Asset Retirement Obligations

12 Months Ended

Dec. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 15 – Asset Retirement Obligations

Refer to Asset Retirement Obligations in Note 1 – Summary of Significant Accounting Policies for a discussion of the initial and subsequent measurements of asset retirement obligation liabilities and the significant assumptions used in the estimates.

The following is a reconciliation of the Company’s total asset retirement obligation liability:

	As of December 31,
	2024		2023
	(in thousands)
Beginning asset retirement obligations	$	123,154	$	115,313
Liabilities incurred (1)	21,442		4,062
Liabilities settled (2)	(27,130)		(4,489)
Accretion expense	5,403		6,330
Revision to estimated cash flows	26,444		1,938
Ending asset retirement obligations (3)	$	149,313	$	123,154

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(1)Reflects liabilities incurred through drilling activities and acquisitions of drilled wells.

(2)Reflects liabilities settled through plugging and abandonment activities and divestitures of properties.

(3)Balances as of December 31, 2024, and 2023, included $4.0 million and $4.4 million, respectively, related to the Company’s current asset retirement obligation liability, which is recorded in the accounts payable and accrued expenses line item on the accompanying balance sheets.