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PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended
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Jun. 30, 2024
Property, Plant and Equipment [Abstract] |
Schedule of Property and Equipment | The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Proved oil and natural gas properties | $ | 3,171,811 |  |  | $ | 2,904,519 |
Unproved properties | 218,399 |  |  | 204,233 |
Other depreciable property and equipment | 10,424 |  |  | 8,779 |
Land | 386 |  |  | 386 |
Total property and equipment | 3,401,020 |  |  | 3,117,917 |
Accumulated DD&A | (1,024,142) |  |  | (865,618) |
Property and equipment, net | $ | 2,376,878 |  |  | $ | 2,252,299 |
Schedule of Non-Producing Properties Excluded from Amortization by Area | The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
| June 30, 2024 |  | December 31, 2023
Utica & Marcellus | $ | 193,309 |  |  | $ | 177,888 |
SCOOP | 25,090 |  |  | 26,345 |
Total unproved properties | $ | 218,399 |  |  | $ | 204,233 |
Schedule of Asset Retirement Obligation | The following table provides a reconciliation of the Company’s asset retirement obligation for the six months ended June 30, 2024 and 2023 (in thousands):
| Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023
Asset retirement obligation, beginning of period | $ | 29,941 |  |  | $ | 33,171 |
Liabilities incurred | 375 |  |  | 73 |
Liabilities settled | — |  |  | (165) |
Liabilities removed due to divestitures | — |  |  | (919) |
Accretion expense | 1,122 |  |  | 1,478 |
Total asset retirement obligation, end of period | $ | 31,438 |  |  | $ | 33,638 |

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- Definition Tabular disclosure of the carrying amount of a liability for asset retirement obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 + Details
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- Definition Tabular disclosure of the capitalized costs of unproved properties and major development projects that are excluded from capitalized costs being amortized. This includes the total costs excluded and, at a minimum, these categories of costs: acquisition costs, exploration costs, development costs in the case of significant development projects, and capitalized interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 360 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477385/932-360-S50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10(c)(7)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479664/932-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10(c)(7)(ii)(B)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479664/932-10-S99-1 + Details
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