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Note 1 - General Information
(Amounts in thousands, except share, per share and per unit data)
Diversified Energy Company PLC (the \u201cParent\u201d or \u201cCompany\u201d), and its wholly owned subsidiaries (the \u201cGroup\u201d) is an independent energy company
engaged in the production, transportation and marketing of primarily natural gas related to its synergistic U.S. onshore upstream and midstream assets.
The Group\u2019s assets are located within the Appalachian Region and Central Region in the U.S .
The Company was incorporated on July 31, 2014 in the United Kingdom and is registered in England and Wales under the Companies Act 2006 as a
public limited company under company number 09156132. The Group\u2018s registered office is located at 4th floor Phoenix House, 1 Station Hill, Reading,
Berkshire, RG1 1NB, UK.
In May 2020, the Company\u2019s shares were admitted to trading on the LSE\u2019s Main Market for listed securities under the ticker \u201cDEC\u201d. In December 2023,
the Company\u2019s shares were admitted to trading on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker \u201cDEC.\u201d As of December\u00a031, 2024, the
principal trading market for the Company\u2019s ordinary shares was the LSE.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-479": { "value": "Diversified Energy Company PLC (the \u201cParent\u201d or \u201cCompany\u201d), and its wholly owned subsidiaries (the \u201cGroup\u201d) is an independent energy company engaged in the production, transportation and marketing of primarily natural gas related to its synergistic U.S. onshore upstream and midstream assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-480": { "value": "Diversified Energy Company PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-481": { "value": "Diversified Energy Company PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-482": { "value": "Diversified Energy Company PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-483": { "value": "Appalachian Region and Central Region in the U.S", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-484": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-485": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-486": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-487": { "value": "4th floor Phoenix House, 1 Station Hill, Reading, Berkshire, RG1 1NB, UK", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-488": { "value": "In May 2020, the Company\u2019s shares were admitted to trading on the LSE\u2019s Main Market for listed securities under the ticker \u201cDEC\u201d.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-489": { "value": "
Note 2 - Basis of Preparation
(Amounts in thousands, except share, per share and per unit data)
Basis of Preparation
The Group's consolidated financial statements (the \u201c Group Financial Statements \u201d) have been prepared in accordance with United Kingdom adopted
International Accounting Standards (\u201cIAS\u201d) and International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting
Standards Board (\u201cIASB\u201d) and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under those
standards. IFRS as adopted by the UK as applied to the Group\u2019s financial statements differs in certain respects from IFRS as issued by the IASB. The
differences have no impact on the Group\u2019s consolidated financial statements for the years presented. The principal accounting policies set out below
have been applied consistently throughout the year and are consistent with prior year unless otherwise stated.
Unless otherwise stated, the Group Financial Statements are presented in U.S. Dollars, which is the Group\u2019s subsidiaries\u2019 functional currency and the
currency of the primary economic environment in which the Group operates, and all values are rounded to the nearest thousand dollars except share,
per share and per unit amounts and where otherwise indicated.
Transactions in foreign currencies are translated into U.S. Dollars at the rate of exchange on the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the exchange rate at the date of the Consolidated Statement of Financial Position. Where the
Group\u2019s subsidiaries have a different functional currency, their results and financial position are translated into the presentation currency as follows:
\u2022 Assets and liabilities in the Consolidated Statement of Financial Position are translated at the closing rate at the date of that Consolidated Statement
of Financial\u00a0Position;
\u2022 Income and expenses in the Consolidated Statement of Comprehensive Income are translated at average exchange rates (unless this is not a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are
translated at the dates of the transactions); and
\u2022 All resulting exchange differences are reflected within other comprehensive income in the Consolidated Statement of Comprehensive Income.
The Group Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and liabilities
(including derivative instruments) held at fair value through profit or loss or through other comprehensive income.
Segment Reporting
The Group is an independent owner and operator of producing natural gas and oil wells with properties located in the states of Tennessee, Kentucky,
Virginia, West Virginia, Ohio, Pennsylvania, Oklahoma, Texas and Louisiana. The Group\u2019s strategy is to acquire long-life producing assets, efficiently
operate those assets to generate free cash flow for shareholders and then to retire assets safely and responsibly at the end of their useful life. The
Group\u2019s assets consist of natural gas and oil wells, pipelines and a network of gathering lines and compression facilities which are complementary to the
Group\u2019s assets.
In accordance with IFRS the Group establishes segments on the basis on which those components of the Group are evaluated regularly by the chief
executive officer, the Group\u2019s chief operating decision maker (\u201cCODM\u201d), when deciding how to allocate resources and in assessing performance. When
evaluating performance as well as when acquiring and managing assets the CODM does so in a consolidated and complementary fashion to vertically
integrate and improve margins. Accordingly, when determining operating segments under IFRS 8, the Group has identified one reportable segment that
produces and transports natural gas, NGLs and oil in the\u00a0U.S.
Going Concern
The Group Financial Statements have been prepared on the going concern basis, assuming the continuation of normal business activities, the realization
of assets, and the settlement of liabilities in the ordinary course of business. After reviewing the Group\u2019s overall position and outlook, the Directors
believe that the Group is adequately funded to continue operating as a going concern for at least the next twelve months from the date of approval of
this Annual Report.
The Directors diligently oversee and manage the Group\u2019s liquidity risk. While our financial outlook is primarily evaluated through the annual business
planning process, it is also closely monitored on a monthly basis. This involves regular Board discussions, led by senior leadership, to assess the Group\u2019s
current performance and future outlook. The business planning process produces key performance objectives, an assessment of the Group\u2019s primary
risks, the anticipated operational outlook, and a set of financial forecasts that consider the available funding sources (the \u201cBase Plan\u201d).
The Base Plan was formed on key assumptions that support the business planning process. These assumptions include:
\u2022 Projected operating cash flows are calculated based on a production profile that aligns with current operating results and observed decline rates;
\u2022 Assumes commodity prices align with the current forward curve, taking into account basis differentials;
\u2022 Operating cost levels remain consistent with historical\u00a0trends;
\u2022 The financial impact of our current hedging contracts for the assessment period, covering approximately 86% and 82% of total production volumes
for the years ending December 31, 2025 and 2026, respectively; and
\u2022 The scenario also accounts for the scheduled principal and interest payments on our existing debt arrangements.
The Directors and management also evaluate various scenarios around the Base Plan, focusing on more severe but plausible downside impacts of the
principal risks, both individually and collectively. They also consider the additional capital requirements these downside scenarios might impose. These
scenarios include:
Scenario 1: Cyclically low gas prices for a year, with Henry Hub prices at $2.00 per MMbtu before returning to strip pricing, reflecting historically
observed market conditions.
Scenario 2: Considered the impact of climate change by assuming a two -week period of lost production in our East Texas/Louisiana region, which is
prone to hurricanes, due to a natural disaster (assumed to occur once each year during the assessment period).
Scenario 3: Considered the impact of climate change by assuming a two-week period of lost production in our Appalachian region (assumption of lost
production affecting 25% of the region), which is prone to flooding, due to a natural disaster (assumed to occur once each year during the assessment
period).
Under these downside sensitivity scenarios, the Group continues to meet its working capital requirements, primarily consisting of derivative liabilities.
These liabilities, when settled, will be funded using the higher commodity revenues from which they were derived. Additionally, the Group will continue
to meet the covenant requirements under its Credit Facility and other existing borrowing instruments.
The Directors and management assess the potential impact of these principal risks on the Group\u2019s prospects within the assessment period and evaluate
opportunities to actively mitigate the risk of these severe but plausible downside scenarios. In addition to modeling downside going concern scenarios,
the Board has stress-tested the model to determine the extent of downturn that would result in a breach of covenants. Assuming similar levels of cash
conversion as seen in 2024, a significant decline in production volume and pricing, well beyond historical experiences, would need to persist throughout
the going concern period for a covenant breach to occur, which is considered very unlikely.
In addition to the scenarios mentioned, the Directors also considered the current geopolitical environment and the inflationary pressures affecting the
U.S., which the Group is closely monitoring. Despite modeling specific hypothetical scenarios, the Group believes that the impact of these events will
largely continue to be reflected in commodity markets, extending the recent volatility. The Group views commodity price risk a principal risk and will
continue to actively monitor and mitigate this risk through its hedging program.
Based on this assessment, the Directors have reviewed the Group\u2019s overall position and outlook and believe that the Group is sufficiently funded to
operate as a going concern for the next twelve months from the date of approval of the Group Financial Statements.
Group companies included in the Group Financial Statements for the year ended December\u00a031, 2024 are Parent and all subsidiary undertakings, which
are those entities controlled by the Parent. Control exists when the Group has the power to direct the activities of an entity so as to affect the return on
investment.
