obligations reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and gas wells and the related land restoration in accordance with applicable laws and regulations . ( 5 ) long-term debt consists of the principal amounts of the senior notes and borrowings outstanding under our credit agreement maturing on may 4 , 2023 . ( 6 ) cash interest expense on the senior notes is estimated assuming no principal repayment until the maturity of the instruments . cash interest expense on the credit agreement includes unused commitment fees and assumes no additional principal borrowings , repayments or changes to commitments under the agreement through the instrument due date . ( 7 ) transportation agreements include various firm natural gas transportation contracts whereby we are required to deliver a minimum volume of natural gas or else pay for any deficiencies at prices stipulated in the contracts . the obligations reported above represent minimum financial commitments pursuant to the terms of these contracts . however , our expenditures under these contracts may exceed the minimum commitments presented above . recently issued accounting standards please refer to note 1—basis of presentation and summary of significant accounting policies , item 8. financial statements and supplementary data in this annual report for a discussion of recently issued accounting standards and their anticipated effect on our business . 56 critical accounting policies and estimates the discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with gaap . the preparation of these statements requires us to make certain assumptions , judgments and estimates that affect the reported amounts of assets , liabilities , revenues and expenses , as well as , the disclosure of contingent assets and liabilities and commitments as of the date of our financial statements . we base our assumptions and estimates on historical experience and other sources that we believe to be reasonable at the time . actual results may vary from our estimates due to changes in circumstances , weather , politics , global economics , commodity prices , production performance , drilling results , mechanical problems , general business conditions , our assumptions and other factors . a summary of our significant accounting policies is detailed in note 1—basis of presentation and summary of significant accounting policies , item 8. financial statements and supplementary data in this annual report . we have outlined certain of our accounting policies below which require the application of significant judgment by our management . oil and natural gas reserve quantities we use the successful efforts method of accounting for our oil and gas producing activities . the successful efforts method inherently relies on the estimation of proved crude oil , natural gas and ngl reserves . reserve quantities and the related estimates of future net cash flows are used as inputs in our calculation of depletion , evaluation of proved properties for impairment , assessment of expected realizability of our deferred income tax assets and calculation of the standardized measure of discounted future net cash flows . the process of estimating quantities of proved reserves is inherently imprecise and relies on the following : i ) interpretations and judgment of available geological , geophysical , engineering and production data ; ii ) certain economic assumptions , some of which are mandated by the sec , such as commodity prices ; and iii ) assumptions and estimates of underlying inputs such as operating expenses , capital expenditures , plug and abandonment costs and taxes . all of these assumptions may differ substantially from actual results , which could result in a significant change in the estimated reserves and future net cash flows . for

liquidity and capital resources overview our drilling and completion and land acquisition activities require us to make significant capital expenditures . historically , our primary sources of liquidity have been cash flows from operations , borrowings under crp 's revolving credit facility , and proceeds from offerings of debt or equity securities . to date , our primary use of capital has been for drilling and development capital expenditures and for the acquisition of land and oil and natural gas properties . the following table summarizes our capital expenditures ( “ capex ” ) incurred during the year : ( in millions ) year ended december 31 , 2019 drilling and completion capital expenditures $ 691.4 facilities , infrastructure and other 162.0 land 38.4 total capital expenditures $ 891.8 we continually evaluate our capital needs and compare them to our capital resources . our estimated capital expenditure budget for 2020 is $ 590 million to $ 690 million , of which $ 490 million to $ 550 million is allocated to d & c activity . we expect to fund our capex budget primarily with cash flows from operations and any remaining unfunded portion with either borrowings under our credit agreement or with proceeds received from the contemplated divestiture of our saltwater disposal assets . because we are the operator of a high percentage of our acreage , we can control the amount and timing of these capital expenditures . we could choose to defer or accelerate a portion of our planned capex depending on a variety of factors , including , but not limited to : the success of our drilling activities ; prevailing and anticipated prices for oil and natural gas ; the availability of necessary equipment , infrastructure and capital ; the receipt and timing of required regulatory permits and approvals ; seasonal conditions ; drilling and acquisition costs ; and the level of participation by other working interest owners . based upon current oil and natural gas price expectations for 2020 , we believe that our cash flows from operations and borrowings under our credit facility or otherwise will provide us with sufficient liquidity to execute our current capex budget .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources overview our drilling and completion and land acquisition activities require us to make significant capital expenditures . historically , our primary sources of liquidity have been cash flows from operations , borrowings under crp 's revolving credit facility , and proceeds from offerings of debt or equity securities . to date , our primary use of capital has been for drilling and development capital expenditures and for the acquisition of land and oil and natural gas properties . the following table summarizes our capital expenditures ( “ capex ” ) incurred during the year : ( in millions ) year ended december 31 , 2019 drilling and completion capital expenditures $ 691.4 facilities , infrastructure and other 162.0 land 38.4 total capital expenditures $ 891.8 we continually evaluate our capital needs and compare them to our capital resources . our estimated capital expenditure budget for 2020 is $ 590 million to $ 690 million , of which $ 490 million to $ 550 million is allocated to d & c activity . we expect to fund our capex budget primarily with cash flows from operations and any remaining unfunded portion with either borrowings under our credit agreement or with proceeds received from the contemplated divestiture of our saltwater disposal assets . because we are the operator of a high percentage of our acreage , we can control the amount and timing of these capital expenditures . we could choose to defer or accelerate a portion of our planned capex depending on a variety of factors , including , but not limited to : the success of our drilling activities ; prevailing and anticipated prices for oil and natural gas ; the availability of necessary equipment , infrastructure and capital ; the receipt and timing of required regulatory permits and approvals ; seasonal conditions ; drilling and acquisition costs ; and the level of participation by other working interest owners . based upon current oil and natural gas price expectations for 2020 , we believe that our cash flows from operations and borrowings under our credit facility or otherwise will provide us with sufficient liquidity to execute our current capex budget .
