Suspended Well Costs

12 Months Ended

Dec. 31, 2024

Extractive Industries [Abstract]

Suspended Well Costs

Note 16 – Suspended Well Costs

The following table reflects the net changes in capitalized exploratory well costs during the periods presented. 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,
	2024		2023		2022
	(in thousands)
Beginning balance	$	71,369	$	49,047	$	15,576
Additions to capitalized exploratory well costs pending the determination of net proved reserves	32,599		70,762		49,047
Reclassifications based on the determination of net proved reserves	(67,494)		(47,985)		(14,721)
Capitalized exploratory well costs charged to expense (1)	(3,875)		(455)		(855)
Ending balance	$	32,599	$	71,369	$	49,047

____________________________________________

(1)For the year ended December 31, 2024, amount relates to one well deemed non-commercial. 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, 2024, there were no exploratory well costs that were capitalized for more than one year.