v3.26.3
Property and Equipment
 9 Months Ended
Sep. 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:
 
September 30,
2026		December 31,
2025
(In thousands)
Oil and gas properties:
Proved properties$7,834,387 $8,301,679 
Unproved properties 204,310 210,161 
Total oil and gas properties 8,038,697 8,511,840 
Accumulated depletion (4,731,377)(4,780,826)
Oil and gas properties, net
3,307,320 3,731,014 
Other property 69,276 68,255 
Accumulated depreciation (67,134)(65,485)
Other property, net 2,142 2,770 
Property and equipment, net $3,309,462 $3,733,784 
 
The decrease in proved properties during the nine months ended September 30, 2026 was primarily attributable to the sale of the Ceiba and Okume Complex production assets in Block G offshore Equatorial Guinea in June 2026 (see Note 3 - Acquisitions and Divestitures). This decrease was partially offset by additions to proved properties during the period, primarily related to infill development activities in the Jubilee Field in Ghana and the Winterfell-5 well 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 during the nine months ended September 30, 2026 include $88.2 million representing 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.

Depletion expense was $106.6 million and $131.7 million for the three months ended September 30, 2026 and 2025, respectively, and $330.1 million and $384.8 million for the nine months ended September 30, 2026 and 2025, respectively.