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Supplemental Oil and Gas Reserve Information - Unaudited (Tables) | 12 Months Ended
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Dec. 31, 2024
Oil and Gas Disclosure [Abstract] |
Schedule of Net Proved, Proved Developed and Proved Undeveloped Reserves | The following table summarizes changes in quantities of the Company’s estimated net proved reserves by product for the periods presented:
| Crude Oil (MBbl) |  | NGLs(1) (MBbl) |  | Natural Gas (MMcf) |  | MBoe(2)
2022 |  |  |  |  |  |  |
Proved reserves |  |  |  |  |  |  |
Beginning balance | 174,317 |  |  | — |  |  | 459,262 |  |  | 250,860 |
Revisions of previous estimates | (8,032) |  |  | 64,557 |  |  | (56,500) |  |  | 47,110 |
Extensions, discoveries and other additions | 38,144 |  |  | 7,452 |  |  | 35,689 |  |  | 51,544 |
Sales of reserves in place | — |  |  | — |  |  | — |  |  | — |
Purchases of reserves in place | 202,316 |  |  | 73,468 |  |  | 443,903 |  |  | 349,768 |
Production | (25,457) |  |  | (7,026) |  |  | (67,428) |  |  | (43,722) |
Net proved reserves at December 31, 2022 | 381,288 |  |  | 138,451 |  |  | 814,926 |  |  | 655,560 |
Proved developed reserves, December 31, 2022 | 272,529 |  |  | 115,227 |  |  | 689,651 |  |  | 502,698 |
Proved undeveloped reserves, December 31, 2022 | 108,759 |  |  | 23,224 |  |  | 125,275 |  |  | 152,862 |
2023 |  |  |  |  |  |  |
Proved reserves |  |  |  |  |  |  |
Beginning balance | 381,288 |  |  | 138,451 |  |  | 814,926 |  |  | 655,560 |
Revisions of previous estimates | (38,073) |  |  | (5,270) |  |  | (33,308) |  |  | (48,895) |
Extensions, discoveries and other additions | 53,207 |  |  | 15,046 |  |  | 62,273 |  |  | 78,632 |
Sales of reserves in place | (3,999) |  |  | (53) |  |  | (3,067) |  |  | (4,564) |
Purchases of reserves in place | 12,375 |  |  | 3,052 |  |  | 20,060 |  |  | 18,771 |
Production | (36,427) |  |  | (13,047) |  |  | (82,953) |  |  | (63,300) |
Net proved reserves at December 31, 2023 | 368,371 |  |  | 138,179 |  |  | 777,931 |  |  | 636,204 |
Proved developed reserves, December 31, 2023 | 241,362 |  |  | 105,702 |  |  | 640,180 |  |  | 453,762 |
Proved undeveloped reserves, December 31, 2023 | 127,008 |  |  | 32,476 |  |  | 137,751 |  |  | 182,442 |
2024 |  |  |  |  |  |  |
Proved reserves |  |  |  |  |  |  |
Beginning balance | 368,371 |  |  | 138,179 |  |  | 777,931 |  |  | 636,204 |
Revisions of previous estimates | (35,229) |  |  | (3,741) |  |  | (38,294) |  |  | (45,351) |
Extensions, discoveries and other additions | 43,301 |  |  | 10,032 |  |  | 62,013 |  |  | 63,669 |
Sales of reserves in place | (1,264) |  |  | (204) |  |  | (1,071) |  |  | (1,646) |
Purchases of reserves in place | 176,710 |  |  | 39,256 |  |  | 596,287 |  |  | 315,346 |
Production | (48,479) |  |  | (16,338) |  |  | (122,193) |  |  | (85,182) |
Net proved reserves at December 31, 2024 | 503,410 |  |  | 167,184 |  |  | 1,274,673 |  |  | 883,040 |
Proved developed reserves, December 31, 2024 | 317,689 |  |  | 125,824 |  |  | 1,053,288 |  |  | 619,061 |
Proved undeveloped reserves, December 31, 2024 | 185,721 |  |  | 41,360 |  |  | 221,385 |  |  | 263,979 |
__________________ (1)For periods prior to July 1, 2022, we reported crude oil and natural gas on a two-stream basis, and NGLs were combined with the natural gas stream when reporting reserves. As of July 1, 2022, NGLs are reported separately from the natural gas stream on a three-stream basis. This prospective change impacts the comparability of the periods presented. (2)Natural gas is converted to barrel of oil equivalents at the rate of six thousand cubic feet of natural gas to one barrel of oil. The following table summarizes the changes in the Company’s estimates of PUD reserves during 2024:
|  | Year Ended December 31, 2024
|  | (MBoe)
Proved undeveloped reserves, beginning of period |  | 182,442 |
Purchases of minerals in place |  | 121,671 |
Extensions, discoveries and other additions |  | 58,287 |
Revisions of previous estimates |  | (25,393) |
Conversion to proved developed reserves |  | (73,028) |
Proved undeveloped reserves, end of period |  | 263,979 |
Schedule of Standardized Measure of Discounted Future Cash Flows | The following table sets forth the Standardized Measure of discounted future net cash flows from projected production of the Company’s estimated net proved reserves at December 31, 2024, 2023 and 2022:
