Our Portfolio

Our properties are principally located in the western half of the Permian Basin where we currently hold approximately 297,000 net acres in our core operating area in the Delaware Basin. Our development activities are primarily focused on the Wolfcamp Shale and the Bone Spring formation in Culberson and Reeves Counties in Texas and Lea and Eddy Counties in New Mexico. Our 2024 net production from the Permian Basin was 262 MBoe per day, representing 39 percent of our total equivalent production for the year. Net oil production in 2024 averaged 101 MBbl per day, representing 93 percent of our total company oil production. As of December 31, 2024, we had a total of 1,162.6 producing net wells in the Permian Basin, of which approximately 90 percent are operated by us. During 2024, we invested $1,057 million of drilling and completion capital and had nine drilling rigs and three completion crews operating in the Permian Basin at year end. In January 2025, we completed the FME and Avant acquisitions. With the completion of these acquisitions, we added approximately 49,000 net acres in the Delaware Basin in Lea County, New Mexico and 290.7 producing net wells to our portfolio.

Our properties are principally located in Susquehanna County, Pennsylvania, where we currently hold approximately 186,000 net acres in the dry gas window of the Marcellus Shale. Our 2024 net production in the Marcellus Shale was 350 MBoe per day, representing 52 percent of our total equivalent production for the year. Net natural gas production in 2024 averaged 2,099 MMcf per day, representing 75 percent of our total natural gas production. As of December 31, 2024, we had a total of 1,135.1 producing net wells in the Marcellus Shale, of which over 99 percent are operated by us. During 2024, we invested $304 million of drilling and completion capital and had no drilling rigs or completion crews operating in the Marcellus Shale at year end.

Our properties are located in the Mid-Continent region in Oklahoma where we currently hold approximately 181,000 net acres. Our development activities are primarily focused on both the Woodford Shale and the Meramec formations. Our 2024 net production in the Anadarko Basin was 64 MBoe per day, representing nine percent of our total equivalent production for the year. As of December 31, 2024, we had a total of 527.2 producing net wells in the Anadarko Basin, of which approximately 62 percent are operated by us. During 2024, we invested $289 million of drilling and completion capital and had one drilling rig and no completion crews operating in the Anadarko Basin at year end.