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Property and Equipment | 6 Months Ended
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Jun. 30, 2026
Property, Plant, and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment is stated at cost and consisted of the following:
| June 30, 2026 |  | December 31, 2025
| (In thousands)
Oil and gas properties: |  |  |
Proved properties | $ | 7,763,259 |  |  | $ | 8,301,679 |
Unproved properties | 210,786 |  |  | 210,161 |
Total oil and gas properties | 7,974,045 |  |  | 8,511,840 |
Accumulated depletion | (4,624,781) |  |  | (4,780,826) |
Oil and gas properties, net | 3,349,264 |  |  | 3,731,014 |
Other property | 69,046 |  |  | 68,255 |
Accumulated depreciation | (66,784) |  |  | (65,485) |
Other property, net | 2,262 |  |  | 2,770 |
Property and equipment, net | $ | 3,351,526 |  |  | $ | 3,733,784 |
We recorded depletion expense of $111.8 million and $141.7 million for the three months ended June 30, 2026 and 2025, respectively, and $223.5 million and $253.1 million for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, the decrease in oil and gas properties, net is primarily due to the sale of the Ceiba and Okume Complex production assets located in Block G offshore Equatorial Guinea in June 2026. See Note 3 - Acquisitions and Divestitures. Additions to our proved properties during the six months ended June 30, 2026 primarily related to infill development costs in the Jubilee Field in Ghana and at Winterfell-5 in the Gulf of America. Additionally, in February 2026, Tullow Oil plc, as Operator of the TEN partnership, executed the final Sale and Purchase Agreement enabling the partnership to acquire the TEN FPSO from MODEC, Inc. at the end of its current lease in 2027 for a gross purchase price of $205.0 million. As a result, proved property additions for the period ended June 30, 2026 include $88.2 million for our proportionate share of the finance lease asset, with a corresponding finance lease liability in accrued liabilities. These non-cash impacts are excluded from the statement of cash flows.

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- Definition The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482130/360-10-45-13 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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