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SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Selected financial information for segments

The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.”


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Three Months Ended September 30, 2023
Oil and natural gas revenues	$	700,227	$	1,300	$	—	$	—	$	701,527
Midstream services revenues	—		89,300		—		(59,369)		29,931
Sales of purchased natural gas	5,719		34,610		—		—		40,329

Realized loss on derivatives	(6,975)		—		—		—		(6,975)
Unrealized gain on derivatives	7,482		—		—		—		7,482
Expenses(1)	383,259		79,353		29,041		(59,369)		432,284
Operating income(2)	$	323,194	$	45,857	$	(29,041)	$	—	$	340,010






Total assets	$	6,246,067	$	1,131,399	$	61,697	$	—	$	7,439,163
Capital expenditures(3)	$	249,293	$	55,922	$	486	$	—	$	305,701

_____________________

(1)Includes depletion, depreciation and amortization expenses of $182.2 million and $10.3 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million.

(2)Includes $14.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Includes $53.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $14.1 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Three Months Ended September 30, 2022
Oil and natural gas revenues	$	746,874	$	4,570	$	—	$	—	$	751,444
Midstream services revenues	—		75,844		—		(51,137)		24,707
Sales of purchased natural gas	51,563		26,380		—		—		77,943

Realized loss on derivatives	(56,263)		—		—		—		(56,263)
Unrealized gain on derivatives	43,097		—		—		—		43,097
Expenses(1)	318,746		66,270		23,775		(51,137)		357,654
Operating income(2)	$	466,525	$	40,524	$	(23,775)	$	—	$	483,274






Total assets	$	3,900,138	$	997,839	$	407,173	$	—	$	5,305,150
Capital expenditures(3)	$	302,499	$	27,851	$	407	$	—	$	330,757

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(1)Includes depletion, depreciation and amortization expenses of $109.1 million and $9.2 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million.

(2)Includes $16.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Includes $60.7 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $13.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Nine Months Ended September 30, 2023
Oil and natural gas revenues	$	1,788,307	$	4,046	$	—	$	—	$	1,792,353
Midstream services revenues	—		243,764		—		(157,247)		86,517
Sales of purchased natural gas	17,094		89,387		—		—		106,481

Realized loss on derivatives	(6,454)		—		—		—		(6,454)
Unrealized loss on derivatives	(8,244)		—		—		—		(8,244)
Expenses(1)	992,351		219,324		72,514		(157,247)		1,126,942
Operating income(2)	$	798,352	$	117,873	$	(72,514)	$	—	$	843,711






Total assets	$	6,246,067	$	1,131,399	$	61,697	$	—	$	7,439,163
Capital expenditures(3)	$	2,465,477	$	151,331	$	2,964	$	—	$	2,619,772

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(1)Includes depletion, depreciation and amortization expenses of $466.2 million and $29.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.0 million.

(2)Includes $42.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Includes $1.67 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million attributable to midstream acquisition expenditures and $25.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Nine Months Ended September 30, 2022
Oil and natural gas revenues	$	2,261,395	$	9,333	$	—	$	—	$	2,270,728
Midstream services revenues	—		218,279		—		(154,380)		$	63,899
Sales of purchased natural gas	103,217		54,073		—		—		$	157,290

Realized loss on derivatives	(139,865)		—		—		—		$	(139,865)
Unrealized loss on derivatives	(1,502)		—		—		—		$	(1,502)
Expenses(1)	888,796		157,767		70,797		(154,380)		$	962,980
Operating income(2)	$	1,334,449	$	123,918	$	(70,797)	$	—	$	1,387,570






Total assets	$	3,900,138	$	997,839	$	407,173	$	—	$	5,305,150
Capital expenditures(3)	$	714,987	$	138,975	$	690	$	—	$	854,652

_____________________

(1)Includes depletion, depreciation and amortization expenses of $307.5 million and $25.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.8 million.

(2)Includes $54.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Includes $131.4 million attributable to land and seismic acquisition expenditures related to the exploration and production segment, $75.0 million in midstream acquisition expenditures and $30.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.