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CRUDE OIL, NATURAL GAS AND NGLs PROPERTIES AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
CRUDE OIL, NATURAL GAS AND NGLs PROPERTIES AND EQUIPMENT, NET CRUDE OIL, NATURAL GAS AND NGLs PROPERTIES AND EQUIPMENT, NET
The Company’s crude oil, natural gas and NGLs properties and equipment, net, at December 31, 2025 and 2024 is comprised of the following:
20252024
(in thousands)
Crude oil, natural gas and NGLs properties and equipment, net
Wells, platforms and other production facilities$1,016,019 $1,593,243 
Work-in-progress214,213 44,517 
Unproved properties52,079 60,761 
Capitalized equipment, spare parts and other84,471 75,581 
1,366,782 1,774,102 
Accumulated depreciation, depletion, amortization and impairment(780,687)(1,235,999)
Crude oil, natural gas and NGLs properties and equipment, net$586,095 $538,103 
Unproved property costs
See the table below for the list of unproved property costs at December 31, 2025 and 2024:
20252024
(in thousands)
Unproved Property Costs
Gabon15,235 $13,735 
Equatorial Guinea10,000 10,000 
Egypt11,035 11,542 
Cote d'Ivoire15,809 12,775 
Canada— 12,709 
Unproved Property Costs$52,079 $60,761 
At December 31, 2025, the Company classified $31.8 million of net Crude oil, natural gas and NGLs properties and equipment, including unproved property costs of $13.1 million, as “Noncurrent asset held for sale” on the Consolidated Balance Sheet.
Exploration expense
During the year ended December 31, 2025, we incurred exploration expenses of $8.9 million, which included exploratory costs related to a well determined to be not commercially viable in South Ghazalat, the cost of additional seismic data to be used in Block 705 in Cote d’Ivoire, and expenses related to Blocks G and H in Gabon. We had minimal exploration expenses during 2024.