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Supplemental Oil and Gas Information (Unaudited) | 12 Months Ended
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Dec. 31, 2024
Oil and Gas Disclosure [Abstract] |
Supplemental Oil and Gas Information | The following unaudited schedules are presented in accordance with required disclosures about Oil and Gas Producing Activities to provide users with a common base for preparing estimates of future cash flows and comparing reserves among companies. Additional background information concerning some of the schedules follows: SCHEDULE 1 – SUMMARY OF TOTAL PROVED EQUIVALENT RESERVES SCHEDULE 2 – SUMMARY OF PROVED CRUDE OIL RESERVES SCHEDULE 3 – SUMMARY OF PROVED NATURAL GAS LIQUIDS RESERVES SCHEDULE 4 – SUMMARY OF PROVED NATURAL GAS RESERVES Reserves of crude oil, natural gas and NGLs are estimated by the Company’s or independent engineers and are adjusted to reflect contractual arrangements and royalty rates in effect at the end of each year. Many assumptions and judgments are required to estimate reserves. Reserve estimates and future cash flows are based on the average market prices for sales of oil and natural gas on the first calendar day of each month during the year. The average prices used for 2024 were $75.48 per BBL for NYMEX crude oil (WTI) and $2.13 per MCF for natural gas (Henry Hub). The average prices used for 2023 were $78.22 per BBL for NYMEX crude oil (WTI) and $2.64 per MCF for natural gas (Henry Hub). The average prices used for 2022 were $93.67 per BBL for NYMEX crude oil (WTI) and $6.36 per MCF for natural gas (Henry Hub). Reported quantities are subject to future revisions, some of which may be substantial, as additional information becomes available from reservoir performance, new geological and geophysical data, additional drilling, technological advancements, price changes and other economic factors. Murphy’s estimations for proved reserves were generated through the integration of available geoscience, engineering, and economic data (including hydrocarbon prices, operating costs, and development costs) and commercially available technologies to establish “reasonable certainty” of economic producibility. Estimates are presented in millions of barrels of oil equivalents and dollars and billions of cubic feet with one decimal; totals within the tables may not add as a result of rounding. As defined by the SEC, reasonable certainty of proved reserves describes a high degree of confidence that the quantities will be recovered. In estimating proved reserves, Murphy uses common industry-accepted methods for subsurface evaluations, including performance, volumetric and analog-based studies. Where appropriate, Murphy includes reliable geologic and engineering technology to estimate proved reserves. Reliable geologic and engineering technology is a method or combination of methods that are field tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. This integrated approach increases the quality of and confidence in Murphy’s proved reserves estimates. The approach was utilized in certain undrilled acreage at distances greater than the directly offsetting development spacing areas and in certain reservoirs developed with the application of improved recovery techniques. Murphy utilized a combination of 3D seismic interpretation, core analysis, wellbore log measurements, well test data, historic production and pressure data and commercially available seismic processing and numerical reservoir simulation programs. Reservoir parameters from analogous reservoirs were used to strengthen the reserves estimates when available. Production quantities shown are net volumes withdrawn from reservoirs. These may differ from sales quantities due to inventory changes, volumes consumed for fuel and/or shrinkage from the extraction of NGLs. All crude oil, natural gas and NGL reserves are from consolidated subsidiaries (including noncontrolling interest) and proportionately consolidated joint ventures. The Company has no proved reserves attributable to investees accounted for by the equity method. SCHEDULE 7 – STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES GAAP requires calculation of future net cash flows using a 10% annual discount factor, an unweighted average of oil and natural gas prices in effect at the beginning of each month of the year, and year-end costs and statutory tax rates, except for known future changes such as contracted prices and legislated tax rates. The reported value of proved reserves is not necessarily indicative of either fair market value or present value of future cash flows because prices, costs and governmental policies do not remain static; appropriate discount rates may vary; and extensive judgment is required to estimate the timing of production. Other logical assumptions would likely have resulted in significantly different amounts. Schedule 7 also presents the principal reasons for change in the standardized measure of discounted future net cash flows for each of the three years ended December 31, 2024.