```    
 Suspicious Activity Report : crp was in compliance with these covenants as of december 31 , 2019 and through the filing of this annual report . 55 for further information on our senior notes , refer to note 4—long-term debt , item 8. financial statements and supplementary data in this annual report . off-balance sheet arrangements we may enter into off-balance sheet arrangements and transactions that can give rise to material off-balance sheet obligations . as of december 31 , 2019 , we had no off-balance sheet arrangements . contractual obligations we routinely enter into or extend operating and transportation agreements , office and equipment leases , drilling rig contracts , among others , in the ordinary course of business . the following table summarizes our obligations and commitments as of december 31 , 2019 to make future payments under long-term contracts for the time periods specified below . replace_table_token_20_th ( 1 ) operating leases include our drilling rig contracts , office rental agreements , and other wellhead equipment . please refer to note 15—leases , item 8. financial statements and supplementary data in this annual report for details on our operating lease commitments . ( 2 ) water disposal agreements consist of contracts for transportation and disposal of produced water from our operated wells . under the terms of these agreements , we are obligated to provide a minimum volume of produced water or else pay for any deficiencies at the prices stipulated in the contracts . the obligations reported above represent our minimum financial commitments pursuant to the terms of these contracts as of december 31 , 2019 . actual expenditures under these contracts may exceed the minimum commitments presented above . ( 3 ) purchase obligations include purchase agreements to buy frac sand , which is used in our well fracture stimulation process . under the terms of these agreements , we are obligated to purchase a minimum volume of frac sand at a fixed sales price . the obligations reported above represent our minimum financial commitments pursuant to the terms of the contracts as of december 31 , 2019 . actual expenditures under these contracts may exceed the minimum commitments presented above . ( 4 ) asset retirement obligations reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and gas wells and the related land restoration in accordance with applicable laws and regulations . ( 5 ) long-term debt consists of the principal amounts of the senior notes and borrowings outstanding under our credit agreement maturing on may 4 , 2023 . ( 6 ) cash interest expense on the senior notes is estimated assuming no principal repayment until the maturity of the instruments . cash interest expense on the credit agreement includes unused commitment fees and assumes no additional principal borrowings , repayments or changes to commitments under the agreement through the instrument due date . ( 7 ) transportation agreements include various firm natural gas transportation contracts whereby we are required to deliver a minimum volume of natural gas or else pay for any deficiencies at prices stipulated in the contracts . the obligations reported above represent minimum financial commitments pursuant to the terms of these contracts . however , our expenditures under these contracts may exceed the minimum commitments presented above . recently issued accounting standards please refer to note 1—basis of presentation and summary of significant accounting policies , item 8. financial statements and supplementary data in this annual report for a discussion of recently issued accounting standards and their anticipated effect on our business . 56 critical accounting policies and estimates the discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with gaap . the preparation of these statements requires us to make certain assumptions , judgments and estimates that affect the reported amounts of assets , liabilities , revenues and expenses , as well as , the disclosure of contingent assets and liabilities and commitments as of the date of our financial statements . we base our assumptions and estimates on historical experience and other sources that we believe to be reasonable at the time . actual results may vary from our estimates due to changes in circumstances , weather , politics , global economics , commodity prices , production performance , drilling results , mechanical problems , general business conditions , our assumptions and other factors . a summary of our significant accounting policies is detailed in note 1—basis of presentation and summary of significant accounting policies , item 8. financial statements and supplementary data in this annual report . we have outlined certain of our accounting policies below which require the application of significant judgment by our management . oil and natural gas reserve quantities we use the successful efforts method of accounting for our oil and gas producing activities . the successful efforts method inherently relies on the estimation of proved crude oil , natural gas and ngl reserves . reserve quantities and the related estimates of future net cash flows are used as inputs in our calculation of depletion , evaluation of proved properties for impairment , assessment of expected realizability of our deferred income tax assets and calculation of the standardized measure of discounted future net cash flows . the process of estimating quantities of proved reserves is inherently imprecise and relies on the following : i ) interpretations and judgment of available geological , geophysical , engineering and production data ; ii ) certain economic assumptions , some of which are mandated by the sec , such as commodity prices ; and iii ) assumptions and estimates of underlying inputs such as operating expenses , capital expenditures , plug and abandonment costs and taxes . all of these assumptions may differ substantially from actual results , which could result in a significant change in the estimated reserves and future net cash flows . for story_separator_special_tag crp was in compliance with these covenants as of december 31 , 2019 and through the filing of this annual report . 