Delaware | 001-41537 | 88-2227812 | ||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
5217 McKinney Avenue, Suite 400
Dallas, Texas
|
75205 | |||||||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, par value $0.0001 per share | GRNT | New York Stock Exchange |
Exhibit No. | Description | |||||||
10.1* | ||||||||
99.1* | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
GRANITE RIDGE RESOURCES, INC. | |||||||||||
Date: November 9, 2023 | By: | /s/ Luke C. Brandenberg | |||||||||
Name: | Luke C. Brandenberg | ||||||||||
Title: | President and Chief Executive Officer |
Pricing Level |
Utilization | Base Rate Loans | SOFR Loans and Letter of Credit Fee |
Commitment Fee | ||||||||||
1 | < 25% | 2.000% | 3.000% | 0.500% | ||||||||||
2 | > 25% but < 50% |
2.250% | 3.250% | 0.500% | ||||||||||
3 | > 50% but < 75% |
2.500% | 3.500% | 0.500% | ||||||||||
4 | > 75% but < 90% |
2.750% | 3.750% | 0.500% | ||||||||||
5 | > 90% |
3.000% | 4.000% | 0.500% |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||
Permian | 23 | 5.46 | 85 | 10.59 | |||||||||||||||||||
Eagle Ford | 6 | 1.77 | 18 | 4.27 | |||||||||||||||||||
Bakken | 12 | 0.34 | 29 | 1.43 | |||||||||||||||||||
Haynesville | 4 | 0.94 | 4 | 0.94 | |||||||||||||||||||
DJ | 32 | 0.07 | 98 | 2.80 | |||||||||||||||||||
Total | 77 | 8.58 | 234 | 20.03 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Property acquisition costs: | |||||||||||||||||||||||
Proved | $ | 8,161 | $ | 4,251 | $ | 27,459 | $ | 12,206 | |||||||||||||||
Unproved | 11,262 | 7,864 | 24,053 | 20,653 | |||||||||||||||||||
Development costs | 75,726 | 59,898 | 233,071 | 164,923 | |||||||||||||||||||
Total costs incurred for oil and natural gas properties | $ | 95,149 | $ | 72,013 | $ | 284,583 | $ | 197,782 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Inventory acquisitions (non-GAAP) (1) | $ | 11,939 | $ | 25,619 | $ | 36,203 | $ | 57,253 | |||||||||||||||
Production acquisitions | 8,161 | — | 26,150 | 560 | |||||||||||||||||||
Development costs (excluding drilling carry) | 75,049 | 46,394 | 222,230 | 139,969 | |||||||||||||||||||
Total costs incurred for oil and natural gas properties | $ | 95,149 | $ | 72,013 | $ | 284,583 | $ | 197,782 | |||||||||||||||
(1) Includes costs to acquire additional development opportunities and undeveloped acreage acquisition. |
2023 Guidance | Updated 2023 Guidance | ||||||||||
Annual production (Boe per day) | 21,500 - 23,000 |
22,500 - 24,000 |
|||||||||
Oil as a % of sales volumes | 49 | % | 47 | % | |||||||
Inventory acquisitions and production acquisitions ($ in millions) | $50 - $50 | $90 - $90 | |||||||||
Development capital expenditures ($ in millions) | $230 - $260 | $255 - $265 | |||||||||
Total capital expenditures ($ in millions) |
$280 - $310 |
$345 - $355 |
|||||||||
Net wells placed on production | 19 - 21 |
21 - 23 |
|||||||||
Lease operating expenses (per Boe) | $6.50 - $7.50 |
$6.50 - $7.50 |
|||||||||
Production and ad valorem taxes (as a % of total sales) | 7% - 8% |
7% - 8% |
|||||||||
Cash general and administrative expense ($ in millions) | $20 - $22 |
$20 - $22 |
(in thousands, except par value and share data) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | 6,117 | $ | 50,833 | |||||||
Revenue receivable | 82,680 | 72,287 | |||||||||
Advances to operators | 11,104 | 8,908 | |||||||||
Prepaid costs and other | 450 | 4,203 | |||||||||
Derivative assets - commodity derivatives | 2,112 | 10,089 | |||||||||
Total current assets | 102,463 | 146,320 | |||||||||
Property and equipment: | |||||||||||
Oil and gas properties, successful efforts method | 1,311,625 | 1,028,662 | |||||||||
Accumulated depletion | (496,452) | (383,673) | |||||||||
Total property and equipment, net | 815,173 | 644,989 | |||||||||
Long-term assets: | |||||||||||
Other long-term assets | 2,978 | 3,468 | |||||||||
