Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

(Thousands of U.S. Dollars)	As at March 31, 2024		As at December 31, 2023
Oil and natural gas properties
Proved	$	4,933,920	$	4,876,185
Unproved	57,945		54,116
	4,991,865		4,930,301
Other (1)	81,013		73,505
	5,072,878		5,003,806
Accumulated depletion, depreciation and impairment	(3,915,226)		(3,860,956)
	$	1,157,652	$	1,142,850

(1) The “other” category includes right-of-use assets for operating and finance leases of $60.4 million, which had a net book value of $36.3 million as at March 31, 2024 (December 31, 2023 - $53.3 million, which had a net book value of $32.4 million).

During the three months ended March 31, 2024, the Company entered into new lease contracts related to power generation and safety equipment, and capitalized $6.1 million right-of-use assets related to those contracts.

For the three months ended March 31, 2024 and 2023, respectively, the Company had no ceiling test impairment losses. The Company used a 12-month unweighted average of the first-day-of the month Brent price prior to the ending date of the periods March 31, 2024 and 2023 of $81.58 and $95.99 per bbl, respectively, for the purpose of the ceiling test calculations.