The net assets and results of acquired businesses are included in the Group Financial Statements from their respective dates of acquisition, being the
date on which the Group obtains control.
The results of disposed businesses are included in the consolidated financial statements up to their date of disposal, being the date control ceases.
Intra-Group transactions and balances are eliminated.
The Group Financial Statements for the year ended December\u00a031, 2024 reflect the following corporate structure of the Group, and its wholly owned
subsidiaries:
\u2022 Diversified Energy Company PLC (\u201cDEC\u201d) as
well as its wholly owned\u00a0subsidiaries
\u2022 Diversified Gas & Oil Corporation
\u2022 Diversified Production LLC
\u2022 Diversified ABS Holdings LLC
\u2022 Diversified ABS LLC
\u2022 Diversified ABS Phase II Holdings LLC
\u2022 Diversified ABS Phase II\u00a0LLC
\u2022 Diversified ABS Phase IV Holdings LLC
\u2022 Diversified ABS Phase IV\u00a0LLC
\u2022 DP Bluegrass Holdings LLC
\u2022 DP Bluegrass LLC
\u2022 Chesapeake Granite Wash Trust(a)
\u2022 BlueStone Natural Resources II,\u00a0LLC
\u2022 Sooner State Joint ABS Holdings\u00a0LLC(b)
\u2022 Diversified ABS Phase VI Holdings LLC
\u2022 Diversified ABS Phase VI LLC
\u2022 Diversified ABS VI Upstream LLC
\u2022 Oaktree ABS VI Upstream LLC
\u2022 DP Lion Equity Holdco LLC(c)
\u2022 DP Lion Holdco LLC
\u2022 Diversified ABS VIII Holdings LLC
\u2022 Diversified ABS VIII LLC
\u2022 Diversified ABS III Upstream LLC
\u2022 Diversified ABS V Upstream LLC
\u2022 DP Yellowjacket Equity Holdco LLC
\u2022 DP Yellowjacket Holdco LLC
\u2022 DM Yellowjacket Holdco LLC
\u2022 Tanos TX Holdco LLC
\u2022 Diversified ABS IX Holdings LLC
\u2022 Diversified Mustang Holdco LLC
\u2022 DP RBL Co LLC
\u2022 DP Legacy Central LLC
\u2022 Diversified Energy Marketing,\u00a0LLC
\u2022 OCM Denali Holdings, LLC
\u2022 DP Tapstone Energy Holdings,\u00a0LLC
\u2022 DP Legacy Tapstone LLC
\u2022 Giant Land, LLC (d)
\u2022 Link Land, LLC(d)
\u2022 Old Faithful Land, LLC(d)
\u2022 Riverside Land, LLC(d)
\u2022 Splendid Land, LLC(d)
\u2022 Diversified Midstream LLC
\u2022 Cranberry Pipeline Corporation
\u2022 Coalfield Pipeline Company
\u2022 DM Bluebonnet LLC
\u2022 Black Bear Midstream Holdings\u00a0LLC
\u2022 Black Bear Midstream LLC
\u2022 Black Bear Liquids LLC
\u2022 Black Bear Liquids Marketing\u00a0LLC
\u2022 DM Pennsylvania Holdco LLC
\u2022 Diversified Energy Group LLC
\u2022 Diversified Energy Company LLC
\u2022 Next LVL Energy, LLC
\u2022 Diversified ABS IX Holdings LLC
\u2022 Diversified ABS X Holdings LLC
\u2022 Diversified ABS X LLC
(a) Diversified Production, LLC holds 50.8% of the issued and outstanding common shares of Chesapeake Granite Wash Trust.
(b) Owned 51.25% by Diversified Production LLC and 48.75% by OCM Denali Holdings LLC, both wholly owned subsidiaries of the Group.
(c) Diversified Production, LLC holds 20% of the issued and outstanding equity of DP Lion Equity Holdco LLC. This entity is not consolidated within the Group\u2019s financial
statements as of December\u00a031, 2024. Refer to Note 5 for additional information.
(d) Owned approximately 55% by Diversified Energy Company PLC.
The preparation of the Group Financial Statements in compliance with UK-adopted IAS and IFRS as issued by the IASB requires management to make
estimates and exercise judgment in applying the Group\u2019s accounting policies. In preparing the Group Financial Statements , the significant judgments
made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty are disclosed in Note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-490": { "value": "
The Group's consolidated financial statements (the \u201c Group Financial Statements \u201d) have been prepared in accordance with United Kingdom adopted
International Accounting Standards (\u201cIAS\u201d) and International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting
Standards Board (\u201cIASB\u201d) and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under those
standards. IFRS as adopted by the UK as applied to the Group\u2019s financial statements differs in certain respects from IFRS as issued by the IASB. The
differences have no impact on the Group\u2019s consolidated financial statements for the years presented. The principal accounting policies set out below
have been applied consistently throughout the year and are consistent with prior year unless otherwise stated.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-491": { "value": "
Transactions in foreign currencies are translated into U.S. Dollars at the rate of exchange on the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the exchange rate at the date of the Consolidated Statement of Financial Position. Where the
Group\u2019s subsidiaries have a different functional currency, their results and financial position are translated into the presentation currency as follows:
\u2022 Assets and liabilities in the Consolidated Statement of Financial Position are translated at the closing rate at the date of that Consolidated Statement
of Financial\u00a0Position;
\u2022 Income and expenses in the Consolidated Statement of Comprehensive Income are translated at average exchange rates (unless this is not a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are
translated at the dates of the transactions); and
\u2022 All resulting exchange differences are reflected within other comprehensive income in the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-492": { "value": "
Segment Reporting
The Group is an independent owner and operator of producing natural gas and oil wells with properties located in the states of Tennessee, Kentucky,
Virginia, West Virginia, Ohio, Pennsylvania, Oklahoma, Texas and Louisiana. The Group\u2019s strategy is to acquire long-life producing assets, efficiently
operate those assets to generate free cash flow for shareholders and then to retire assets safely and responsibly at the end of their useful life. The
Group\u2019s assets consist of natural gas and oil wells, pipelines and a network of gathering lines and compression facilities which are complementary to the
Group\u2019s assets.
In accordance with IFRS the Group establishes segments on the basis on which those components of the Group are evaluated regularly by the chief
executive officer, the Group\u2019s chief operating decision maker (\u201cCODM\u201d), when deciding how to allocate resources and in assessing performance. When
evaluating performance as well as when acquiring and managing assets the CODM does so in a consolidated and complementary fashion to vertically
integrate and improve margins. Accordingly, when determining operating segments under IFRS 8, the Group has identified one reportable segment that
produces and transports natural gas, NGLs and oil in the\u00a0U.S.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-493": { "value": "Accordingly, when determining operating segments under IFRS 8, the Group has identified one reportable segment that
produces and transports natural gas, NGLs and oil in the\u00a0U.S.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-494": { "value": "
Going Concern
The Group Financial Statements have been prepared on the going concern basis, assuming the continuation of normal business activities, the realization
of assets, and the settlement of liabilities in the ordinary course of business. After reviewing the Group\u2019s overall position and outlook, the Directors
believe that the Group is adequately funded to continue operating as a going concern for at least the next twelve months from the date of approval of
this Annual Report.
The Directors diligently oversee and manage the Group\u2019s liquidity risk. While our financial outlook is primarily evaluated through the annual business
planning process, it is also closely monitored on a monthly basis. This involves regular Board discussions, led by senior leadership, to assess the Group\u2019s
current performance and future outlook. The business planning process produces key performance objectives, an assessment of the Group\u2019s primary
risks, the anticipated operational outlook, and a set of financial forecasts that consider the available funding sources (the \u201cBase Plan\u201d).
The Base Plan was formed on key assumptions that support the business planning process. These assumptions include:
\u2022 Projected operating cash flows are calculated based on a production profile that aligns with current operating results and observed decline rates;
\u2022 Assumes commodity prices align with the current forward curve, taking into account basis differentials;
\u2022 Operating cost levels remain consistent with historical\u00a0trends;
\u2022 The financial impact of our current hedging contracts for the assessment period, covering approximately 86% and 82% of total production volumes
for the years ending December 31, 2025 and 2026, respectively; and
\u2022 The scenario also accounts for the scheduled principal and interest payments on our existing debt arrangements.
The Directors and management also evaluate various scenarios around the Base Plan, focusing on more severe but plausible downside impacts of the
principal risks, both individually and collectively. They also consider the additional capital requirements these downside scenarios might impose. These
scenarios include:
Scenario 1: Cyclically low gas prices for a year, with Henry Hub prices at $2.00 per MMbtu before returning to strip pricing, reflecting historically
observed market conditions.
