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Supplemental Information on Oil and Natural Gas Producing Activities (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2023
Extractive Industries [Abstract] |
Capitalized Costs Relating to Oil, Natural Gas and NGL Producing Activities | The Company’s capitalized costs for oil and natural gas activities consisted of the following (in thousands):
| December 31,
| 2023 |  | 2022
Oil and natural gas properties |  |  |
Proved | $ | 1,538,724 |  |  | $ | 1,507,690 |
Unproved | 11,197 |  |  | 11,516 |
Total oil and natural gas properties | 1,549,921 |  |  | 1,519,206 |
Less accumulated depreciation, depletion and impairment | (1,393,801) |  |  | (1,380,574) |
Net oil and natural gas properties capitalized costs | $ | 156,120 |  |  | $ | 138,632 |
Cost Incurred in Oil and Natural Gas Property Acquisition, Exploration, and Development | Costs incurred in oil and natural gas property acquisition, exploration and development activities which have been capitalized are summarized as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Acquisitions of properties |  |  |  |  |
Proved | $ | 11,232 |  |  | $ | 1,431 |  |  | $ | 3,545 |
Unproved | — |  |  | — |  |  | — |
Exploration (1) | (46) |  |  | 809 |  |  | 905 |
Development | 22,478 |  |  | 48,399 |  |  | 10,045 |
Total cost incurred | $ | 33,664 |  |  | $ | 50,639 |  |  | $ | 14,495 |
____________________ (1) Includes land, geological, geophysical and leasehold costs.
Results of Operations for Oil, Natural Gas and NGL Producing Activities | The following table presents the Company’s results of operations from oil and natural gas producing activities (in thousands), which exclude any interest costs or indirect general and administrative costs and, therefore, are not necessarily indicative of the impact the Company’s operations have on actual net earnings.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenues | $ | 148,641 |  |  | $ | 254,258 |  |  | $ | 168,882 |
Expenses |  |  |  |  |
Production costs | 53,099 |  |  | 57,221 |  |  | 46,309 |
Depreciation and depletion | 15,657 |  |  | 11,542 |  |  | 9,372 |
Total expenses | 68,756 |  |  | 68,763 |  |  | 55,681 |
Income (loss) before income taxes | 79,885 |  |  | 185,495 |  |  | 113,201 |
Income tax expense (benefit) (1) | 19,374 |  |  | 45,055 |  |  | 26,734 |
Results of operations for oil and natural gas producing activities (excluding corporate overhead and interest costs) | $ | 60,511 |  |  | $ | 140,440 |  |  | $ | 86,467 |
____________________ (1) Income tax (benefit) expense is hypothetical and is calculated by applying the Company’s statutory tax rate to (loss) income before income taxes attributable to our oil and natural gas producing activities, after giving effect to permanent differences and tax credits.
Summary of Changes in Estimated Oil, Natural Gas and NGL Reserves | The summary below presents changes in the Company’s estimated reserves. NPB is included in 2021 and 2020.
| Oil |  | NGL |  | Natural Gas |  | Total
| (MBbls) |  | (MBbls) |  | (MMcf) (1) |  | MBoe
Proved developed and undeveloped reserves |  |  |  |  |  |  |
As of December 31, 2020 | 8,485 |  |  | 11,245 |  |  | 102,893 |  |  | 36,879 |
Revisions of previous estimates (2) | 3,627 |  |  | 14,924 |  |  | 148,736 |  |  | 43,340 |
Acquisitions of new reserves | 135 |  |  | 438 |  |  | 5,235 |  |  | 1,446 |
Sales of reserves in place | (3,440) |  |  | (28) |  |  | (716) |  |  | (3,587) |
Production | (957) |  |  | (2,266) |  |  | (21,417) |  |  | (6,793) |
As of December 31, 2021 | 7,850 |  |  | 24,313 |  |  | 234,731 |  |  | 71,285 |
Revisions of previous estimates (2) | 971 |  |  | 2,825 |  |  | 25,841 |  |  | 8,102 |
Acquisitions of new reserves | 39 |  |  | 65 |  |  | 528 |  |  | 192 |
Extensions and discoveries | 510 |  |  | 227 |  |  | 2,823 |  |  | 1,208 |
Production | (949) |  |  | (1,997) |  |  | (21,101) |  |  | (6,463) |
As of December 31, 2022 | 8,421 |  |  | 25,433 |  |  | 242,822 |  |  | 74,324 |
Revisions of previous estimates (2) | (1,027) |  |  | (8,200) |  |  | (36,464) |  |  | (15,304) |
Acquisitions of new reserves | 453 |  |  | 379 |  |  | 5,474 |  |  | 1,745 |
Extensions and discoveries | 283 |  |  | 357 |  |  | 3,431 |  |  | 1,211 |
Sales of reserves in place | (26) |  |  | (49) |  |  | (427) |  |  | (147) |
Production | (1,047) |  |  | (1,705) |  |  | (20,403) |  |  | (6,152) |
As of December 31, 2023 | 7,057 |  |  | 16,215 |  |  | 194,433 |  |  | 55,677 |
Proved developed reserves |  |  |  |  |  |  |
As of December 31, 2020 | 8,485 |  |  | 11,245 |  |  | 102,893 |  |  | 36,879 |
As of December 31, 2021 | 7,850 |  |  | 24,313 |  |  | 234,731 |  |  | 71,285 |
As of December 31, 2022 | 8,421 |  |  | 25,433 |  |  | 242,822 |  |  | 74,324 |
As of December 31, 2023 | 7,057 |  |  | 16,215 |  |  | 194,433 |  |  | 55,677 |
Proved undeveloped reserves |  |  |  |  |  |  |
As of December 31, 2020 | — |  |  | — |  |  | — |  |  | — |
As of December 31, 2021 | — |  |  | — |  |  | — |  |  | — |
As of December 31, 2022 | — |  |  | — |  |  | — |  |  | — |
As of December 31, 2023 | — |  |  | — |  |  | — |  |  | — |
Totals may not sum or recalculate due to rounding |  |  |  |  |  |  |
_________________ (1) Natural gas reserves are computed at 14.65 pounds per square inch absolute and 60 degrees Fahrenheit. (2) Revisions include changes due to commodity prices, production costs, previous quantity estimates, and other commercial factors. Primary factor for revisions in years ended 2023, 2022 and 2021 were changes in SEC prices, among other factors. See Proved Reserves discussion in Part I, Item 1 of this Form 10-K for additional detail.
