Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.23.3
PROPERTY AND EQUIPMENT (Tables)
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
September 30, 2023 December 31, 2022
Proved oil and natural gas properties $ 2,802,653  $ 2,418,666 
Unproved properties 196,947  178,472 
Other depreciable property and equipment 7,734  5,977 
Land 386  386 
Total property and equipment 3,007,720  2,603,501 
Accumulated DD&A (784,635) (545,771)
Property and equipment, net $ 2,223,085  $ 2,057,730 
Schedule of Non-Producing Properties Excluded from Amortization by Area
The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
September 30, 2023 December 31, 2022
Utica $ 169,314  $ 147,370 
SCOOP 27,633  31,102 
Total unproved properties $ 196,947  $ 178,472 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company’s asset retirement obligation for the nine months ended September 30, 2023 and 2022 (in thousands):
Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022
Asset retirement obligation, beginning of period $ 33,171  $ 28,264 
Liabilities incurred 505  53 
Liabilities settled (604) — 
Liabilities removed due to divestitures (919) (7)
Accretion expense 2,117  2,057 
Total asset retirement obligation, end of period $ 34,270  $ 30,367