Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.23.1
PROPERTY AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A as of March 31, 2023 and December 31, 2022, are as follows (in thousands):
March 31, 2023 December 31, 2022
Proved oil and natural gas properties $ 2,564,378  $ 2,418,666 
Unproved properties 183,456  178,472 
Other depreciable property and equipment 6,788  5,977 
Land 386  386 
Total property and equipment 2,755,008  2,603,501 
Accumulated DD&A (625,019) (545,771)
Property and equipment, net $ 2,129,989  $ 2,057,730 
Schedule of Non-Producing Properties Excluded from Amortization by Area
The following table summarizes the Company’s non-producing properties excluded from amortization by area as of March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023 December 31, 2022
Utica $ 153,435  $ 147,370 
SCOOP 30,021  31,102 
Total unproved properties $ 183,456  $ 178,472 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company’s asset retirement obligation for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31, 2023 Three Months Ended March 31, 2022
Asset retirement obligation, beginning of period $ 33,171  $ 28,264 
Liabilities incurred —  16 
Liabilities settled (165) — 
Liabilities removed due to divestitures (919) — 
Accretion expense 764  692 
Total asset retirement obligation as of end of period $ 32,851  $ 28,972