Suspended Exploratory Well Costs

9 Months Ended

Sep. 30, 2024

Oil and Gas, Capitalized Exploratory Well Cost [Abstract]

(17) SUSPENDED EXPLORATORY WELL COSTS

We capitalize exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. Capitalized exploratory well costs are presented in natural gas and oil properties in the accompanying consolidated balance sheets. If an exploratory well is determined to be impaired, the well costs are charged to exploration expense in the accompanying consolidated statements of income. There were no capitalized exploratory well costs in 2023. The following table reflects the changes in capitalized exploratory well costs for the nine months ended September 30, 2024 (in thousands):


	Nine Months Ended September 30, 2024

Balance at beginning of period	$	—
Additions to capitalized exploratory well costs pending the determination of proved reserves		14,680
Reclassifications to wells, facilities and equipment based on determination of proved reserves		—
Capitalized exploratory well costs, charged to expense		—
Balance at end of period	$	14,680
Less exploratory well costs that have been capitalized for a period of one year or less	$	14,680
Capitalized exploratory well costs that have been capitalized for a period greater than one year	$	—