Quarterly report [Sections 13 or 15(d)]

Oil and Gas Producing Activities

v3.26.1
Oil and Gas Producing Activities
 3 Months Ended
Mar. 31, 2026
Extractive Industries [Abstract]  
Oil and Gas Producing Activities Oil and Gas Producing Activities
Our Share of Oil and Gas Produced

We measure our share of oil and gas produced in barrels of oil equivalent (“Boe”). One Boe equals one barrel of crude oil, condensate, natural gas liquids (“NGL”) or approximately 6,000 cubic feet of gas. For the three months ended March 31, 2026 and 2025, our share of oil and gas produced was approximately 37.1 thousand and 31.1 thousand Boe per day, respectively.

Capitalized Oil and Gas Costs

Aggregate capitalized costs related to oil and gas production activities with applicable accumulated depletion are as follows (in thousands):
March 31,
2026		 December 31,
2025
Oil, natural gas and NGL interests
Proved $ 380,495  $ 369,282 
Unproved 516,942  528,155 
Total oil, natural gas and NGL interests 897,437  897,437 
Less: accumulated depletion (65,987) (57,413)
Net oil, natural gas and NGL interests capitalized $ 831,450  $ 840,024 

The Company owns approximately 224,000 NRA as of March 31, 2026. Of our total NRA, approximately 191,000 was acquired in 1888 and was recorded with no value. The remaining approximately 33,000 NRA have been acquired over recent years and are included in royalty interests acquired on the condensed consolidated balance sheets. See additional discussion in Note 3, “Oil and Gas Royalty Interests.”