Total long-term assets | 2,978 | 3,468 | |||||||||
Total assets | $ | 920,614 | $ | 794,777 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accrued expenses | $ | 61,985 | $ | 62,180 | |||||||
Other liabilities | 3,454 | 1,523 | |||||||||
Derivative liabilities - commodity derivatives | 4,391 | 431 | |||||||||
Total current liabilities | 69,830 | 64,134 | |||||||||
Long-term liabilities: | |||||||||||
Long-term debt | 85,000 | — | |||||||||
Derivative liabilities - commodity derivatives | 479 | — | |||||||||
Derivative liabilities - common stock warrants | — | 11,902 | |||||||||
Asset retirement obligations | 6,498 | 4,745 | |||||||||
Deferred tax liability | 108,627 | 91,592 | |||||||||
Total long-term liabilities | 200,604 | 108,239 | |||||||||
Total liabilities | 270,434 | 172,373 | |||||||||
Stockholders' Equity: | |||||||||||
Common stock, $0.0001 par value, 431,000,000 shares authorized, 136,053,725 and 133,294,897 issued at September 30, 2023 and December 31, 2022, respectively | 14 | 13 | |||||||||
Additional paid-in capital | 610,982 | 590,232 | |||||||||
Retained earnings | 51,758 | 32,388 | |||||||||
Treasury stock, at cost, 1,840,427 and 25,920 shares at September 30, 2023 and December 31, 2022, respectively | (12,574) | (229) | |||||||||
Total stockholders' equity | 650,180 | 622,404 | |||||||||
Total liabilities and stockholders' equity | $ | 920,614 | $ | 794,777 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Oil and natural gas sales | $ | 108,404 | $ | 136,966 | $ | 287,271 | $ | 381,082 | |||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Lease operating expenses | 16,935 | 12,330 | 45,113 | 30,258 | |||||||||||||||||||
Production and ad valorem taxes | 7,790 | 7,871 | 19,810 | 20,771 | |||||||||||||||||||
Depletion and accretion expense | 44,267 | 36,567 | 113,088 | 84,096 | |||||||||||||||||||
Abandonments expense | 1,560 | — | 1,560 | — | |||||||||||||||||||
General and administrative (including non-cash stock-based compensation of $379 and $1,813 for the three and nine months ended September 30, 2023) | 5,249 | 2,708 | 21,839 | 7,747 | |||||||||||||||||||
Total operating costs and expenses | 75,801 | 59,476 | 201,410 | 142,872 | |||||||||||||||||||
Net operating income | 32,603 | 77,490 | 85,861 | 238,210 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Gain (loss) on derivatives - commodity derivatives | (8,129) | 3,071 | 6,415 | (30,787) | |||||||||||||||||||
Interest expense | (1,356) | (570) | (2,906) | (1,704) | |||||||||||||||||||
Loss on derivatives - common stock warrants | (8) | — | (5,742) | — | |||||||||||||||||||
Total other income (expense) | (9,493) | 2,501 | (2,233) | (32,491) | |||||||||||||||||||
Income before income taxes | 23,110 | 79,991 | 83,628 | 205,719 | |||||||||||||||||||
Income tax expense | 5,153 | — | 20,068 | — | |||||||||||||||||||
Net income | $ | 17,957 | $ | 79,991 | $ | 63,560 | $ | 205,719 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 0.13 | $ | 0.60 | $ | 0.48 | $ | 1.55 | |||||||||||||||
Diluted | $ | 0.13 | $ | 0.60 | $ | 0.48 | $ | 1.55 | |||||||||||||||
Weighted-average number of shares outstanding: | |||||||||||||||||||||||
Basic | 134,396 | 132,923 | 133,426 | 132,923 | |||||||||||||||||||
Diluted | 134,421 | 132,923 | 133,440 | 132,923 |
Nine Months Ended September 30, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Operating activities: | |||||||||||
Net income | $ | 63,560 | $ | 205,719 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depletion and accretion expense | 113,088 | 84,096 | |||||||||
Abandonments expense | 1,560 | — | |||||||||
(Gain) loss on derivatives - commodity derivatives | (6,415) | 30,787 | |||||||||
Net cash receipts from (payments on) commodity derivatives | 18,830 | (40,006) | |||||||||
Stock-based compensation | 1,813 | — | |||||||||
Amortization of deferred financing costs | 490 | 62 | |||||||||
