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v3.25.4

Supplementary Oil and Gas Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Extractive Industries [Abstract] |
12 Month Average Trailing Prices | The following reference prices were utilized in the determination of reserves and future net revenue:
|  | Oil & NGLs |  |  | Natural Gas |
|  | WTI ($/bbl) |  |  | Edmonton Condensate (C$/bbl) |  |  | Henry Hub ($/MMBtu) |  |  | AECO (C$/MMBtu) |
Reserves Pricing (1) |  |  |  |  |  |  |  |  |  |  |  |
2025 |  | $ | 65.34 |  |  | $ | 90.09 |  |  | $ | 3.39 |  |  | $ | 1.76 |
2024 |  |  | 75.48 |  |  |  | 99.60 |  |  |  | 2.13 |  |  |  | 1.26 |
2023 |  |  | 78.22 |  |  |  | 104.61 |  |  |  | 2.64 |  |  |  | 2.78 |
(1) All prices were held constant in all future years when estimating net revenues and reserves.
Net Proved Reserves |
| Oil (MMbbls) |  |  | NGLs (MMbbls) |  |  | Natural Gas (Bcf) |  |  | Total (MMBOE) |
| United States |  |  | Canada |  |  | Total |  |  | United States |  |  | Canada |  |  | Total |  |  | United States |  |  | Canada |  |  | Total |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  | 535.2 |  |  |  | 0.1 |  |  |  | 535.3 |  |  |  | 457.8 |  |  |  | 149.0 |  |  |  | 606.9 |  |  |  | 2,698 |  |  |  | 4,090 |  |  |  | 6,789 |  |  |  | 2,273.6 |
Revisions and improved recovery (2) |  | (134.0 | ) |  |  | - |  |  |  | (134.0 | ) |  |  | (89.1 | ) |  |  | (6.2 | ) |  |  | (95.4 | ) |  |  | (460 | ) |  |  | (21 | ) |  |  | (482 | ) |  |  | (309.6 | )
Extensions and discoveries |  | 64.7 |  |  |  | - |  |  |  | 64.7 |  |  |  | 23.3 |  |  |  | 20.4 |  |  |  | 43.6 |  |  |  | 146 |  |  |  | 916 |  |  |  | 1,061 |  |  |  | 285.3 |
Purchase of reserves in place |  | 160.0 |  |  |  | - |  |  |  | 160.0 |  |  |  | 46.6 |  |  |  | 1.1 |  |  |  | 47.7 |  |  |  | 201 |  |  |  | 17 |  |  |  | 218 |  |  |  | 243.9 |
Sale of reserves in place |  | (49.1 | ) |  |  | - |  |  |  | (49.1 | ) |  |  | (28.9 | ) |  |  | - |  |  |  | (28.9 | ) |  |  | (137 | ) |  |  | - |  |  |  | (137 | ) |  |  | (100.8 | )
Production |  | (58.0 | ) |  |  | - |  |  |  | (58.0 | ) |  |  | (31.2 | ) |  |  | (17.4 | ) |  |  | (48.6 | ) |  |  | (189 | ) |  |  | (411 | ) |  |  | (599 | ) |  |  | (206.5 | )
End of year |  | 518.8 |  |  |  | 0.1 |  |  |  | 518.9 |  |  |  | 378.4 |  |  |  | 146.9 |  |  |  | 525.3 |  |  |  | 2,259 |  |  |  | 4,591 |  |  |  | 6,850 |  |  |  | 2,185.9 |
Developed |  | 277.6 |  |  |  | 0.1 |  |  |  | 277.7 |  |  |  | 275.7 |  |  |  | 78.0 |  |  |  | 353.7 |  |  |  | 1,695 |  |  |  | 2,590 |  |  |  | 4,286 |  |  |  | 1,345.6 |
Undeveloped |  | 241.2 |  |  |  | - |  |  |  | 241.2 |  |  |  | 102.7 |  |  |  | 68.9 |  |  |  | 171.6 |  |  |  | 564 |  |  |  | 2,000 |  |  |  | 2,565 |  |  |  | 840.2 |
Total |  | 518.8 |  |  |  | 0.1 |  |  |  | 518.9 |  |  |  | 378.4 |  |  |  | 146.9 |  |  |  | 525.3 |  |  |  | 2,259 |  |  |  | 4,591 |  |  |  | 6,850 |  |  |  | 2,185.9 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  | 518.8 |  |  |  | 0.1 |  |  |  | 518.9 |  |  |  | 378.4 |  |  |  | 146.9 |  |  |  | 525.3 |  |  |  | 2,259 |  |  |  | 4,591 |  |  |  | 6,850 |  |  |  | 2,185.9 |
