Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment

v3.23.3
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Oil and Gas Properties [Text Block]

7. CRUDE OIL, NATURAL GAS and NGLs PROPERTIES AND EQUIPMENT

 

The Company’s crude oil, natural gas and NGLs properties and equipment is comprised of the following: 

 

   

As of September 30, 2023

    

As of December 31, 2022

  
   

(in thousands)

  

Crude oil, natural gas and NGLs properties and equipment - successful efforts method:

                

Wells, platforms and other production facilities

   $ 1,463,395     $ 1,406,888  

Work-in-progress

     —       —  

Undeveloped acreage

     54,443       56,251  

Equipment and other

     44,358       38,796  
      1,562,196       1,501,935  

Accumulated depreciation, depletion, amortization and impairment

     (1,094,319 )     (1,006,663 )

Net crude oil, natural gas and NGLs properties, equipment and other

   $ 467,877     $ 495,272  

 

Exploration Expense

 

The East Arta 54 appraisal well in Egypt was abandoned during the period and subsequently expensed to Exploration Expense. The impact resulted in $1.2 million of expense during the three and nine months ended September 30, 2023.