Note 17—Supplemental Information on Natural gas mineral Operations (Unaudited)

The Company’s natural gas mineral reserves are attributable solely to properties within the United States.

Capitalized natural gas mineral costs

Costs incurred in natural gas mineral activities

Results of operations from natural gas mineral producing activities

The following table sets forth the revenues and expenses related to the production and sale of natural gas mineral. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to the net operating results of the Company’s natural gas operations.

Natural gas mineral Reserves

Proved natural gas reserve estimates as of December 31, 2025 were prepared by Cawley, Gillespie & Associates, Inc., independent petroleum engineers. Proved natural gas reserve estimates as of December 31, 2024, were prepared by Schaper Energy Consultants, independent petroleum engineers. Proved reserves were estimated in accordance with guidelines established by the SEC, which require that reserve estimates be prepared under existing economic and operating conditions based upon the 12-month unweighted average of the first-day-of-the-month prices.

There are numerous uncertainties inherent in estimating quantities of proved natural gas mineral reserves. Natural gas mineral reserve engineering is a subjective process of estimating underground accumulations of natural gas mineral that cannot be precisely measured and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserve estimates are often different from the quantities of natural gas mineral that are ultimately recovered.

Revisions of previous estimates represent changes, either increases or decreases, to prior reserve estimates resulting from new information, which is typically obtained through development drilling and production performance, or from changes in economic factors, including commodity prices, operating expenses, and development costs.

For the year ended December 31, 2025, the Company recognized negative revisions of previous estimates of 3,191 Mmcfe, primarily attributable to changes in development timing. Total extensions of 18,345 Mmcfe during the year were primarily attributable to the drilling of 221 wells and the permitting of 95 wells. Purchases of reserves in place of 122,484 Mmcfe were primarily attributable to the PHX Merger and an additional acquisition in the Marcellus Shale.

During the year ended December 31, 2024, the Company’s positive revisions of previous estimates of 8,475 Mmcfe resulted primarily from a change in development timing. The company’s total extensions of 5,975 Mmcfe resulted primarily from the drilling of 183 wells. The purchase of reserves in place of 14,588 Mmcfe was due to an acquisition in the Marcellus Shale.

Standardized Measure of Discounted Cash Flows

The standardized measure of discounted future net cash flows are based on the unweighted average, first-day-of-the-month price. The projections should not be viewed as realistic estimates of future cash flows, nor should the “standardized measure” be interpreted as representing current value to the Company. Material revisions to estimates of proved reserves may occur in the future; development and production of the reserves may not occur in the periods assumed; actual prices realized are expected to vary significantly from those used; and actual costs may vary.