2023 Q4 Form 10-K Financial Statement

#000095017024022649 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2021
Revenue $149.4M $593.4M $68.01M
YoY Change 49.43% 60.53% 74.91%
Cost Of Revenue $3.935M
YoY Change 40.19%
Gross Profit $64.07M
YoY Change 77.62%
Gross Profit Margin 94.21%
Selling, General & Admin $11.03M $46.12M $15.88M
YoY Change 33.23% 59.92% 13.52%
% of Gross Profit 24.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.60M $291.3M $15.34M
YoY Change 84.37% 178.75% 7.96%
% of Gross Profit 23.94%
Operating Expenses $79.64M $558.0M $31.12M
YoY Change 75.06% 217.71% 10.76%
Operating Profit $35.39M $32.96M
YoY Change -81.76% 312.96%
Interest Expense -$3.223M $93.41M -$1.924M
YoY Change -89.85% 163.14% -12.43%
% of Operating Profit 263.96% -5.84%
Other Income/Expense, Net $0.00 $2.950M $517.0K
YoY Change -100.0% -19.44% -90.16%
Pretax Income -$112.9M -$60.98M $31.55M
YoY Change -2330.91% -132.13% 185.87%
Income Tax -$21.17M -$14.28M $4.059M
% Of Pretax Income 12.86%
Net Earnings -$37.75M -$15.54M $12.90M
YoY Change 37272.28% -198.95% 30.68%
Net Earnings / Revenue -25.27% -2.62% 18.97%
Basic Earnings Per Share -$0.20
Diluted Earnings Per Share -$0.46 -$0.20 $1.11
COMMON SHARES
Basic Shares Outstanding 81.27M
Diluted Shares Outstanding 81.27M

Balance Sheet

Concept 2023 Q4 2023 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.20M $15.20M $2.768M
YoY Change -19.25% -19.25% 1.62%
Cash & Equivalents $15.20M $15.20M $2.768M
Short-Term Investments
Other Short-Term Assets $31.44M $31.44M $1.220M
YoY Change 0.25% 0.25% 59.27%
Inventory
Prepaid Expenses $12.36M
Receivables $107.3M $107.3M $10.02M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $154.0M $154.0M $14.01M
YoY Change -19.88% -19.88% 57.21%
LONG-TERM ASSETS
Property, Plant & Equipment $4.581B $4.587B $822.0K
YoY Change -7.46% -7.45% -46.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.835M $17.48M $53.47M
YoY Change 65.4% -21.17% -7.31%
Total Long-Term Assets $4.605B $4.605B $247.8M
YoY Change -7.51% -7.51% -7.08%
TOTAL ASSETS
Total Short-Term Assets $154.0M $154.0M $14.01M
Total Long-Term Assets $4.605B $4.605B $247.8M
Total Assets $4.759B $4.759B $261.8M
YoY Change -7.97% -7.97% -5.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.05M $30.05M $3.471M
YoY Change 37.22% 37.22% 125.39%
Accrued Expenses $1.725M $1.725M $300.0K
YoY Change 10.36% 10.36% -62.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.78M $31.78M $3.973M
YoY Change 20.31% 20.31% 28.29%
LONG-TERM LIABILITIES
Long-Term Debt $865.3M $865.3M $40.00M
YoY Change -7.83% -7.83% 0.5%
Other Long-Term Liabilities $1.150M $6.544M $3.612M
YoY Change 1192.13% 21.36% -16.6%
Total Long-Term Liabilities $1.132B $871.9M $43.61M
YoY Change -10.03% -7.67% -1.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.78M $31.78M $3.973M
Total Long-Term Liabilities $1.132B $871.9M $43.61M
Total Liabilities $1.164B $3.151B $131.2M
YoY Change -9.4% -8.63% -3.45%
SHAREHOLDERS EQUITY
Retained Earnings -$187.7M
YoY Change 1939.97%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.608B $1.608B $130.7M
YoY Change
Total Liabilities & Shareholders Equity $4.759B $4.759B $261.8M
YoY Change -7.97% -7.97% -5.0%

Cashflow Statement

Concept 2023 Q4 2023 2021
OPERATING ACTIVITIES
Net Income -$37.75M -$15.54M $12.90M
YoY Change 37272.28% -198.95% 30.68%
Depreciation, Depletion And Amortization $68.60M $291.3M $15.34M
YoY Change 84.37% 178.75% 7.96%
Cash From Operating Activities $132.7M $487.5M $42.99M
YoY Change -2269.78% 195.53% 56.69%
INVESTING ACTIVITIES
Capital Expenditures $935.0K $173.0M $1.272M
YoY Change -298.09% -69.01% -47.68%
Acquisitions
YoY Change
Other Investing Activities $113.3M $2.479M $136.0K
YoY Change 924.86% 699.68%
Cash From Investing Activities $112.4M -$59.73M -$1.272M
YoY Change 874.78% -89.3% -47.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -231.2M -431.4M -41.67M
YoY Change -9012.45% -207.96% 67.87%
NET CHANGE
Cash From Operating Activities 132.7M 487.5M 42.99M
Cash From Investing Activities 112.4M -59.73M -1.272M
Cash From Financing Activities -231.2M -431.4M -41.67M
Net Change In Cash 13.86M -3.623M 44.00K
YoY Change 73.07% -156.27% -75.69%
FREE CASH FLOW
Cash From Operating Activities $132.7M $487.5M $42.99M
Capital Expenditures $935.0K $173.0M $1.272M
Free Cash Flow $131.7M $314.5M $41.71M
YoY Change -2434.7% -179.93% 66.83%

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CY2022 str Increase Decrease In Accrued Revenue And Accounts Receivable Net
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CY2021 str Increase Decrease In Accrued Revenue And Accounts Receivable Net
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CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Due To Affiliates
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CY2023 str Increase Decrease In Operating Lease Liabilities And Other Long Term Liabilities
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CY2022 str Increase Decrease In Operating Lease Liabilities And Other Long Term Liabilities
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CY2021 str Increase Decrease In Operating Lease Liabilities And Other Long Term Liabilities
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 str Predecessor Cash Not Contributed In The Merger
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CY2023 str Payments To Acquire Oil And Gas Properties Net Of Post Close Adjustments
PaymentsToAcquireOilAndGasPropertiesNetOfPostCloseAdjustments
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CY2022 str Payments To Acquire Oil And Gas Properties Net Of Post Close Adjustments
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CY2021 str Payments To Acquire Oil And Gas Properties Net Of Post Close Adjustments
PaymentsToAcquireOilAndGasPropertiesNetOfPostCloseAdjustments
