Annual report [Section 13 and 15(d), not S-K Item 405]

SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)

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SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2025
Extractive Industries [Abstract]  
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities
Capitalized Costs Related to Oil and Gas Producing Activities (in thousands)
Year Ended December 31, 2025 Year Ended December 31, 2024
Proved properties $ 3,902,539  $ 3,349,805 
Unproved properties 232,959  221,650 
Total oil and natural gas properties 4,135,498  3,571,455 
Accumulated depletion and amortization (1,861,570) (1,559,546)
Net capitalized costs $ 2,273,928  $ 2,011,909 
Schedule of Cost Incurred in Oil and Gas Property Acquisition and Development Activities
Costs Incurred in Oil and Gas Property Acquisition, Development and Exploratory Activities (in thousands)
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Acquisition $ 83,601  $ 89,646  $ 93,905 
Development 480,442  373,284  419,431 
Exploratory —  —  — 
Total $ 564,043  $ 462,930  $ 513,336 
Schedule of Results of Operations for Oil and Gas Production Activities The results of operations exclude general office overhead and interest expense attributable to oil and gas production.
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Revenues $ 1,323,527  $ 928,604  $ 1,051,383 
Production costs (473,088) (451,086) (450,996)
Depletion (302,024) (324,078) (318,473)
Impairment —  (373,214) — 
Income tax (expense) benefit (115,495) 56,077  525,156 
Results of operations from producing activities $ 432,920  $ (163,697) $ 807,070 
Depletion per Mcf of gas equivalent (Mcfe) $ 0.80  $ 0.84  $ 0.83 
Schedule of Oil and Gas Reserves These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data.
Oil (MMBbl) Natural Gas (Bcf) NGL (MMBbl) Natural Gas Equivalent (Bcfe)
Proved Reserves
December 31, 2022 18  3,612  54  4,048 
Purchases of reserves —  —  —  — 
Extensions and discoveries 6  875  14  996 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates (4) (411) (1) (445)
Current production (1) (350) (4) (385)
December 31, 2023 19  3,725  63  4,214 
Purchases of reserves —  —  —  — 
Extensions and discoveries 5  398  20  547 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates —  (413) 1  (406)
Current production (1) (354) (4) (386)
December 31, 2024 22  3,356  80  3,969 
Purchases of reserves —  —  —  — 
Extensions and discoveries 3  616  11  701 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates 1  (22) (4) (38)
Current production (2) (338) (5) (379)
December 31, 2025 24  3,612  83  4,253 
Proved developed reserves
December 31, 2022 9  2,034  34  2,295 
December 31, 2023 6  1,980  31  2,203 
December 31, 2024 7  1,879  31  2,109 
December 31, 2025 8  2,157  33  2,404 
Proved undeveloped reserves
December 31, 2022 9  1,578  20  1,752 
December 31, 2023 12  1,746  32  2,011 
December 31, 2024 15  1,478  49  1,861 
December 31, 2025 16  1,455  50  1,848 
Totals may not sum or recalculate due to rounding.
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
The following table summarizes estimated future net cash flows from natural gas and crude oil reserves (in millions):
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Future cash flows $ 15,130  $ 10,474  $ 12,338 
Future development and abandonment costs (1,632) (1,498) (1,625)
Future production costs (6,266) (5,268) (5,641)
Future production taxes (270) (212) (303)
Future income taxes (547) (23) (63)
Future net cash flows 6,414  3,473  4,706 
10% discount to reflect timing of cash flows (3,012) (1,726) (2,323)
Standardized measure of discounted future net cash flows $ 3,403  $ 1,747  $ 2,383 
Totals may not sum or recalculate due to rounding.
Schedule of Future Costs to Settle Asset Retirement Obligations The following table summarizes the total of all future costs to settle asset retirement obligations that are included in future development and abandonment costs above (in millions):
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Future asset retirement obligations $ 255  $ 240  $ 229 
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
The principal source of change in the standardized measure of discounted future net cash flows relating to proved reserves is presented in the table below (in millions):
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Sales and transfers of oil and gas produced, net of production costs $ (850) $ (478) $ (600)
Net changes in prices, production costs, and development costs 1,532  (910) (7,181)
Acquisition of oil and gas reserves in place —  —  — 
Extensions and discoveries 518  368  581 
Previously estimated development costs incurred during the period 246  211  263 
Revisions of previous quantity estimates, less related production costs (21) (21) (278)
Sales of oil and gas reserves in place —  —  — 
Accretion of discount 175  238  828 
Net changes in income taxes (209) 16  1,219 
Change in production rates and other 266  (60) (728)
Total change in standardized measure of discounted future net cash flows $ 1,656  $ (636) $ (5,896)