Loss on derivatives - common stock warrants | 5,742 | — | |||||||||
Deferred income taxes | 17,069 | — | |||||||||
Other | (146) | — | |||||||||
Increase (decrease) in cash attributable to changes in operating assets and liabilities: | |||||||||||
Revenue receivable | (10,545) | (27,517) | |||||||||
Accrued expenses | 2,627 | 4,932 | |||||||||
Prepaid and other expenses | 1,854 | (6,703) | |||||||||
Other payable | 3,165 | (14) | |||||||||
Net cash provided by operating activities | 212,692 | 251,356 | |||||||||
Investing activities: | |||||||||||
Capital expenditures for oil and natural gas properties | (237,138) | (143,923) | |||||||||
Acquisition of oil and natural gas properties | (49,427) | (32,858) | |||||||||
Refund of advances to operators | — | 971 | |||||||||
Proceeds from the disposal of oil and natural gas properties | 60 | 747 | |||||||||
Net cash used in investing activities | (286,505) | (175,063) | |||||||||
Financing activities: | |||||||||||
Proceeds from borrowing on credit facilities | 117,500 | 16,000 | |||||||||
Repayments of borrowing on credit facilities | (32,500) | (67,100) | |||||||||
Cash contributions | — | 84 | |||||||||
Deferred financing costs | (28) | — | |||||||||
Payment of expenses related to formation of Granite Ridge Resources, Inc. | (43) | — | |||||||||
Purchase of treasury shares | (11,765) | — | |||||||||
Payment of dividends | (44,072) | — | |||||||||
Proceeds from issuance of common stock | 5 | — | |||||||||
Net cash provided by (used in) financing activities | 29,097 | (51,016) | |||||||||
Net change in cash and restricted cash | (44,716) | 25,277 | |||||||||
Cash and restricted cash at beginning of period | 51,133 | 12,154 | |||||||||
Cash and restricted cash at end of period | $ | 6,417 | $ | 37,431 | |||||||
Supplemental disclosure of non-cash investing activities: | |||||||||||
Oil and natural gas property development costs in accrued expenses | $ | (13,068) | $ | 17,326 | |||||||
Advances to operators applied to development of oil and natural gas properties | $ | 88,463 | $ | 55,775 | |||||||
Cash and restricted cash: | |||||||||||
Cash | $ | 6,117 | $ | 37,131 | |||||||
Restricted cash included in other long-term assets | 300 | 300 | |||||||||
Cash and restricted cash | $ | 6,417 | $ | 37,431 |
Three months ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net Sales (in thousands): | |||||||||||||||||||||||
Oil sales | $ | 88,210 | $ | 79,051 | $ | 230,755 | $ | 251,088 | |||||||||||||||
Natural gas sales | 20,194 | 57,915 | 56,516 | 129,994 | |||||||||||||||||||
Total revenues | 108,404 | 136,966 | 287,271 | 381,082 | |||||||||||||||||||
Net Production: | |||||||||||||||||||||||
Oil (MBbl) | 1,125 | 999 | 3,038 | 2,610 | |||||||||||||||||||
Natural gas (MMcf) | 7,841 | 6,158 | 20,643 | 15,461 | |||||||||||||||||||
Total (MBoe)(1) |
2,432 | 2,025 | 6,479 | 5,187 | |||||||||||||||||||
Average Daily Production: | |||||||||||||||||||||||
Oil (Bbl) | 12,228 | 10,859 | 11,128 | 9,560 | |||||||||||||||||||
Natural gas (Mcf) | 85,228 | 66,935 | 75,615 | 56,634 | |||||||||||||||||||
Total (Boe)(1) |
26,433 | 22,015 | 23,731 | 18,999 | |||||||||||||||||||
Average Sales Prices: | |||||||||||||||||||||||
Oil (per Bbl) | $ | 78.41 | $ | 79.13 | $ | 75.96 | $ | 96.20 | |||||||||||||||
Effect of gain (loss) on settled oil derivatives on average price (per Bbl) | 0.11 | (6.95) | 1.29 | (8.88) | |||||||||||||||||||
Oil net of settled oil derivatives (per Bbl) (2) | 78.52 | 72.18 | 77.25 | 87.32 | |||||||||||||||||||
Natural gas sales (per Mcf) | 2.58 | 9.40 | 2.74 | 8.41 | |||||||||||||||||||
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf) | 0.55 | (1.32) | 0.72 | (1.09) | |||||||||||||||||||
Natural gas sales net of settled natural gas derivatives (per Mcf) (2) | 3.13 | 8.08 | 3.46 | 7.32 | |||||||||||||||||||
