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Supplemental Information on Oil and Natural Gas Operations (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2022
Extractive Industries [Abstract] |
Schedule of Exploration Expenses | The following summarizes the costs incurred for oil and natural gas property acquisition, exploration and development activities for the periods presented below:
|  | Year Ended December 31, 2022 |  | Three Months Ended December 31, 2021 |  | Year Ended September 30, 2021
|  | (In thousands)
Acquisition of properties |  |  |  |  |  |
Proved |  | $ | 450 |  |  | $ | 67 |  |  | $ | 74 |
Unproved |  | 1,468 |  |  | 193 |  |  | 1,562 |
Exploration costs |  | 157 |  |  | — |  |  | 7,993 |
Development costs |  | 119,673 |  |  | 20,348 |  |  | 59,948 |
Total costs incurred |  | $ | 121,748 |  |  | $ | 20,608 |  |  | $ | 69,577 |
Summary of 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. They 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.
|  | Year Ended December 31, 2022 |  | Three Months Ended December 31, 2021 |  | Year Ended September 30, 2021
|  | (In thousands)
Oil, natural gas and NGL sales |  | $ | 319,343 |  |  | $ | 56,650 |  |  | $ | 148,636 |
Lease operating expenses |  | 32,458 |  |  | 7,419 |  |  | 21,975 |
Production and ad valorem taxes |  | 19,273 |  | 3,005 |  | 8,636
Exploration costs |  | 2,032 |  | 611 |  | 9,566
Depletion, accretion and amortization |  | 31,500 |  | 6,742 |  | 25,347
Impairment of oil and natural gas properties |  | 7,325 |  |  | — |  |  | — |
Results of operations |  | 226,755 |  |  | 38,873 |  |  | 83,112 |
Income tax expense (1) |  | 48,957 |  |  | (8,393) |  |  | (13,505) |
Results of operations, net of income tax expense |  | $ | 275,712 |  |  | $ | 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 year ended December 31, 2022, 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 periods below with respect to changes in the Company’s proved (i.e. proved developed and undeveloped) reserves:
|  | Oil |  | Natural Gas |  | NGLs |  | Total
|  | (MBbl) |  | (MMcf) |  | (MBbl) |  | (MBoe)
September 30, 2020 |  | 37,158 |  |  | 53,683 |  |  | 10,681 |  |  | 56,787 |
Extensions and discoveries |  | 9,308 |  |  | 12,089 |  |  | 2,436 |  |  | 13,759 |
Revisions |  | 2,138 |  |  | 12,850 |  |  | 492 |  |  | 4,772 |
Production |  | (2,341) |  |  | (2,603) |  |  | (380) |  |  | (3,155) |
September 30, 2021 |  | 46,263 |  |  | 76,019 |  |  | 13,229 |  |  | 72,163 |
Extensions and discoveries |  | 1,328 |  |  | 1,961 |  |  | 371 |  |  | 2,026 |
Revisions |  | 99 |  |  | 350 |  |  | (24) |  |  | 133 |
Production |  | (669) |  |  | (844) |  |  | (105) |  |  | (915) |
December 31, 2021 |  | 47,021 |  |  | 77,486 |  |  | 13,471 |  |  | 73,407 |
Extensions and discoveries |  | 9,949 |  |  | 13,178 |  |  | 2,651 |  |  | 14,796 |
Revisions |  | (4,871) |  |  | (1,417) |  |  | (1,224) |  |  | (6,331) |
Production |  | (3,217) |  |  | (3,229) |  |  | (444) |  |  | (4,199) |
December 31, 2022 |  | 48,882 |  |  | 86,018 |  |  | 14,454 |  |  | 77,673 |
Proved Developed Reserves, Included Above |  |  |  |  |  |  |  |
September 30, 2021 |  | 26,170 |  |  | 46,173 |  |  | 7,650 |  |  | 41,516 |
December 31, 2021 |  | 27,096 |  |  | 47,974 |  |  | 7,949 |  |  | 43,041 |
December 31, 2022 |  | 29,632 |  |  | 59,314 |  |  | 9,604 |  |  | 49,122 |
Proved Undeveloped Reserves, Included Above |  |  |  |  |  |  |  |
September 30, 2021 |  | 20,093 |  |  | 29,846 |  |  | 5,579 |  |  | 30,647 |
December 31, 2021 |  | 19,925 |  |  | 29,512 |  |  | 5,522 |  |  | 30,366 |
December 31, 2022 |  | 19,250 |  |  | 26,704 |  |  | 4,850 |  |  | 28,551 |
Summary of 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:
