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Supplemental Oil and Gas Disclosures (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

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):


	Year Ended December 31,
	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

Company's Share of Equity Investees:
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.

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.


	Year Ended December 31,
	2023		2022		2021
Consolidated Entities:
Property acquisition costs:
Proved properties	$	951,703	$	—	$	210
Unproved properties, not subject to amortization		249,688		2,221		—
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

Company's Share of Equity Investees:
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.

Schedule of Estimated Proved Reserves at Net Ownership Interest

The following table presents the Company’s estimated proved reserves at its net ownership interest:


	Oil (MBbls)			Gas (MMcf)			NGL (MBbls)			Oil Equivalent (MBoe)
Consolidated Entities:
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
Total Proved Developed Reserves as of:
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
Total Proved Undeveloped Reserves as of:
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

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):


	Year Ended December 31,
	2023			2022			2021
Consolidated Entities:
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

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:


	Year Ended December 31,
	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

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):


	Year Ended December 31,
	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

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

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- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

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