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Supplemental Information on Natural Gas and Oil Exploration, Development and Production Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

Extractive Industries [Abstract]

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a)


	December 31,
	2024			2023			2022
	(in thousands)
Natural gas and oil properties:
Properties subject to depletion	$	11,058,771		$	10,435,611		$	9,855,287
Unproved properties		819,656			789,871			800,592
Total		11,878,427			11,225,482			10,655,879
Accumulated depreciation, depletion and amortization		(5,456,727	)		(5,107,801	)		(4,765,475	)
Net capitalized costs	$	6,421,700		$	6,117,681		$	5,890,404


(a)	Includes capitalized asset retirement costs and the associated accumulated amortization.

Costs Incurred for Property Acquisition, Exploration and Development

Costs Incurred for Property Acquisition, Exploration and Development (a)


	December 31,
	2024		2023		2022
	(in thousands)
Acquisitions:
Acreage purchases	$	57,869	$	40,067	$	28,735
Development		577,093		568,484		460,668
Exploration:
Drilling		12,569		—		—
Expense		25,489		25,280		25,194
Stock-based compensation expense		1,354		1,250		1,578
Gas gathering facilities:
Development		4,336		3,123		1,466
Subtotal		678,710		638,204		517,641
Asset retirement obligations		13,845		4,616		18,096
Total costs incurred	$	692,555	$	642,820	$	535,737


(a)	Includes cost incurred whether capitalized or expensed.

Proved Developed and Undeveloped Reserves


	Natural Gas			NGLs			Oil			Natural Gas Equivalents
	(Mmcf)			(Mbbls)			(Mbbls)			(Mmcfe) (a)
Proved developed and undeveloped reserves:
Balance, December 31, 2021		11,452,081			1,001,305			52,596			17,775,484
Revisions		(393,165	)		(20,251	)		(12,885	)		(591,983	)
Extensions, discoveries and additions		1,278,499			59,296			5,661			1,668,244
Production		(539,443	)		(36,392	)		(2,716	)		(774,089	)
Balance, December 31, 2022		11,797,972			1,003,958			42,656			18,077,656
Revisions		326,783			44,515			2,485			608,784
Extensions, discoveries and additions		24,078			30,234			296			207,260
Production		(538,085	)		(37,940	)		(2,475	)		(780,575	)
Balance, December 31, 2023		11,610,748			1,040,767			42,962			18,113,125
Revisions		17,299			16,530			(6,785	)		75,765
Extensions, discoveries and additions		578,660			25,659			2,792			749,362
Property sales		(10,542	)		—			—			(10,542	)
Production		(545,416	)		(39,623	)		(2,181	)		(796,235	)
Balance, December 31, 2024		11,650,749			1,043,333			36,788			18,131,475
Proved developed reserves:
December 31, 2021		6,809,849			577,507			23,833			10,417,887
December 31, 2022		7,230,313			594,931			22,213			10,933,180
December 31, 2023		7,631,202			629,379			21,396			11,535,852
December 31, 2024		7,929,452			647,430			19,460			11,930,793
Proved undeveloped reserves:
December 31, 2021		4,642,232			423,798			28,763			7,357,597
December 31, 2022		4,567,659			409,027			20,443			7,144,476
December 31, 2023		3,979,546			411,388			21,566			6,577,273
December 31, 2024		3,721,297			395,903			17,328			6,200,682


(a)	Oil and NGLs volumes are converted to mcfe at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not indicative of the relationship between oil and natural gas prices.

Changes in Proved Undeveloped Reserves

The following details the changes in proved undeveloped reserves for 2024 (Mmcfe):


Beginning proved undeveloped reserves at December 31, 2023	6,577,273
Undeveloped reserves transferred to developed	(998,927	)
Revisions (a)	(116,052	)
Extension and discoveries	738,388
Ending proved undeveloped reserves at December 31, 2024	6,200,682

         (a)

         Includes 457.2 Bcfe positive revision for previously proved undeveloped properties due to their addition back into our five year development plan along with 183.2 Bcfe of positive revisions due to improved recovery associated with extended lateral lengths and 15.0 Bcfe of revisions due to increased ethane recoveries. These are offset by 771.5 Bcfe of proved undeveloped reserves removed and deferred due to the five-year rule which can be included in our future proved reserves as these locations are added back to our five-year development plan.

Standardized Measure of Discounted Future Net Cash Flows

The standardized measure of discounted future net cash flows relating to proved natural gas, NGLs, and oil reserves is as follows and excludes cash flows associated with derivatives outstanding at each of the respective reporting dates. Future cash inflows are net of third-party transportation, gathering and compression expense.


	As of December 31,
	2024			2023
	(in thousands)

Future cash inflows	$	48,101,796		$	54,389,915
Future costs:
Production		(30,097,778	)		(29,663,691	)
Development (a)		(2,742,638	)		(2,978,183	)
Future net cash flows before income taxes		15,261,380			21,748,041
Future income tax expense		(2,876,562	)		(4,176,604	)
Total future net cash flows before 10% discount		12,384,818			17,571,437
10% annual discount		(7,693,744	)		(10,732,951	)
Standardized measure of discounted future net cash flows	$	4,691,074		$	6,838,486


(a)	2024 includes $413.3 million of undiscounted future asset retirement costs as of December 31, 2024, using current estimates of future abandonment costs.

Changes in Discounted Future Net Cash Flows

The following table summarizes changes in the standardized measure of discounted future net cash flows.


	December 31,
	2024			2023			2022
	(in thousands)
Revisions of previous estimates:
Changes in prices and production costs	$	(2,601,024	)	$	(23,584,574	)	$	14,326,997
Revisions in quantities		(78,775	)		(131,078	)		109,129
Changes in future development and abandonment costs		(167,061	)		(123,529	)		(524,847	)
Net change in income taxes		324,863			3,920,556			(2,625,699	)
Accretion of discount		792,623			2,955,359			1,486,783
Additions to proved reserves from extensions, discoveries and improved recovery		265,917			103,116			2,842,173
Natural gas, NGLs and oil sales, net of production costs		(918,980	)		(1,100,908	)		(3,550,632	)
Actual development costs incurred during the period		598,635			574,646			471,877
Sales of reserves in place		(5,265	)		—			—
Changes in timing and other		(358,345	)		(320,385	)		(475,724	)
Net change for the year		(2,147,412	)		(17,706,797	)		12,060,057
Beginning of year		6,838,486			24,545,283			12,485,226
End of year	$	4,691,074		$	6,838,486		$	24,545,283

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details