Oil and Gas Producing Activities (Unaudited) |
12 Months Ended |
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Dec. 31, 2023 | |
| Extractive Industries [Abstract] | |
| Oil and Gas Producing Activities (Unaudited) | Oil and Gas Producing Activities (Unaudited) We measure our share of oil and gas produced in barrels of oil equivalent (“Boe”). One Boe equals one barrel of crude oil, condensate, NGLs (natural gas liquids) or approximately 6,000 cubic feet of gas. For the years ended December 31, 2023, 2022 and 2021, our share of oil and gas produced was approximately 23.5, 21.3 and 18.6 thousand Boe per day, respectively. Reserves related to our royalty interests are not presented because the information is unavailable.
There are a number of oil and gas wells that have been drilled but are not yet completed (“DUC”) where we have a royalty interest. The number of DUC wells is determined using uniform drilling spacing units with pooled interests for all wells awaiting completion. We have identified 675, 584, and 452 DUC wells subject to our royalty interest as of December 31, 2023, 2022 and 2021, respectively.
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- References No definition available.
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- Definition The entire disclosure for oil and gas producing industries. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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