| Equivalents
(Millions of barrels of oil equivalent) | Total |  | United States |  | Canada |  | Other
Proved developed and undeveloped reserves: |  |  |  |  |  |  |
December 31, 2021 | 716.9 |  |  | 343.4 |  |  | 372.8 |  |  | 0.7 |
Revisions of previous estimates | (23.6) |  |  | 29.0 |  |  | (52.8) |  |  | 0.2 |
Improved recovery | 5.3 |  |  | 5.3 |  |  | — |  |  | — |
Extensions and discoveries | 80.1 |  |  | 20.6 |  |  | 59.5 |  |  | — |
Purchases of properties | 5.0 |  |  | 5.0 |  |  | — |  |  | — |
Sale of properties | (4.4) |  |  | (4.4) |  |  | — |  |  | — |
Production | (63.9) |  |  | (41.9) |  |  | (21.7) |  |  | (0.3) |
December 31, 2022 | 715.4 |  |  | 357.0 |  |  | 357.8 |  |  | 0.6 |
Revisions of previous estimates | (13.3) |  |  | (13.3) |  |  | 0.2 |  |  | (0.2) |
Improved recovery | 0.4 |  |  | — |  |  | 0.4 |  |  | — |
Extensions and discoveries | 112.6 |  |  | 12.7 |  |  | 87.3 |  |  | 12.6 |
Sale of properties | (5.2) |  |  | — |  |  | (5.2) |  |  | — |
Production | (70.4) |  |  | (45.3) |  |  | (25.0) |  |  | (0.1) |
December 31, 2023 | 739.5 |  |  | 311.1 |  |  | 415.5 |  |  | 12.9 |
Revisions of previous estimates | 14.3 |  |  | 8.1 |  |  | 6.3 |  |  | (0.1) |
Improved recovery | 11.3 |  |  | 11.3 |  |  | — |  |  | — |
Extensions and discoveries | 31.4 |  |  | 16.0 |  |  | 15.4 |  |  | — |
Production | (67.5) |  |  | (39.1) |  |  | (28.3) |  |  | (0.1) |
December 31, 2024 ¹ | 729.0 |  |  | 307.4 |  |  | 408.9 |  |  | 12.7 |
Proved developed reserves: |  |  |  |  |  |  |
December 31, 2021 | 419.2 |  |  | 241.9 |  |  | 176.8 |  |  | 0.6 |
December 31, 2022 | 436.0 |  |  | 264.2 |  |  | 171.3 |  |  | 0.5 |
December 31, 2023 | 425.5 |  |  | 223.2 |  |  | 202.0 |  |  | 0.3 |
December 31, 2024 ² | 436.2 |  |  | 218.9 |  |  | 217.1 |  |  | 0.2 |
Proved undeveloped reserves: |  |  |  |  |  |  |
December 31, 2021 | 297.7 |  |  | 101.6 |  |  | 196.0 |  |  | 0.1 |
December 31, 2022 | 279.4 |  |  | 92.8 |  |  | 186.5 |  |  | 0.1 |
December 31, 2023 | 314.0 |  |  | 87.9 |  |  | 213.5 |  |  | 12.6 |
December 31, 2024 ³ | 292.8 |  |  | 88.5 |  |  | 191.8 |  |  | 12.5 |
1 Total and United States includes proved reserves of 15.9 MMBOE, consisting of 14.5 MMBBL of oil, 0.6 MMBBL of NGLs and 5 BCF of natural gas attributable to the noncontrolling interest in MP GOM. 2 Total and United States includes proved developed reserves of 14.4 MMBOE, consisting of 13.2 MMBBL of oil, 0.5 MMBBL of NGLs and 4.2 BCF of natural gas attributable to the noncontrolling interest in MP GOM. 3 Total and United States includes proved undeveloped reserves of 1.5 MMBOE, consisting of 1.3 MMBBL of oil, 0.1 MMBBL of NGLs and 0.8 BCF of natural gas attributable to the noncontrolling interest in MP GOM. 4 Totals within the tables may not add as a result of rounding. 2024 Comments for Proved Equivalent Reserves Changes Revisions of previous estimates - The equivalent reserves revisions in 2024 resulted predominantly from performance adjustments in Tupper Montney and Eagle Ford Shale and positive revisions due to reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Tupper Montney. Improved Recovery – Proved equivalent reserves were added in 2024 for the non-operated St. Malo waterflood in the Gulf of America. Extensions and discoveries - In 2024, proved equivalent reserves were added for drilling activities predominantly in Tupper Montney, the Eagle Ford Shale, and projects in the Gulf of America. 2023 Comments for Proved Equivalent Reserves Changes Revisions of previous estimates - The equivalent reserves revisions in 2023 resulted predominantly from lower commodity prices in the U.S. and performance adjustments in Tupper Montney and the Eagle Ford Shale. These negative revisions were partially offset by positive revisions due to reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Tupper Montney. Extensions and discoveries - In 2023, proved equivalent reserves were added for drilling and expansion activities predominantly in Tupper Montney, the Eagle Ford Shale, and Vietnam. Purchases and sales of properties - In 2023, the Company divested a portion of its working interest, in the Kaybob Duvernay and all of its non-operated Placid Montney assets. 2022 Comments for Proved Equivalent Reserves Changes Revisions of previous estimates - The equivalent reserves revisions in 2022 resulted predominantly from increased royalty rates and accelerated royalty incentive payouts due to higher commodity prices in Tupper Montney. These negative revisions were partially offset by positive well performance in the Gulf of America. Extensions and discoveries - In 2022, proved equivalent reserves were added for drilling and expansion activities predominantly in Tupper Montney and Kaybob Duvernay, as well as the Gulf of America and Eagle Ford Shale. Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the Gulf of America, and divested certain working interests in the Gulf of America and Eagle Ford Shale.