Revisions and improved recovery (2) |  | 2.9 |  |  |  | 0.1 |  |  |  | 2.9 |  |  |  | 129.1 |  |  |  | (43.7 | ) |  |  | 85.4 |  |  |  | 639 |  |  |  | (2,476 | ) |  |  | (1,837 | ) |  |  | (217.9 | )
Extensions and discoveries |  | 118.0 |  |  |  | 0.3 |  |  |  | 118.3 |  |  |  | 58.2 |  |  |  | 13.6 |  |  |  | 71.8 |  |  |  | 346 |  |  |  | 315 |  |  |  | 660 |  |  |  | 300.1 |
Purchase of reserves in place |  | 1.8 |  |  |  | - |  |  |  | 1.8 |  |  |  | 1.0 |  |  |  | - |  |  |  | 1.0 |  |  |  | 6 |  |  |  | 1 |  |  |  | 7 |  |  |  | 4.0 |
Sale of reserves in place |  | (0.3 | ) |  |  | - |  |  |  | (0.3 | ) |  |  | (0.4 | ) |  |  | - |  |  |  | (0.4 | ) |  |  | (2 | ) |  |  | - |  |  |  | (2 | ) |  |  | (1.0 | )
Production |  | (61.4 | ) |  |  | (0.1 | ) |  |  | (61.5 | ) |  |  | (31.8 | ) |  |  | (17.1 | ) |  |  | (48.9 | ) |  |  | (197 | ) |  |  | (425 | ) |  |  | (621 | ) |  |  | (214.1 | )
End of year |  | 579.8 |  |  |  | 0.2 |  |  |  | 580.0 |  |  |  | 534.5 |  |  |  | 99.7 |  |  |  | 634.2 |  |  |  | 3,052 |  |  |  | 2,005 |  |  |  | 5,057 |  |  |  | 2,057.1 |
Developed |  | 273.7 |  |  |  | 0.2 |  |  |  | 274.0 |  |  |  | 336.2 |  |  |  | 59.9 |  |  |  | 396.1 |  |  |  | 1,953 |  |  |  | 1,269 |  |  |  | 3,222 |  |  |  | 1,207.1 |
Undeveloped |  | 306.0 |  |  |  | - |  |  |  | 306.0 |  |  |  | 198.4 |  |  |  | 39.8 |  |  |  | 238.2 |  |  |  | 1,099 |  |  |  | 736 |  |  |  | 1,835 |  |  |  | 850.0 |
Total |  | 579.8 |  |  |  | 0.2 |  |  |  | 580.0 |  |  |  | 534.5 |  |  |  | 99.7 |  |  |  | 634.2 |  |  |  | 3,052 |  |  |  | 2,005 |  |  |  | 5,057 |  |  |  | 2,057.1 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  | 579.8 |  |  |  | 0.2 |  |  |  | 580.0 |  |  |  | 534.5 |  |  |  | 99.7 |  |  |  | 634.2 |  |  |  | 3,052 |  |  |  | 2,005 |  |  |  | 5,057 |  |  |  | 2,057.1 |
Revisions and improved recovery (2) |  | (29.9 | ) |  |  | 0.1 |  |  |  | (29.8 | ) |  |  | 10.1 |  |  |  | 10.8 |  |  |  | 20.9 |  |  |  | 190 |  |  |  | 1,053 |  |  |  | 1,243 |  |  |  | 198.2 |
Extensions and discoveries |  | 19.6 |  |  |  | - |  |  |  | 19.6 |  |  |  | 13.6 |  |  |  | 6.1 |  |  |  | 19.7 |  |  |  | 69 |  |  |  | 529 |  |  |  | 598 |  |  |  | 138.9 |
Purchase of reserves in place |  | 33.3 |  |  |  | - |  |  |  | 33.3 |  |  |  | 24.3 |  |  |  | 101.5 |  |  |  | 125.8 |  |  |  | 119 |  |  |  | 797 |  |  |  | 916 |  |  |  | 311.8 |
Sale of reserves in place |  | (108.2 | ) |  |  | - |  |  |  | (108.2 | ) |  |  | (14.9 | ) |  |  | - |  |  |  | (14.9 | ) |  |  | (201 | ) |  |  | - |  |  |  | (201 | ) |  |  | (156.6 | )
Production |  | (52.0 | ) |  |  | (0.2 | ) |  |  | (52.1 | ) |  |  | (31.9 | ) |  |  | (27.1 | ) |  |  | (58.9 | ) |  |  | (188 | ) |  |  | (492 | ) |  |  | (680 | ) |  |  | (224.3 | )
End of year |  | 442.5 |  |  |  | 0.2 |  |  |  | 442.7 |  |  |  | 535.8 |  |  |  | 191.1 |  |  |  | 726.8 |  |  |  | 3,041 |  |  |  | 3,892 |  |  |  | 6,933 |  |  |  | 2,325.1 |
Developed |  | 240.6 |  |  |  | 0.2 |  |  |  | 240.8 |  |  |  | 364.9 |  |  |  | 105.6 |  |  |  | 470.5 |  |  |  | 2,123 |  |  |  | 2,572 |  |  |  | 4,695 |  |  |  | 1,493.7 |
