v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment Property and Equipment
 
Property and equipment is stated at cost and consisted of the following:
 
June 30,
2026		December 31,
2025
(In thousands)
Oil and gas properties:
Proved properties$7,763,259 $8,301,679 
Unproved properties 210,786 210,161 
Total oil and gas properties 7,974,045 8,511,840 
Accumulated depletion (4,624,781)(4,780,826)
Oil and gas properties, net
3,349,264 3,731,014 
Other property 69,046 68,255 
Accumulated depreciation (66,784)(65,485)
Other property, net 2,262 2,770 
Property and equipment, net $3,351,526 $3,733,784 
 
We recorded depletion expense of $111.8 million and $141.7 million for the three months ended June 30, 2026 and 2025, respectively, and $223.5 million and $253.1 million for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, the decrease in oil and gas properties, net is primarily due to the sale of the Ceiba and Okume Complex production assets located in Block G offshore Equatorial Guinea in June 2026. See Note 3 - Acquisitions and Divestitures. Additions to our proved properties during the six months ended June 30, 2026 primarily related to infill development costs in the Jubilee Field in Ghana and at Winterfell-5 in the Gulf of America. Additionally, in February 2026, Tullow Oil plc, as Operator of the TEN partnership, executed the final Sale and Purchase Agreement enabling the partnership to acquire the TEN FPSO from MODEC, Inc. at the end of its current lease in 2027 for a gross purchase price of $205.0 million. As a result, proved property additions for the period ended June 30, 2026 include $88.2 million for our proportionate share of the finance lease asset, with a corresponding finance lease liability in accrued liabilities. These non-cash impacts are excluded from the statement of cash flows.