(Millions of barrels) | Total |  | United States |  | Canada |  | Other
Proved developed and undeveloped crude oil reserves: |  |  |  |  |  |  |
December 31, 2021 | 291.5 |  |  | 255.0 |  |  | 35.9 |  |  | 0.6 |
Revisions of previous estimates | 23.4 |  |  | 19.9 |  |  | 3.3 |  |  | 0.2 |
Improved recovery | 4.7 |  |  | 4.7 |  |  | — |  |  | — |
Extensions and discoveries | 18.9 |  |  | 16.1 |  |  | 2.8 |  |  | — |
Purchases of properties | 4.2 |  |  | 4.2 |  |  | — |  |  | — |
Sale of properties | (3.6) |  |  | (3.6) |  |  | — |  |  | — |
Production | (35.5) |  |  | (32.7) |  |  | (2.5) |  |  | (0.3) |
December 31, 2022 | 303.6 |  |  | 263.6 |  |  | 39.5 |  |  | 0.5 |
Revisions of previous estimates | (10.8) |  |  | (8.9) |  |  | (1.8) |  |  | (0.1) |
Improved recovery | 0.4 |  |  | — |  |  | 0.4 |  |  | — |
Extensions and discoveries | 22.5 |  |  | 8.9 |  |  | 1.5 |  |  | 12.1 |
Sale of properties | (2.0) |  |  | — |  |  | (2.0) |  |  | — |
Production | (37.9) |  |  | (35.6) |  |  | (2.2) |  |  | (0.1) |
December 31, 2023 | 275.8 |  |  | 228.0 |  |  | 35.4 |  |  | 12.4 |
Revisions of previous estimates | 6.6 |  |  | 6.6 |  |  | 0.1 |  |  | (0.1) |
Improved recovery | 10.7 |  |  | 10.7 |  |  | — |  |  | — |
Extensions and discoveries | 16.6 |  |  | 10.7 |  |  | 5.9 |  |  | — |
Production | (34.6) |  |  | (30.8) |  |  | (3.7) |  |  | (0.1) |
December 31, 2024 ¹ | 275.1 |  |  | 225.2 |  |  | 37.7 |  |  | 12.2 |
Proved developed crude oil reserves: |  |  |  |  |  |  |
December 31, 2021 | 191.5 |  |  | 174.9 |  |  | 16.0 |  |  | 0.5 |
December 31, 2022 | 209.0 |  |  | 194.4 |  |  | 14.2 |  |  | 0.4 |
December 31, 2023 | 186.3 |  |  | 163.7 |  |  | 22.3 |  |  | 0.3 |
December 31, 2024 ² | 184.7 |  |  | 164.1 |  |  | 20.4 |  |  | 0.2 |
Proved undeveloped crude oil reserves: |  |  |  |  |  |  |
December 31, 2021 | 99.9 |  |  | 80.0 |  |  | 19.8 |  |  | 0.1 |
December 31, 2022 | 94.6 |  |  | 69.2 |  |  | 25.3 |  |  | 0.1 |
December 31, 2023 | 89.5 |  |  | 64.3 |  |  | 13.1 |  |  | 12.1 |
December 31, 2024 ³ | 90.4 |  |  | 61.1 |  |  | 17.3 |  |  | 12.0 |
1 Total and United States includes proved reserves of 14.5 MMBBL attributable to the noncontrolling interest in MP GOM. 2 Total and United States includes proved developed reserves of 13.2 MMBBL attributable to the noncontrolling interest in MP GOM. 3 Total and United States includes proved undeveloped reserves of 1.3 MMBBL attributable to the noncontrolling interest in MP GOM. 4 Totals within the tables may not add as a result of rounding. 2024 Comments for Proved Crude Oil Reserves Changes Revisions of previous estimates - The crude oil reserves revisions in 2024 resulted predominantly from performance adjustments in the Eagle Ford Shale and Gulf of America. Improved Recovery – Proved oil reserves were added in 2024 for the non-operated St. Malo waterflood in the Gulf of America. Extensions and discoveries - In 2024, proved oil reserves were added for drilling activities predominantly in the Eagle Ford Shale and Gulf of America. 2023 Comments for Proved Crude Oil Reserves Changes Revisions of previous estimates - The negative crude oil reserves revisions in 2023 resulted predominantly from impacts of lower commodity prices in the U.S. and performance adjustments in the Eagle Ford Shale and the Gulf of America. Extensions and discoveries - In 2023, proved oil reserves were added for drilling and expansion activities predominantly in the Eagle Ford Shale and Vietnam. Purchases and sales of properties - In 2023, the Company divested a portion of its working interest in the Kaybob Duvernay and all of its non-operated Placid Montney assets. 2022 Comments for Proved Crude Oil Reserves Changes Revisions of previous estimates - The positive crude oil reserves revisions in 2022 resulted predominantly from improved well performance in the Gulf of America and impacts of higher commodity prices in the U.S. Extensions and discoveries - In 2022, proved oil reserves were added for drilling and expansion activities predominantly in the Gulf of America and the Eagle Ford Shale. Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the Gulf of America, and divested certain working interests in the Gulf of America and Eagle Ford Shale.
(Millions of barrels) | Total |  | United States |  | Canada |  | Other
Proved developed and undeveloped NGL reserves: |  |  |  |  |  |  |
December 31, 2021 | 38.4 |  |  | 35.1 |  |  | 3.3 |  |  | — |
Revisions of previous estimates | 4.4 |  |  | 3.9 |  |  | 0.5 |  |  | — |
Improved recovery | 0.2 |  |  | 0.2 |  |  | — |  |  | — |
Extensions and discoveries | 2.5 |  |  | 1.9 |  |  | 0.6 |  |  | — |
Purchase of properties | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Sale of properties | (0.2) |  |  | (0.2) |  |  | — |  |  | — |
Production | (3.9) |  |  | (3.6) |  |  | (0.3) |  |  | — |
December 31, 2022 | 41.7 |  |  | 37.6 |  |  | 4.1 |  |  | — |
