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Supplemental Oil and Gas Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2024
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,
20242023
(In thousands)
Acquisition of properties
Proved$4,592 $228,147 
Unproved16,641 102,742 
Exploration costs— — 
Development costs106,773 152,309 
Total costs incurred$128,006 $483,198 
Schedule 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,
20242023
(In thousands)
Oil, natural gas and NGL sales$409,801 $372,647 
Lease operating expenses71,463 58,817 
Production and ad valorem taxes29,42825,559
Exploration costs2,5954,165
Depletion, accretion and amortization74,02564,471
Impairment of oil and natural gas properties11,317 9,760 
Other impairments30,158 — 
Results of operations$190,815 $209,875 
Income tax expense (1)
(43,105)(44,493)
Results of operations, net of income tax expense$147,710 $165,382 
_____________________
(1)    The statutory combined federal and state tax rate of 22.59% and 21.20% is used for the years ended December 31, 2024, and 2023, respectively.
Oil and Gas, Proved Reserve, Quantity
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:
OilNatural GasNGLsTotal
(MBbl)(MMcf)(MBbl)(MBoe)
December 31, 202248,882 86,018 14,454 77,673 
Acquisitions
12,810 39,261 6,711 26,064 
Extensions and discoveries14,822 22,945 4,224 22,870 
Revisions(5,403)(18,411)(3,634)(12,106)
Production(4,803)(5,865)(1,006)(6,786)
December 31, 202366,308 123,948 20,749 107,715 
Acquisitions
1,989 6,624 1,176 4,269 
Extensions and discoveries8,894 17,218 3,837 15,600 
Revisions(5,137)21,933 5,751 4,270 
Production(5,519)(7,484)(1,486)(8,252)
December 31, 202466,535 162,239 30,027 123,602 
Proved Developed Reserves, Included Above
December 31, 202229,632 59,314 9,604 49,122 
December 31, 202336,731 71,671 11,502 60,178 
December 31, 202440,111 103,337 19,312 76,646 
Proved Undeveloped Reserves, Included Above
December 31, 202219,250 26,704 4,850 28,551 
December 31, 202329,577 52,277 9,247 47,537 
December 31, 202426,424 58,902 10,715 46,956 
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,
20242023
(In thousands)
Future crude oil, natural gas and NGLs sales (1)(2)
$4,764,599 $5,244,927 
Future production costs(1,638,032)(1,896,397)
Future development costs(325,414)(362,218)
Future income tax expense (524,581)(538,926)
Future net cash flows2,276,572 2,447,386 
10% annual discount(1,034,771)(1,186,921)
Standardized measure of discounted future net cash flows$1,241,801 $1,260,465 
_____________________
(1)    December 31, 2024, proved reserves were derived based on average realized prices of $74.27 per barrel of oil, $(0.43) per Mcf of natural gas and $(3.56) per barrel of NGL.
(2)    December 31, 2023, proved reserves were derived based on average realized prices of $76.02 per barrel of oil, $0.46 per Mcf of natural gas and $7.11 per barrel of NGL.

Principal sources of change in the Standardized Measure are shown below:
Year Ended December 31,
20242023
(In thousands)
Balance, beginning of period$1,260,465 $1,108,376 
Sales of crude oil, natural gas and NGLs, net(308,907)(288,270)
Net change in prices and production costs(238,938)(618,441)
Net changes in future development costs9,976 21,423 
Extensions and discoveries253,381 385,482 
Acquisition of reserves47,020 613,295 
Revisions of previous quantity estimates71,800 (188,364)
Previously estimated development costs incurred38,858 31,124 
Net change in income taxes(2,035)(5,976)
Accretion of discount158,406 140,115 
Other(48,225)61,701 
Balance, end of period$1,241,801 $1,260,465