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Acquisitions and Dispositions of Natural Gas and Oil Properties
12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Dispositions of Natural Gas and Oil Properties
(2)
Acquisitions and Dispositions of Natural Gas and Oil Properties

Acquisitions

During 2023, 2022 and 2021, the Company spent $98.6 million, $54.4 million and $22.9 million on its leasing program to acquire 79,741, 104,314 and 32,556 net acres, respectively, in the Western Haynesville area.

In 2022, the Company acquired a 145-mile pipeline and natural gas treating plant from an unaffiliated third party and the undeveloped deep rights on approximately 68,000 net undeveloped acres in East Texas for $35.6 million including transaction costs. The purchase price was allocated as follows: $18.8 million was allocated to unproved natural gas and oil properties and $16.8 million to other property and equipment.

In 2021, the Company acquired approximately 17,500 net acres of predominantly undeveloped Haynesville shale acreage in East Texas from an unaffiliated third party, which also included interests in 37 producing wells for $34.7 million.

Dispositions

The Company sold its interest in certain natural gas and oil non-operated properties for $41.3 million and $4.1 million in 2023 and 2022, respectively. In November 2021, the Company sold its non-operated properties in the Bakken shale for $138.1 million after selling expenses and incurred a $162.2 million pre-tax loss on the divestiture.