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Operations

Operations

Overview

Our assets consist primarily of producing oil and natural gas properties and are located in Oklahoma, Eagle Ford (Non-op), 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 28% of our estimated proved reserves as of December 31, 2022 were located in the Oklahoma region.
  • East Texas / North Louisiana – Approximately 35% of our estimated proved reserves as of December 31, 2022 were located in the East Texas / North Louisiana region.
  • Offshore Southern California – Approximately 11% of our estimated proved reserves as of December 31, 2022 were located in federal waters offshore Southern California.
  • Rockies – Approximately 23% of our estimated proved reserves as of December 31, 2022 were located in the Rockies region.
  • Eagle Ford – Approximately 2% of our estimated proved reserves as of December 31, 2022 were located in the Eagle Ford.

Total Company

Est. Proved Reserves (MMBoe) 1 124
% Proved Developed 99%
% Liquids Reserves 58%
Gross Wells2 2,486
Net Wells2 1,323
2Q23 Production (MBoe/d) 21.2
California
California
Texas
Louisiana
Wyoming
Oklahoma

(1) Reflects estimated proved reserves as of December 31, 2022 prepared by Cawley, Gillespie and Associates, Inc.

(2) Excludes 63 Gross/Net Offshore Southern California wells currently not producing at December 31, 2022.

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 35.0 MMBoe of estimated net proved reserves as of December 31, 2022.

Est. Proved Reserves (MMBoe) 1 35.0
% Liquids Reserves 47%
Gross Wells 385
Net Wells 286
2Q23 Production (MBoe/d) 6.0
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Oklahoma

(1) Reflects estimated proved reserves as of December 31, 2022 prepared by Cawley, Gillespie and Associates, Inc.

Rockies

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 28.4 MMBbls of estimated net proved oil and NGLs reserves as of December 31, 2022.

Est. Proved Reserves (MMBbls) 1 28.4
% Liquids Reserves 100%
Gross Wells 137
Net Wells 137
2Q23 Production (MBbls/d) 3.5
California
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Wyoming

(1) Reflects estimated proved reserves as of December 31, 2022 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 13.7 MMBbls of estimated net proved oil reserves as of December 31, 2022.

Est. Proved Reserves (MMBbls) 1 13.7
% Liquids Reserves 100%
Gross Wells2 0
Net Wells2 0
2Q23 Production (MBbls/d) 1.7
California
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California

(1) Reflects estimated proved reserves as of December 31, 2022 prepared by Cawley, Gillespie and Associates, Inc.

(2) Excludes 63 Gross/Net Offshore Southern California wells currently not producing at December 31, 2022.

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 263.4 Bcfe of estimated net proved reserves as of December 31, 2022.

Est. Proved Reserves (Bcfe)1 263.4
% Liquids Reserves 24%
Gross Wells 1,580
Net Wells 875
2Q23 Production (MMcfe/d) 52.2
Texas
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Texas
Louisiana

(1) Reflects estimated proved reserves as of December 31, 2022 prepared by Cawley, Gillespie and Associates, Inc.

(2) Excludes 63 Gross/Net Offshore Southern California wells currently not producing at December 31, 2022.

Eagle Ford

Our non-operated South Texas properties include wells and properties in fields located primarily in the Eagle Ford. Our Eagle Ford properties contained 2.9 MMBoe of estimated net proved reserves as of December 31, 2022.

Est. Proved Reserves (MMBoe) 1 2.9
% Liquids Reserves 90%
Gross Wells 384
Net Wells 25
2Q23 Production (MBoe/d) 1.3
South Texas
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Texas

(1) Reflects estimated proved reserves as of December 31, 2022 prepared by Cawley, Gillespie and Associates, Inc.

(2) Excludes 63 Gross/Net Offshore Southern California wells currently not producing at December 31, 2022.