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Supplemental Information on Oil and Natural Gas Producing Activities (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2024
Extractive Industries [Abstract]  
Capitalized Costs Relating to Oil, Natural Gas and NGL Producing Activities
The Company’s capitalized costs for oil and natural gas activities consisted of the following (in thousands):
 December 31,
 20242023
Oil and natural gas properties
Proved$1,689,807 $1,538,724 
Unproved23,504 11,197 
Total oil and natural gas properties1,713,311 1,549,921 
Less accumulated depreciation, depletion and impairment(1,415,110)(1,393,801)
Net oil and natural gas properties capitalized costs$298,201 $156,120 
Cost Incurred in Oil and Natural Gas Property Acquisition, Exploration, and Development
Costs incurred in oil and natural gas property acquisition, exploration and development activities which have been capitalized are summarized as follows (in thousands):
Year Ended December 31,
202420232022
Acquisitions of properties
Proved$126,998 $11,232 $1,431 
Unproved2,666 — — 
Exploration(1)
11,246 (46)809 
Development15,562 22,478 48,399 
Total cost incurred$156,472 $33,664 $50,639 
____________________
(1)    Includes land, geological, geophysical and leasehold costs.
Costs Excluded from Amortization
The following table summarizes the costs, by year incurred, related to unproved properties, which were excluded from oil and natural gas properties subject to amortization at December 31, 2024 (in thousands):

Year Ended December 31,
Total2024202320222021 and Prior
Acquisition and exploration22,432 11,860 (270)(599)11,441 
Capitalized interest1,072 — — — 1,072 
Total costs incurred(1)
$23,504 $11,860 $(270)$(599)$12,513 
____________________
(1)    Includes application of fresh start accounting in 2016 and reflects remaining balance at December 31, 2024.
Results of Operations for Oil, Natural Gas and NGL Producing Activities
The following table presents the Company’s results of operations from oil and natural gas producing activities (in thousands), which exclude any interest costs or indirect general and administrative costs and, therefore, are not necessarily indicative of the impact the Company’s operations have on actual net earnings.
Year Ended December 31,
202420232022
Revenues$125,290 $148,641 $254,258 
Expenses
Production costs46,832 53,099 57,221 
Depreciation and depletion25,976 15,657 11,542 
Total expenses72,808 68,756 68,763 
Income (loss) before income taxes52,482 79,885 185,495 
Income tax expense (benefit) (1)12,728 19,374 45,055 
Results of operations for oil and natural gas producing activities (excluding corporate overhead and interest costs)$39,754 $60,511 $140,440 
____________________
(1)    Income tax (benefit) expense is hypothetical and is calculated by applying the Company’s statutory tax rate to (loss) income before income taxes attributable to our oil and natural gas producing activities, after giving effect to permanent differences and tax credits.
Summary of Changes in Estimated Oil, Natural Gas and NGL Reserves
The summary below presents changes in the Company’s estimated reserves.
OilNGLNatural GasTotal
 (MBbls)(MBbls)(MMcf) (1)MBoe
Proved developed and undeveloped reserves
As of December 31, 20217,850 24,313 234,731 71,285 
Revisions of previous estimates (2)971 2,825 25,841 8,102 
Acquisitions of new reserves39 65 528 192 
Extensions and discoveries510 227 2,823 1,208 
Production(949)(1,997)(21,101)(6,463)
As of December 31, 20228,421 25,433 242,822 74,324 
Revisions of previous estimates (2)(1,027)(8,200)(36,464)(15,304)
Acquisitions of new reserves453 379 5,474 1,745 
Extensions and discoveries283 357 3,431 1,211 
Sales of reserves in place(26)(49)(427)(147)
Production(1,047)(1,705)(20,403)(6,152)
As of December 31, 20237,057 16,215 194,433 55,677 
Revisions of previous estimates (2)(535)489 (14,754)(2,503)
Acquisitions of new reserves4,131 5,884 35,738 15,971 
Extensions and discoveries10 (6)(21)1 
Production(918)(1,889)(19,488)(6,056)
As of December 31, 20249,745 20,693 195,908 63,090 
Proved developed reserves
As of December 31, 20217,850 24,313 234,731 71,285 
As of December 31, 20228,421 25,433 242,822 74,324 
As of December 31, 20237,057 16,215 194,433 55,677 
As of December 31, 20247,863 18,499 183,647 56,970 
Proved undeveloped reserves
As of December 31, 2021— — — — 
As of December 31, 2022— — — — 
As of December 31, 2023— — — — 
As of December 31, 20241,882 2,194 12,261 6,120 
Totals may not sum or recalculate due to rounding
_________________
(1)    Natural gas reserves are computed at 14.65 pounds per square inch absolute and 60 degrees Fahrenheit.
