Six Months Ended
June 30, 2026

Year Ended
December 31, 2025

(in thousands)

Balance at beginning of period

$

19,292

$

12,569

Additions to capitalized exploratory well costs pending proved reserves determination

9,883

6,723

Reclassifications to development cost based on determination of proved reserves

(22,332

)

—

Capitalized exploratory well costs, charged to expense

—

—

Balance at end of period

$

6,843

$

19,292

Less exploratory well costs capitalized for one year or less

$

—

$

—

Exploratory well costs capitalized for more than one year

$

6,843

$

19,292

Number of projects with exploratory well costs capitalized for more than one year

1

2