Commitments

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note P – Commitments

The Company has operating, production handling and transportation service agreements for oil and/or natural gas operations in the U.S. and Canada Onshore. The U.S. Onshore and U.S. Offshore transportation contracts require minimum monthly payments through 2045, while the Canada Onshore transportation contracts call for minimum monthly payments through 2051. In the U.S. and Canada Onshore, future required minimum annual payments for the next five years are $148.8 million in 2025, $117.7 million in 2026, $105.5 million in 2027, $96.0 million in 2028 and $64.2 million in 2029. Under certain circumstances, the Company is required to pay additional amounts depending on the actual hydrocarbon quantities processed under the agreement. Total costs incurred under these service arrangements were $225.9 million in 2024, $295.1 million in 2023 and $216.4 million in 2022.

Commitments for capital expenditures were approximately $417.0 million at December 31, 2024, including $53.6 million for the Gulf of America, $112.2 million for Eagle Ford Shale, $31.2 million for Canada and $220.0 million for Other Offshore, mainly for capital projects in Vietnam.

Commitments for operating agreements include approximately $178.0 million at December 31, 2024 for Other Offshore for the purpose of supporting future development activities in Vietnam.