Revisions of previous estimates | (1.4) |  |  | (1.2) |  |  | (0.2) |  |  | — |
Extensions and discoveries | 2.0 |  |  | 1.7 |  |  | 0.3 |  |  | — |
Sale of properties | (0.6) |  |  | — |  |  | (0.6) |  |  | — |
Production | (4.1) |  |  | (3.8) |  |  | (0.3) |  |  | — |
December 31, 2023 | 37.6 |  |  | 34.3 |  |  | 3.3 |  |  | — |
Revisions of previous estimates | 1.2 |  |  | 0.3 |  |  | 0.9 |  |  | — |
Improved recovery | 0.4 |  |  | 0.4 |  |  | — |  |  | — |
Extensions and discoveries | 2.9 |  |  | 2.4 |  |  | 0.5 |  |  | — |
Production | (3.5) |  |  | (3.3) |  |  | (0.2) |  |  | — |
December 31, 2024 ¹ | 38.6 |  |  | 34.1 |  |  | 4.5 |  |  | — |
Proved developed NGL reserves: |  |  |  |  |  |  |
December 31, 2021 | 28.4 |  |  | 25.6 |  |  | 2.8 |  |  | — |
December 31, 2022 | 29.7 |  |  | 27.4 |  |  | 2.3 |  |  | — |
December 31, 2023 | 25.9 |  |  | 24.1 |  |  | 1.8 |  |  | — |
December 31, 2024 ² | 24.1 |  |  | 21.9 |  |  | 2.2 |  |  | — |
Proved undeveloped NGL reserves: |  |  |  |  |  |  |
December 31, 2021 | 10.0 |  |  | 9.5 |  |  | 0.5 |  |  | — |
December 31, 2022 | 12.0 |  |  | 10.2 |  |  | 1.8 |  |  | — |
December 31, 2023 | 11.7 |  |  | 10.2 |  |  | 1.5 |  |  | — |
December 31, 2024 ³ | 14.5 |  |  | 12.2 |  |  | 2.3 |  |  | — |
1 Total and United States includes total proved reserves of 0.6 MMBBL attributable to the noncontrolling interest in MP GOM. 2 Total and United States includes proved developed reserves of 0.5 MMBBL attributable to the noncontrolling interest in MP GOM. 3 Total and United States includes proved undeveloped reserves of 0.1 MMBBL attributable to the noncontrolling interest in MP GOM. 2024 Comments for Proved Natural Gas Liquids Reserves Changes Revisions of previous estimates - The NGL reserves revisions in 2024 resulted predominantly from performance adjustments in Tupper Montney and Eagle Ford Shale, and positive revisions due to reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Tupper Montney. Improved Recovery – Proved NGL reserves were added in 2024 for the non-operated St. Malo waterflood in the Gulf of America. Extensions and discoveries - In 2024, proved NGL reserves were added for drilling activities predominantly in Tupper Montney and Eagle Ford Shale. 2023 Comments for Proved Natural Gas Liquids Reserves Changes Revisions of previous estimates - The negative NGL reserves revisions in 2023 resulted predominantly from impacts of lower commodity prices in the U.S. and performance adjustments in the Eagle Ford Shale. These revisions were partially offset by improvements in the Gulf of America. Extensions and discoveries - In 2023, proved NGL reserves were added for drilling and expansion activities predominantly in the Eagle Ford Shale. Purchases and sales of properties - In 2023, the Company divested a portion of its working interest in the Kaybob Duvernay and all of its non-operated Placid Montney assets. 2022 Comments for Proved Natural Gas Liquids Reserves Changes Revisions of previous estimates - The positive NGL reserves revisions in 2022 resulted predominantly from improved well performance in the Gulf of America, Eagle Ford Shale, and Kaybob Duvernay. Extensions and discoveries - In 2022, proved NGL reserves were added for drilling and expansion activities predominantly in the Gulf of America and Eagle Ford Shale, as well as in Tupper Montney and Kaybob Duvernay. Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the Gulf of America, and divested certain working interests in the Gulf of America and Eagle Ford Shale.
(Billions of cubic feet) | Total |  | United States |  | Canada |  | Other
Proved developed and undeveloped natural gas reserves: |  |  |  |  |  |  |
December 31, 2021 | 2,322.3 |  |  | 320.3 |  |  | 2,001.8 |  |  | 0.2 |
Revisions of previous estimates | (309.8) |  |  | 30.7 |  |  | (340.5) |  |  | — |
Improved recovery | 2.6 |  |  | 2.6 |  |  | — |  |  | — |
Extensions and discoveries | 352.4 |  |  | 15.7 |  |  | 336.7 |  |  | — |
Purchases of properties | 2.9 |  |  | 2.9 |  |  | — |  |  | — |
Sale of properties | (3.6) |  |  | (3.6) |  |  | — |  |  | — |
Production | (146.9) |  |  | (33.7) |  |  | (113.2) |  |  | — |
December 31, 2022 | 2,219.9 |  |  | 334.9 |  |  | 1,884.8 |  |  | 0.2 |
Revisions of previous estimates | (6.9) |  |  | (19.0) |  |  | 12.1 |  |  | — |
Extensions and discoveries | 528.9 |  |  | 12.3 |  |  | 513.8 |  |  | 2.8 |
Sale of properties | (15.6) |  |  | — |  |  | (15.6) |  |  | — |
Production | (170.1) |  |  | (35.1) |  |  | (135.0) |  |  | — |
December 31, 2023 | 2,556.2 |  |  | 293.1 |  |  | 2,260.1 |  |  | 3.0 |
Revisions of previous estimates | 39.1 |  |  | 7.7 |  |  | 31.4 |  |  | — |
Improved recovery | 1.2 |  |  | 1.2 |  |  | — |  |  | — |
Extensions and discoveries | 71.4 |  |  | 17.0 |  |  | 54.4 |  |  | — |
Production | (176.1) |  |  | (30.1) |  |  | (146.0) |  |  | — |
December 31, 2024 1,4 | 2,491.8 |  |  | 288.9 |  |  | 2,199.9 |  |  | 3.0 |
