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Property, Plant and Equipment
9 Months Ended
Sep. 30, 2025
Oil and Gas, Joint Interest Billing, Receivable [Abstract]  
Property, Plant and Equipment

Note 3 — Property, Plant and Equipment

Proved Properties

Capitalized oil and natural gas costs are limited to a ceiling based on the present value of future net revenues from proved reserves, computed using a discount factor of 10%, plus the lower of cost or estimated fair value of unproved oil and natural gas properties not being amortized less the related tax effects. The Company performs this ceiling test calculation each quarter utilizing SEC pricing. The Company’s ceiling test computations resulted in an impairment of its U.S. oil and natural gas properties during the three and nine months ended September 30, 2025 of $60.2 million and of $284.1 million, respectively. The non-cash impairment is reflected as “Impairment of oil and natural gas properties” on the Condensed Consolidated Statements of Operations and an increase to “Accumulated depreciation, depletion and amortization” on the Company’s Condensed Consolidated Balance Sheets. At September 30, 2025, the Company’s ceiling test computation was based on SEC pricing of $67.19 per Bbl of oil, $3.48 per Mcf of natural gas and $20.76 per Bbl of NGLs. No impairments were recorded during the three and nine months ended September 30, 2024.

Further ceiling test impairments could be recorded in the near term should the 12-month average trailing commodity prices decline as compared to the commodity prices used in prior quarters.