Supplemental Oil and Gas Reserve Information - Unaudited (Tables)

12 Months Ended

Dec. 31, 2024

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

- 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.

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