Scenario 2: Considered the impact of climate change by assuming a two -week period of lost production in our East Texas/Louisiana region, which is
prone to hurricanes, due to a natural disaster (assumed to occur once each year during the assessment period).
Scenario 3: Considered the impact of climate change by assuming a two-week period of lost production in our Appalachian region (assumption of lost
production affecting 25% of the region), which is prone to flooding, due to a natural disaster (assumed to occur once each year during the assessment
period).
Under these downside sensitivity scenarios, the Group continues to meet its working capital requirements, primarily consisting of derivative liabilities.
These liabilities, when settled, will be funded using the higher commodity revenues from which they were derived. Additionally, the Group will continue
to meet the covenant requirements under its Credit Facility and other existing borrowing instruments.
The Directors and management assess the potential impact of these principal risks on the Group\u2019s prospects within the assessment period and evaluate
opportunities to actively mitigate the risk of these severe but plausible downside scenarios. In addition to modeling downside going concern scenarios,
the Board has stress-tested the model to determine the extent of downturn that would result in a breach of covenants. Assuming similar levels of cash
conversion as seen in 2024, a significant decline in production volume and pricing, well beyond historical experiences, would need to persist throughout
the going concern period for a covenant breach to occur, which is considered very unlikely.
In addition to the scenarios mentioned, the Directors also considered the current geopolitical environment and the inflationary pressures affecting the
U.S., which the Group is closely monitoring. Despite modeling specific hypothetical scenarios, the Group believes that the impact of these events will
largely continue to be reflected in commodity markets, extending the recent volatility. The Group views commodity price risk a principal risk and will
continue to actively monitor and mitigate this risk through its hedging program.
Based on this assessment, the Directors have reviewed the Group\u2019s overall position and outlook and believe that the Group is sufficiently funded to
operate as a going concern for the next twelve months from the date of approval of the Group Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-495": { "value": "
Group companies included in the Group Financial Statements for the year ended December\u00a031, 2024 are Parent and all subsidiary undertakings, which
are those entities controlled by the Parent. Control exists when the Group has the power to direct the activities of an entity so as to affect the return on
investment.
The net assets and results of acquired businesses are included in the Group Financial Statements from their respective dates of acquisition, being the
date on which the Group obtains control.
The results of disposed businesses are included in the consolidated financial statements up to their date of disposal, being the date control ceases.
Intra-Group transactions and balances are eliminated.
The Group Financial Statements for the year ended December\u00a031, 2024 reflect the following corporate structure of the Group, and its wholly owned
subsidiaries:
\u2022 Diversified Energy Company PLC (\u201cDEC\u201d) as
well as its wholly owned\u00a0subsidiaries
\u2022 Diversified Gas & Oil Corporation
\u2022 Diversified Production LLC
\u2022 Diversified ABS Holdings LLC
\u2022 Diversified ABS LLC
\u2022 Diversified ABS Phase II Holdings LLC
\u2022 Diversified ABS Phase II\u00a0LLC
\u2022 Diversified ABS Phase IV Holdings LLC
\u2022 Diversified ABS Phase IV\u00a0LLC
\u2022 DP Bluegrass Holdings LLC
\u2022 DP Bluegrass LLC
\u2022 Chesapeake Granite Wash Trust(a)
\u2022 BlueStone Natural Resources II,\u00a0LLC
\u2022 Sooner State Joint ABS Holdings\u00a0LLC(b)
\u2022 Diversified ABS Phase VI Holdings LLC
\u2022 Diversified ABS Phase VI LLC
\u2022 Diversified ABS VI Upstream LLC
\u2022 Oaktree ABS VI Upstream LLC
\u2022 DP Lion Equity Holdco LLC(c)
\u2022 DP Lion Holdco LLC
\u2022 Diversified ABS VIII Holdings LLC
\u2022 Diversified ABS VIII LLC
\u2022 Diversified ABS III Upstream LLC
\u2022 Diversified ABS V Upstream LLC
\u2022 DP Yellowjacket Equity Holdco LLC
\u2022 DP Yellowjacket Holdco LLC
\u2022 DM Yellowjacket Holdco LLC
\u2022 Tanos TX Holdco LLC
\u2022 Diversified ABS IX Holdings LLC
\u2022 Diversified Mustang Holdco LLC
\u2022 DP RBL Co LLC
\u2022 DP Legacy Central LLC
\u2022 Diversified Energy Marketing,\u00a0LLC
\u2022 OCM Denali Holdings, LLC
\u2022 DP Tapstone Energy Holdings,\u00a0LLC
\u2022 DP Legacy Tapstone LLC
\u2022 Giant Land, LLC (d)
\u2022 Link Land, LLC(d)
\u2022 Old Faithful Land, LLC(d)
\u2022 Riverside Land, LLC(d)
\u2022 Splendid Land, LLC(d)
\u2022 Diversified Midstream LLC
\u2022 Cranberry Pipeline Corporation
\u2022 Coalfield Pipeline Company
\u2022 DM Bluebonnet LLC
\u2022 Black Bear Midstream Holdings\u00a0LLC
\u2022 Black Bear Midstream LLC
\u2022 Black Bear Liquids LLC
\u2022 Black Bear Liquids Marketing\u00a0LLC
\u2022 DM Pennsylvania Holdco LLC
\u2022 Diversified Energy Group LLC
\u2022 Diversified Energy Company LLC
\u2022 Next LVL Energy, LLC
\u2022 Diversified ABS IX Holdings LLC
\u2022 Diversified ABS X Holdings LLC
\u2022 Diversified ABS X LLC
(a) Diversified Production, LLC holds 50.8% of the issued and outstanding common shares of Chesapeake Granite Wash Trust.
(b) Owned 51.25% by Diversified Production LLC and 48.75% by OCM Denali Holdings LLC, both wholly owned subsidiaries of the Group.
(c) Diversified Production, LLC holds 20% of the issued and outstanding equity of DP Lion Equity Holdco LLC. This entity is not consolidated within the Group\u2019s financial
statements as of December\u00a031, 2024. Refer to Note 5 for additional information.
(d) Owned approximately 55% by Diversified Energy Company PLC.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-496": { "value": "
The Group Financial Statements for the year ended December\u00a031, 2024 reflect the following corporate structure of the Group, and its wholly owned
subsidiaries:
\u2022 Diversified Energy Company PLC (\u201cDEC\u201d) as
well as its wholly owned\u00a0subsidiaries
\u2022 Diversified Gas & Oil Corporation
\u2022 Diversified Production LLC
\u2022 Diversified ABS Holdings LLC
\u2022 Diversified ABS LLC
\u2022 Diversified ABS Phase II Holdings LLC
\u2022 Diversified ABS Phase II\u00a0LLC
\u2022 Diversified ABS Phase IV Holdings LLC
\u2022 Diversified ABS Phase IV\u00a0LLC
\u2022 DP Bluegrass Holdings LLC
\u2022 DP Bluegrass LLC
\u2022 Chesapeake Granite Wash Trust(a)
\u2022 BlueStone Natural Resources II,\u00a0LLC
\u2022 Sooner State Joint ABS Holdings\u00a0LLC(b)
\u2022 Diversified ABS Phase VI Holdings LLC
\u2022 Diversified ABS Phase VI LLC
\u2022 Diversified ABS VI Upstream LLC
\u2022 Oaktree ABS VI Upstream LLC
\u2022 DP Lion Equity Holdco LLC(c)
\u2022 DP Lion Holdco LLC
\u2022 Diversified ABS VIII Holdings LLC
\u2022 Diversified ABS VIII LLC
\u2022 Diversified ABS III Upstream LLC
\u2022 Diversified ABS V Upstream LLC
\u2022 DP Yellowjacket Equity Holdco LLC
\u2022 DP Yellowjacket Holdco LLC
\u2022 DM Yellowjacket Holdco LLC
\u2022 Tanos TX Holdco LLC
\u2022 Diversified ABS IX Holdings LLC
\u2022 Diversified Mustang Holdco LLC
\u2022 DP RBL Co LLC
\u2022 DP Legacy Central LLC
\u2022 Diversified Energy Marketing,\u00a0LLC
\u2022 OCM Denali Holdings, LLC
\u2022 DP Tapstone Energy Holdings,\u00a0LLC
\u2022 DP Legacy Tapstone LLC
\u2022 Giant Land, LLC (d)
\u2022 Link Land, LLC(d)
\u2022 Old Faithful Land, LLC(d)
\u2022 Riverside Land, LLC(d)
\u2022 Splendid Land, LLC(d)
\u2022 Diversified Midstream LLC
\u2022 Cranberry Pipeline Corporation
\u2022 Coalfield Pipeline Company
\u2022 DM Bluebonnet LLC
\u2022 Black Bear Midstream Holdings\u00a0LLC
\u2022 Black Bear Midstream LLC
\u2022 Black Bear Liquids LLC
\u2022 Black Bear Liquids Marketing\u00a0LLC
\u2022 DM Pennsylvania Holdco LLC
\u2022 Diversified Energy Group LLC
\u2022 Diversified Energy Company LLC
\u2022 Next LVL Energy, LLC
\u2022 Diversified ABS IX Holdings LLC
\u2022 Diversified ABS X Holdings LLC
\u2022 Diversified ABS X LLC
(a) Diversified Production, LLC holds 50.8% of the issued and outstanding common shares of Chesapeake Granite Wash Trust.