Proved developed natural gas reserves: |  |  |  |  |  |  |
December 31, 2021 | 1,196.0 |  |  | 248.1 |  |  | 947.7 |  |  | 0.2 |
December 31, 2022 | 1,183.1 |  |  | 254.1 |  |  | 928.8 |  |  | 0.2 |
December 31, 2023 | 1,279.3 |  |  | 212.4 |  |  | 1,066.7 |  |  | 0.2 |
December 31, 2024 2,4 | 1,364.2 |  |  | 196.8 |  |  | 1,167.2 |  |  | 0.2 |
Proved undeveloped natural gas reserves: |  |  |  |  |  |  |
December 31, 2021 | 1,126.4 |  |  | 72.2 |  |  | 1,054.1 |  |  | — |
December 31, 2022 | 1,036.8 |  |  | 80.8 |  |  | 956.0 |  |  | — |
December 31, 2023 | 1,276.9 |  |  | 80.7 |  |  | 1,193.4 |  |  | 2.8 |
December 31, 2024 ³ | 1,127.6 |  |  | 92.1 |  |  | 1,032.7 |  |  | 2.8 |
1 Total and United States includes total proved reserves of 5.0 BCF attributable to the noncontrolling interest in MP GOM. 2 Total and United States includes proved developed reserves of 4.2 BCF attributable to the noncontrolling interest in MP GOM. 3 Total and United States includes proved undeveloped reserves of 0.8 BCF attributable to the noncontrolling interest in MP GOM. 4 Includes proved natural gas reserves to be consumed in operations as fuel of 67.9 BCF, 36.0 BCF and 2.8 BCF for the U.S., Canada and Other, respectively, with 1.1 BCF attributable to the noncontrolling interest in MP GOM. 5 Totals within the tables may not add as a result of rounding. 2024 Comments for Proved Natural Gas Reserves Changes Revisions of previous estimates - The natural gas reserves revisions in 2024 resulted predominantly from performance adjustments in Tupper Montney and Eagle Ford Shale, and positive revisions due to reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Tupper Montney. Improved Recovery – Proved natural gas reserves were added in 2024 for the non-operated St. Malo waterflood in the Gulf of America. Extensions and discoveries - In 2024, proved natural gas reserves were added for drilling activities predominantly in Tupper Montney and Eagle Ford Shale. 2023 Comments for Proved Natural Gas Reserves Changes Revisions of previous estimates - The negative natural gas reserves revisions in 2023 resulted predominantly from lower commodity prices in the U.S. and performance adjustments in Tupper Montney and Eagle Ford Shale. These negative revisions were partially offset by positive revisions in the Gulf of America, as well as reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Tupper Montney. Extensions and discoveries - In 2023, proved natural gas reserves were added for drilling and expansion activities predominantly in Tupper Montney. Purchases and sales of properties - In 2023, the Company divested a portion of its working interest in the Kaybob Duvernay and all of its non-operated Placid Montney assets. 2022 Comments for Proved Natural Gas Reserves Changes Revisions of previous estimates - The negative natural gas reserves revisions in 2022 resulted predominantly from increased royalty rates and accelerated royalty incentive payouts due to higher commodity prices in Tupper Montney. Extensions and discoveries - In 2022, proved natural gas reserves were added for drilling and expansion activities predominantly in Tupper Montney, as well as in the Gulf of America and Eagle Ford Shale. Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the Gulf of America and divested certain working interests in the Gulf of America and Eagle Ford Shale.
(Millions of dollars) | United States |  | Canada |  |  |  | Other |  | Total
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
Property acquisition costs |  |  |  |  |  |  |  |  |
Unproved | $ | 7.8 |  |  | $ | 0.2 |  |  |  |  | $ | — |  |  | $ | 8.0 |
Proved | — |  |  | — |  |  |  |  | — |  |  | — |
Total acquisition costs | 7.8 |  |  | 0.2 |  |  |  |  | — |  |  | 8.0 |
Exploration costs | 85.3 |  |  | 0.4 |  |  |  |  | 60.2 |  |  | 145.9 |
Development costs | 598.7 |  |  | 137.7 |  |  |  |  | 45.1 |  |  | 781.5 |
Total costs incurred | 691.8 |  |  | 138.3 |  |  |  |  | 105.3 |  |  | 935.4 |
Charged to expense |  |  |  |  |  |  |  |  |
Dry hole expense | 70.9 |  |  | — |  |  |  |  | 2.3 |  |  | 73.2 |
Geophysical and other costs | 19.2 |  |  | 0.4 |  |  |  |  | 31.2 |  |  | 50.8 |
Total charged to expense | 90.1 |  |  | 0.4 |  |  |  |  | 33.5 |  |  | 124.0 |
Property additions | $ | 601.7 |  |  | $ | 137.9 |  |  |  |  | $ | 71.8 |  |  | $ | 811.4 |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |
Property acquisition costs |  |  |  |  |  |  |  |  |
Unproved | $ | — |  |  | $ | — |  |  |  |  | $ | 8.5 |  |  | $ | 8.5 |
Proved | 12.8 |  |  | — |  |  |  |  | 14.3 |  |  | 27.1 |
Total acquisition costs | 12.8 |  |  | — |  |  |  |  | 22.8 |  |  | 35.6 |
Exploration costs | 157.8 |  |  | 0.4 |  |  |  |  | 39.9 |  |  | 198.1 |
Development costs | 667.2 |  |  | 206.2 |  |  |  |  | 7.4 |  |  | 880.8 |
Total costs incurred | 837.8 |  |  | 206.6 |  |  |  |  | 70.1 |  |  | 1,114.5 |
Charged to expense |  |  |  |  |  |  |  |  |
