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Supplemental Information on Oil and Natural Gas Operations (Unaudited) (Tables)
 3 Months Ended
Dec. 31, 2021
Extractive Industries [Abstract]  
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure
The following summarizes the costs incurred for oil and natural gas property acquisition, exploration and development activities for the three months ended December 31, 2021 and year ended September 30, 2021:
December 31, 2021September 30, 2021
(In thousands)
Acquisition of properties
Proved$67 $74 
Unproved193 1,562 
Exploration costs— 7,993 
Development costs20,348 59,948 
Total costs incurred$20,608 $69,577 
Results of Operations for Oil and Gas Producing Activities Disclosure
The following table includes revenues and expenses associated with the Company's oil and natural gas producing activities. The amounts do not include any allocation of the Company's interest costs or general corporate overhead. Therefore, the following schedule is not necessarily indicative of the contribution of net earnings of the Company's oil and natural gas operations.
Three Months EndedYear Ended
December 31, 2021September 30, 2021
(In thousands)
Oil, natural gas and NGL sales$56,650 $148,636 
Lease operating expenses7,419 21,975 
Production and ad valorem taxes3,0058,636
Exploration costs6119,566
Depletion, accretion and amortization6,74225,347
Results of operations38,873 83,112 
Income tax expense (1)
(8,393)(13,505)
Results of operations, net of income tax expense$30,480 $69,607 
_____________________________________________________
(1)    Subsequent to the Closing Date of the Merger, the statutory combined federal and state tax rate of 21.59% is used for the three months ended December 31, 2021 and year ended September 30, 2021.
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities The following table sets forth information for the three months ended December 31, 2021 and year ended September 30, 2021 with respect to changes in the Company’s proved (i.e., proved developed and undeveloped) reserves:
OilNatural GasNGLsTotal
(MBbl)(MMcf)(MBbl)(MBoe)
September 30, 202037,158 53,683 10,681 56,787 
Extensions and discoveries9,308 12,089 2,436 13,759 
Revisions2,138 12,850 492 4,772 
Production(2,341)(2,603)(380)(3,155)
September 30, 202146,263 76,019 13,229 72,163 
Extensions and discoveries1,328 1,961 371 2,026 
Revisions99 350 (24)133 
Production(669)(844)(105)(915)
December 31, 202147,021 77,486 13,471 73,407 
Proved Developed Reserves, Included Above
September 30, 202019,149 31,137 5,847 30,186 
September 30, 202126,170 46,173 7,650 41,516 
December 31, 202127,096 47,974 7,949 43,041 
Proved Undeveloped Reserves, Included Above
September 30, 202018,009 22,546 4,834 26,601 
September 30, 202120,093 29,846 5,579 30,647 
December 31, 202119,925 29,512 5,522 30,366 
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure
The following summary sets forth the Company’s future net cash flows relating to proved oil, natural gas and NGL reserves based on the standardized measure prescribed in ASC Topic 932:
December 31, 2021September 30, 2021
(In thousands)
Future crude oil, natural gas and NGLs sales (1) (2)
$3,350,506 $2,783,910 
Future production costs(912,468)(839,167)
Future development costs(216,138)(218,765)
Future income tax expense(436,829)(324,487)
Future net cash flows1,785,071 1,401,491 
10% annual discount(1,081,602)(848,555)
Standardized measure of discounted future net cash flows$703,469 $552,936 
_____________________________________________________
(1)    December 31, 2021 proved reserves were derived based on prices of $64.60 of oil, $1.65 of natural gas and $13.75 of NGL.
(2)    September 30, 2021 proved reserves were derived based on prices of $55.73 of oil, $0.99 of natural gas and $9.83 of NGL.
Principal sources of change in the Standardized Measure are shown below:
Three Months EndedYear Ended
December 31, 2021September 30, 2021
(In thousands)
Balance, beginning of period$552,936 $302,338 
Sales of crude oil, natural gas and NGLs, net(46,226)(118,030)
Net change in prices and production costs194,596 237,475 
Net changes in future development costs1,267 (18,856)
Extensions and discoveries35,111 144,392 
Revisions of previous quantity estimates(536)50,283 
Previously estimated development costs incurred4,182 12,844 
Net change in income taxes(47,881)(124,625)
Accretion of discount17,018 30,551 
Other(6,998)36,564 
Balance, end of period$703,469 $552,936