Undeveloped |  | 201.9 |  |  |  | - |  |  |  | 201.9 |  |  |  | 170.9 |  |  |  | 85.5 |  |  |  | 256.4 |  |  |  | 919 |  |  |  | 1,319 |  |  |  | 2,238 |  |  |  | 831.3 |
Total |  | 442.5 |  |  |  | 0.2 |  |  |  | 442.7 |  |  |  | 535.8 |  |  |  | 191.1 |  |  |  | 726.8 |  |  |  | 3,041 |  |  |  | 3,892 |  |  |  | 6,933 |  |  |  | 2,325.1 |
(1) Numbers may not add due to rounding. (2) Changes in reserve estimates resulting from application of improved recovery techniques are included in revisions of previous estimates.
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves |
|  | United States |  |  | Canada |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Future Cash Inflows |  | $ | 41,435 |  |  | $ | 52,682 |  |  | $ | 47,946 |  |  | $ | 15,123 |  |  | $ | 6,562 |  |  | $ | 19,697 |
Less Future: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production costs |  |  | 12,732 |  |  |  | 15,122 |  |  |  | 14,405 |  |  |  | 7,505 |  |  |  | 3,959 |  |  |  | 8,147 |
Development costs |  |  | 6,895 |  |  |  | 10,269 |  |  |  | 8,849 |  |  |  | 3,004 |  |  |  | 1,537 |  |  |  | 2,264 |
Income taxes |  |  | 3,042 |  |  |  | 3,690 |  |  |  | 2,735 |  |  |  | 155 |  |  |  | 94 |  |  |  | 2,016 |
Future Net Cash Flows |  |  | 18,766 |  |  |  | 23,601 |  |  |  | 21,957 |  |  |  | 4,459 |  |  |  | 972 |  |  |  | 7,270 |
Less 10% annual discount for estimated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
timing of cash flows |  |  | 8,871 |  |  |  | 10,741 |  |  |  | 10,182 |  |  |  | 1,440 |  |  |  | 160 |  |  |  | 2,963 |
Discounted Future Net Cash Flows |  | $ | 9,895 |  |  | $ | 12,860 |  |  | $ | 11,775 |  |  | $ | 3,019 |  |  | $ | 812 |  |  | $ | 4,307 |
|  |  |  |  |  |  |  |  |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Future Cash Inflows |  |  |  |  |  |  |  |  |  |  | $ | 56,558 |  |  | $ | 59,244 |  |  | $ | 67,643 |
Less Future: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production costs |  |  |  |  |  |  |  |  |  |  |  | 20,237 |  |  |  | 19,081 |  |  |  | 22,552 |
Development costs |  |  |  |  |  |  |  |  |  |  |  | 9,899 |  |  |  | 11,806 |  |  |  | 11,113 |
Income taxes |  |  |  |  |  |  |  |  |  |  |  | 3,197 |  |  |  | 3,784 |  |  |  | 4,751 |
Future Net Cash Flows |  |  |  |  |  |  |  |  |  |  |  | 23,225 |  |  |  | 24,573 |  |  |  | 29,227 |
Less 10% annual discount for estimated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
timing of cash flows |  |  |  |  |  |  |  |  |  |  |  | 10,311 |  |  |  | 10,901 |  |  |  | 13,145 |
Discounted Future Net Cash Flows |  |  |  |  |  |  |  |  |  |  | $ | 12,914 |  |  | $ | 13,672 |  |  | $ | 16,082 |
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves |
|  | United States |  |  | Canada |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Balance, Beginning of Year |  | $ | 12,860 |  |  | $ | 11,775 |  |  | $ | 18,968 |  |  | $ | 812 |  |  | $ | 4,307 |  |  | $ | 8,531 |
Changes Resulting From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of oil and gas produced during the year |  |  | (3,163 | ) |  |  | (3,984 | ) |  |  | (3,969 | ) |  |  | (1,197 | ) |  |  | (580 | ) |  |  | (1,067 | )
Discoveries and extensions, net of related costs |  |  | 338 |  |  |  | 2,106 |  |  |  | 1,141 |  |  |  | 365 |  |  |  | 152 |  |  |  | 1,059 |