(2)    Revisions include changes due to commodity prices, production costs, previous quantity estimates, and other commercial factors. Primary factor for revisions in years ended 2024, 2023 and 2022 were changes in SEC prices, among other factors. See Proved Reserves discussion in Part I, Item 1 of this Form 10-K for additional detail.
Calculation of Weighted Average Per Unit Prices
The calculated weighted average per unit prices for the Company’s proved reserves and future net revenues were as follows:
 At December 31,
 202420232022
Oil (per Bbl)$74.04 $76.65 $93.73 
Natural gas (per Mcf)$1.02 $1.62 $4.76 
NGL (per Bbl)$19.40 $21.53 $33.42 
Standardized Measure of Discounted Future Cash Flows
The summary below presents the Company’s future net cash flows relating to proved oil, natural gas and NGL reserves based on the standardized measure in ASC Topic 932 (in thousands).
December 31,
202420232022
Future cash inflows from production$1,322,371 $1,204,568 $2,795,762 
Future production costs (1)(584,452)(627,715)(1,131,145)
Future development costs (2)(108,821)(39,288)(36,730)
Future income tax expenses (3)— — (17,780)
Undiscounted future net cash flows629,098 537,565 1,610,107 
10% annual discount(266,402)(241,272)(803,242)
Standardized measure of discounted future net cash flows $362,696 $296,293 $806,865 
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(1)    Consists of severance taxes, ad valorem taxes, and lease operating expenses.
(2)    Includes abandonment costs.
(3)    The future income tax expenses have been computed using statutory tax rates, giving effect to allowable tax deductions and tax credits under current laws, including expected tax benefits to be realized from the utilization of net operating loss carryforwards.
Estimate of Changes in Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves
The following table represents the Company’s estimate of changes in the standardized measure of discounted future net cash flows from proved reserves (in thousands):
Year Ended December 31,
202420232022
Beginning present value $296,293 $806,865 $432,914 
Changes during the year
Revenues less production(78,497)(95,909)(197,419)
Net changes in prices, production and other costs(43,115)(372,897)465,116 
Development costs incurred— 645 846 
Net changes in future development costs (6,991)(1,307)3,028 
Extensions and discoveries137 18,422 36,984 
Revisions of previous quantity estimates (1)(14,213)(171,758)98,579 
Accretion of discount29,629 81,066 34,138 
Net change in income taxes— 3,798 (3,798)
Purchases of reserves in-place168,590 14,450 3,039 
Sales of reserves in-place— (1,394)— 
Timing differences and other (2)10,863 14,312 (66,562)
Net change for the year66,403 (510,572)373,951 
Ending present value (3) $362,696 $296,293 $806,865 
____________________
(1)     A significant portion of the revisions of previous quantity estimates is related to the decrease in pricing which affects well life and other economic factors. See Proved Reserves discussion.
(2)     The change in timing differences and other are related to revisions in the Company's estimated time of production and development.
(3)    Standardized Measure was determined using SEC prices, and does not reflect actual prices received or current market prices.