Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Major Customers The Company had the following major customers that represented 10% or more of its oil, natural gas and NGL revenues for at least one of the periods presented:
Years Ended December 31,
2023 (1)
2022 (1)
2021 (1)
Vitol Inc. 13% * *
Plains Marketing, L.P. 12 * *
Rio Energy International, Inc. 12 12% *
BP Products North America, Inc. 12 * *
Valero Marketing and Supply Company * 15 13%
Shell Trading Company * * 20
Trafigura Trading, LLC * * 15
Occidental Energy Marketing, Inc. * * 13
(1) The customers that represented over 10% of the Company’s sales of purchased oil and gas were Vitol Inc. and Plains Marketing, L.P., for the years ended December 31, 2023 and 2022, and Vitol Inc. for the year ended December 31, 2021.
* - Less than 10% for the respective years.
Non-Cash Investing and Supplemental Cash Flow Information
The following table sets forth supplemental cash flow information for the periods indicated:
Years Ended December 31,
2023
2022*
2021*
(In thousands)
Interest paid
 $175,076  $192,220  $168,235 
Income taxes paid (1)
4,477  —  — 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $7,735  $7,096  $26,681 
Investing cash flows from operating leases 42,765  32,060  18,598 
Non-cash investing and financing activities:
Change in accrued capital expenditures ($4,251) $11,696  $63,903 
Change in asset retirement costs 10,636  6,500  2,905 
ROU assets obtained in exchange for lease liabilities:
Operating leases $46,098  $56,291  $24,301 
Financing leases —  —  — 
*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.
(1)    The Company did not pay or receive a refund for any federal income tax for the years ended December 31, 2022, and 2021. For the years ended December 31, 2023, 2022 and 2021, the Company had net payments of approximately $4.7 million, $0.2 million, and $3.2 million, respectively, in state income taxes.