Dry hole expense | 153.1 |  |  | — |  |  |  |  | 16.7 |  |  | 169.8 |
Geophysical and other costs | 13.4 |  |  | 0.4 |  |  |  |  | 40.3 |  |  | 54.1 |
Total charged to expense | 166.5 |  |  | 0.4 |  |  |  |  | 57.0 |  |  | 223.9 |
Property additions | $ | 671.3 |  |  | $ | 206.2 |  |  |  |  | $ | 13.1 |  |  | $ | 890.6 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |
Property acquisition costs |  |  |  |  |  |  |  |  |
Unproved | $ | 1.8 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 1.8 |
Proved | 128.5 |  |  | — |  |  |  |  | — |  |  | 128.5 |
Total acquisition costs | 130.3 |  |  | — |  |  |  |  | — |  |  | 130.3 |
Exploration costs | 42.2 |  |  | 0.8 |  |  |  |  | 70.3 |  |  | 113.3 |
Development costs | 704.9 |  |  | 208.5 |  |  |  |  | 4.3 |  |  | 917.7 |
Total costs incurred | 877.4 |  |  | 209.3 |  |  |  |  | 74.6 |  |  | 1,161.3 |
Charged to expense |  |  |  |  |  |  |  |  |
Dry hole expense | 23.0 |  |  | — |  |  |  |  | 59.1 |  |  | 82.1 |
Geophysical and other costs | 15.8 |  |  | 0.8 |  |  |  |  | 21.1 |  |  | 37.7 |
Total charged to expense | 38.8 |  |  | 0.8 |  |  |  |  | 80.2 |  |  | 119.8 |
Property additions | $ | 838.6 |  |  | $ | 208.5 |  |  |  |  | $ | (5.6) |  |  | $ | 1,041.5 |
(Millions of dollars) | United States |  | Canada |  | Other |  | Total
Year ended December 31, 2024 |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Crude oil and natural gas liquids sales | $ | 2,436.0 |  |  | $ | 272.3 |  |  | $ | 6.6 |  |  | $ | 2,714.9 |
Natural gas sales | 67.8 |  |  | 232.2 |  |  | — |  |  | 300.0 |
Sales of purchased natural gas | — |  |  | 3.7 |  |  | — |  |  | 3.7 |
Total oil and natural gas revenues | 2,503.8 |  |  | 508.2 |  |  | 6.6 |  |  | 3,018.6 |
Other operating revenues | 4.5 |  |  | 1.5 |  |  |  |  | 6.0 |
Total revenues | 2,508.3 |  |  | 509.7 |  |  | 6.6 |  |  | 3,024.5 |
Costs and expenses |  |  |  |  |  |  |
Lease operating expenses | 749.9 |  |  | 185.5 |  |  | 1.6 |  |  | 937.0 |
Severance and ad valorem taxes | 37.8 |  |  | 1.4 |  |  | — |  |  | 39.2 |
Transportation, gathering and processing | 130.9 |  |  | 79.9 |  |  | — |  |  | 210.8 |
Costs of purchased natural gas | — |  |  | 3.1 |  |  | — |  |  | 3.1 |
Exploration costs charged to expense | 90.0 |  |  | 0.4 |  |  | 33.5 |  |  | 123.9 |
Undeveloped lease amortization | 6.2 |  |  | 0.1 |  |  | 3.3 |  |  | 9.6 |
Depreciation, depletion and amortization | 709.2 |  |  | 146.0 |  |  | 1.7 |  |  | 856.9 |
Accretion of asset retirement obligations | 43.1 |  |  | 8.6 |  |  | 0.7 |  |  | 52.4 |
Impairment of assets | 62.9 |  |  | — |  |  | — |  |  | 62.9 |
Selling and general expenses | (3.3) |  |  | 20.4 |  |  | 6.7 |  |  | 23.8 |
Other expenses (benefits) | (5.6) |  |  | 3.3 |  |  | 2.6 |  |  | 0.3 |
Total costs and expenses | 1,821.1 |  |  | 448.7 |  |  | 50.1 |  |  | 2,319.9 |
Results of operations before taxes | 687.2 |  |  | 61.0 |  |  | (43.5) |  |  | 704.6 |
Income tax expense (benefit) | 125.3 |  |  | 12.0 |  |  | (31.0) |  |  | 106.3 |
Results of operations | $ | 561.9 |  |  | $ | 49.0 |  |  | $ | (12.5) |  |  | $ | 598.4 |
Year ended December 31, 2023 |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Crude oil and natural gas liquids sales | $ | 2,829.1 |  |  | $ | 165.7 |  |  | $ | 11.0 |  |  | $ | 3,005.8 |
Natural gas sales | 92.7 |  |  | 278.2 |  |  | — |  |  | 370.9 |
Sales of purchased natural gas | — |  |  | 72.2 |  |  | — |  |  | 72.2 |
Total oil and natural gas revenues | 2,921.8 |  |  | 516.1 |  |  | 11.0 |  |  | 3,448.9 |
Other operating revenues | 6.5 |  |  | 1.4 |  |  | — |  |  | 7.9 |
Total revenues | 2,928.3 |  |  | 517.5 |  |  | 11.0 |  |  | 3,456.8 |
Costs and expenses |  |  |  |  |  |  |
Lease operating expenses | 630.7 |  |  | 151.8 |  |  | 1.9 |  |  | 784.4 |
Severance and ad valorem taxes | 41.4 |  |  | 1.4 |  |  | — |  |  | 42.8 |
Transportation, gathering and processing | 157.0 |  |  | 76.0 |  |  | — |  |  | 233.0 |
Costs of purchased natural gas | — |  |  | 51.7 |  |  | — |  |  | 51.7 |
Exploration costs charged to expense | 166.5 |  |  | 0.4 |  |  | 57.0 |  |  | 223.9 |
Undeveloped lease amortization | 8.1 |  |  | 0.1 |  |  | 2.7 |  |  | 10.9 |
Depreciation, depletion and amortization | 706.0 |  |  | 142.2 |  |  | 2.3 |  |  | 850.5 |
Accretion of asset retirement obligations | 37.8 |  |  | 7.8 |  |  | 0.4 |  |  | 46.0 |
Selling and general expenses | 11.8 |  |  | 16.5 |  |  | 9.4 |  |  | 37.7 |
Other expenses | 31.2 |  |  | 16.8 |  |  | 8.9 |  |  | 56.9 |
Total costs and expenses | 1,790.5 |  |  | 464.7 |  |  | 82.6 |  |  | 2,337.8 |
Results of operations before taxes | 1,137.8 |  |  | 52.8 |  |  | (71.6) |  |  | 1,119.0 |
Income tax expense (benefit) | 232.7 |  |  | 11.2 |  |  | (6.1) |  |  | 237.8 |
Results of operations | $ | 905.1 |  |  | $ | 41.6 |  |  | $ | (65.5) |  |  | $ | 881.2 |
1 Results exclude corporate overhead, interest and discontinued operations. Results include noncontrolling interest in MP GOM.