(b) Owned 51.25% by Diversified Production LLC and 48.75% by OCM Denali Holdings LLC, both wholly owned subsidiaries of the Group.
(c) Diversified Production, LLC holds 20% of the issued and outstanding equity of DP Lion Equity Holdco LLC. This entity is not consolidated within the Group\u2019s financial
statements as of December\u00a031, 2024. Refer to Note 5 for additional information.
(d) Owned approximately 55% by Diversified Energy Company PLC.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-497": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The preparation of the Group Financial Statements in compliance with UK-adopted IAS and IFRS as issued by the IASB requires management to make
estimates and exercise judgment in applying the Group\u2019s accounting policies. In preparing the Group Financial Statements , the significant judgments
made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty are disclosed in Note 4.
The Group performs an assessment of each acquisition to determine whether the acquisition should be accounted for as an asset acquisition or a
business combination. For each transaction, the Group may elect to apply the concentration test to determine if the fair value of assets acquired is
substantially concentrated in a single asset (or a group of similar assets). If this concentration test is met, the acquisition qualifies as an acquisition of a
group of assets and liabilities, not of a\u00a0business.
Accounting for business combinations under IFRS 3 is applied once it is determined that a business has been acquired. Under IFRS 3, a business is
defined as an integrated set of activities and assets conducted and managed for the purpose of providing a return to investors. A business generally
consists of inputs, processes applied to those inputs, and resulting outputs that are, or will be, used to generate revenues.
In a business combination, assets acquired and liabilities assumed are recorded at fair value and any excess in the consideration paid over the fair value
of the net assets acquired is recorded as goodwill, while any excess fair value of the net assets acquired over the consideration fair value is recognized
as a gain on bargain purchase.
When less than the entire interest of an entity is acquired, the choice of measurement of the non-controlling interest, either at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets, is determined on a transaction by transaction\u00a0basis.
More information regarding the judgments and conclusions reached with respect to business combinations and asset acquisitions is included in Notes 4
and 5.
Oaktree Capital Management, L.P. (\u201cOaktree\u201d) Participation Agreement
In October 2020, the Group entered into a three-year definitive participation agreement with funds managed by Oaktree to jointly identify and fund
future proved developed producing acquisition opportunities (\u201cPDP acquisitions\u201d) that the Group identified. The Oaktree Funding Commitment provided
for up to $1,000,000 in aggregate over three years for mutually agreed upon PDP acquisitions with transaction valuations typically greater than
$250,000. The Group and Oaktree each funded 50% of the net purchase price in exchange for proportionate working interests of 51.25% and 48.75%
during Tranche I deals, or joint acquisitions made during the first 18 months of the agreement, and 52.5% and 47.5% during Tranche II deals, or joint
acquisitions made during the second 18 months of the agreement, respectively. The Group's greater share reflected the upfront promote it received
from Oaktree which was intended to compensate the Group for the increase in general and administrative expenses needed to operate an entity that
increases with acquired growth.
Additionally, upon Oaktree achieving a 10% unlevered internal rate of return, Oaktree would convey a back-end promote to the\u00a0Group which would
increase the Group\u2019s working interest to 59.625% for both Tranche I and Tranche II deals. The Group also maintained the right of first offer to acquire
Oaktree\u2019s interest if and when Oaktree decided to divest. The Group and Oaktree each had the right to participate in a sale by the other party with a
third-party upon comparable\u00a0terms.
The Group accounted for the Oaktree Participation Agreement as a joint operation under IFRS 11, Joint Arrangements (\u201cIFRS 11\u201d). Accordingly, the
Group included its proportionate share of assets, liabilities, revenues and expenses within the consolidated financial statements.
The Oaktree Participation Agreement ended in October 2023. On June\u00a06, 2024 the Group acquired Oaktree\u2019s proportionate working interest in all
Tranche I and Tranche II deals. Details of the acquisition are disclosed in Note 5.
Inventory
Natural gas inventory is stated at the lower of cost and net realizable value, cost being determined on a weighted average cost basis. Inventory also
consists of material and supplies used in connection with the Group\u2019s maintenance, storage and handling. Inventory is stated at the lower of cost or net
realizable value.
Cash and Cash Equivalents
Cash on the balance sheet comprises cash at banks. Balances held at banks, at times, exceed U.S. federally insured amounts. The Group has not experienced
any losses in such accounts and the Directors believe the Group is not exposed to any\u00a0significant credit risk on its cash.
Trade Receivables
Trade receivables are recorded at their historical carrying amount, net of any required provisions. These receivables are due from customers across the
natural gas and oil industry. While they are spread among several customers, their collectability depends on each customer\u2019s financial health and the
overall economic conditions of the industry. Management evaluates customers\u2019 financial conditions before extending credit and typically do not require
collateral to secure the recoverability of the Group\u2019s trade receivables. Any adjustments to the Group\u2019s allowance for expected credit losses during the
year are recognized in the Consolidated Statement of Comprehensive Income. Trade receivables also include amounts due from third-party working
interest owners and hedge settlement receivables. The Group consistently assesses the collectability of these receivables. As of December\u00a031, 2024 and
2023, the Group considered a portion of these working interest receivables uncollectable and recorded an allowance for credit losses in the amount of
$15,959 and $16,529 , respectively. Refer to Note 14 for additional information.
Impairment of Financial Assets
IFRS 9 requires the application of an expected credit loss model in considering the impairment of financial assets. The expected credit loss model
requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit
risk since initial recognition of the financial assets. The credit event does not have to occur before credit losses are recognized. IFRS 9 allows for a
simplified approach for measuring the allowance at an amount equal to lifetime expected credit losses for trade receivables.
The Group applies the simplified approach to the expected credit loss model to trade receivables arising\u00a0from:
\u2022 Sales of natural gas, NGLs and oil;
\u2022 Sales of gathering and transportation of third-party natural gas; and
\u2022 The provision of other services.
Borrowings
Borrowings are initially recognized at fair value, net of any transaction costs incurred. They are then carried at amortized cost. The difference between
the net proceeds and the redemption value is recognized in the Consolidated Statement of Comprehensive Income over the period of the\u00a0borrowings
using the effective interest method.
Interest on borrowings is accrued according to each class of borrowing.
Derivative Financial Instruments
Derivatives are utilized as part of the Group\u2019s strategy to mitigate risks associated with the cash flow unpredictability due to commodity price volatility.
Additional details on the Group\u2019s exposure to these risks can be found in Note 25. The Group has entered into financial instruments which are
considered derivative contracts, such as swaps and collars, which result in net cash settlements each month without physical deliveries. The derivative
contracts are initially recognized at fair value on the contract date and remeasured to fair value at each balance sheet date. The resulting gain or loss is
recognized in the Consolidated Statement of Comprehensive Income under the gain (loss) on derivative financial instruments line item for the year
incurred.
Restricted Cash
Cash held on deposit for bonding purposes is classified as restricted cash and recorded within current and non-current assets. This cash is either (1)
restricted by state governmental agencies for use if the operator abandons any wells, or (2) held as collateral by the Group\u2019s surety bond providers.
Additionally, the Group is required to maintain certain cash reserves for interest payments related to its asset-backed securitizations, as detailed in Note
21 . These reserves typically cover one to six months of interest and any associated fees. The Group classifies restricted cash as either current or non-
current, depending on the classification of the related asset or liability. This reserve cash is managed by an independent indenture trustee, who
monitors the reserves monthly to ensure the correct amount is maintained. The deposit conditions restrict the Group from accessing the reserve cash on
demand, meaning it no longer qualifies as cash and cash equivalents.
December 31, 2024
December 31, 2023
Cash restricted by asset-backed securitizations
$45,880
$35,870
Other restricted cash
389
382
Total restricted cash
$46,269
$36,252
Classified as:
Current asset
$11,426
$11,195
Non-current asset
34,843
25,057
Total
$46,269
$36,252
Natural Gas and Oil Properties
Natural gas and oil activities are accounted for using the principles of the successful efforts method of accounting as described below.