Realized price on a Boe basis excluding settled commodity derivatives | 44.57 | 67.64 | 44.34 | 73.47 | |||||||||||||||||||
Effect of gain (loss) on settled commodity derivatives on average price (per Boe) | 1.82 | (7.46) | 2.91 | (7.71) | |||||||||||||||||||
Realized price on a Boe basis including settled commodity derivatives (2) | 46.39 | 60.18 | 47.25 | 65.76 | |||||||||||||||||||
Operating Expenses (in thousands): | |||||||||||||||||||||||
Lease operating expenses | $ | 16,935 | $ | 12,330 | $ | 45,113 | $ | 30,258 | |||||||||||||||
Production and ad valorem taxes | 7,790 | 7,871 | 19,810 | 20,771 | |||||||||||||||||||
Depletion and accretion expense | 44,267 | 36,567 | 113,088 | 84,096 | |||||||||||||||||||
General and administrative | 5,249 | 2,708 | 21,839 | 7,747 | |||||||||||||||||||
Costs and Expenses (per Boe): | |||||||||||||||||||||||
Lease operating expenses | $ | 6.96 | $ | 6.09 | $ | 6.96 | $ | 5.83 | |||||||||||||||
Production and ad valorem taxes | 3.20 | 3.89 | 3.06 | 4.00 | |||||||||||||||||||
Depletion and accretion | 18.20 | 18.06 | 17.45 | 16.21 | |||||||||||||||||||
General and administrative | 2.16 | 1.34 | 3.37 | 1.49 | |||||||||||||||||||
Net Producing Wells at Period-End: | 175.24 | 123.84 | 175.24 | 123.84 | |||||||||||||||||||
(1)Natural gas is converted to Boe using the ratio of one barrel of oil to six Mcf of natural gas.
(2)The presentation of realized prices including settled commodity derivatives is a result of including the net cash receipts from (payments on) commodity derivatives that are presented in our condensed consolidated statements of cash flows. This presentation of average prices with derivatives is a means by which to reflect the actual cash performance of our commodity derivatives for the respective periods and presents oil and natural gas prices with derivatives in a manner consistent with the presentation generally used by the investment community.
|
2023 | 2024 | 2025 | |||||||||||||||
Total | Total | Total | |||||||||||||||
Producer 3-way (oil) | |||||||||||||||||
Volume (Bbl) | 208,488 | — | — | ||||||||||||||
Weighted-average sub-floor price ($/Bbl) | $ | 60.43 | $ | — | $ | — | |||||||||||
Weighted-average floor price ($/Bbl) | $ | 80.00 | $ | — | $ | — | |||||||||||
Weighted-average ceiling price ($/Bbl) | $ | 101.92 | $ | — | $ | — | |||||||||||
Collar (oil) | |||||||||||||||||
Volume (Bbl) | 371,304 | 1,536,446 | 273,000 | ||||||||||||||
Weighted-average floor price ($/Bbl) | $ | 67.49 | $ | 64.24 | $ | 63.00 | |||||||||||
Weighted-average ceiling price ($/Bbl) | $ | 88.14 | $ | 85.07 | $ | 82.70 | |||||||||||
Swaps (oil) | |||||||||||||||||
Volume (Bbl) | — | 181,000 | — | ||||||||||||||
Weighted-average price ($/Bbl) | $ | — | $ | 80.00 | $ | — | |||||||||||
Collar (natural gas) | |||||||||||||||||
Volume (Mcf) | 3,746,650 | 5,471,000 | 2,156,000 | ||||||||||||||
Weighted-average floor price ($/Mcf) | $ | 3.72 | $ | 3.14 | $ | 3.59 | |||||||||||
Weighted-average ceiling price ($/Mcf) | $ | 5.37 | $ | 4.71 | $ | 5.39 | |||||||||||
Swaps (natural gas) | |||||||||||||||||
Volume (Mcf) | — | 6,903,000 | 450,000 | ||||||||||||||
Weighted-average price ($/Mcf) | $ | — | $ | 3.22 | $ | 3.68 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income | $ | 17,957 | $ | 79,991 | $ | 63,560 | $ | 205,719 | |||||||||||||||
Interest expense | 1,356 | 570 | 2,906 | 1,704 | |||||||||||||||||||
Income tax expense | 5,153 | — | 20,068 | — | |||||||||||||||||||
Abandonments expense | 1,560 | — | 1,560 | — | |||||||||||||||||||
Depletion and accretion expense | 44,267 | 36,567 | 113,088 | 84,096 | |||||||||||||||||||
Non-cash stock-based compensation | 379 | — | 1,813 | — | |||||||||||||||||||
Warrant exchange transaction costs | — | — | 2,456 | — | |||||||||||||||||||
(Gain) loss on derivatives - commodity derivatives | 8,129 | (3,071) | (6,415) | 30,787 | |||||||||||||||||||