(Millions of dollars) | United States |  | Canada |  | Other |  | Total
Year ended December 31, 2022 |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Crude oil and natural gas liquids sales | $ | 3,210.3 |  |  | $ | 267.5 |  |  | $ | 22.8 |  |  | $ | 3,500.6 |
Natural gas sales | 225.3 |  |  | 312.6 |  |  | — |  |  | 537.9 |
Sales of purchased natural gas | 0.2 |  |  | 181.5 |  |  | — |  |  | 181.7 |
Total oil and natural gas revenues | 3,435.8 |  |  | 761.6 |  |  | 22.8 |  |  | 4,220.2 |
Other operating revenues | 25.4 |  |  | 1.3 |  |  | — |  |  | 26.7 |
Total revenues | 3,461.2 |  |  | 762.9 |  |  | 22.8 |  |  | 4,246.9 |
Costs and expenses |  |  |  |  |  |  |
Lease operating expenses | 522.7 |  |  | 155.1 |  |  | 1.5 |  |  | 679.3 |
Severance and ad valorem taxes | 55.7 |  |  | 1.3 |  |  | — |  |  | 57.0 |
Transportation, gathering and processing | 142.2 |  |  | 70.5 |  |  | — |  |  | 212.7 |
Costs of purchased natural gas | 0.2 |  |  | 171.8 |  |  | — |  |  | 172.0 |
Exploration costs charged to expense | 38.8 |  |  | 0.8 |  |  | 80.2 |  |  | 119.8 |
Undeveloped lease amortization | 8.7 |  |  | 0.2 |  |  | 4.4 |  |  | 13.3 |
Depreciation, depletion and amortization | 617.0 |  |  | 141.5 |  |  | 5.4 |  |  | 763.9 |
Accretion of asset retirement obligations | 36.5 |  |  | 9.6 |  |  | 0.1 |  |  | 46.2 |
Selling and general expenses | 20.4 |  |  | 21.9 |  |  | 2.2 |  |  | 44.5 |
Other expenses | 126.3 |  |  | 12.4 |  |  | 3.1 |  |  | 141.8 |
Total costs and expenses | 1,568.5 |  |  | 585.1 |  |  | 96.9 |  |  | 2,250.5 |
Results of operations before taxes | 1,892.7 |  |  | 177.8 |  |  | (74.1) |  |  | 1,996.4 |
Income tax expense (benefit) | 370.8 |  |  | 43.6 |  |  | 2.9 |  |  | 417.3 |
Results of operations | $ | 1,521.9 |  |  | $ | 134.2 |  |  | $ | (77.0) |  |  | $ | 1,579.1 |
1 Results exclude corporate overhead, interest and discontinued operations. Results include noncontrolling interest in MP GOM.
(Millions of dollars) | United States |  | Canada |  | Other |  | Total
December 31, 2024 |  |  |  |  |  |  |
Future cash inflows | $ | 18,118.1 |  |  | $ | 6,304.4 |  |  | $ | 1,012.9 |  |  | $ | 25,435.4 |
Future development costs | (2,024.9) |  |  | (825.9) |  |  | (252.5) |  |  | (3,103.3) |
Future production costs | (7,645.7) |  |  | (4,026.5) |  |  | (341.7) |  |  | (12,013.9) |
Future income taxes | (893.5) |  |  | (251.2) |  |  | (203.4) |  |  | (1,348.1) |
Future net cash flows | 7,554.0 |  |  | 1,200.8 |  |  | 215.3 |  |  | 8,970.1 |
10% annual discount for estimated timing of cash flows | (2,887.3) |  |  | (486.0) |  |  | (200.9) |  |  | (3,574.2) |
Standardized measure of discounted future net cash flows | $ | 4,666.7 |  |  | $ | 714.8 |  |  | $ | 14.4 |  |  | $ | 5,395.9 |
December 31, 2023 |  |  |  |  |  |  |
Future cash inflows | $ | 18,927.6 |  |  | $ | 8,012.7 |  |  | $ | 1,004.2 |  |  | $ | 27,944.5 |
Future development costs | (1,685.3) |  |  | (769.6) |  |  | (304.3) |  |  | (2,759.2) |
Future production costs | (7,856.2) |  |  | (4,223.6) |  |  | (288.7) |  |  | (12,368.5) |
Future income taxes | (1,057.5) |  |  | (634.6) |  |  | (121.3) |  |  | (1,813.4) |
Future net cash flows | 8,328.6 |  |  | 2,384.9 |  |  | 289.9 |  |  | 11,003.4 |
10% annual discount for estimated timing of cash flows | (2,840.6) |  |  | (1,056.9) |  |  | (252.5) |  |  | (4,150.0) |
Standardized measure of discounted future net cash flows | $ | 5,488.0 |  |  | $ | 1,328.0 |  |  | $ | 37.4 |  |  | $ | 6,853.4 |
December 31, 2022 |  |  |  |  |  |  |
Future cash inflows | $ | 27,277.9 |  |  | $ | 12,360.2 |  |  | $ | 59.2 |  |  | $ | 39,697.3 |
Future development costs | (1,594.5) |  |  | (642.4) |  |  | (1.4) |  |  | (2,238.3) |
Future production costs | (8,297.4) |  |  | (4,199.0) |  |  | (12.1) |  |  | (12,508.5) |
Future income taxes | (2,606.8) |  |  | (1,788.7) |  |  | (5.4) |  |  | (4,400.9) |
Future net cash flows | 14,779.2 |  |  | 5,730.1 |  |  | 40.3 |  |  | 20,549.6 |
10% annual discount for estimated timing of cash flows | (5,709.8) |  |  | (3,015.6) |  |  | (11.0) |  |  | (8,736.4) |
Standardized measure of discounted future net cash flows | $ | 9,069.4 |  |  | $ | 2,714.5 |  |  | $ | 29.3 |  |  | $ | 11,813.2 |
1 Includes noncontrolling interest in MP GOM. 2 Totals within the table may not add as a result of rounding. The following are the principal sources of change in the standardized measure of discounted future net cash flows for the years shown.
