v3.25.4
Supplemental Information on Oil and Natural Gas Producing Activities (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2025
Extractive Industries [Abstract]  
Schedule of 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,
 20252024
Oil and natural gas properties
Proved$1,759,943 $1,689,807 
Unproved27,520 23,504 
Total oil and natural gas properties1,787,463 1,713,311 
Less accumulated depreciation, depletion and impairment(1,446,824)(1,415,110)
Net oil and natural gas properties capitalized costs$340,639 $298,201 
Schedule of 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,
202520242023
Acquisitions of properties
Proved$2,331 $126,998 $11,232 
Unproved6,183 2,666 — 
Exploration(1)
5,016 11,246 (46)
Development63,970 15,562 22,478 
Total cost incurred$77,500 $156,472 $33,664 
____________________

(1)    Includes land, geological, geophysical and leasehold costs.
Schedule of Costs Excluded from Amortization
The following table summarizes the costs, by year incurred, related to unproved properties, which were excluded from oil and natural gas properties subject to amortization at December 31, 2025 (in thousands):

Year Ended December 31,
Total2025202420232022 and Prior
Acquisition, exploration, and other unproved property costs$26,636 $10,589 $4,298 $(270)$12,019 
Capitalized interest884 — — 884 
Total costs incurred(1)
$27,520 $10,589 $4,298 $(270)$12,903 
____________________
(1)    Includes application of fresh start accounting in 2016 and reflects remaining balance at December 31, 2025.
Schedule of 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,
202520242023
Revenues$156,357 $125,290 $148,641 
Expenses
Production costs46,629 46,832 53,099 
Depreciation and depletion36,439 25,976 15,657 
Total expenses83,068 72,808 68,756 
Income (loss) before income taxes73,289 52,482 79,885 
Income tax expense (benefit) (1)17,775 12,728 19,374 
Results of operations for oil and natural gas producing activities (excluding corporate overhead and interest costs)$55,514 $39,754 $60,511 
____________________

(1)    Income tax (benefit) expense is hypothetical and is calculated by applying the Company’s statutory tax rate to income (loss) before income taxes attributable to our oil and natural gas producing activities, after giving effect to permanent differences and tax credits.
Schedule of Changes in Estimated Oil, Natural Gas and NGL Reserves
The summary below presents changes in the Company’s estimated reserves.
OilNGLNatural GasTotal
 (MBbls)(MBbls)(MMcf) (1)MBoe
Proved developed and undeveloped reserves
As of December 31, 20228,421 25,433 242,822 74,324 
Revisions of previous estimates (2)(1,027)(8,200)(36,464)(15,304)
Acquisitions of new reserves453 379 5,474 1,745 
Extensions and discoveries283 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, 20237,057 16,215 194,433 55,677 
Revisions of previous estimates (2)(535)489 (14,754)(2,503)
Acquisitions of new reserves4,131 5,884 35,738 15,971 
Extensions and discoveries10 (6)(21)1 
Sales of reserves in place— — — — 
Production(918)(1,889)(19,488)(6,056)
As of December 31, 20249,745 20,693 195,908 63,090 
Revisions of previous estimates (2)(349)2,929 7,629 3,852 
Acquisitions of new reserves522 575 3,478 1,677 
Extensions and discoveries2,272 2,516 15,063 7,298 
Sales of reserves in place— — — — 
Production(1,214)(2,254)(19,802)(6,768)
As of December 31, 202510,976 24,460 202,276 69,148 
Proved developed reserves
As of December 31, 20228,421 25,433 242,822 74,324 
As of December 31, 20237,057 16,215 194,433 55,677 
As of December 31, 20247,863 18,499 183,647 56,970 
As of December 31, 20258,204 21,428 184,112 60,317
Proved undeveloped reserves
As of December 31, 2022— — — — 
As of December 31, 2023— — — — 
As of December 31, 20241,882 2,194 12,261 6,120 
As of December 31, 20252,771 3,032 18,164 8,831 
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 2025, 2024 and 2023 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.
Schedule of 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:
 Year Ended December 31,
 202520242023
Oil (per Bbl)$64.15 $74.04 $76.65 
Natural gas (per Mcf)$2.07 $1.02 $1.62 
NGL (per Bbl)$17.13 $19.40 $21.53 
Schedule of 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).
Year Ended December 31,
202520242023
Future cash inflows from production$1,542,062 $1,322,371 $1,204,568 
Future production costs (1)(592,532)(584,452)(627,715)
Future development costs (2)(135,268)(108,821)(39,288)
Future income tax expenses (3)— — — 
Undiscounted future net cash flows814,262 629,098 537,565 
10% annual discount(374,694)(266,402)(241,272)
Standardized measure of discounted future net cash flows $439,568 $362,696 $296,293 
____________________

(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.
Schedule of 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,
202520242023
Beginning present value $362,696 $296,293 $806,865 
Changes during the year
Revenues less production(110,320)(78,497)(95,909)
Net changes in prices, production and other costs28,491 (43,115)(372,897)
Development costs incurred— — 645 
Net changes in future development costs (4,360)(6,991)(1,307)
Extensions and discoveries70,141 137 18,422 
Revisions of previous quantity estimates (1)25,851 (14,213)(171,758)
Previously estimated development costs incurred31,507 — — 
Accretion of discount36,270 29,629 81,066 
Net change in income taxes— — 3,798 
Purchases of reserves in-place22,463 168,590 14,450 
Sales of reserves in-place— — (1,394)
Timing differences and other (2)(23,171)10,863 14,312 
Net change for the year76,872 66,403 (510,572)
Ending present value (3) $439,568 $362,696 $296,293 
____________________

(1)     A significant portion of the revisions of previous quantity estimates is related to pricing, which affects well life and other economic factors. 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.