|  | Year Ended December 31, 2022 |  | Three Months Ended December 31, 2021 |  | Year Ended September 30, 2021
|  | (In thousands)
Future crude oil, natural gas and NGLs sales (1)(2)(3) |  | $ | 5,135,650 |  |  | $ | 3,350,506 |  |  | $ | 2,783,910 |
Future production costs |  | (1,559,266) |  |  | (912,468) |  |  | (839,167) |
Future development costs |  | (341,481) |  |  | (216,138) |  |  | (218,765) |
Future income tax expense |  | (658,340) |  |  | (436,829) |  |  | (324,487) |
Future net cash flows |  | 2,576,563 |  |  | 1,785,071 |  |  | 1,401,491 |
10% annual discount |  | (1,468,187) |  |  | (1,081,602) |  |  | (848,555) |
Standardized measure of discounted future net cash flows |  | $ | 1,108,376 |  |  | $ | 703,469 |  |  | $ | 552,936 |
_____________________________________________________ (1) December 31, 2022 proved reserves were derived based on prices of $91.96 per barrel of oil, $3.16 per Mcf of natural gas and $25.55 per barrel of NGL. (2) December 31, 2021 proved reserves were derived based on prices of $64.60 per barrel of oil, $1.65 per Mcf of natural gas and $13.75 per barrel of NGL. (3) September 30, 2021 proved reserves were derived based on prices of $55.73 per barrel of oil, $0.99 per Mcf of natural gas and $9.83 per barrel of NGL. Principal sources of change in the Standardized Measure are shown below:
|  | Year Ended December 31, 2022 |  | Three Months Ended December 31, 2021 |  | Year Ended September 30, 2021
|  | (In thousands)
Balance, beginning of period |  | $ | 703,469 |  |  | $ | 552,936 |  |  | $ | 302,338 |
Sales of crude oil, natural gas and NGLs, net |  | (267,612) |  |  | (46,226) |  |  | (118,030) |
Net change in prices and production costs |  | 406,803 |  |  | 194,596 |  |  | 237,475 |
Net changes in future development costs |  | (40,226) |  |  | 1,267 |  |  | (18,856) |
Extensions and discoveries |  | 321,009 |  |  | 35,111 |  |  | 144,392 |
Revisions of previous quantity estimates |  | (83,188) |  |  | (536) |  |  | 50,283 |
Previously estimated development costs incurred |  | 8,775 |  |  | 4,182 |  |  | 12,844 |
Net change in income taxes |  | (117,098) |  |  | (47,881) |  |  | (124,625) |
Accretion of discount |  | 87,914 |  |  | 17,018 |  |  | 30,551 |
Other |  | 88,530 |  |  | (6,998) |  |  | 36,564 |
Balance, end of period |  | $ | 1,108,376 |  |  | $ | 703,469 |  |  | $ | 552,936 |

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- Definition Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Form 20-F -Section Item 18 -Subsection Instruction 2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61884-109447 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61858-109447 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61872-109447 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61831-109447 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61797-109447 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61869-109447 + Details
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- Definition Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Form 20-F -Section Item 18 -Subsection Instruction 2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 32 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e62476-109447 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 36 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e62536-109447 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=34713648&loc=d3e63094-109448 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e62424-109447 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 33 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e62479-109447 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e62455-109447 + Details
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