Purchases of proved reserves in place |  |  | 587 |  |  |  | 34 |  |  |  | 2,440 |  |  |  | 907 |  |  |  | - |  |  |  | 24 |
Sales and transfers of proved reserves in place |  |  | (1,551 | ) |  |  | (11 | ) |  |  | (1,765 | ) |  |  | - |  |  |  | - |  |  |  | - |
Net change in prices and production costs |  |  | (3,678 | ) |  |  | (1,704 | ) |  |  | (5,730 | ) |  |  | 1,112 |  |  |  | (1,700 | ) |  |  | (6,867 | )
Revisions to quantity estimates |  |  | 90 |  |  |  | 2,148 |  |  |  | (5,250 | ) |  |  | 721 |  |  |  | (3,073 | ) |  |  | (143 | )
Accretion of discount |  |  | 1,451 |  |  |  | 1,286 |  |  |  | 2,290 |  |  |  | 89 |  |  |  | 549 |  |  |  | 1,094 |
Development costs incurred during the year |  |  | 1,555 |  |  |  | 1,850 |  |  |  | 2,184 |  |  |  | 615 |  |  |  | 441 |  |  |  | 575 |
Changes in estimated future development costs |  |  | 1,053 |  |  |  | (67 | ) |  |  | (1,384 | ) |  |  | (361 | ) |  |  | (393 | ) |  |  | (120 | )
Other |  |  | (1 | ) |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | (1 | ) |  |  | - |
Net change in income taxes |  |  | 354 |  |  |  | (573 | ) |  |  | 2,849 |  |  |  | (44 | ) |  |  | 1,110 |  |  |  | 1,221 |
Balance, End of Year |  | $ | 9,895 |  |  | $ | 12,860 |  |  | $ | 11,775 |  |  | $ | 3,019 |  |  | $ | 812 |  |  | $ | 4,307 |
|  |  |  |  |  |  |  |  |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Balance, Beginning of Year |  |  |  |  |  |  |  |  |  |  | $ | 13,672 |  |  | $ | 16,082 |  |  | $ | 27,499 |
Changes Resulting From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of oil and gas produced during the year |  |  |  |  |  |  |  |  |  |  |  | (4,360 | ) |  |  | (4,564 | ) |  |  | (5,036 | )
Discoveries and extensions, net of related costs |  |  |  |  |  |  |  |  |  |  |  | 703 |  |  |  | 2,258 |  |  |  | 2,200 |
Purchases of proved reserves in place |  |  |  |  |  |  |  |  |  |  |  | 1,494 |  |  |  | 34 |  |  |  | 2,464 |
Sales and transfers of proved reserves in place |  |  |  |  |  |  |  |  |  |  |  | (1,551 | ) |  |  | (11 | ) |  |  | (1,765 | )
Net change in prices and production costs |  |  |  |  |  |  |  |  |  |  |  | (2,566 | ) |  |  | (3,404 | ) |  |  | (12,597 | )
Revisions to quantity estimates |  |  |  |  |  |  |  |  |  |  |  | 811 |  |  |  | (925 | ) |  |  | (5,393 | )
Accretion of discount |  |  |  |  |  |  |  |  |  |  |  | 1,540 |  |  |  | 1,835 |  |  |  | 3,384 |
Development costs incurred during the year |  |  |  |  |  |  |  |  |  |  |  | 2,170 |  |  |  | 2,291 |  |  |  | 2,759 |
Changes in estimated future development costs |  |  |  |  |  |  |  |  |  |  |  | 692 |  |  |  | (460 | ) |  |  | (1,504 | )
Other |  |  |  |  |  |  |  |  |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 1 |
Net change in income taxes |  |  |  |  |  |  |  |  |  |  |  | 310 |  |  |  | 537 |  |  |  | 4,070 |
Balance, End of Year |  |  |  |  |  |  |  |  |  |  | $ | 12,914 |  |  | $ | 13,672 |  |  | $ | 16,082 |
Results of Operations | The following table sets forth revenue and direct cost information relating to the Company’s oil and natural gas exploration and production activities.
