Supplemental Oil and Gas Disclosures (Unaudited) (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Extractive Industries [Abstract] |
|
Schedule of Capitalized Costs Related to Oil, Natural Gas and NGL Activities and Related Accumulated Depletion and Amortization |
Aggregate amounts of capitalized costs relating to oil, natural gas and NGL activities and the aggregate amount of related accumulated depletion and amortization as of the dates indicated are presented below (in thousands):
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Year Ended December 31, |
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2023 |
|
2022 |
|
2021 |
|
Consolidated Entities: |
|
|
|
|
|
|
Proved properties |
$ |
7,906,295 |
|
$ |
5,964,340 |
|
$ |
5,232,480 |
|
Unproved oil and gas properties, not subject to amortization(1) |
|
268,315 |
|
|
154,783 |
|
|
219,055 |
|
Total oil and gas properties |
|
8,174,610 |
|
|
6,119,123 |
|
|
5,451,535 |
|
Less: Accumulated depletion |
|
4,143,491 |
|
|
3,484,590 |
|
|
3,072,907 |
|
Net capitalized costs |
$ |
4,031,119 |
|
$ |
2,634,533 |
|
$ |
2,378,628 |
|
Depletion and amortization rate (Per Boe) |
$ |
27.23 |
|
$ |
18.95 |
|
$ |
16.71 |
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|
|
|
|
|
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Company's Share of Equity Investees: |
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|
|
|
|
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Unproved oil and gas properties, not subject to amortization |
$ |
56,579 |
|
$ |
— |
|
$ |
— |
|
(1)Amount includes $111.4 million and $110.3 million of unproved properties, not subject to amortization, related to the Company’s operations in offshore Mexico for the years ended December 31, 2022 and 2021, respectively.
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Schedule of Costs Incurred in Oil, Natural Gas and NGL Property Acquisition, Exploration and Development Activities |
The following table reflects the costs incurred in oil, natural gas and NGL property acquisition, exploration and development activities during the years indicated (in thousands). Costs incurred also include new asset retirement obligations established in the current year, as well as increases or decreases to the asset retirement obligations resulting from changes to estimates during the year.
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Year Ended December 31, |
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2023 |
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2022 |
|
2021 |
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Consolidated Entities: |
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|
|
|
|
|
Property acquisition costs: |
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|
|
|
|
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Proved properties |
$ |
951,703 |
|
$ |
— |
|
$ |
210 |
|
Unproved properties, not subject to amortization |
|
249,688 |
|
|
2,221 |
|
|
— |
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Total property acquisition costs |
|
1,201,391 |
|
|
2,221 |
|
|
210 |
|
Exploration costs(1) |
|
161,296 |
|
|
125,889 |
|
|
23,844 |
|
Development costs |
|
805,148 |
|
|
541,512 |
|
|
245,058 |
|
Total costs incurred |
$ |
2,167,835 |
|
$ |
669,622 |
|
$ |
269,112 |
|
|
|
|
|
|
|
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Company's Share of Equity Investees: |
|
|
|
|
|
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Exploration costs |
$ |
290 |
|
$ |
— |
|
$ |
— |
|
(1)Amount includes nil, $1.2 million and $6.6 million of exploration costs related to the Company’s operations in offshore Mexico for the years ended December 31, 2023, 2022 and 2021, respectively.
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Schedule of Estimated Proved Reserves at Net Ownership Interest |
The following table presents the Company’s estimated proved reserves at its net ownership interest:
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Oil (MBbls) |
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Gas (MMcf) |
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NGL (MBbls) |
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Oil Equivalent (MBoe) |
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Consolidated Entities: |
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Total proved reserves at December 31, 2020 |
|
109,307 |
|
|
257,208 |
|
|
10,858 |
|
|
163,033 |
|
Revision of previous estimates |
|
13,619 |
|
|
8,979 |
|
|
5,137 |
|
|
20,252 |
|
Production |
|
(16,159 |
) |
|
(32,795 |
) |
|
(1,875 |
) |
|
(23,500 |
) |
Extensions and discoveries |
|
997 |
|
|
2,961 |
|
|
315 |
|
|
1,806 |
|
Total proved reserves at December 31, 2021 |
|
107,764 |
|
|
236,353 |
|
|
14,435 |
|
|
161,591 |
|
Revision of previous estimates |
|
(5,625 |
) |
|
(8,302 |
) |
|
(2,002 |
) |
|
(9,010 |
) |
Production |
|
(14,561 |
) |
|
(32,215 |
) |
|
(1,793 |
) |
|
(21,723 |
) |
Sales of reserves |
|
(158 |
) |
|
(7,625 |
) |
|
— |
|
|
(1,429 |
) |
Extensions and discoveries |
|
3,639 |
|
|
31,340 |
|
|
2,288 |
|
|
11,150 |
|
Total proved reserves at December 31, 2022 |
