Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.23.2
PROPERTY AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
June 30, 2023 December 31, 2022
Proved oil and natural gas properties $ 2,695,104  $ 2,418,666 
Unproved properties 188,461  178,472 
Other depreciable property and equipment 7,033  5,977 
Land 386  386 
Total property and equipment 2,890,984  2,603,501 
Accumulated DD&A (705,153) (545,771)
Property and equipment, net $ 2,185,831  $ 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 (in thousands):
June 30, 2023 December 31, 2022
Utica $ 159,412  $ 147,370 
SCOOP 29,049  31,102 
Total unproved properties $ 188,461  $ 178,472 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company’s asset retirement obligation for the six months ended June 30, 2023 and 2022 (in thousands):
Six Months Ended June 30, 2023 Six Months Ended June 30, 2022
Asset retirement obligation, beginning of period $ 33,171  $ 28,264 
Liabilities incurred 73  22 
Liabilities settled (165) — 
Liabilities removed due to divestitures (919) (7)
Accretion expense 1,478  1,384 
Total asset retirement obligation, end of period $ 33,638  $ 29,663