44 added · 45 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Kavanaugh earned a Bachelor of Business Administration and Master of Accountancy from Baylor University and is a licensed certified public accountant in the state of Texas. 8 Governmental Regulation Enterprises that sell securities in public markets are subject to regulatory oversight by federal agencies such as the SEC.
The interim extensions are intended to provide additional time for regulated parties and states to implement monitoring, control, and reporting provisions while the EPA finalizes related guidance and program elements.
Acres % of Total As of December 31, Gross Net Undeveloped 2026 16,855 16,325 17 % 2027 9,970 9,623 10 % 2028 12,922 11,338 12 % 2029 16,465 15,678 16 % 2030 14,028 13,615 14 % 5 In all cases, the drilling of a commercial well will hold acreage beyond the lease expiration date.
Also, as part of the Inflation Reduction Act of 2022, Congress amended the Clean Air Act to create the Methane Emissions Reduction Program and Congress directed the EPA to collect a waste emissions charge on waste emissions of methane from certain oil and gas facilities.
However, in May 2025, a joint resolution by the United States Congress and President Trump became effective revoking the November 2024 EPA rule related to waste-emissions charges and the legislation commonly known as the One Big Beautiful Bill Act ("OBBBA") postponed any implementation of a waste emissions charge until 2034.
Finally, in November 2025, the EPA issued an interim final rule extending certain near‑term compliance deadlines under the 2023 methane rules for the oil and natural gas sector (including requirements applicable to new sources under the NSPS and to existing sources under state implementation of emissions guidelines).
However, on November 20, 2025, as a result of comments received, the FERC elected to withdraw the supplemental notice of proposed rulemaking and to terminate the rulemaking proceedings related to the index ceiling adjustment.
Also on November 20, 2025, the FERC completed its five‑year review of the oil pipeline index and issued a notice of proposed rule-making applicable to the next five‑year period beginning July 1, 2026.
Changes to the index level for the 2026–2031 period could affect tariffs charged by pipelines that transport NGLs associated with our production and, indirectly, our realized prices and cash flows.
The FERC sought public comments on this proposed rule-making through January 20, 2026, but there has not been a status update for this proposed rulemaking since the closing of the comment period.
During 2025, we averaged approximately two horizontal drilling rigs in the field and expect to have less drilling activity throughout 2026, while completions activity is expected to increase.
We do not believe these regulations affect us differently than other producers. 10 The ICA requires that pipelines maintain a tariff on file with the FERC.
No longer disclosed
With a year-end 2024 cash balance of $304.5 million and $1.3 billion in available and committed borrowing capacity under our bank credit facility, we are well-positioned to invest in the business through cycles while also returning capital to stockholders.
This budget includes $570 million to $600 million for drilling costs and $80 million to $90 million for acreage and other expenditures and is expected to achieve modest growth of 2025 production relative to 2024 production volumes, while also supporting our longer-term operational plans.
Acres % of Total As of December 31, Gross Net Undeveloped 2025 9,730 9,003 9 % 2026 17,959 17,204 17 % 2027 10,619 10,493 10 % 2028 15,759 13,636 14 % 2029 16,711 16,220 16 % In all cases, the drilling of a commercial well will hold acreage beyond the lease expiration date.
These practices and the commitment of our management and our employees to our culture of safety have resulted in only three OSHA recordable incidents in 3.6 million work hours over the three-year period from 2022 through 2024, for an average employee Total Recordable Incident Rate of 0.17 over that three-year period.
On January 14, 2025, FERC's final rule became effective increasing the maximum civil penalty for violations of the NGA from $1,544,521 per day per violation to $1,584,648 per day per violation to account for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Improvement Act of 2015.
Thereafter in 2024, the EPA released its finalized amendments to the rules in the Petroleum and Natural Gas Systems source category (subpart W) of the Greenhouse Gas Reporting Program and a final rule related to the Methane Emissions Reduction Program which, among other things, imposed such methane emissions fees and provided information about the calculation of those fees.
Acreage related to option acreage, royalty, overriding royalty and other similar interests is excluded from this summary: Developed Acres Undeveloped Acres Total Acres Gross Net Gross Net Gross Net New York — — 2,265 567 2,265 567 Oklahoma 12,339 5,694 3,009 3,636 15,348 9,330 Pennsylvania 763,681 663,517 99,588 93,841 863,269 757,358 Texas 3,234 1,974 9,690 2,348 12,924 4,322 West Virginia 5,876 5,197 — — 5,876 5,197 785,130 676,382 114,552 100,392 899,682 776,774 Average working interest 86 % 88 % 86 % 5 Undeveloped Acrea ge Expirations The table below summarizes by year our undeveloped acreage scheduled to expire in the next five years.
Governmental Regulation Enterprises that sell securities in public markets are subject to regulatory oversight by federal agencies such as the SEC.
In a related development, as part of the Inflation Reduction Act of 2022, Congress amended the Clean Air Act to create the Methane Emissions Reduction Program.
During 2024, we averaged approximately two horizontal drilling rigs in the field and expect to run an average of two horizontal drilling rigs throughout 2025.
Additionally, under the EPA’s 2023 NSPS rules each state is required to adopt emissions guidelines, or their equivalent, for existing oil and gas facilities.
(c) Includes Pennsylvania impact fee. 4 Producing Wells The following table sets forth information relating to productive wells at December 31, 2024.