|
91,059 |
|
|
219,551 |
|
|
12,928 |
|
|
140,579 |
|
Revision of previous estimates |
|
(6,308 |
) |
|
(62,946 |
) |
|
(1,283 |
) |
|
(18,082 |
) |
Production |
|
(18,062 |
) |
|
(26,194 |
) |
|
(1,767 |
) |
|
(24,195 |
) |
Purchases of reserves |
|
41,871 |
|
|
36,690 |
|
|
1,116 |
|
|
49,102 |
|
Extensions and discoveries |
|
2,255 |
|
|
12,770 |
|
|
979 |
|
|
5,362 |
|
Total proved reserves at December 31, 2023 |
|
110,815 |
|
|
179,871 |
|
|
11,973 |
|
|
152,766 |
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Total Proved Developed Reserves as of: |
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|
|
|
|
|
|
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December 31, 2021 |
|
93,420 |
|
|
186,442 |
|
|
11,792 |
|
|
136,286 |
|
December 31, 2022 |
|
80,285 |
|
|
161,727 |
|
|
9,315 |
|
|
116,555 |
|
December 31, 2023 |
|
98,225 |
|
|
141,823 |
|
|
9,957 |
|
|
131,819 |
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Total Proved Undeveloped Reserves as of: |
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|
|
|
|
|
|
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December 31, 2021 |
|
14,344 |
|
|
49,911 |
|
|
2,643 |
|
|
25,305 |
|
December 31, 2022 |
|
10,774 |
|
|
57,824 |
|
|
3,613 |
|
|
24,024 |
|
December 31, 2023 |
|
12,590 |
|
|
38,048 |
|
|
2,016 |
|
|
20,947 |
|
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Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Interest in Proved Oil, Natural Gas and NGL Reserves |
The following table reflects the standardized measure of discounted future net cash flows relating to the Company’s interest in proved oil, natural gas and NGL reserves (in thousands):
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Year Ended December 31, |
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|
2023 |
|
2022 |
|
2021 |
|
Consolidated Entities: |
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|
|
|
|
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Future cash inflows |
$ |
9,425,055 |
|
$ |
10,674,896 |
|
$ |
8,496,005 |
|
Future costs: |
|
|
|
|
|
|
Production |
|
(3,090,491 |
) |
|
(1,906,752 |
) |
|
(1,868,818 |
) |
Development and abandonment |
|
(2,358,368 |
) |
|
(1,873,453 |
) |
|
(1,422,507 |
) |
Future net cash flows before income taxes |
|
3,976,196 |
|
|
6,894,691 |
|
|
5,204,680 |
|
Future income tax expense |
|
(589,413 |
) |
|
(1,114,409 |
) |
|
(676,778 |
) |
Future net cash flows after income taxes |
|
3,386,783 |
|
|
5,780,282 |
|
|
4,527,902 |
|
Discount at 10% annual rate |
|
(343,295 |
) |
|
(1,411,834 |
) |
|
(1,087,291 |
) |
Standardized measure of discounted future net cash flows |
$ |
3,043,488 |
|
$ |
4,368,448 |
|
$ |
3,440,611 |
|
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Schedule of Base Prices Used in Determining Standardized Measure |
Future cash inflows are computed by applying SEC Pricing to year-end quantities of proved reserves. The discounted future cash flow estimates do not include the effects of derivative instruments. See the following table for SEC Pricing used in determining the standardized measure:
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Year Ended December 31, |
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|
2023 |
|
2022 |
|
2021 |
|
Oil price per Bbl |
$ |
78.56 |
|
$ |
96.03 |
|
$ |
67.14 |
|
Natural gas price per Mcf |
$ |
2.75 |
|
$ |
6.80 |
|
$ |
3.71 |
|
NGL price per Bbl |
$ |
18.77 |
|
$ |
33.89 |
|
$ |
26.62 |
|
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Schedule of Principal Changes in Standardized Measure of Discounted Future Net Cash Flows |
Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved oil, natural gas and NGL reserves are as follows (in thousands):
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Year Ended December 31, |
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|
2023 |
|
2022 |
|
2021 |
|
Consolidated Entities: |
|
|
|
|
|
|
Standardized measure, beginning of year |
$ |
4,368,448 |
|
$ |
3,440,611 |
|
$ |
1,904,934 |
|
Sales and transfers of oil, net gas and NGLs produced during the period |
|
(1,065,814 |
) |
|
(1,340,400 |
) |
|
(957,576 |
) |
Net change in prices and production costs |
|
(2,835,125 |
) |
|
2,388,442 |
|
|
2,049,980 |
|
Changes in estimated future development and abandonment costs |
|
(19,877 |
) |
|
(84,391 |
) |
|
(57,876 |
) |
Previously estimated development and abandonment costs incurred |
|
202,503 |
|
|
20,107 |
|
|
69,125 |
|
Accretion of discount |
|
518,110 |
|
|
392,600 |
|
|
199,849 |
|
Net change in income taxes |
|
357,321 |
|
|
(327,265 |
) |
|
(391,834 |
) |
Purchases of reserves |
|
2,033,852 |
|
|
— |
|
|
— |
|
Sales of reserves |
|
— |
|
|
(5,218 |
) |
|
— |
|
Extensions and discoveries |
|
90,244 |
|
|
202,239 |
|
|
45,485 |
|
Net change due to revision in quantity estimates |
|
(484,423 |
) |
|
(255,743 |
) |
|
426,357 |
|
Changes in production rates (timing) and other |
|
(121,751 |
) |
|
(62,534 |
) |
|
152,167 |
|
Standardized measure, end of year |
$ |
3,043,488 |
|
$ |
4,368,448 |
|
$ |
3,440,611 |
|
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