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CY2023 str Payments For Proceeds From Explore And Develop Sale Of Oil And Gas Properties
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CY2021 str Payments For Proceeds From Explore And Develop Sale Of Oil And Gas Properties
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CY2023 us-gaap Payments For Proceeds From Other Investing Activities
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CY2022 us-gaap Payments For Proceeds From Other Investing Activities
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CY2021 us-gaap Payments For Proceeds From Other Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Long Term Lines Of Credit
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CY2022 us-gaap Proceeds From Long Term Lines Of Credit
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CY2021 us-gaap Proceeds From Long Term Lines Of Credit
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CY2021 us-gaap Repayments Of Long Term Lines Of Credit
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CY2022 us-gaap Proceeds From Lines Of Credit
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CY2022 us-gaap Repayments Of Lines Of Credit
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CY2023 us-gaap Payments Of Debt Issuance Costs
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CY2022 us-gaap Payments Of Debt Issuance Costs
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CY2021 us-gaap Payments Of Debt Issuance Costs
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CY2023 us-gaap Payments Of Debt Extinguishment Costs
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CY2022 str Distribution Paid To Temporary Equity
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CY2023 us-gaap Payments To Minority Shareholders
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CY2022 us-gaap Payments To Minority Shareholders
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CY2021 us-gaap Payments To Minority Shareholders
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CY2023 us-gaap Payments Of Dividends Common Stock
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CY2022 us-gaap Payments Of Dividends Common Stock
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CY2023 str Distributions Paid Related To Distribution Equivalent Rights
DistributionsPaidRelatedToDistributionEquivalentRights
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CY2022 str Distributions Paid Related To Distribution Equivalent Rights
DistributionsPaidRelatedToDistributionEquivalentRights
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CY2021 str Issuance Of Equity In Consolidated Subsidiary
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CY2021 us-gaap Proceeds From Contributed Capital
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CY2021 us-gaap Payments Of Capital Distribution
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CY2023 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2022 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
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CY2021 us-gaap Payments For Repurchase Of Initial Public Offering
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CY2022 us-gaap Proceeds From Payments For Other Financing Activities
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023 str Oil And Gas Properties Acquired Through Issuance Of Class C Stock In Consolidated Subsidiary
OilAndGasPropertiesAcquiredThroughIssuanceOfClassCStockInConsolidatedSubsidiary
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CY2022 str Oil And Gas Properties Acquired Through Issuance Of Class C Stock In Consolidated Subsidiary
OilAndGasPropertiesAcquiredThroughIssuanceOfClassCStockInConsolidatedSubsidiary
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CY2021 str Oil And Gas Properties Acquired Through Issuance Of Class C Stock In Consolidated Subsidiary
OilAndGasPropertiesAcquiredThroughIssuanceOfClassCStockInConsolidatedSubsidiary
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CY2023 str Oil And Gas Properties Acquired Through Issuance Of Class C Stock And Common Units In Consolidated Subsidiary
OilAndGasPropertiesAcquiredThroughIssuanceOfClassCStockAndCommonUnitsInConsolidatedSubsidiary
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CY2022 str Oil And Gas Properties Acquired Through Issuance Of Class C Stock And Common Units In Consolidated Subsidiary
OilAndGasPropertiesAcquiredThroughIssuanceOfClassCStockAndCommonUnitsInConsolidatedSubsidiary
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CY2021 str Oil And Gas Properties Acquired Through Issuance Of Equity In Consolidated Subsidiary
OilAndGasPropertiesAcquiredThroughIssuanceOfEquityInConsolidatedSubsidiary
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CY2021 str Oil And Gas Properties Acquired Through Deemed Distribution In Connection With Common Control Transaction
OilAndGasPropertiesAcquiredThroughDeemedDistributionInConnectionWithCommonControlTransaction
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CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
706940000
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
9276000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1866000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
25000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
77310000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
29030000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1268000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1063143000
us-gaap Profit Loss
ProfitLoss
78104000
str Partners Capital Account Contribution
PartnersCapitalAccountContribution
-13318000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1127929000
str Stock Issued During Period Value Reverse Stock Splits
StockIssuedDuringPeriodValueReverseStockSplits
