Annual report [Section 13 and 15(d), not S-K Item 405]

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

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SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2024
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)
Year Ended December 31, 2024 Year Ended December 31, 2023
Proved properties $ 3,349,805  $ 2,904,519 
Unproved properties 221,650  204,233 
Total oil and natural gas properties 3,571,455  3,108,752 
Accumulated depletion and amortization (1,559,546) (862,253)
Net capitalized costs $ 2,011,909  $ 2,246,499 
Schedule of Cost Incurred in Oil and Gas Property Acquisition and Development Activities
Costs Incurred in Oil and Gas Property Acquisition, Development and Exploratory Activities (in thousands)
Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022
Acquisition $ 89,646  $ 93,905  $ 29,675 
Development 373,284  419,431  441,458 
Exploratory —  —  — 
Total $ 462,930  $ 513,336  $ 471,133 
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.
Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022
Revenues $ 928,604  $ 1,051,383  $ 2,330,859 
Production costs (451,086) (450,996) (482,175)
Depletion (324,078) (318,473) (266,449)
Impairment (373,214) —  — 
Income tax benefit 56,077  525,156  — 
Results of operations from producing activities $ (163,697) $ 807,070  $ 1,582,235 
Depletion per Mcf of gas equivalent (Mcfe) $ 0.84  $ 0.83  $ 0.74 
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, 2021 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 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 19  3,725  63  4,214 
Purchases of reserves —  —  —  — 
Extensions and discoveries 5  398  20  547 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates —  (413) 1  (406)
Current production (1) (354) (4) (386)
December 31, 2024 22  3,356  80  3,969 
Proved developed reserves
December 31, 2021 8  1,928  31  2,165 
December 31, 2022 9  2,034  34  2,295 
December 31, 2023 6  1,980  31  2,203 
December 31, 2024 7  1,879  31  2,109 
Proved undeveloped reserves
December 31, 2021 8  1,550  22  1,733 
December 31, 2022 9  1,578  20  1,752 
December 31, 2023 12  1,746  32  2,011 
December 31, 2024 15  1,478  49  1,861 
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):
Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022
Future cash flows $ 10,474  $ 12,338  $ 26,677 
Future development and abandonment costs (1,498) (1,625) (1,588)
Future production costs (5,268) (5,641) (5,872)
Future production taxes (212) (303) (553)
Future income taxes (23) (63) (2,609)
Future net cash flows 3,473  4,706  16,055 
10% discount to reflect timing of cash flows (1,726) (2,323) (7,776)
Standardized measure of discounted future net cash flows $ 1,747  $ 2,383  $ 8,279 
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):
Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022
Future asset retirement obligations $ 240  $ 229  $ 222 
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):
Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022
Sales and transfers of oil and gas produced, net of production costs $ (478) $ (600) $ (1,849)
Net changes in prices, production costs, and development costs (910) (7,181) 5,130 
Acquisition of oil and gas reserves in place —  —  — 
Extensions and discoveries 368  581  941 
Previously estimated development costs incurred during the period 211  263  204 
Revisions of previous quantity estimates, less related production costs (21) (278) 154 
Sales of oil and gas reserves in place —  —  (1)
Accretion of discount 238  828  414 
Net changes in income taxes 16  1,219  (1,067)
Change in production rates and other (60) (728) 215 
Total change in standardized measure of discounted future net cash flows $ (636) $ (5,896) $ 4,141