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Note 6 - Exploratory Well Costs | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Exploratory Well Costs [Text Block] | NOTE 6. Exploratory Well Costs The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The changes in capitalized exploratory well costs are as follows (in thousands):
|  | Nine Months Ended September 30, 2022 |
Beginning capitalized exploratory well costs |  | $ | 28,076 |
Additions to exploratory well costs |  |  | 385,440 |
Reclassification to proved properties |  |  | (319,220 | )
Exploratory well costs charged to exploration and abandonment expense |  |  | — |
Ending capitalized exploratory well costs |  | $ | 94,296 |
All capitalized exploratory well costs have been capitalized for less than one year based on the date of drilling.

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