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Operations

Operations

Overview2

Our assets consist primarily of producing oil and natural gas properties and are located in Oklahoma, East Texas / North Louisiana, Rockies (Bairoil), and offshore Southern California (Beta). Most of our oil and natural gas properties are located in large, mature oil and natural gas reservoirs with well-known geologic characteristics and long-lived, predictable production profiles and modest capital requirements.

  • Oklahoma - Approximately 30% of our estimated proved reserves as of December 31, 2024 were located in the Oklahoma region.
  • East Texas / North Louisiana – Approximately 31% of our estimated proved reserves as of December 31, 2024 were located in the East Texas / North Louisiana region.
  • Offshore Southern California – Approximately 21% of our estimated proved reserves as of December 31, 2024 were located in federal waters offshore Southern California.
  • Rockies – Approximately 18% of our estimated proved reserves as of December 31, 2024 were located in the Rockies region.

Total Company2

Est. Proved Reserves (MMBoe) 1 90.5
% Proved Developed 89%
% Liquids Reserves 62%
Gross Wells 2,122
Net Wells 1,328
3Q25 Production (MBoe/d) 19.7
California
California
Texas
Louisiana
Wyoming
Oklahoma

(1)Reflects estimated proved reserves as of December 31, 2024 prepared by Cawley, Gillespie and Associates, Inc.

(2)Excludes Eagle Ford assets divested in July, 2025.

Oklahoma

Our liquids-rich acreage in Oklahoma consisted of approximately 95 thousand net (112 thousand gross) prospective acres in the Mississippian Lime trend in the Woods and Alfalfa Counties of Oklahoma. Our Oklahoma properties contained 27.0 MMBoe of estimated net proved reserves as of December 31, 2024.

Est. Proved Reserves (MMBoe) 1 27.0
% Liquids Reserves 46%
Gross Wells 373
Net Wells 275
3Q25 Production (MBoe/d) 4.4
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Oklahoma

(1)Reflects estimated proved reserves as of December 31, 2024 prepared by Cawley, Gillespie and Associates, Inc.

Rockies - Bairoil

Our liquids-heavy Rockies properties include wells and properties primarily located in the Lost Soldier and Wertz fields in the Rockies at our Bairoil complex. Our Rockies properties contained 16.4 MMBbls of estimated net proved oil and NGLs reserves as of December 31, 2024.

Est. Proved Reserves (MMBbls) 1 16.4
% Liquids Reserves 100%
Gross Wells 152
Net Wells 152
3Q25 Production (MBbls/d) 3.0
California
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Wyoming

(1)Reflects estimated proved reserves as of December 31, 2024 prepared by Cawley, Gillespie and Associates, Inc.

Offshore Southern California

Our oil-producing California properties, also known as the Beta properties, include: two wellbore production platforms and one production handling and processing platform. The Beta properties also include the San Pedro Bay Pipeline Company, which owns and operates a 16- inch diameter oil pipeline that extends approximately 17.5 miles from one of the Beta platforms to the Beta pump station located onshore at the Port of Long Beach, California, and an onshore tankage and metering facility. Our Beta properties contained 19.1 MMBbls of estimated net proved oil reserves as of December 31, 2024.

Est. Proved Reserves (MMBbls) 1 19.1
% Liquids Reserves 100%
Gross Wells 51
Net Wells 51
3Q25 Production (MBbls/d) 3.9
California
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California

(1)Reflects estimated proved reserves as of December 31, 2024 prepared by Cawley, Gillespie and Associates, Inc.

East Texas / North Louisiana

Our East Texas / North Louisiana properties include wells and properties primarily located in the Joaquin, Carthage, Willow Springs and East Henderson fields in East Texas. These gas-weighted properties collectively contained 167.9 Bcfe of estimated net proved reserves as of December 31, 2024.

Est. Proved Reserves (Bcfe)1 167.9
% Liquids Reserves 30%
Gross Wells 1,546
Net Wells 850
3Q25 Production (MMcfe/d) 50.1
Louisiana
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Louisiana

(1)Reflects estimated proved reserves as of December 31, 2024 prepared by Cawley, Gillespie and Associates, Inc.