Development & Acquisition Costs
Costs incurred to purchase, lease, or otherwise acquire a property are capitalized when incurred. Expenditures related to the construction, installation or
completion of infrastructure facilities, such as platforms, and the drilling of development wells, including delineation wells, are capitalized within natural
gas and oil properties. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset
into operation, and the initial estimate of the asset retirement obligation.
Depletion
Proved natural gas, oil and NGL reserve volumes are used as the basis to calculate unit-of-production depletion rates. Leasehold costs are depleted on
the unit-of-production basis over the total proved reserves of the relevant area while production and development wells are depleted over proved
producing reserves.
Intangible Assets
Software Development
Development costs that are directly attributable to the design and testing of identifiable and unique software products developed by third parties and
controlled by the Group are recognized as intangible assets where the following criteria are met:
\u2022 It is technically feasible to complete the software so that it will be available for use;
\u2022 The Directors intend to complete the software and use it;
\u2022 There is an ability to use the software;
\u2022 It can be demonstrated how the software will generate probable future economic benefits;
\u2022 Adequate technical, financial and other resources to complete the development and to use the software are available; and
\u2022 The expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the software include cost incurred by third parties, employee costs and an appropriate portion of
relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use.
Costs associated with maintaining software programs are recognized as an expense as incurred.
Impairment of Intangible Assets
Intangible assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An
impairment loss is recognized when the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value
less\u00a0costs of disposal and its value in use. For impairment assessment purposes, assets are grouped at the lowest levels for which there are separately identifiable
cash\u00a0inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Intangible assets that have suffered
an impairment are reviewed for possible reversal of the impairment at the end of each reporting\u00a0period.
Amortization
The Group amortizes intangible assets with a limited useful life, using the straight-line method over the following\u00a0periods:
Range in Years
Software
3
Other acquired intangibles(a)
3
(a) Represents intangible assets acquired in business combinations and asset acquisitions.
Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The initial recognized cost includes the purchase price
and any costs directly attributable to bringing the asset to the location and condition necessary for it to operate as intended by the\u00a0Directors.
Property, plant and equipment are generally depreciated on a straight-line basis over their estimated useful lives:
Range in Years
Buildings and leasehold improvements
40
Equipment
5 - 10
Motor vehicles
5
Midstream assets
10 - 15
Other property and equipment
5 - 10
Property, plant and equipment held under leases are depreciated over the shorter of the lease term or estimated useful life.
Impairment of Non-Financial Assets
At each reporting date, the Group assesses whether there are indications that an asset may be impaired. If such indications exist, or if annual
impairment testing is required, the Group estimates the asset\u2019s recoverable amount. The recoverable amount is the higher of an asset\u2019s or cash
generating unit\u2019s fair value less disposal costs and its value-in-use. This is determined for an individual asset unless the asset does not generate largely
independent cash inflows from other assets or groups of assets. If the carrying amount of an asset or cash-generating unit exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the Group discounts the estimated
future cash flows to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset. When determining fair value less disposal costs, the Group considers recent market transactions, if available. If no such transactions are
identified, an appropriate valuation model is used.
Non-Controlling Interests
Non-controlling interests represent the equity in subsidiaries that is not attributable to the Group\u2019s shareholders. The acquisition of a non-controlling
interest in a subsidiary and the sale of an interest while retaining control are accounted for as transactions within equity and are reported within non-
controlling interests in the consolidated financial statements.
During the years ended December\u00a031, 2024, 2023 and 2022 , the Group recorded net income of $1,271 , $1,683 and $4,812, respectively, attributable to
non-controlling interests. As of December\u00a031, 2024 and 2023, the Group had a non-controlling interests balance of $11,879 and $12,604, respectively.
During the years ended December\u00a031, 2024, 2023 and 2022, the Group paid $1,996, $4,043 and $6,389, respectively, in distributions to non-controlling
interest owners.
Leases
The Group recognizes a right-of-use asset and a lease liability at the commencement date of contracts (or separate components of a contract) that
convey the right to control the use of an identified asset for a period of time in exchange for consideration, when such contracts meet the definition of a
lease as determined by IFRS 16, Leases (\u201cIFRS 16\u201d). The determination of whether an arrangement is, or contains, a lease is based on the substance of
the arrangement at inception date.
The Group initially measures the lease liability at the present value of the future lease payments, discounted using the interest rate implicit in the lease.
If this rate cannot be readily determined, the Group uses its incremental borrowing rate. After the commencement date, the lease liability is reduced by
payments made and increased by interest on the lease liability.
Right-of-use assets are initially measured at cost, which\u00a0comprises:
\u2022 The amount of the initial measurement of the lease\u00a0liability;
\u2022 Any lease payments made at or before the commencement date, less any lease incentives received;
\u2022 Any initial direct costs incurred by the lessee; and
\u2022 An estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located, or
restoring the underlying asset to the condition required by the lease terms, unless those costs are incurred to produce inventories.
Subsequent to the measurement date, the right-of-use asset is depreciated on a straight line basis over the period that reflects the life of the underlying
asset and is also adjusted for the remeasurement of any lease liability.
Asset Retirement Obligations
When a liability exists for the retirement of a well, removal of production equipment, and site restoration at the end of a well\u2019s productive life, the Group
recognizes an asset retirement liability. The amount recognized is the present value of estimated future net expenditures, determined in accordance
with our anticipated retirement plans and local conditions and requirements. The unwinding of the discount on the decommissioning liability is included
as accretion of the decommissioning provision. The cost of the relevant property, plant and equipment asset is increased by an amount equivalent to the
liability and depreciated on a unit of production basis. The Group recognizes changes in estimates prospectively, with corresponding adjustments to the
liability and the associated non-current asset.
Taxation
Deferred Taxation
Deferred tax assets and liabilities arise from temporary differences between the tax bases of assets and liabilities and their carrying amounts in the
Group Financial Statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance
sheet date and are expected to apply when the related deferred tax asset is realized or the deferred liability is\u00a0settled.
Deferred tax assets are recognized to the extent that it is probable that the future taxable profit will be available against which the temporary
differences can be utilized. The Group offsets deferred tax assets and liabilities when it has a legally enforceable right to set off current tax assets
against current tax liabilities, provided that the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority.
Current Taxation
Current income tax assets and liabilities for the years ended December\u00a031, 2024 and 2023 were measured at the amounts to be recovered from, or paid
to, the taxation authorities. The tax rates (and laws) used to compute these amounts are those enacted or substantively enacted at the reporting date in
the jurisdictions where the Group operates and generates taxable\u00a0income.
Uncertain Tax Positions
Management periodically evaluates positions taken in tax returns where applicable tax regulation is subject to interpretation and considers whether it is
probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances based on either the most likely amount
or the expected value, depending on which method better predicts the resolution of the uncertainty.
Revenue Recognition
Natural Gas, NGLs & Oil Revenue (\u201cCommodity Revenue\u201d)
Commodity revenue is derived from sales of natural gas, NGLs and oil products and is recognized when the customer obtains control of the commodity.
This transfer generally occurs when the product is physically transferred into a vessel, pipe, sales meter, or other delivery mechanism. This also
represents the point at which the Group fulfills its single performance obligation to its customer under contracts for the sale of natural gas, NGLs and oil
as per IFRS 15, Revenue from Contracts with Customers (\u201cIFRS 15\u201d).
Commodity revenue in which the Group has an interest with other producers is recognized proportionately based on the Group\u2019s working interest and
the terms of the relevant production sharing contracts. Royalty payments or counterparty distributions, representing the portion of revenue due to
minority working interests, are recorded as a liability, described in Note 23.
Commodity revenue is recorded based on the volumes accepted each day by customers at the delivery point and is measured using the respective
market price index for the applicable commodity, adjusted by the applicable basis differential based on the quality of the product.
Third-Party Gathering Revenue
Revenue from gathering and transporting third-party natural gas is recognized when the customer transfers its natural gas to the entry point in the
Group\u2019s midstream network and becomes entitled to withdraw an equivalent volume of natural gas from the exit point in the Group\u2019s midstream
network. This transfer generally occurs when product is physically transferred into the Group\u2019s vessel, pipe, or sales meter. The customer\u2019s entitlement
to withdraw an equivalent volume of natural gas is broadly coterminous with the transfer of natural gas into the Group\u2019s midstream network. Customers
are invoiced, and revenue is recognized each month based on the volume of natural gas transported at a contractually agreed-upon price per unit.