|  | United States |  |  | Canada |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Oil, NGL and Natural Gas Revenues (1) |  | $ | 4,573 |  |  | $ | 5,612 |  |  | $ | 5,586 |  |  | $ | 2,603 |  |  | $ | 1,746 |  |  | $ | 2,226 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production, mineral and other taxes |  |  | 265 |  |  |  | 319 |  |  |  | 327 |  |  |  | 21 |  |  |  | 14 |  |  |  | 15 |
Transportation and processing (2) |  |  | 450 |  |  |  | 510 |  |  |  | 547 |  |  |  | 1,235 |  |  |  | 1,043 |  |  |  | 1,056 |
Operating (2) |  |  | 695 |  |  |  | 799 |  |  |  | 743 |  |  |  | 150 |  |  |  | 109 |  |  |  | 88 |
Depreciation, depletion and amortization |  |  | 1,475 |  |  |  | 1,971 |  |  |  | 1,519 |  |  |  | 683 |  |  |  | 297 |  |  |  | 286 |
Impairments |  |  | 49 |  |  |  | - |  |  |  | - |  |  |  | 871 |  |  |  | 450 |  |  |  | - |
Accretion of asset retirement obligation |  |  | 10 |  |  |  | 9 |  |  |  | 8 |  |  |  | 18 |  |  |  | 10 |  |  |  | 11 |
Operating Income (Loss) |  |  | 1,629 |  |  |  | 2,004 |  |  |  | 2,442 |  |  |  | (375 | ) |  |  | (177 | ) |  |  | 770 |
Income Taxes |  |  | 354 |  |  |  | 436 |  |  |  | 531 |  |  |  | (89 | ) |  |  | (42 | ) |  |  | 182 |
Results of Operations |  | $ | 1,275 |  |  | $ | 1,568 |  |  | $ | 1,911 |  |  | $ | (286 | ) |  | $ | (135 | ) |  | $ | 588 |
|  |  |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Oil, NGL and Natural Gas Revenues (1) |  |  |  |  |  |  |  |  |  |  | $ | 7,176 |  |  | $ | 7,358 |  |  | $ | 7,812 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production, mineral and other taxes |  |  |  |  |  |  |  |  |  |  |  | 286 |  |  |  | 333 |  |  |  | 342 |
Transportation and processing (2) |  |  |  |  |  |  |  |  |  |  |  | 1,685 |  |  |  | 1,553 |  |  |  | 1,603 |
Operating (2) |  |  |  |  |  |  |  |  |  |  |  | 845 |  |  |  | 908 |  |  |  | 831 |
Depreciation, depletion and amortization |  |  |  |  |  |  |  |  |  |  |  | 2,158 |  |  |  | 2,268 |  |  |  | 1,805 |
Impairments |  |  |  |  |  |  |  |  |  |  |  | 920 |  |  |  | 450 |  |  |  | - |
Accretion of asset retirement obligation |  |  |  |  |  |  |  |  |  |  |  | 28 |  |  |  | 19 |  |  |  | 19 |
Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  | 1,254 |  |  |  | 1,827 |  |  |  | 3,212 |
Income Taxes |  |  |  |  |  |  |  |  |  |  |  | 265 |  |  |  | 394 |  |  |  | 713 |
Results of Operations |  |  |  |  |  |  |  |  |  |  | $ | 989 |  |  | $ | 1,433 |  |  | $ | 2,499 |
(1) Excludes gains (losses) on risk management and sales of volumes purchased from third parties. (2) Excludes costs related to the purchase and sale of third-party volumes.
