SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Notes Tables |
|
| Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure |
Net capitalized costs related to oil, NGLs and natural gas producing activities are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Proved oil and natural gas properties and equipment |
|
$ |
9,090,928 |
|
$ |
8,919,403 |
|
$ |
8,813,404 |
Accumulated depreciation, depletion and amortization |
|
|
(8,331,141) |
|
|
(8,200,968) |
|
|
(8,088,271) |
Net capitalized costs related to producing activities |
|
$ |
759,787 |
|
$ |
718,435 |
|
$ |
725,133 |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure |
The following costs were incurred in oil, NGLs and natural gas property acquisition, exploration, and development activities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Acquisition of proved oil and natural gas properties (1) |
|
$ |
98,282 |
|
$ |
43,736 |
|
$ |
78,565 |
Exploration costs (2) |
|
|
6,758 |
|
|
12,250 |
|
|
24,498 |
Development costs (3) |
|
|
71,875 |
|
|
54,022 |
|
|
77,282 |
Total |
|
$ |
176,915 |
|
$ |
110,008 |
|
$ |
180,345 |
| (1) |
Includes capitalized ARO of $17.6 million, $16.4 million and $33.2 million during 2024, 2023 and 2022, respectively.
|
| (2) |
Includes seismic costs of $1.3 million, $2.8 million, and $5.6 million incurred during 2024, 2023 and 2022, respectively. Includes geological and geophysical costs charged to expense of $5.4million, $4.8 million, and $5.5 million during 2024, 2023 and 2022, respectively.
|
| (3) |
Includes net additions from capitalized ARO of $39.6 million, $21.0 million and $55.6 million during 2024, 2023 and 2022, respectively. These adjustments for ARO are associated with liabilities incurred and revisions of estimates.
|
|
| Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil |
|
NGLs |
|
Natural Gas |
|
|
|
|
(MMBbls) |
|
(MMBbls) |
|
(Bcf) |
|
MMBoe |
Proved reserves as of December 31, 2021 |
|
37.2 |
|
19.1 |
|
607.6 |
|
157.6 |
Revisions of previous estimates |
|
4.5 |
|
1.2 |
|
64.3 |
|
16.3 |
Purchase of minerals in place |
|
4.5 |
|
0.2 |
|
7.5 |
|
6.0 |
Production |
|
(5.6) |
|
(1.6) |
|
(44.8) |
|
(14.6) |
Proved reserves as of December 31, 2022 |
|
40.6 |
|
18.9 |
|
634.6 |
|
165.3 |
Revisions of previous estimates |
|
— |
|
(4.0) |
|
(168.8) |
|
(32.2) |
Purchase of minerals in place |
|
1.4 |
|
0.2 |
|
5.8 |
|
2.6 |
Production |
|
(5.0) |
|
(1.4) |
|
(37.6) |
|
(12.7) |
Proved reserves as of December 31, 2023 |
|
37.0 |
|
13.7 |
|
434.0 |
|
123.0 |
Revisions of previous estimates |
|
7.0 |
|
0.2 |
|
(77.1) |
|
(5.5) |
Purchase of minerals in place |
|
12.9 |
|
0.3 |
|
51.8 |
|
21.7 |
Production |
|
(5.3) |
|
(1.2) |
|
(34.3) |
|
(12.2) |
Proved reserves as of December 31, 2024 |
|
51.6 |
|
13.0 |
|
374.4 |
|
127.0 |
|
|
|
|
|
|
|
|
|
Year-end proved developed reserves: |
|
|
|
|
|
|
|
|
2024 |
|
37.0 |
|
12.2 |
|
336.0 |
|
105.3 |
2023 |
|
27.4 |
|
12.7 |
|
379.4 |
|
103.3 |
2022 |
|
31.1 |
|
17.6 |
|
576.0 |
|
144.8 |
|
|
|
|
|
|
|
|
|
Year-end proved undeveloped reserves: |
|
|
|
|
|
|
|
|
2024 |
|
14.6 |
|
0.8 |
|
38.4 |
|
21.7 |
2023 |
|
9.6 |
|
1.0 |
|
54.6 |
|
19.7 |
2022 |
|
9.5 |
|
1.3 |
|
58.6 |
|
20.5 |
|
| Schedule of Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure |
The following presents the standardized measure of discounted future net cash flows related to the Company’s proved oil, NGLs and natural gas reserves together with changes therein (in millions):
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|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Future cash inflows |
|
$ |
5,123.1 |
|
$ |
4,282.3 |
|
$ |
8,856.0 |
Future costs: |
|
|
|
|
|
|
|
|
|
Production |
|
|
(2,361.9) |
|
|
(2,007.6) |
|
|
(2,895.0) |
Development and abandonment |
|
|
(1,645.0) |
|
|
(1,052.3) |
|
|
(990.0) |
Income taxes |
|
|
(215.9) |
|
|
(210.3) |
|
|
(1,006.0) |
Future net cash inflows |
|
|
900.3 |
|
|
1,012.1 |
|
|
3,965.0 |
10% annual discount factor |
|
|
(160.2) |
|
|
(328.9) |
|
|
(1,702.0) |
Standardized measure of discounted future net cash flows |
|
$ |
740.1 |
|
$ |
683.2 |
|
$ |
2,263.0 |
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| Schedule Of Prices Weighted By Field Production Related To The Proved Reserves |
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December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Oil ($/Bbl) |
|
$ |
74.69 |
|
$ |
74.79 |
|
$ |
91.50 |
NGLs ($/Bbl) |
|
|
22.98 |
|
|
24.08 |
|
|
41.92 |
Natural gas ($/Mcf) |
|
|
2.58 |
|
|
2.74 |
|
|
6.85 |
|
| Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows |
The change in the standardized measure of discounted future net cash flows relating to the Company’s proved oil, NGLs and natural gas reserves is as follows (in millions):
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|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Standardized measure, beginning of year |
|
$ |
683.2 |
|
$ |
2,263.0 |
|
$ |
1,156.0 |
Sales and transfers of oil, NGL and natural gas produced, net of production costs |
|
|
(205.1) |
|
|
(240.1) |
|
|
(672.7) |
Net changes in prices and production costs |
|
|
38.6 |
|
|
(1,241.4) |
|
|
1,368.6 |
Net change in future development costs |
|
|
(102.1) |
|
|
(22.0) |
|
|
(15.2) |
Revisions of quantity estimates |
|
|
(16.7) |
|
|
(828.8) |
|
|
249.1 |
Acquisition of reserves in place |
|
|
245.9 |
|
|
72.0 |
|
|
225.2 |
Accretion of discount |
|
|
79.2 |
|
|
285.7 |
|
|
138.1 |
Net change in income taxes |
|
|
(45.6) |
|
|
443.1 |
|
|
(369.3) |
Changes in timing and other |
|
|
62.7 |
|
|
(48.3) |
|
|
183.2 |
Standardized measure, end of year |
|
$ |
740.1 |
|
$ |
683.2 |
|
$ |
2,263.0 |
|