Third-Party Plugging Revenue
Revenue from third-party asset retirement services is recognized as earned in the month the work is performed, in accordance with the Group\u2019s
contractual obligations. These contractual obligations are considered the Group\u2019s performance obligations for purposes of IFRS 15.
Other Revenue
Revenue from the operation of third-party wells is recognized as earned in the month the work is performed, in accordance with the Group\u2019s contractual
obligations. These contractual obligations are considered the Group\u2019s performance obligations for purposes of IFRS 15.
Revenue from the sale of water disposal services to third parties into the Group\u2019s disposal wells is recognized as earned in the month the water is
physically disposed of at a contractually agreed-upon price per unit. The disposal of the water is considered the Group\u2019s performance obligation under
these contracts.
Revenue is stated after deducting sales taxes, excise duties, and similar levies.
Share-Based Payments
The Group accounts for share-based payments under IFRS 2, Share-Based Payment (\u201cIFRS 2\u201d). All of the Group\u2019s share-based awards are equity
settled, with their fair value determined at the grant date. As of December\u00a031, 2024 , 2023 and 2022, the Group had three types of share-based
payment awards: RSUs, PSUs and Options. The fair value of the Group\u2019s RSUs is measured using the stock price at the grant date. The fair value of the
Group\u2019s PSUs is measured using a Monte Carlo simulation model. The inputs to the Monte Carlo simulation model included:
\u2022 The share price at the date of grant;
\u2022 Expected volatility;
\u2022 Expected dividends;
\u2022 Risk free rate of interest; and
\u2022 Patterns of exercise by the plan participants.
The fair value of the Group\u2019s Options was calculated using the Black-Scholes model as of the grant date. The inputs to the Black-Scholes model
included:
\u2022 The share price at the grant date;
\u2022 Exercise price;
\u2022 Expected volatility; and
\u2022 Risk-free rate of interest.
The grant date fair value of share-based awards, adjusted for market-based performance conditions, is expensed uniformly over the vesting period.
New or Amended Accounting Standards - Not Yet Adopted
At the date of authorization of the Group Financial Statements , the following standards and interpretations, which have not been applied in the Group
Financial Statements , were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each
respective effective date. The Group is still assessing the effect of these standards, though they are not expected to have a material impact.
Standard
Amendment
Effective Date
IAS 21
The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability
Annual periods beginning on or after January 1, 2025
IFRS 9
Financial Instruments - Lessee Derecognition of Lease Liabilities
Annual periods beginning on or after January 1, 2026
IFRS 7 &
IFRS 9
Financial Instruments and Disclosures - Amendments to the Classification and
Measurement of Financial Instruments
Annual periods beginning on or after January 1, 2026
IAS 7
Statement of Cash Flows - Cost Method
Annual periods beginning on or after January 1, 2026
IFRS 18
Presentation and Disclosures in Financial Statements - Primary Financial
Statements
Annual periods beginning on or after January 1, 2027
IFRS 19
Subsidiaries without Public Accountability: Disclosures - Disclosure Initiative -
Subsidiaries without Public Accountability: Disclosures
Annual periods beginning on or after January 1, 2027
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-499": { "value": "
The Group performs an assessment of each acquisition to determine whether the acquisition should be accounted for as an asset acquisition or a
business combination. For each transaction, the Group may elect to apply the concentration test to determine if the fair value of assets acquired is
substantially concentrated in a single asset (or a group of similar assets). If this concentration test is met, the acquisition qualifies as an acquisition of a
group of assets and liabilities, not of a\u00a0business.
Accounting for business combinations under IFRS 3 is applied once it is determined that a business has been acquired. Under IFRS 3, a business is
defined as an integrated set of activities and assets conducted and managed for the purpose of providing a return to investors. A business generally
consists of inputs, processes applied to those inputs, and resulting outputs that are, or will be, used to generate revenues.
In a business combination, assets acquired and liabilities assumed are recorded at fair value and any excess in the consideration paid over the fair value
of the net assets acquired is recorded as goodwill, while any excess fair value of the net assets acquired over the consideration fair value is recognized
as a gain on bargain purchase.
When less than the entire interest of an entity is acquired, the choice of measurement of the non-controlling interest, either at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets, is determined on a transaction by transaction\u00a0basis.
More information regarding the judgments and conclusions reached with respect to business combinations and asset acquisitions is included in Notes 4
and 5.
Oaktree Capital Management, L.P. (\u201cOaktree\u201d) Participation Agreement
In October 2020, the Group entered into a three-year definitive participation agreement with funds managed by Oaktree to jointly identify and fund
future proved developed producing acquisition opportunities (\u201cPDP acquisitions\u201d) that the Group identified. The Oaktree Funding Commitment provided
for up to $1,000,000 in aggregate over three years for mutually agreed upon PDP acquisitions with transaction valuations typically greater than
$250,000. The Group and Oaktree each funded 50% of the net purchase price in exchange for proportionate working interests of 51.25% and 48.75%
during Tranche I deals, or joint acquisitions made during the first 18 months of the agreement, and 52.5% and 47.5% during Tranche II deals, or joint
acquisitions made during the second 18 months of the agreement, respectively. The Group's greater share reflected the upfront promote it received
from Oaktree which was intended to compensate the Group for the increase in general and administrative expenses needed to operate an entity that
increases with acquired growth.
Additionally, upon Oaktree achieving a 10% unlevered internal rate of return, Oaktree would convey a back-end promote to the\u00a0Group which would
increase the Group\u2019s working interest to 59.625% for both Tranche I and Tranche II deals. The Group also maintained the right of first offer to acquire
Oaktree\u2019s interest if and when Oaktree decided to divest. The Group and Oaktree each had the right to participate in a sale by the other party with a
third-party upon comparable\u00a0terms.
The Group accounted for the Oaktree Participation Agreement as a joint operation under IFRS 11, Joint Arrangements (\u201cIFRS 11\u201d). Accordingly, the
Group included its proportionate share of assets, liabilities, revenues and expenses within the consolidated financial statements.
The Oaktree Participation Agreement ended in October 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-498": { "value": "
The Group performs an assessment of each acquisition to determine whether the acquisition should be accounted for as an asset acquisition or a
business combination. For each transaction, the Group may elect to apply the concentration test to determine if the fair value of assets acquired is
substantially concentrated in a single asset (or a group of similar assets). If this concentration test is met, the acquisition qualifies as an acquisition of a
group of assets and liabilities, not of a\u00a0business.
Accounting for business combinations under IFRS 3 is applied once it is determined that a business has been acquired. Under IFRS 3, a business is
defined as an integrated set of activities and assets conducted and managed for the purpose of providing a return to investors. A business generally
consists of inputs, processes applied to those inputs, and resulting outputs that are, or will be, used to generate revenues.
In a business combination, assets acquired and liabilities assumed are recorded at fair value and any excess in the consideration paid over the fair value
of the net assets acquired is recorded as goodwill, while any excess fair value of the net assets acquired over the consideration fair value is recognized
as a gain on bargain purchase.
When less than the entire interest of an entity is acquired, the choice of measurement of the non-controlling interest, either at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets, is determined on a transaction by transaction\u00a0basis.
More information regarding the judgments and conclusions reached with respect to business combinations and asset acquisitions is included in Notes 4
and 5.
Oaktree Capital Management, L.P. (\u201cOaktree\u201d) Participation Agreement
In October 2020, the Group entered into a three-year definitive participation agreement with funds managed by Oaktree to jointly identify and fund
future proved developed producing acquisition opportunities (\u201cPDP acquisitions\u201d) that the Group identified. The Oaktree Funding Commitment provided
for up to $1,000,000 in aggregate over three years for mutually agreed upon PDP acquisitions with transaction valuations typically greater than
$250,000. The Group and Oaktree each funded 50% of the net purchase price in exchange for proportionate working interests of 51.25% and 48.75%
during Tranche I deals, or joint acquisitions made during the first 18 months of the agreement, and 52.5% and 47.5% during Tranche II deals, or joint
acquisitions made during the second 18 months of the agreement, respectively. The Group's greater share reflected the upfront promote it received
from Oaktree which was intended to compensate the Group for the increase in general and administrative expenses needed to operate an entity that
increases with acquired growth.
Additionally, upon Oaktree achieving a 10% unlevered internal rate of return, Oaktree would convey a back-end promote to the\u00a0Group which would
increase the Group\u2019s working interest to 59.625% for both Tranche I and Tranche II deals. The Group also maintained the right of first offer to acquire
Oaktree\u2019s interest if and when Oaktree decided to divest. The Group and Oaktree each had the right to participate in a sale by the other party with a
third-party upon comparable\u00a0terms.