(Millions of dollars) | 2024 |  | 2023 |  | 2022
Net changes in prices and production costs 2 | $ | (1,116.5) |  |  | $ | (5,845.6) |  |  | $ | 4,812.2 |
Net changes in development costs | (152.7) |  |  | (78.8) |  |  | (531.1) |
Sales and transfers of oil and natural gas produced, net of production costs | (1,824.8) |  |  | (2,264.8) |  |  | (2,917.4) |
Net change due to extensions and discoveries | 583.7 |  |  | 770.4 |  |  | 1,223.5 |
Net change due to purchases and sales of proved reserves | — |  |  | (96.1) |  |  | 102.1 |
Development costs incurred | 668.6 |  |  | 703.7 |  |  | 769.3 |
Accretion of discount | 773.5 |  |  | 1,393.3 |  |  | 802.6 |
Revisions of previous quantity estimates | (688.1) |  |  | (771.5) |  |  | 1,652.9 |
Net change in income taxes | 298.8 |  |  | 1,229.6 |  |  | (1,399.9) |
Net (decrease) increase | (1,457.5) |  |  | (4,959.8) |  |  | 4,514.2 |
Standardized measure at January 1 | 6,853.4 |  |  | 11,813.2 |  |  | 7,299.0 |
Standardized measure at December 31 | $ | 5,395.9 |  |  | $ | 6,853.4 |  |  | $ | 11,813.2 |
1 Includes noncontrolling interest in MP GOM. 2 The average prices used for 2024 were $75.48 per BBL for NYMEX crude oil (WTI) and $2.13 per MCF for natural gas (Henry Hub). The average prices used for 2023 were $78.22 per BBL for NYMEX crude oil (WTI) and $2.64 per MCF for natural gas (Henry Hub). The average prices used for 2022 were $93.67 per BBL for NYMEX crude oil (WTI) and $6.36 per MCF for natural gas (Henry Hub).
(Millions of dollars) | United States |  | Canada |  | Other |  | Total
December 31, 2024 |  |  |  |  |  |  |
Unproved oil and natural gas properties 1 | $ | 247.3 |  |  | $ | 6.6 |  |  | $ | 29.1 |  |  | $ | 283.0 |
Proved oil and natural gas properties | 16,598.8 |  |  | 4,498.1 |  |  | 246.7 |  |  | 21,343.6 |
Gross capitalized costs | 16,846.1 |  |  | 4,504.7 |  |  | 275.8 |  |  | 21,626.6 |
Accumulated depreciation, depletion and amortization |  |  |  |  |  |  |
Unproved oil and natural gas properties | (111.0) |  |  | — |  |  | (20.7) |  |  | (131.7) |
Proved oil and natural gas properties | (10,326.2) |  |  | (3,116.2) |  |  | (44.2) |  |  | (13,486.6) |
Net capitalized costs | $ | 6,408.9 |  |  | $ | 1,388.5 |  |  | $ | 210.9 |  |  | $ | 8,008.3 |
December 31, 2023 |  |  |  |  |  |  |
Unproved oil and natural gas properties 1 | $ | 337.3 |  |  | $ | 13.1 |  |  | $ | 49.7 |  |  | $ | 400.1 |
Proved oil and natural gas properties | 15,868.4 |  |  | 4,716.0 |  |  | 153.7 |  |  | 20,738.1 |
Gross capitalized costs | 16,205.7 |  |  | 4,729.1 |  |  | 203.4 |  |  | 21,138.2 |
Accumulated depreciation, depletion and amortization |  |  |  |  |  |  |
Unproved oil and natural gas properties | (105.3) |  |  | — |  |  | (17.4) |  |  | (122.7) |
Proved oil and natural gas properties | (9,552.9) |  |  | (3,233.7) |  |  | (42.8) |  |  | (12,829.4) |
Net capitalized costs | $ | 6,547.5 |  |  | $ | 1,495.4 |  |  | $ | 143.2 |  |  | $ | 8,186.1 |
1 Unproved oil and natural gas properties above include costs and associated accumulated amortization of properties that do not have proved reserves; these costs include mineral interests, uncompleted exploratory wells and exploratory wells capitalized pending further evaluation.

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