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CRUDE OIL, NATURAL GAS AND NGLs PROPERTIES AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
CRUDE OIL, NATURAL GAS AND NGLs PROPERTIES AND EQUIPMENT, NET CRUDE OIL, NATURAL GAS AND NGLs PROPERTIES AND EQUIPMENT, NET
The Company’s crude oil, natural gas and NGLs properties and equipment is comprised of the following:
 As of March 31, 2026As of December 31, 2025
 (in thousands)
Crude oil, natural gas and NGLs properties and equipment, net
Wells, platforms and other production facilities$1,054,009 $1,016,019 
Work-in-progress247,356 214,213 
Unproved properties49,243 52,079 
Capitalized equipment, spare parts and other86,379 84,471 
1,436,987 1,366,782 
Accumulated depreciation, depletion, amortization and impairment(795,207)(780,687)
Crude oil, natural gas and NGLs properties and equipment, net$641,780 $586,095 
At December 31, 2025, the Company classified $31.8 million of net crude oil, natural gas and NGLs properties and equipment, including unproved property costs of $13.1 million, as “Noncurrent asset held for sale” on the Consolidated Balance Sheet.
Exploration expense
During the three months ended March 31, 2026, we incurred exploration expenses of $22.4 million, mainly in our Gabon segment. The exploration expense included the cost of additional seismic data to be used in the Niosi and Guduma blocks, and the costs of a well that was determined to be unsuccessful. There were no exploration costs incurred during the three months ended March 31, 2025.