| At December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Future cash inflows | $ | 39,474,381 |  |  | $ | 31,882,940 |  |  | $ | 44,544,247 |
Future production costs | (18,255,819) |  |  | (13,815,882) |  |  | (15,879,712) |
Future development costs | (3,928,154) |  |  | (3,055,823) |  |  | (2,553,605) |
Future income tax expense | (3,096,730) |  |  | (2,573,017) |  |  | (5,283,201) |
Future net cash flows | 14,193,678 |  |  | 12,438,218 |  |  | 20,827,729 |
10% annual discount for estimated timing of cash flows | (5,839,500) |  |  | (5,447,578) |  |  | (9,333,254) |
Standardized measure of discounted future net cash flows | $ | 8,354,178 |  |  | $ | 6,990,640 |  |  | $ | 11,494,475 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows Applicable to Proved Oil and Natural Gas Reserves | The following table sets forth the changes in the Standardized Measure of discounted future net cash flows applicable to estimated net proved reserves for the periods presented:
| 2024 |  | 2023 |  | 2022
| (In thousands)
January 1 | $ | 6,990,640 |  |  | $ | 11,494,475 |  |  | $ | 2,696,938 |
Net changes in prices and production costs | (2,145,627) |  |  | (6,138,846) |  |  | 3,148,745 |
Net changes in future development costs | 136,608 |  |  | (92,072) |  |  | 35,427 |
Sales of crude oil and natural gas, net | (2,410,774) |  |  | (2,033,251) |  |  | (2,161,708) |
Extensions | 639,614 |  |  | 864,249 |  |  | 958,924 |
Purchases of reserves in place | 3,736,382 |  |  | 373,913 |  |  | 7,441,750 |
Sales of reserves in place | (37,074) |  |  | (75,097) |  |  | — |
Revisions of previous quantity estimates | (493,520) |  |  | (1,142,960) |  |  | 1,434,357 |
Previously estimated development costs incurred | 692,049 |  |  | 574,607 |  |  | 137,534 |
Accretion of discount | 1,088,290 |  |  | 1,445,215 |  |  | 683,631 |
Net change in income taxes | (370,584) |  |  | 1,419,851 |  |  | (2,539,182) |
Changes in timing and other | 528,174 |  |  | 300,556 |  |  | (341,941) |
December 31 | $ | 8,354,178 |  |  | $ | 6,990,640 |  |  | $ | 11,494,475 |

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- Definition Tabular disclosure of the aggregate change in the standardized measure of discounted future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchases under long-term agreements in which the enterprise participates in the operation of the properties on which oil and gas is located or otherwise serves as the producer. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Form 20-F -Number Part II -Section Item 18 -Subparagraph (Instruction 2) -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 55 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477916/932-235-55-7 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-34 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 35A -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-35A Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 35 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-35 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 34 -SubTopic 235 -Topic 932 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-34 + Details
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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Form 20-F -Number Part II -Section Item 18 -Subparagraph (Instruction 2) -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 55 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477916/932-235-55-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-3 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-8 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-8 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-7 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-4 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-8 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-5 + Details
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- Definition Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Form 20-F -Number Part II -Section Item 18 -Subparagraph (Instruction 2) -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 55 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477916/932-235-55-6 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-29 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 31 -SubTopic 235 -Topic 932 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-31 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 33 -SubTopic 235 -Topic 932 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-33 + Details
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