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us-gaap Net Income Loss
NetIncomeLoss
15751000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7965000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
34038000
str Change In Deferred Tax Assset From Conversion Of Convertible Securities
ChangeInDeferredTaxAsssetFromConversionOfConvertibleSecurities
8211000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
18165000
us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
579000
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q4 str Increase Decrease In Merger Transaction
IncreaseDecreaseInMergerTransaction
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CY2022Q4 str Reclassification From Temporary Equity To Non Controlling Interest
ReclassificationFromTemporaryEquityToNonControllingInterest
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CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023 us-gaap Profit Loss
ProfitLoss
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CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2023 str Issuance Of Stock Upon Vesting Of Restricted Stock Units Net Of Shares Withheld For Income Taxes Value
IssuanceOfStockUponVestingOfRestrictedStockUnitsNetOfSharesWithheldForIncomeTaxesValue
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CY2023 str Class Of Stock Withheld For Income Taxes Upon Vesting Of Rsas And Held In Treasury Value
ClassOfStockWithheldForIncomeTaxesUponVestingOfRsasAndHeldInTreasuryValue
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CY2023 str Change In Deferred Tax Assset From Conversion Of Convertible Securities
ChangeInDeferredTaxAsssetFromConversionOfConvertibleSecurities
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CY2023 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
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CY2023 us-gaap Dividends Share Based Compensation Cash
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CY2023 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2023 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
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CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q2 str Class Of Warrant Or Right Expiration Period
ClassOfWarrantOrRightExpirationPeriod
2023-08
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q4 str Accrued Revenue And Accounts Receivable
AccruedRevenueAndAccountsReceivable
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CY2023 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
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CY2021 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
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CY2023 str Impairment Of Proved Oil And Natural Gas Properties
ImpairmentOfProvedOilAndNaturalGasProperties
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CY2022 str Impairment Of Proved Oil And Natural Gas Properties
ImpairmentOfProvedOilAndNaturalGasProperties
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CY2021 str Impairment Of Proved Oil And Natural Gas Properties
ImpairmentOfProvedOilAndNaturalGasProperties
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s estimates and classification of oil and natural gas reserves are, by necessity, projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that are difficult to measure. The accuracy of any reserve estimate is a function of the quality of available data, engineering, and geological interpretation and judgment. Estimates of economically recoverable oil and natural gas reserves and future net cash flows necessarily depend upon several variable factors and assumptions. These factors and assumptions include historical production from the area compared with production from other producing areas, the assumed effect of regulations by governmental agencies, and assumptions governing future oil and natural gas prices. For these reasons, estimates of the economically recoverable quantities of expected oil and natural gas and estimates of the future net cash flows may vary substantially.</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Any significant variance in the assumptions could materially affect the estimated quantity of reserves, which could affect the carrying value of the Company’s oil and natural gas properties and/or the rate of depletion related to oil and natural gas properties.</span></p>
CY2023Q4 str Accrued Revenue
AccruedRevenue
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CY2022Q4 str Accrued Revenue
AccruedRevenue
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CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
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CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
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CY2023Q4 str Accrued Revenue And Accounts Receivable
AccruedRevenueAndAccountsReceivable
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CY2023 str Impairment Of Unproved Properties
ImpairmentOfUnprovedProperties
0
CY2022 str Impairment Of Unproved Properties
ImpairmentOfUnprovedProperties
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CY2021 str Impairment Of Unproved Properties
ImpairmentOfUnprovedProperties
