Oil and Gas Producing Activities |
3 Months Ended |
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Mar. 31, 2024 | |
| Extractive Industries [Abstract] | |
| Oil and Gas Producing Activities | Oil and Gas Producing Activities 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. As of March 31, 2024 and 2023, our share of oil and gas produced was approximately 24.8 and 20.9 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 694 and 675 DUC wells subject to our royalty interest (an estimated 10.3 and 9.7 net DUC wells) as of March 31, 2024 and December 31, 2023, 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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