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Suspended Well Costs | 6 Months Ended
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Jun. 30, 2026
Oil and Gas Disclosure [Abstract] |
Suspended Well Costs | Suspended Well Costs The following table reflects the Company’s capitalized exploratory well costs on drilled wells as of and during the six months ended June 30, 2026.
| June 30, 2026
| (In thousands)
Beginning balance | $ | 73,141 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 4,985 |
Reclassification due to determination of proved reserves | — |
Capitalized exploratory well costs charged to expense | — |
Ending balance | $ | 78,126 |
The following table provides an aging of capitalized exploratory well costs based on the date drilling was completed and the number of projects for which exploratory well costs have been capitalized for more than one year since the completion of drilling:
| June 30, 2026 |  | December 31, 2025
| (In thousands, except project counts)
Exploratory well costs capitalized for a period of one year or less | $ | — |  |  | $ | — |
Exploratory well costs capitalized for a period of one to five years | 78,126 |  |  | 73,141 |
Exploratory well costs capitalized for a period of six to ten years | — |  |  | — |
Ending balance | $ | 78,126 |  |  | $ | 73,141 |
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year | 1 |  |  | 1 |
As of June 30, 2026, the projects with exploratory well costs capitalized for more than one year since the completion of drilling are related to the Tiberius discovery in Keathley Canyon Block 964 in the Outer Wilcox play in the Gulf of America. Tiberius Discovery — In July 2023, we spud the Tiberius infrastructure-led exploration prospect located in Block 964 of Keathley Canyon in the Gulf of America, which encountered hydrocarbon pay. Initial fluid and core analysis supports the production potential of the well, with characteristics analogous with similar nearby discoveries in the Wilcox trend. In July 2026, we completed a farm-out of Tiberius, reducing our interest to 33.34%. The Tiberius project is being progressed as a phased development. A production handling agreement for the Oxy operated Lucius platform was signed in the third quarter of 2025, contracts for the fabrication and installation of the Tiberius subsea production system have been executed and a final investment decision for the development was achieved by the partnership in March 2026.

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- Definition The entire disclosure for parts or all of the information related to suspended well costs. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-1B + Details
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