Calculation of Weighted Average Per Unit Prices | The calculated weighted average per unit prices for the Company’s proved reserves and future net revenues were as follows:
| At December 31,
| 2023 |  | 2022 |  | 2021
Oil (per Bbl) | $ | 76.65 |  |  | $ | 93.73 |  |  | $ | 64.95 |
Natural gas (per Mcf) | $ | 1.62 |  |  | $ | 4.76 |  |  | $ | 2.56 |
NGL (per Bbl) | $ | 21.53 |  |  | $ | 33.42 |  |  | $ | 19.26 |
Standardized Measure of Discounted Future Cash Flows | The summary below presents the Company’s future net cash flows relating to proved oil, natural gas and NGL reserves based on the standardized measure in ASC Topic 932 (in thousands).
| December 31,
| 2023 |  | 2022 |  | 2021
Future cash inflows from production | $ | 1,204,568 |  |  | $ | 2,795,762 |  |  | $ | 1,579,734 |
Future production costs (1) | (627,715) |  |  | (1,131,145) |  |  | (735,904) |
Future development costs (2) | (39,288) |  |  | (36,730) |  |  | (66,732) |
Future income tax expenses (3) | — |  |  | (17,780) |  |  | — |
Undiscounted future net cash flows | 537,565 |  |  | 1,610,107 |  |  | 777,098 |
10% annual discount | (241,272) |  |  | (803,242) |  |  | (344,184) |
Standardized measure of discounted future net cash flows | $ | 296,293 |  |  | $ | 806,865 |  |  | $ | 432,914 |
____________________ (1) Consists of severance taxes, ad valorem taxes, and lease operating expenses. (2) Includes abandonment costs. (3) The future income tax expenses have been computed using statutory tax rates, giving effect to allowable tax deductions and tax credits under current laws, including expected tax benefits to be realized from the utilization of net operating loss carryforwards.
Estimate of Changes in Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves | The following table represents the Company’s estimate of changes in the standardized measure of discounted future net cash flows from proved reserves (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Beginning present value | $ | 806,865 |  |  | $ | 432,914 |  |  | $ | 104,986 |
Changes during the year |  |  |  |  |
Revenues less production | (95,909) |  |  | (197,419) |  |  | (122,964) |
Net changes in prices, production and other costs | (372,897) |  |  | 465,116 |  |  | 380,026 |
Development costs incurred | 645 |  |  | 846 |  |  | 83 |
Net changes in future development costs | (1,307) |  |  | 3,028 |  |  | 446 |
Extensions and discoveries | 18,422 |  |  | 36,984 |  |  | — |
Revisions of previous quantity estimates (1) | (171,758) |  |  | 98,579 |  |  | 112,926 |
Accretion of discount | 81,066 |  |  | 34,138 |  |  | 6,016 |
Net change in income taxes | 3,798 |  |  | (3,798) |  |  | — |
Purchases of reserves in-place | 14,450 |  |  | 3,039 |  |  | 15,541 |
Sales of reserves in-place | (1,394) |  |  | — |  |  | (29,792) |
Timing differences and other (2) | 14,312 |  |  | (66,562) |  |  | (34,354) |
Net change for the year | (510,572) |  |  | 373,951 |  |  | 327,928 |
Ending present value (3) | $ | 296,293 |  |  | $ | 806,865 |  |  | $ | 432,914 |
____________________ (1) A significant portion of the revisions of previous quantity estimates is related to the decrease in pricing which affects well life and other economic factors. Performance revisions were positive. See Proved Reserves discussion. (2) The change in timing differences and other are related to revisions in the Company's estimated time of production and development. (3) Standardized Measure was determined using SEC prices, and does not reflect actual prices received or current market prices.

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