55 for further information on our senior notes , refer to note 4—long-term debt , item 8. financial statements and supplementary data in this annual report . off-balance sheet arrangements we may enter into off-balance sheet arrangements and transactions that can give rise to material off-balance sheet obligations . as of december 31 , 2019 , we had no off-balance sheet arrangements . contractual obligations we routinely enter into or extend operating and transportation agreements , office and equipment leases , drilling rig contracts , among others , in the ordinary course of business . the following table summarizes our obligations and commitments as of december 31 , 2019 to make future payments under long-term contracts for the time periods specified below . replace_table_token_20_th ( 1 ) operating leases include our drilling rig contracts , office rental agreements , and other wellhead equipment . please refer to note 15—leases , item 8. financial statements and supplementary data in this annual report for details on our operating lease commitments . ( 2 ) water disposal agreements consist of contracts for transportation and disposal of produced water from our operated wells . under the terms of these agreements , we are obligated to provide a minimum volume of produced water or else pay for any deficiencies at the prices stipulated in the contracts . the obligations reported above represent our minimum financial commitments pursuant to the terms of these contracts as of december 31 , 2019 . actual expenditures under these contracts may exceed the minimum commitments presented above . ( 3 ) purchase obligations include purchase agreements to buy frac sand , which is used in our well fracture stimulation process . under the terms of these agreements , we are obligated to purchase a minimum volume of frac sand at a fixed sales price . the obligations reported above represent our minimum financial commitments pursuant to the terms of the contracts as of december 31 , 2019 . actual expenditures under these contracts may exceed the minimum commitments presented above . ( 4 ) asset retirement obligations reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and gas wells and the related land restoration in accordance with applicable laws and regulations . ( 5 ) long-term debt consists of the principal amounts of the senior notes and borrowings outstanding under our credit agreement maturing on may 4 , 2023 . ( 6 ) cash interest expense on the senior notes is estimated assuming no principal repayment until the maturity of the instruments . cash interest expense on the credit agreement includes unused commitment fees and assumes no additional principal borrowings , repayments or changes to commitments under the agreement through the instrument due date . ( 7 ) transportation agreements include various firm natural gas transportation contracts whereby we are required to deliver a minimum volume of natural gas or else pay for any deficiencies at prices stipulated in the contracts . the obligations reported above represent minimum financial commitments pursuant to the terms of these contracts . however , our expenditures under these contracts may exceed the minimum commitments presented above . recently issued accounting standards please refer to note 1—basis of presentation and summary of significant accounting policies , item 8. financial statements and supplementary data in this annual report for a discussion of recently issued accounting standards and their anticipated effect on our business . 56 critical accounting policies and estimates the discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with gaap . the preparation of these statements requires us to make certain assumptions , judgments and estimates that affect the reported amounts of assets , liabilities , revenues and expenses , as well as , the disclosure of contingent assets and liabilities and commitments as of the date of our financial statements . we base our assumptions and estimates on historical experience and other sources that we believe to be reasonable at the time . actual results may vary from our estimates due to changes in circumstances , weather , politics , global economics , commodity prices , production performance , drilling results , mechanical problems , general business conditions , our assumptions and other factors . a summary of our significant accounting policies is detailed in note 1—basis of presentation and summary of significant accounting policies , item 8. financial statements and supplementary data in this annual report . we have outlined certain of our accounting policies below which require the application of significant judgment by our management . oil and natural gas reserve quantities we use the successful efforts method of accounting for our oil and gas producing activities . the successful efforts method inherently relies on the estimation of proved crude oil , natural gas and ngl reserves . reserve quantities and the related estimates of future net cash flows are used as inputs in our calculation of depletion , evaluation of proved properties for impairment , assessment of expected realizability of our deferred income tax assets and calculation of the standardized measure of discounted future net cash flows . the process of estimating quantities of proved reserves is inherently imprecise and relies on the following : i ) interpretations and judgment of available geological , geophysical , engineering and production data ; ii ) certain economic assumptions , some of which are mandated by the sec , such as commodity prices ; and iii ) assumptions and estimates of underlying inputs such as operating expenses , capital expenditures , plug and abandonment costs and taxes . all of these assumptions may differ substantially from actual results , which could result in a significant change in the estimated reserves and future net cash flows . for