Capitalized Costs |
|  | United States |  |  | Canada |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Proved Oil and Gas Properties |  | $ | 50,573 |  |  | $ | 50,246 |  |  | $ | 47,440 |  |  | $ | 19,560 |  |  | $ | 15,763 |  |  | $ | 16,644 |
Unproved Oil and Gas Properties |  |  | 316 |  |  |  | 741 |  |  |  | 1,449 |  |  |  | 118 |  |  |  | 23 |  |  |  | 37 |
Total Capital Cost |  |  | 50,889 |  |  |  | 50,987 |  |  |  | 48,889 |  |  |  | 19,678 |  |  |  | 15,786 |  |  |  | 16,681 |
Accumulated DD&A |  |  | 39,294 |  |  |  | 37,770 |  |  |  | 35,799 |  |  |  | 17,163 |  |  |  | 14,821 |  |  |  | 15,332 |
Net Capitalized Costs |  | $ | 11,595 |  |  | $ | 13,217 |  |  | $ | 13,090 |  |  | $ | 2,515 |  |  | $ | 965 |  |  | $ | 1,349 |
|  |  |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Proved Oil and Gas Properties |  |  |  |  |  |  |  |  |  |  | $ | 70,133 |  |  | $ | 66,009 |  |  | $ | 64,084 |
Unproved Oil and Gas Properties |  |  |  |  |  |  |  |  |  |  |  | 434 |  |  |  | 764 |  |  |  | 1,486 |
Total Capital Cost |  |  |  |  |  |  |  |  |  |  |  | 70,567 |  |  |  | 66,773 |  |  |  | 65,570 |
Accumulated DD&A |  |  |  |  |  |  |  |  |  |  |  | 56,457 |  |  |  | 52,591 |  |  |  | 51,131 |
Net Capitalized Costs |  |  |  |  |  |  |  |  |  |  | $ | 14,110 |  |  | $ | 14,182 |  |  | $ | 14,439 |
Costs Incurred |
|  | United States |  |  | Canada |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Acquisition Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unproved |  | $ | 60 |  |  | $ | - |  |  | $ | 1,063 |  |  | $ | 128 |  |  | $ | - |  |  | $ | - |
Proved |  |  | 200 |  |  |  | 200 |  |  |  | 3,868 |  |  |  | 2,321 |  |  |  | 5 |  |  |  | 6 |
Total Acquisition Costs |  |  | 260 |  |  |  | 200 |  |  |  | 4,931 |  |  |  | 2,449 |  |  |  | 5 |  |  |  | 6 |
Exploration Costs |  |  | 2 |  |  |  | 6 |  |  |  | 3 |  |  |  | 1 |  |  |  | - |  |  |  | - |
Development Costs |  |  | 1,553 |  |  |  | 1,925 |  |  |  | 2,224 |  |  |  | 550 |  |  |  | 467 |  |  |  | 562 |
Total Costs Incurred |  | $ | 1,815 |  |  | $ | 2,131 |  |  | $ | 7,158 |  |  | $ | 3,000 |  |  | $ | 472 |  |  | $ | 568 |
|  |  |  |  |  |  |  |  |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Acquisition Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unproved |  |  |  |  |  |  |  |  |  |  | $ | 188 |  |  | $ | - |  |  | $ | 1,063 |
Proved |  |  |  |  |  |  |  |  |  |  |  | 2,521 |  |  |  | 205 |  |  |  | 3,874 |
Total Acquisition Costs |  |  |  |  |  |  |  |  |  |  |  | 2,709 |  |  |  | 205 |  |  |  | 4,937 |
Exploration Costs |  |  |  |  |  |  |  |  |  |  |  | 3 |  |  |  | 6 |  |  |  | 3 |
Development Costs |  |  |  |  |  |  |  |  |  |  |  | 2,103 |  |  |  | 2,392 |  |  |  | 2,786 |
Total Costs Incurred |  |  |  |  |  |  |  |  |  |  | $ | 4,815 |  |  | $ | 2,603 |  |  | $ | 7,726 |
Costs Not Subject to Depletion or Amortization | Upstream costs in respect of significant unproved properties are excluded from the country cost center’s depletable base as follows:
As at December 31 |  |  |  | 2025 |  |  | 2024 |
United States |  |  |  | $ | 316 |  |  | $ | 741 |
Canada |  |  |  |  | 118 |  |  |  | 23 |
|  |  |  | $ | 434 |  |  | $ | 764 |
The following is a summary of the costs related to Ovintiv’s unproved properties as at December 31, 2025:
|  | 2025 |  |  | 2024 |  |  | 2023 |  | Prior to 2023 |  |  | Total |
Acquisition Costs |  | $ | 197 |  |  | $ | - |  |  | $ | 183 |  |  | $ | 23 |  |  | $ | 403 |
Exploration Costs |  |  | 3 |  |  |  | 6 |  |  |  | 3 |  |  |  | 19 |  |  |  | 31 |
|  | $ | 200 |  |  | $ | 6 |  |  | $ | 186 |  |  | $ | 42 |  |  | $ | 434 |

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