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CY2023 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Derivative Financial Instruments</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In order to manage its exposure to oil, natural gas, and NGL price volatility as well as interest rate volatility, the Company may periodically enter into derivative transactions, which may include commodity swap agreements, basis swap agreements, two- and three-way collars, and other similar agreements which help manage the price risk associated with the Company’s production. From time to time, the Company may periodically enter into various interest rate derivative contracts to manage exposures to changes in interest rates from variable rate obligations. These derivatives are not entered into for trading or speculative purposes. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The Company has exposure to credit risk to the extent that the counterparty is unable to satisfy its settlement obligations. All derivative counterparties are current lenders under Sitio’s Revolving Credit Facility (defined below). Accordingly, the Company is not required to provide any credit support to its derivative counterparties other than cross collateralization with the properties securing the Sitio Revolving Credit Facility.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company records derivative instruments on its consolidated balance sheets as either assets or liabilities measured at fair value and records changes in the fair value of derivatives in current earnings as they occur. Changes in the fair value of commodity and interest rate derivatives, including gains or losses on settled derivatives, are classified as other income or loss on the Company’s consolidated statements of operations. The Company’s derivatives have not been designated as hedges for accounting purposes.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1377000
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
10364000
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
9209000
CY2023Q4 str Payable To Seller For Pre Effective Monies Current
PayableToSellerForPreEffectiveMoniesCurrent
2268000
CY2022Q4 str Payable To Seller For Pre Effective Monies Current
PayableToSellerForPreEffectiveMoniesCurrent
2243000
CY2023Q4 str General And Administrative Expense Current
GeneralAndAdministrativeExpenseCurrent
1889000
CY2022Q4 str General And Administrative Expense Current
GeneralAndAdministrativeExpenseCurrent
1931000
CY2023Q4 str Payable To Buyer For Post Effective Monies
PayableToBuyerForPostEffectiveMonies
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CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
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CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
2713000
CY2023Q4 str Deferred Financing Costs And Debt Issuance Costs Payable
DeferredFinancingCostsAndDebtIssuanceCostsPayable
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CY2022Q4 str Deferred Financing Costs And Debt Issuance Costs Payable
DeferredFinancingCostsAndDebtIssuanceCostsPayable
206000
CY2022Q4 str Accrued Expences On Acquisition
AccruedExpencesOnAcquisition
2878000
CY2022Q4 str Accrued Prepaids
AccruedPrepaids
1330000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
268000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
30050000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
21899000
CY2023 us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
The Company typically receives payment for oil, natural gas and NGL sales within 30 to 90 days of the month of delivery after initial production from the well. Such periods can extend longer due to factors outside of our control.
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
355430000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
118548000
CY2023Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
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CY2022Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
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CY2023Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
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CY2022Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
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CY2023Q4 us-gaap Oil And Gas Property Successful Effort Method Gross
OilAndGasPropertySuccessfulEffortMethodGross
5076187000
CY2022Q4 us-gaap Oil And Gas Property Successful Effort Method Gross
OilAndGasPropertySuccessfulEffortMethodGross
5170650000
CY2023Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion Amortization And Impairment
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment
496879000
CY2022Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion Amortization And Impairment
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment
222072000
CY2023Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
4579308000
CY2022Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
4948578000
CY2023 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
170500000
CY2022 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
557600000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13723000
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81269000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13723000
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.2
CY2021 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
38500000
CY2023 str Oil And Gas Properties Acquired Through Issuance Of Class A Common Stock Class C Common Stock And Common Units In Consolidated Subsidiary
OilAndGasPropertiesAcquiredThroughIssuanceOfClassACommonStockClassCCommonStockAndCommonUnitsInConsolidatedSubsidiary
70700000
CY2022 str Oil And Gas Properties Acquired Through Issuance Of Class A Common Stock Class C Common Stock And Common Units In Consolidated Subsidiary
OilAndGasPropertiesAcquiredThroughIssuanceOfClassACommonStockClassCCommonStockAndCommonUnitsInConsolidatedSubsidiary
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CY2021 str Oil And Gas Properties Acquired Through Issuance Of Equity In Consolidated Subsidiary
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As a result of the Falcon Merger, the Company’s warrants were adjusted such that four whole warrants became exercisable for one share of Class A Common Stock at an exercise price of $44.84 per share of Class A Common Stock.