Net cash receipts from (payments on) commodity derivatives | 4,419 | (15,099) | 18,830 | (40,006) | |||||||||||||||||||
Loss on derivatives - common stock warrants | 8 | — | 5,742 | — | |||||||||||||||||||
Adjusted EBITDAX | $ | 83,228 | $ | 98,958 | $ | 223,608 | $ | 282,300 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net cash provided by operating activities | $ | 57,032 | $ | 114,046 | $ | 212,692 | $ | 251,356 | |||||||||||||||
Changes in cash due to changes in operating assets and liabilities: | |||||||||||||||||||||||
Revenue receivable | 27,147 | (19,738) | 10,545 | 27,517 | |||||||||||||||||||
Accrued expenses | (1,155) | (1,220) | (2,627) | (4,932) | |||||||||||||||||||
Prepaid and other expenses | (904) | 5,174 | (1,854) | 6,703 | |||||||||||||||||||
Other payable | (2,832) | 167 | (3,165) | 14 | |||||||||||||||||||
Total working capital changes | 22,256 | (15,617) | 2,899 | 29,302 | |||||||||||||||||||
Operating cash flow before working capital changes | 79,288 | 98,429 | 215,591 | 280,658 | |||||||||||||||||||
Development costs | 75,726 | 59,898 | 233,071 | 164,923 | |||||||||||||||||||
Free cash flow | $ | 3,562 | $ | 38,531 | $ | (17,480) | $ | 115,735 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands, except share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income | $ | 17,957 | $ | 79,991 | $ | 63,560 | $ | 205,719 | |||||||||||||||
(Gain) loss on derivatives - commodity derivatives | 8,129 | (3,071) | (6,415) | 30,787 | |||||||||||||||||||
Net cash receipts from (payments on) commodity derivatives | 4,419 | (15,099) | 18,830 | (40,006) | |||||||||||||||||||
Loss on derivatives - common stock warrants | 8 | — | 5,742 | — | |||||||||||||||||||
Warrant exchange transaction costs | — | — | 2,456 | — | |||||||||||||||||||
Tax impact on above adjustments (a) | (2,850) | — | (4,679) | — | |||||||||||||||||||
Changes in deferred taxes and other estimates | 32 | — | 1,223 | — | |||||||||||||||||||
Adjusted net income | $ | 27,695 | $ | 61,821 | $ | 80,717 | $ | 196,500 | |||||||||||||||
Earnings per diluted share - as reported | $ | 0.13 | $ | 0.60 | $ | 0.48 | $ | 1.55 | |||||||||||||||
(Gain) loss on derivatives - commodity derivatives | 0.06 | (0.02) | (0.05) | 0.23 | |||||||||||||||||||
Net cash receipts from (payments on) commodity derivatives | 0.03 | (0.11) | 0.14 | (0.30) | |||||||||||||||||||
Loss on derivatives - common stock warrants | — | — | 0.04 | — | |||||||||||||||||||
Warrant exchange transaction costs | — | — | 0.02 | — | |||||||||||||||||||
Tax impact on above adjustments (a) | (0.01) | — | (0.04) | — | |||||||||||||||||||
Changes in deferred taxes and other estimates | — | — | 0.01 | — | |||||||||||||||||||
Adjusted earnings per diluted share | $ | 0.21 | $ | 0.47 | $ | 0.60 | $ | 1.48 | |||||||||||||||
Adjusted earnings per share: | |||||||||||||||||||||||
Basic earnings | $ | 0.21 | $ | 0.47 | $ | 0.60 | $ | 1.48 | |||||||||||||||
Diluted earnings | $ | 0.21 | $ | 0.47 | $ | 0.60 | $ | 1.48 | |||||||||||||||
(a) Estimated using statutory tax rate in effect for the period. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Property acquisition costs: | |||||||||||||||||||||||
Proved | $ | 8,161 | $ | 4,251 | $ | 27,459 | $ | 12,206 | |||||||||||||||
Unproved | 11,262 | 7,864 | 24,053 | 20,653 | |||||||||||||||||||
Development costs | 75,726 | 59,898 | 233,071 | 164,923 | |||||||||||||||||||
Total costs incurred for oil and natural gas properties | 95,149 | 72,013 | 284,583 | 197,782 | |||||||||||||||||||
Less: Development costs (excluding drilling carry) |
(75,049) | (46,394) | (222,230) | (139,969) | |||||||||||||||||||
Less: Production acquisitions |
(8,161) | — | (26,150) | (560) | |||||||||||||||||||
Inventory acquisitions (non-GAAP) | $ | 11,939 | $ | 25,619 | $ | 36,203 | $ | 57,253 |