The Group accounted for the Oaktree Participation Agreement as a joint operation under IFRS 11, Joint Arrangements (\u201cIFRS 11\u201d). Accordingly, the
Group included its proportionate share of assets, liabilities, revenues and expenses within the consolidated financial statements.
The Oaktree Participation Agreement ended in October 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-500": { "value": "
Inventory
Natural gas inventory is stated at the lower of cost and net realizable value, cost being determined on a weighted average cost basis. Inventory also
consists of material and supplies used in connection with the Group\u2019s maintenance, storage and handling. Inventory is stated at the lower of cost or net
realizable value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-501": { "value": "
Cash and Cash Equivalents
Cash on the balance sheet comprises cash at banks. Balances held at banks, at times, exceed U.S. federally insured amounts. The Group has not experienced
any losses in such accounts and the Directors believe the Group is not exposed to any\u00a0significant credit risk on its cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-503": { "value": "
Cash on the balance sheet comprises cash at banks. Balances held at banks, at times, exceed U.S. federally insured amounts. The Group has not experienced
any losses in such accounts and the Directors believe the Group is not exposed to any\u00a0significant credit risk on its cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-502": { "value": "
Cash on the balance sheet comprises cash at banks. Balances held at banks, at times, exceed U.S. federally insured amounts. The Group has not experienced
any losses in such accounts and the Directors believe the Group is not exposed to any\u00a0significant credit risk on its cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-505": { "value": "
Trade Receivables
Trade receivables are recorded at their historical carrying amount, net of any required provisions. These receivables are due from customers across the
natural gas and oil industry. While they are spread among several customers, their collectability depends on each customer\u2019s financial health and the
overall economic conditions of the industry. Management evaluates customers\u2019 financial conditions before extending credit and typically do not require
collateral to secure the recoverability of the Group\u2019s trade receivables. Any adjustments to the Group\u2019s allowance for expected credit losses during the
year are recognized in the Consolidated Statement of Comprehensive Income. Trade receivables also include amounts due from third-party working
interest owners and hedge settlement receivables. The Group consistently assesses the collectability of these receivables. As of December\u00a031, 2024 and
2023, the Group considered a portion of these working interest receivables uncollectable and recorded an allowance for credit losses in the amount of
$15,959 and $16,529 , respectively. Refer to Note 14 for additional information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-504": { "value": "
Trade Receivables
Trade receivables are recorded at their historical carrying amount, net of any required provisions. These receivables are due from customers across the
natural gas and oil industry. While they are spread among several customers, their collectability depends on each customer\u2019s financial health and the
overall economic conditions of the industry. Management evaluates customers\u2019 financial conditions before extending credit and typically do not require
collateral to secure the recoverability of the Group\u2019s trade receivables. Any adjustments to the Group\u2019s allowance for expected credit losses during the
year are recognized in the Consolidated Statement of Comprehensive Income. Trade receivables also include amounts due from third-party working
interest owners and hedge settlement receivables. The Group consistently assesses the collectability of these receivables. As of December\u00a031, 2024 and
2023, the Group considered a portion of these working interest receivables uncollectable and recorded an allowance for credit losses in the amount of
$15,959 and $16,529 , respectively. Refer to Note 14 for additional information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-506": { "value": "
Impairment of Financial Assets
IFRS 9 requires the application of an expected credit loss model in considering the impairment of financial assets. The expected credit loss model
requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit
risk since initial recognition of the financial assets. The credit event does not have to occur before credit losses are recognized. IFRS 9 allows for a
simplified approach for measuring the allowance at an amount equal to lifetime expected credit losses for trade receivables.
The Group applies the simplified approach to the expected credit loss model to trade receivables arising\u00a0from:
\u2022 Sales of natural gas, NGLs and oil;
\u2022 Sales of gathering and transportation of third-party natural gas; and
\u2022 The provision of other services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-507": { "value": "
IFRS 9 requires the application of an expected credit loss model in considering the impairment of financial assets. The expected credit loss model
requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit
risk since initial recognition of the financial assets. The credit event does not have to occur before credit losses are recognized. IFRS 9 allows for a
simplified approach for measuring the allowance at an amount equal to lifetime expected credit losses for trade receivables.
The Group applies the simplified approach to the expected credit loss model to trade receivables arising\u00a0from:
\u2022 Sales of natural gas, NGLs and oil;
\u2022 Sales of gathering and transportation of third-party natural gas; and
\u2022 The provision of other services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-508": { "value": "
Borrowings
Borrowings are initially recognized at fair value, net of any transaction costs incurred. They are then carried at amortized cost. The difference between
the net proceeds and the redemption value is recognized in the Consolidated Statement of Comprehensive Income over the period of the\u00a0borrowings
using the effective interest method.
Interest on borrowings is accrued according to each class of borrowing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-509": { "value": "
Derivative Financial Instruments
Derivatives are utilized as part of the Group\u2019s strategy to mitigate risks associated with the cash flow unpredictability due to commodity price volatility.
Additional details on the Group\u2019s exposure to these risks can be found in Note 25. The Group has entered into financial instruments which are
considered derivative contracts, such as swaps and collars, which result in net cash settlements each month without physical deliveries. The derivative
contracts are initially recognized at fair value on the contract date and remeasured to fair value at each balance sheet date. The resulting gain or loss is
recognized in the Consolidated Statement of Comprehensive Income under the gain (loss) on derivative financial instruments line item for the year
incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-510": { "value": "
Restricted Cash
Cash held on deposit for bonding purposes is classified as restricted cash and recorded within current and non-current assets. This cash is either (1)
restricted by state governmental agencies for use if the operator abandons any wells, or (2) held as collateral by the Group\u2019s surety bond providers.
Additionally, the Group is required to maintain certain cash reserves for interest payments related to its asset-backed securitizations, as detailed in Note
21 . These reserves typically cover one to six months of interest and any associated fees. The Group classifies restricted cash as either current or non-
current, depending on the classification of the related asset or liability. This reserve cash is managed by an independent indenture trustee, who
monitors the reserves monthly to ensure the correct amount is maintained. The deposit conditions restrict the Group from accessing the reserve cash on
demand, meaning it no longer qualifies as cash and cash equivalents.
December 31, 2024
December 31, 2023
Cash restricted by asset-backed securitizations
$45,880
$35,870
Other restricted cash
389
382
Total restricted cash
$46,269
$36,252
Classified as:
Current asset
$11,426
$11,195
Non-current asset
34,843
25,057
Total
$46,269
$36,252
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-512": { "value": "
Natural Gas and Oil Properties
Natural gas and oil activities are accounted for using the principles of the successful efforts method of accounting as described below.
Development & Acquisition Costs
Costs incurred to purchase, lease, or otherwise acquire a property are capitalized when incurred. Expenditures related to the construction, installation or
completion of infrastructure facilities, such as platforms, and the drilling of development wells, including delineation wells, are capitalized within natural
gas and oil properties. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset
into operation, and the initial estimate of the asset retirement obligation.
Depletion
Proved natural gas, oil and NGL reserve volumes are used as the basis to calculate unit-of-production depletion rates. Leasehold costs are depleted on
the unit-of-production basis over the total proved reserves of the relevant area while production and development wells are depleted over proved
producing reserves.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-511": { "value": "
Natural Gas and Oil Properties
Natural gas and oil activities are accounted for using the principles of the successful efforts method of accounting as described below.
Development & Acquisition Costs
Costs incurred to purchase, lease, or otherwise acquire a property are capitalized when incurred. Expenditures related to the construction, installation or
completion of infrastructure facilities, such as platforms, and the drilling of development wells, including delineation wells, are capitalized within natural
gas and oil properties. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset
into operation, and the initial estimate of the asset retirement obligation.
Depletion
Proved natural gas, oil and NGL reserve volumes are used as the basis to calculate unit-of-production depletion rates. Leasehold costs are depleted on
the unit-of-production basis over the total proved reserves of the relevant area while production and development wells are depleted over proved
producing reserves.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-514": { "value": "
Intangible Assets
Software Development
Development costs that are directly attributable to the design and testing of identifiable and unique software products developed by third parties and
controlled by the Group are recognized as intangible assets where the following criteria are met:
\u2022 It is technically feasible to complete the software so that it will be available for use;
\u2022 The Directors intend to complete the software and use it;
\u2022 There is an ability to use the software;
\u2022 It can be demonstrated how the software will generate probable future economic benefits;
\u2022 Adequate technical, financial and other resources to complete the development and to use the software are available; and
\u2022 The expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the software include cost incurred by third parties, employee costs and an appropriate portion of
relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use.
Costs associated with maintaining software programs are recognized as an expense as incurred.
