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Property, Plant and Equipment | 6 Months Ended
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Jun. 30, 2026
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 computation resulted in an impairment of its U.S. oil and natural gas properties during the six months ended June 30, 2026 of $145.0 million. 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. The Company did no t record an impairment during the three months ended June 30, 2026. At June 30, 2026, the Company’s ceiling test computation was based on SEC pricing of $71.93 per Bbl of oil, $3.91 per Mcf of natural gas and $18.63 per Bbl of NGLs. By comparison, during both the three and six months ended June 30, 2025, the Company recorded an impairment of $223.9 million. Because the ceiling calculation uses trailing twelve-month first day of the month average commodity prices, the effect of increases and decreases in period-over-period prices can significantly impact the ceiling limitation calculation. In addition, other factors that impact the ceiling limitation calculation include, but are not limited to, incremental proved reserves that may be added each period, revisions to previous reserve estimates, capital expenditures, operating costs, depletion expense, and all related tax effects. Depending on fluctuations in these factors, including price changes, the Company may incur ceiling test impairments in future quarters.

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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/932-360/tableOfContent + Details
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- References No definition available. + Details
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