Basis Of Financial Statement Preparation

3 Months Ended

Mar. 31, 2025

Basis Of Financial Statement Preparation [Abstract]

Basis Of Financial Statement Preparation

Note 1. Basis of Financial Statement Preparation

These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2024 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.

Restricted cash represents sale proceeds required to be set aside by a contractual arrangement for any potential like kind exchange. The restriction will lapse upon the earlier of completion of the exchange or the expiry of the underlying time period, which is less than one year.

The Corporation's exploration and production activities are accounted for under the "successful efforts" method.