Suspended Well Costs

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Suspended Well Costs

Note 15 – Suspended Well Costs

The following table reflects the net changes in capitalized exploratory well costs during 2023, 2022, and 2021. The table does not include amounts that were capitalized and either subsequently expensed or reclassified to producing well costs in the same year:

	For the Years Ended December 31,
	2023		2022		2021
	(in thousands)
Beginning balance	$	49,047	$	15,576	$	5,698
Additions to capitalized exploratory well costs pending the determination of net proved reserves	70,762		49,047		15,576
Reclassifications based on the determination of net proved reserves	(47,985)		(14,721)		(5,698)
Capitalized exploratory well costs charged to expense (1)	(455)		(855)		—
Ending balance	$	71,369	$	49,047	$	15,576

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(1)For the year ended December 31, 2023, amount relates to one well that experienced technical issues during the drilling phase. For the year ended December 31, 2022, amount relates to unsuccessful exploration activity outside of the Company’s core areas of operation.

As of December 31, 2023, there were no material exploratory well costs that were capitalized for more than one year.