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Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2023
Extractive Industries [Abstract] |
Schedule of Oil and Natural Gas Properties | Aggregate capitalized costs related to oil and gas royalty and mineral interests with applicable accumulated depreciation, depletion and amortization at December 31 are as follows:
| 2023 |  | 2022 |  |
Proved developed | $ | 16,179 |  |  | $ | 7,302 |  |  |
Proved undeveloped | 51,971 |  |  | 24,134 |  |  |
Proved reserves | 68,150 |  |  | 31,436 |  |  |
Less: accumulated depreciation, depletion and amortization | 3,309 |  |  | 1,936 |  |  |
Net royalty interests in oil and natural gas properties | $ | 64,841 |  |  | $ | 29,500 |  |  |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | The following table presents the Company's estimated net proved oil and natural gas reserves as of December 31 based on the reserve report prepared by Haas Engineering, the Company’s independent petroleum engineering firm. All of the Company’s reserves are located in the United States.
|  | Net reserves as of December 31, 2023
|  | Oil (bbl) (1) |  | NGL (bbl) (1) |  | Residue gas (Mcf) (2)
Proved developed |  | 656,370 |  |  | 380,650 |  |  | 23,596,110 |
Proved undeveloped |  | 9,020 |  |  | 3,720 |  |  | 26,420 |
Total |  | 665,390 |  |  | 384,370 |  |  | 23,622,530 |
|  | Net reserves as of December 31, 2022
|  | Oil (bbl) (1) |  | NGL (bbl) (1) |  | Residue gas (Mcf) (2)
Proved developed |  | 305,710 |  |  | 408,280 |  |  | 25,907,890 |
Proved undeveloped |  | 32,570 |  |  | 11,030 |  |  | 1,784,670 |
Total |  | 338,280 |  |  | 419,310 |  |  | 27,692,560 |
(1) Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume. (2) Mcf. One thousand cubic feet of natural gas at the contractual pressure and temperature bases.
Schedule of Change in Estimated Proved Reserves of Oil and Gas Quantities | The following table summarizes changes in proved reserves during the year ended December 31, 2023:
|  | Estimated Proved Reserves
|  | Oil (bbl) (1) |  | NGL (bbl) (1) |  | Residue gas (Mcf) (2) |
December 31, 2022 |  | 338,280 |  |  | 419,310 |  |  | 27,692,560 |  |
Purchases |  | 259,178 |  |  | 43,934 |  |  | 609,184 |  |
Extensions and discoveries |  | 170,330 |  |  | 77,527 |  |  | 2,340,715 |  |
Revisions of previous estimates (3) |  | 37,483 |  |  | (73,375) |  |  | 1,027,779 |  |
Production |  | (98,553) |  |  | (56,768) |  |  | (7,601,521) |  |
Other |  | (41,328) |  |  | (26,258) |  |  | (446,187) |  |
December 31, 2023 |  | 665,390 |  |  | 384,370 |  |  | 23,622,530 |  |
Schedule of Change in Estimated Proved Undeveloped Reserves of Oil and Gas Quantities | The following table summarizes changes in PUDs during the year ended December 31, 2023:
|  | Estimated Proved Undeveloped Reserves
|  | Oil (bbl) (1) |  | NGL (bbl) (1) |  | Residue gas (Mcf) (2) |
December 31, 2022 |  | 32,570 |  |  | 11,030 |  |  | 1,784,670 |  |
Purchases |  | 2,300 |  |  | 950 |  |  | 8,237 |  |
Extensions and discoveries |  | 5,786 |  |  | 2,021 |  |  | 14,814 |  |
Conversions |  | (29,757) |  |  | (9,172) |  |  | (1,770,232) |  |
Revisions of previous estimates (3) |  | (1,879) |  |  | (1,109) |  |  | (11,069) |  |
December 31, 2023 |  | 9,020 |  |  | 3,720 |  |  | 26,420 |  |
(1) Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume. (2) Mcf. One thousand cubic feet of natural gas at the contractual pressure and temperature bases. (3) Revisions of previous estimates include technical revisions due to changes in commodity prices, historical and projected performance and other factors.
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure | The following table provides the future net cash flows relating to proved oil and gas reserves based on the standardized measure of discounted cash flows as of December 31, 2023:
|  | Gross Amounts |  | Statutory tax rate |  | Net Amounts
Future cash inflows(3) |  | $ | 122,286 |  |  |  |  |
Future production costs |  | 27,487 |  |  |  |  |
Future net cash flows before income tax expense |  | 94,799 |  |  | 21 | % |  | 74,891 |
10% discount to reflect timing of cash flows |  | (33,521) |  |  | 21 | % |  | (26,481) |
Standardized measure of discounted cash flows |  | $ | 61,278 |  |  | 21 | % |  | $ | 48,410 |
The following table provides the future net cash flows relating to proved oil and gas reserves based on the standardized measure of discounted cash flows as of December 31, 2022:
|  | Gross Amounts |  | Statutory tax rate |  | Net Amounts
Future cash inflows(3) |  | $ | 218,982 |  |  |  |  |
Future production costs |  | 39,841 |  |  |  |  |
Future net cash flows before income tax expense |  | 179,141 |  |  | 21 | % |  | 141,521 |
10% discount to reflect timing of cash flows |  | (62,615) |  |  | 21 | % |  | (49,465) |
Standardized measure of discounted cash flows |  | $ | 116,526 |  |  | 21 | % |  | $ | 92,056 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows | The following summarizes the principal sources of change in the standardized measure of discounted future net cash flows during 2023:
|  | Gross amounts |  |
|  | 2023 |  | 2022 |  |  |
January 1 |  | $ | 116,526 |  |  | $ | 36,839 |  |  |  |
Purchases |  | 11,312 |  |  | 6,236 |  |  |  |
Extensions and discoveries |  | 11,419 |  |  | 54,795 |  |  |  |
Revisions of previous estimates (3)(4) |  | (61,206) |  |  | 18,695 |  |  |  |
Conversions |  | (16,773) |  |  | (39) |  |  |  |
December 31 |  | $ | 61,278 |  |  | $ | 116,526 |  |  |  |
(3) Requirements for oil and gas reserve estimation and disclosure require that reserve estimates and future cash flows be based on the average market prices for sales of oil and gas on the first calendar day of each month during the year. The benchmark price for WTI crude oil sold at Cushing, OK during 2023 and 2022 was $78.22 and $93.67 per bbl, respectively. The benchmark price for natural gas delivered at Henry Hub during 2023 and 2022 was $2.64 and $6.36 per MMBTU, respectively. Actual future prices and costs are likely to be substantially different from historical prices and costs utilized in the computation of reported amounts. Any analysis or evaluation of the reported amounts should give specific recognition to the computational methods utilized and the limitations inherent therein. (4) Revisions of previous estimates include technical revisions due to changes in commodity prices, historical and projected performance and other factors.

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