Annual report pursuant to Section 13 and 15(d)

SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)

v3.24.0.1
SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2023
Extractive Industries [Abstract]  
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities
Capitalized Costs Related to Oil and Gas Producing Activities (in thousands)
Successor
Year Ended December 31, 2023 Year Ended December 31, 2022
Proved properties $ 2,904,519  $ 2,418,666 
Unproved properties 204,233  178,472 
Total oil and natural gas properties 3,108,752  2,597,138 
Accumulated depletion and amortization (862,253) (543,780)
Net capitalized costs $ 2,246,499  $ 2,053,358 
Schedule of Cost Incurred in Oil and Gas Property Acquisition and Development Activities
Costs Incurred in Oil and Gas Property Acquisition and Development Activities (in thousands)
Successor Predecessor
Year Ended December 31, 2023 Year Ended December 31, 2022 Period from May 18, 2021 through December 31, 2021 Period from January 1, 2021 through May 17, 2021
Acquisition $ 93,905  $ 29,675  $ 13,411  $ 3,922 
Development 419,431  441,458  191,193  112,986 
Exploratory —  —  —  — 
Total $ 513,336  $ 471,133  $ 204,604  $ 116,908 
Schedule of Results of Operations for Oil and Gas Production Activities The results of operations exclude general office overhead and interest expense attributable to oil and gas production.
Successor Predecessor
Year Ended December 31, 2023 Year Ended December 31, 2022 Period from May 18, 2021 through December 31, 2021 Period from January 1, 2021 through May 17, 2021
Revenues $ 1,051,383  $ 2,330,859  $ 1,092,584  $ 410,276 
Production costs (450,996) (482,175) (274,428) (192,959)
Depletion (318,473) (266,449) (159,518) (60,831)
Impairment —  —  (117,813) — 
Income tax benefit 525,156  —  39  7,968 
Results of operations from producing activities $ 807,070  $ 1,582,235  $ 540,864  $ 164,454 
Depletion per Mcf of gas equivalent (Mcfe) $ 0.83  $ 0.74  $ 0.69  $ 0.45 
Schedule of Oil and Gas Reserves These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data.
Oil (MMBbl) Natural Gas (Bcf) NGL (MMBbl) Natural Gas Equivalent (Bcfe)
Proved Reserves
December 31, 2020 (Predecessor) 13  2,281  38  2,588 
Purchases of reserves —  —  —  — 
Extensions and discoveries 2  617  11  695 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates 2  913  9  982 
Current production (2) (333) (4) (366)
December 31, 2021 (Successor) 16  3,478  54  3,898 
Purchases of reserves —  —  —  — 
Extensions and discoveries 3  391  5  439 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates —  66  —  70 
Current production (2) (322) (4) (359)
December 31, 2022 (Successor) 18  3,612  54  4,048 
Purchases of reserves —  —  —  — 
Extensions and discoveries 6  875  14  996 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates (4) (411) (1) (445)
Current production (1) (350) (4) (385)
December 31, 2023 (Successor) 19  3,725  63  4,214 
Proved developed reserves
December 31, 2020 (Predecessor) 7  1,358  22  1,527 
December 31, 2021 (Successor) 8  1,928  31  2,165 
December 31, 2022 (Successor) 9  2,034  34  2,295 
December 31, 2023 (Successor) 6  1,980  31  2,203 
Proved undeveloped reserves
December 31, 2020 (Predecessor) 7  923  16  1,061 
December 31, 2021 (Successor) 8  1,550  22  1,733 
December 31, 2022 (Successor) 9  1,578  20  1,752 
December 31, 2023 (Successor) 12  1,746  32  2,011 
Totals may not sum or recalculate due to rounding.
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
The following table summarizes estimated future net cash flows from natural gas and crude oil reserves (in millions):
Successor
Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021
Future cash flows $ 12,338  $ 26,677  $ 14,938 
Future development and abandonment costs (1,625) (1,588) (1,141)
Future production costs (5,641) (5,872) (5,227)
Future production taxes (303) (553) (336)
Future income taxes (63) (2,609) (437)
Future net cash flows 4,706  16,055  7,797 
10% discount to reflect timing of cash flows (2,323) (7,776) (3,659)
Standardized measure of discounted future net cash flows $ 2,383  $ 8,279  $ 4,138 
Totals may not sum or recalculate due to rounding.
Schedule of Future Costs to Settle Asset Retirement Obligations The following table summarizes the total of all future costs to settle asset retirement obligations that are included in future development and abandonment costs above (in millions):
Successor
Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021
Future asset retirement obligations $ 229  $ 222  $ 205 
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
The principal source of change in the standardized measure of discounted future net cash flows relating to proved reserves is presented in the table below (in millions):
Successor
Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021
Sales and transfers of oil and gas produced, net of production costs $ (600) $ (1,849) $ (1,035)
Net changes in prices, production costs, and development costs (7,181) 5,130  2,596 
Acquisition of oil and gas reserves in place —  —  — 
Extensions and discoveries 581  941  639 
Previously estimated development costs incurred during the period 263  204  149 
Revisions of previous quantity estimates, less related production costs (278) 154  858 
Sales of oil and gas reserves in place —  (1) (1)
Accretion of discount 828  414  54 
Net changes in income taxes 1,219  (1,067) (178)
Change in production rates and other (728) 215  516 
Total change in standardized measure of discounted future net cash flows $ (5,896) $ 4,141  $ 3,598