v3.25.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
June 30, 2025December 31, 2024
Proved oil and natural gas properties$3,669,584 $3,349,805 
Unproved properties211,626 221,650 
Other depreciable property and equipment11,892 10,905 
Land386 386 
Total property and equipment3,893,488 3,582,746 
Accumulated DD&A(1,703,691)(1,564,475)
Property and equipment, net$2,189,797 $2,018,271 
Oil and Natural Gas Properties
Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At June 30, 2025 and 2024, the net book value of the Company's oil and gas properties was below the calculated ceiling. As a result, the Company did not record an impairment of its oil and natural gas properties for the three or six months ended June 30, 2025 or 2024.
General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities are charged to expense as they are incurred. Capitalized general and administrative costs were approximately $6.4 million and $12.7 million, for the three and six months ended June 30, 2025, respectively, and $6.3 million and $12.0 million for the three and six months ended June 30, 2024, respectively.
The Company evaluates the costs excluded from its amortization calculation at least annually. Individually insignificant unevaluated properties are grouped for evaluation and periodically transferred to evaluated properties over a timeframe consistent with their expected development schedule.
The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
June 30, 2025December 31, 2024
Utica & Marcellus$188,190 $197,513 
SCOOP23,436 24,137 
Total unproved properties$211,626 $221,650 
Asset Retirement Obligation
The following table provides a reconciliation of the Company’s asset retirement obligation for the six months ended June 30, 2025 and 2024 (in thousands):
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Asset retirement obligation, beginning of period$32,949 $29,941 
Liabilities incurred222 375 
Liabilities settled(1,673)— 
Accretion expense1,205 1,122 
Total asset retirement obligation, end of period$32,703 $31,438