XML 71 R46.htm IDEA: XBRL DOCUMENT v3.25.0.1
Supplemental oil, NGL and natural gas disclosures (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2024
Oil and Gas Disclosure [Abstract]  
Schedule of incurred capital expenditures in the acquisition, exploration and development of oil and natural gas assets
The following table presents costs incurred in the acquisition, exploration and development of oil and natural gas properties, with asset retirement obligations included in evaluated property acquisition costs and development costs, for the periods presented:
Years ended December 31,
(in thousands)202420232022
Property acquisition costs:   
Evaluated$878,359 $1,328,571 $8,295 
Unevaluated83,242 401,533 3,470 
Exploration costs27,128 29,612 26,384 
Development costs846,509 633,413 540,447 
Total oil and natural gas properties costs incurred$1,835,238 $2,393,129 $578,596 
Schedule of aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depletion, depreciation and impairment
The following table presents the aggregate capitalized costs related to oil, NGL and natural gas production activities with applicable accumulated depletion and impairment as of the dates presented:
(in thousands)December 31, 2024December 31, 2023
Gross capitalized costs:  
Evaluated properties$13,587,040 $11,799,155 
Unevaluated properties not being depleted242,792 195,457 
Total gross capitalized costs13,829,832 11,994,612 
Less accumulated depletion and impairment(8,966,200)(7,764,697)
Net capitalized costs$4,863,632 $4,229,915 
Schedule of oil and natural gas property costs not being amortized by year
The following table presents a summary of the unevaluated property costs not being depleted as of December 31, 2024, by year in which such costs were incurred:
(in thousands)2024202320222021 and priorTotal
Unevaluated properties not being depleted$117,789 $106,094 $695 $18,214 $242,792 
Schedule of results of oil and natural gas producing activities (excluding corporate overhead and interest costs)
The following table presents the results of operations of oil, NGL and natural gas producing activities (excluding corporate overhead and interest costs) for the periods presented:
Years ended December 31,
(in thousands)202420232022
Revenues:   
Oil, NGL and natural gas sales$1,935,290 $1,528,633 $1,794,374 
Production costs:
Lease operating expenses448,078 261,129 173,983 
Production and ad valorem taxes117,947 93,224 110,997 
Oil transportation and marketing expenses44,843 41,284 53,692 
Gas gathering, processing and transportation expenses17,825 2,013 — 
Total production costs628,693 397,650 338,672 
Other costs:  
Depletion720,190 446,611 298,259 
Accretion of asset retirement obligation3,918 3,518 3,653 
Impairment expense481,305 — — 
Income tax expense(1)
22,260 149,788 11,538 
Total other costs1,227,673 599,917 313,450 
Results of operations$78,924 $531,066 $1,142,252 
_____________________________________________________________________________
(1)During the year ended December 31, 2022, the Company recorded a full valuation allowance against its deferred tax assets related to its oil, NGL and natural gas producing activities. Accordingly, the income tax expense was computed utilizing the Company's effective tax rate of 1% for the year ended December 31, 2022. During 2023, the Company determined that there was sufficient positive evidence to conclude that it is more-likely-than-not its federal deferred tax assets are realizable and released the valuation allowance. As such, the income tax expense for the years ended December 31, 2024 and 2023 is calculated using the statutory rate of 22%.
Schedule of analysis of change in estimated quantities of oil and natural gas reserves located within United States
The following tables provide an analysis of the changes in estimated proved reserve quantities of oil, NGL and natural gas for the years ended December 31, 2024, 2023 and 2022, all of which are located within the U.S.:
Oil
(MBbl)		NGL
(MBbl)		Natural gas
(MMcf)		MBOE
Proved developed and undeveloped reserves:    
As of December 31, 2021120,902 100,047 586,145 318,640 
Revisions of previous estimates(9,792)(4,561)(14,694)(16,802)
Extensions, discoveries and other additions21,351 7,162 33,767 34,141 
Divestitures of reserves in place(2,165)(808)(3,671)(3,585)
Production(13,838)(8,028)(49,259)(30,076)
As of December 31, 2022116,458 93,812 552,288 302,318 
Revisions of previous estimates(28,564)(20,823)(55,284)(58,601)
Extensions, discoveries and other additions11,175 10,281 56,329 30,844 
Acquisitions of reserves in place77,609 47,261 244,253 165,578 
Production(16,895)(9,128)(55,404)(35,256)
As of December 31, 2023159,783 121,403 742,182 404,883 
Revisions of previous estimates(24,165)(2,402)(55,420)(35,805)
Extensions, discoveries and other additions29,119 18,859 109,190 66,177 
Acquisitions of reserves in place40,988 15,060 77,751 69,007 
Production(22,585)(13,270)(78,794)(48,987)
As of December 31, 2024183,140 139,650 794,909 455,275 
Proved developed reserves:
December 31, 202170,727 78,908 494,476 232,048 
December 31, 202270,333 75,156 464,567 222,917 
December 31, 2023104,993 89,449 555,472 287,021 
December 31, 2024118,966 101,229 587,785 318,159 
Proved undeveloped reserves:
December 31, 202150,175 21,139 91,669 86,592 
December 31, 202246,125 18,656 87,721 79,401 
December 31, 202354,790 31,954 186,710 117,862 
December 31, 202464,174 38,421 207,124 137,116 
Schedule of standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves
The following table presents the standardized measure of discounted future net cash flows relating to proved oil, NGL and natural gas reserves for the periods presented:
Years ended December 31,
(in thousands)202420232022
Future cash inflows$16,640,461 $15,570,267 $16,343,468 
Future production costs(6,466,648)(5,543,237)(4,136,380)
Future development costs(2,155,788)(1,904,597)(1,403,721)
Future income tax expenses(538,142)(669,158)(1,587,677)
Future net cash flows7,479,883 7,453,275 9,215,690 
10% discount for estimated timing of cash flows
(3,264,563)(3,302,437)(4,461,114)
Standardized measure of discounted future net cash flows$4,215,320 $4,150,838 $4,754,576 
Schedule of changes in standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves
The following table presents the changes in the standardized measure of discounted future net cash flows relating to proved oil, NGL and natural gas reserves for the periods presented:
Years ended December 31,
(in thousands)202420232022
Standardized measure of discounted future net cash flows, beginning of year$4,150,838 $4,754,576 $3,425,312 
Changes in the year resulting from:
Sales, less production costs(1,308,530)(1,136,735)(1,468,946)
Revisions of previous quantity estimates(105,561)(964,416)(99,512)
Extensions, discoveries and other additions412,846 125,875 667,859 
Net change in prices and production costs(877,407)(2,560,883)2,565,963 
Changes in estimated future development costs(48,987)137,310 (165,579)
Previously estimated development costs incurred during the period461,230 368,688 260,475 
Acquisitions of reserves in place982,594 2,211,370 — 
Divestitures of reserves in place— — (96,222)
Accretion of discount448,835 624,819 371,625 
Net change in income taxes43,168 371,962 (418,537)
Timing differences and other56,294 218,272 (287,862)
Standardized measure of discounted future net cash flows, end of year$4,215,320 $4,150,838 $4,754,576