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On February 28, 2024, the Company declared a cash dividend of $0.51 per share of Class A Common Stock with respect to the fourth quarter of 2023. The dividend is payable on March 28, 2024 to the stockholders of record at the close of business on March 15, 2024
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CY2021 srt Proved Developed And Undeveloped Reserve Improved Recovery Energy
ProvedDevelopedAndUndevelopedReserveImprovedRecoveryEnergy
1184000
CY2021 srt Proved Developed And Undeveloped Reserve Net Energy Period Increase Decrease
ProvedDevelopedAndUndevelopedReserveNetEnergyPeriodIncreaseDecrease
490000
CY2023Q4 str Future Net Cash Flows Relating To Proved Oil And Gas Reserves Sales
FutureNetCashFlowsRelatingToProvedOilAndGasReservesSales
3694666000
CY2022Q4 str Future Net Cash Flows Relating To Proved Oil And Gas Reserves Sales
FutureNetCashFlowsRelatingToProvedOilAndGasReservesSales
4812767000
CY2021Q4 str Future Net Cash Flows Relating To Proved Oil And Gas Reserves Sales
FutureNetCashFlowsRelatingToProvedOilAndGasReservesSales
1068652000
CY2023Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Production Costs
FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts
293754000
CY2022Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Production Costs
FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts
404982000
CY2021Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Production Costs
FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts
90137000
CY2023Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Income Tax Expense
FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense
233754000
CY2022Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Income Tax Expense
FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense
438049000
CY2021Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Income Tax Expense
FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense
5302000
CY2023Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Net Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows
3167158000
CY2022Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Net Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows
3969736000
CY2021Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Net Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows
973213000
CY2023Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Ten Percent Annual Discount For Estimated Timing Of Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows
1408828000
CY2022Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Ten Percent Annual Discount For Estimated Timing Of Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows
1792681000
CY2021Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Ten Percent Annual Discount For Estimated Timing Of Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows
437910000
CY2022Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
2177055000
CY2022Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
2177055000
CY2021Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
535303000
CY2022Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
2177055000
CY2021Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
535303000
CY2020Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
123559000
CY2023 srt Net Increase Decrease In Sales And Transfer Prices And Production Costs
NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts
-772593000
CY2022 srt Net Increase Decrease In Sales And Transfer Prices And Production Costs
NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts
250889000
CY2021 srt Net Increase Decrease In Sales And Transfer Prices And Production Costs
NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts
119993000
CY2023 srt Sales And Transfers Of Oil And Gas Produced Net Of Production Costs
SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts
527603000
CY2022 srt Sales And Transfers Of Oil And Gas Produced Net Of Production Costs
SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts
329858000
CY2021 srt Sales And Transfers Of Oil And Gas Produced Net Of Production Costs
SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts
111691000
CY2023 srt Extensions Discoveries Additions And Improved Recovery Less Related Costs
ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts
505597000
CY2022 srt Extensions Discoveries Additions And Improved Recovery Less Related Costs
ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts
234973000
CY2021 srt Extensions Discoveries Additions And Improved Recovery Less Related Costs
ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts
29853000
CY2023 srt Increase Due To Purchases Of Minerals In Place
IncreaseDueToPurchasesOfMineralsInPlace
126066000
CY2022 srt Increase Due To Purchases Of Minerals In Place
IncreaseDueToPurchasesOfMineralsInPlace
1645909000
CY2021 srt Increase Due To Purchases Of Minerals In Place
IncreaseDueToPurchasesOfMineralsInPlace
326192000
CY2023 srt Decrease Due To Sales Of Minerals In Place
DecreaseDueToSalesOfMineralsInPlace
116884000
CY2023 srt Revisions Of Previous Quantity Estimates
RevisionsOfPreviousQuantityEstimates
7589000
CY2022 srt Revisions Of Previous Quantity Estimates
RevisionsOfPreviousQuantityEstimates
40803000
CY2021 srt Revisions Of Previous Quantity Estimates
RevisionsOfPreviousQuantityEstimates
43843000
CY2023 srt Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves
110549000
CY2022 srt Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves
-244815000
CY2021 srt Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves
-2205000
CY2023 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscount
242477000
CY2022 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscount
53820000
CY2021 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscount
12426000
CY2023 srt Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Other
StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesOther
6077000
CY2022 srt Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Other
StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesOther
-9969000
CY2021 srt Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Other
StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesOther
-6667000
CY2023Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
1758330000
CY2022Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
2177055000
CY2021Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
535303000

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