Supplemental Oil and Gas Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Schedule of Exploration Expenses

The following summarizes the costs incurred for oil and natural gas property acquisition, exploration and development activities for the periods presented below:

	Year Ended December 31,
	2023		2022
	(In thousands)
Acquisition of properties
Proved	$	228,147	$	450
Unproved	102,742		1,468
Exploration costs	—		157
Development costs	152,309		119,673
Total costs incurred	$	483,198	$	121,748

Schedule of Results of Operations for Oil and Gas Producing Activities Disclosure

The following table includes revenues and expenses associated with the Company's oil and natural gas producing activities. They do not include any allocation of the Company's interest costs or general corporate overhead. Therefore, the following schedule is not necessarily indicative of the contribution of net earnings of the Company's oil and natural gas operations.

	Year Ended December 31,
	2023		2022
	(In thousands)
Oil, natural gas and NGL sales	$	372,647	$	319,343
Lease operating expenses	58,817		32,458
Production and ad valorem taxes	25,559		19,273
Exploration costs	4,165		2,032
Depletion, accretion and amortization	64,471		31,500
Impairment of oil and natural gas properties	9,760		7,325
Results of operations	209,875		226,755
Income tax expense (1)	(44,493)		(48,957)
Results of operations, net of income tax expense	$	165,382	$	177,798

_____________________

(1)    The statutory combined federal and state tax rate of 21.20% and 21.59% is used for the years ended December 31, 2023 and.2022, respectively.

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities

The following table sets forth information for the periods below with respect to changes in the Company’s proved (i.e., proved developed and undeveloped) reserves:

	Oil	Natural Gas	NGLs	Total
	(MBbl)	(MMcf)	(MBbl)	(MBoe)
December 31, 2021	47,021	77,486	13,471	73,407
Extensions and discoveries	9,949	13,178	2,651	14,796
Revisions	(4,871)	(1,417)	(1,224)	(6,331)
Production	(3,217)	(3,229)	(444)	(4,199)
December 31, 2022	48,882	86,018	14,454	77,673
Acquisitions	12,810	39,261	6,711	26,064
Extensions and discoveries	14,822	22,945	4,224	22,870
Revisions	(5,403)	(18,411)	(3,634)	(12,106)
Production	(4,803)	(5,865)	(1,006)	(6,786)
December 31, 2023	66,308	123,948	20,749	107,715
Proved Developed Reserves, Included Above
December 31, 2021	27,096	47,974	7,949	43,041
December 31, 2022	29,632	59,314	9,604	49,122
December 31, 2023	36,731	71,671	11,502	60,178
Proved Undeveloped Reserves, Included Above
December 31, 2021	19,925	29,512	5,522	30,366
December 31, 2022	19,250	26,704	4,850	28,551
December 31, 2023	29,577	52,277	9,247	47,537

Summary of Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure

The following summary sets forth the Company’s future net cash flows relating to proved oil, natural gas and NGL reserves based on the standardized measure prescribed in ASC Topic 932:

	Year Ended December 31,
	2023		2022
	(In thousands)
Future crude oil, natural gas and NGLs sales (1)(2)	$	5,244,927	$	5,135,650
Future production costs	(1,896,397)		(1,559,266)
Future development costs	(362,218)		(341,481)
Future income tax expense	(538,926)		(658,340)
Future net cash flows	2,447,386		2,576,563
10% annual discount	(1,186,921)		(1,468,187)
Standardized measure of discounted future net cash flows	$	1,260,465	$	1,108,376

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(1)    December 31, 2023 proved reserves were derived based on average realized prices of $76.02 per barrel of oil, $0.46 per Mcf of natural gas and $7.11 per barrel of NGL.

(2)    December 31, 2022 proved reserves were derived based on average realized prices of $91.96 per barrel of oil, $3.16 per Mcf of natural gas and $25.55 per barrel of NGL.

Principal sources of change in the Standardized Measure are shown below:

	Year Ended December 31,
	2023		2022
	(In thousands)
Balance, beginning of period	$	1,108,376	$	703,469
Sales of crude oil, natural gas and NGLs, net	(288,270)		(267,612)
Net change in prices and production costs	(618,441)		406,803
Net changes in future development costs	21,423		(40,226)
Extensions and discoveries	385,482		321,009
Acquisition of reserves	613,295		—
Revisions of previous quantity estimates	(188,364)		(83,188)
Previously estimated development costs incurred	31,124		8,775
Net change in income taxes	(5,976)		(117,098)
Accretion of discount	140,115		87,914
Other	61,701		88,530
Balance, end of period	$	1,260,465	$	1,108,376