Impairment of Intangible Assets
Intangible assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An
impairment loss is recognized when the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value
less\u00a0costs of disposal and its value in use. For impairment assessment purposes, assets are grouped at the lowest levels for which there are separately identifiable
cash\u00a0inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Intangible assets that have suffered
an impairment are reviewed for possible reversal of the impairment at the end of each reporting\u00a0period.
Amortization
The Group amortizes intangible assets with a limited useful life, using the straight-line method over the following\u00a0periods:
Range in Years
Software
3
Other acquired intangibles(a)
3
(a) Represents intangible assets acquired in business combinations and asset acquisitions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-513": { "value": "
Intangible Assets
Software Development
Development costs that are directly attributable to the design and testing of identifiable and unique software products developed by third parties and
controlled by the Group are recognized as intangible assets where the following criteria are met:
\u2022 It is technically feasible to complete the software so that it will be available for use;
\u2022 The Directors intend to complete the software and use it;
\u2022 There is an ability to use the software;
\u2022 It can be demonstrated how the software will generate probable future economic benefits;
\u2022 Adequate technical, financial and other resources to complete the development and to use the software are available; and
\u2022 The expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the software include cost incurred by third parties, employee costs and an appropriate portion of
relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use.
Costs associated with maintaining software programs are recognized as an expense as incurred.
Impairment of Intangible Assets
Intangible assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An
impairment loss is recognized when the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value
less\u00a0costs of disposal and its value in use. For impairment assessment purposes, assets are grouped at the lowest levels for which there are separately identifiable
cash\u00a0inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Intangible assets that have suffered
an impairment are reviewed for possible reversal of the impairment at the end of each reporting\u00a0period.
Amortization
The Group amortizes intangible assets with a limited useful life, using the straight-line method over the following\u00a0periods:
Range in Years
Software
3
Other acquired intangibles(a)
3
(a) Represents intangible assets acquired in business combinations and asset acquisitions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-515": { "value": "
Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The initial recognized cost includes the purchase price
and any costs directly attributable to bringing the asset to the location and condition necessary for it to operate as intended by the\u00a0Directors.
Property, plant and equipment are generally depreciated on a straight-line basis over their estimated useful lives:
Range in Years
Buildings and leasehold improvements
40
Equipment
5 - 10
Motor vehicles
5
Midstream assets
10 - 15
Other property and equipment
5 - 10
Property, plant and equipment held under leases are depreciated over the shorter of the lease term or estimated useful life.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-516": { "value": "
Property, plant and equipment are generally depreciated on a straight-line basis over their estimated useful lives:
Range in Years
Buildings and leasehold improvements
40
Equipment
5 - 10
Motor vehicles
5
Midstream assets
10 - 15
Other property and equipment
5 - 10
Property, plant and equipment held under leases are depreciated over the shorter of the lease term or estimated useful life.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-517": { "value": "
Impairment of Non-Financial Assets
At each reporting date, the Group assesses whether there are indications that an asset may be impaired. If such indications exist, or if annual
impairment testing is required, the Group estimates the asset\u2019s recoverable amount. The recoverable amount is the higher of an asset\u2019s or cash
generating unit\u2019s fair value less disposal costs and its value-in-use. This is determined for an individual asset unless the asset does not generate largely
independent cash inflows from other assets or groups of assets. If the carrying amount of an asset or cash-generating unit exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the Group discounts the estimated
future cash flows to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset. When determining fair value less disposal costs, the Group considers recent market transactions, if available. If no such transactions are
identified, an appropriate valuation model is used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-518": { "value": "
Non-Controlling Interests
Non-controlling interests represent the equity in subsidiaries that is not attributable to the Group\u2019s shareholders. The acquisition of a non-controlling
interest in a subsidiary and the sale of an interest while retaining control are accounted for as transactions within equity and are reported within non-
controlling interests in the consolidated financial statements.
During the years ended December\u00a031, 2024, 2023 and 2022 , the Group recorded net income of $1,271 , $1,683 and $4,812, respectively, attributable to
non-controlling interests. As of December\u00a031, 2024 and 2023, the Group had a non-controlling interests balance of $11,879 and $12,604, respectively.
During the years ended December\u00a031, 2024, 2023 and 2022, the Group paid $1,996, $4,043 and $6,389, respectively, in distributions to non-controlling
interest owners.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-519": { "value": "1271000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-520": { "value": "1683000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-521": { "value": "4812000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-522": { "value": "11879000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-523": { "value": "12604000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-524": { "value": "1996000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-525": { "value": "4043000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-526": { "value": "6389000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-527": { "value": "
Leases
The Group recognizes a right-of-use asset and a lease liability at the commencement date of contracts (or separate components of a contract) that
convey the right to control the use of an identified asset for a period of time in exchange for consideration, when such contracts meet the definition of a
lease as determined by IFRS 16, Leases (\u201cIFRS 16\u201d). The determination of whether an arrangement is, or contains, a lease is based on the substance of
the arrangement at inception date.
The Group initially measures the lease liability at the present value of the future lease payments, discounted using the interest rate implicit in the lease.
If this rate cannot be readily determined, the Group uses its incremental borrowing rate. After the commencement date, the lease liability is reduced by
payments made and increased by interest on the lease liability.
Right-of-use assets are initially measured at cost, which\u00a0comprises:
\u2022 The amount of the initial measurement of the lease\u00a0liability;
\u2022 Any lease payments made at or before the commencement date, less any lease incentives received;
\u2022 Any initial direct costs incurred by the lessee; and
\u2022 An estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located, or
restoring the underlying asset to the condition required by the lease terms, unless those costs are incurred to produce inventories.
Subsequent to the measurement date, the right-of-use asset is depreciated on a straight line basis over the period that reflects the life of the underlying
asset and is also adjusted for the remeasurement of any lease liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-528": { "value": "
Asset Retirement Obligations
When a liability exists for the retirement of a well, removal of production equipment, and site restoration at the end of a well\u2019s productive life, the Group
recognizes an asset retirement liability. The amount recognized is the present value of estimated future net expenditures, determined in accordance
with our anticipated retirement plans and local conditions and requirements. The unwinding of the discount on the decommissioning liability is included
as accretion of the decommissioning provision. The cost of the relevant property, plant and equipment asset is increased by an amount equivalent to the
liability and depreciated on a unit of production basis. The Group recognizes changes in estimates prospectively, with corresponding adjustments to the
liability and the associated non-current asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-529": { "value": "
Deferred Taxation
Deferred tax assets and liabilities arise from temporary differences between the tax bases of assets and liabilities and their carrying amounts in the
Group Financial Statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance
sheet date and are expected to apply when the related deferred tax asset is realized or the deferred liability is\u00a0settled.
Deferred tax assets are recognized to the extent that it is probable that the future taxable profit will be available against which the temporary
differences can be utilized. The Group offsets deferred tax assets and liabilities when it has a legally enforceable right to set off current tax assets
against current tax liabilities, provided that the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-530": { "value": "
Current Taxation
Current income tax assets and liabilities for the years ended December\u00a031, 2024 and 2023 were measured at the amounts to be recovered from, or paid
to, the taxation authorities. The tax rates (and laws) used to compute these amounts are those enacted or substantively enacted at the reporting date in
the jurisdictions where the Group operates and generates taxable\u00a0income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-531": { "value": "
Uncertain Tax Positions
Management periodically evaluates positions taken in tax returns where applicable tax regulation is subject to interpretation and considers whether it is
probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances based on either the most likely amount
or the expected value, depending on which method better predicts the resolution of the uncertainty.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-532": { "value": "
Revenue Recognition
Natural Gas, NGLs & Oil Revenue (\u201cCommodity Revenue\u201d)
Commodity revenue is derived from sales of natural gas, NGLs and oil products and is recognized when the customer obtains control of the commodity.
This transfer generally occurs when the product is physically transferred into a vessel, pipe, sales meter, or other delivery mechanism. This also
represents the point at which the Group fulfills its single performance obligation to its customer under contracts for the sale of natural gas, NGLs and oil
as per IFRS 15, Revenue from Contracts with Customers (\u201cIFRS 15\u201d).
Commodity revenue in which the Group has an interest with other producers is recognized proportionately based on the Group\u2019s working interest and
the terms of the relevant production sharing contracts. Royalty payments or counterparty distributions, representing the portion of revenue due to
minority working interests, are recorded as a liability, described in Note 23.
Commodity revenue is recorded based on the volumes accepted each day by customers at the delivery point and is measured using the respective
market price index for the applicable commodity, adjusted by the applicable basis differential based on the quality of the product.
Third-Party Gathering Revenue
Revenue from gathering and transporting third-party natural gas is recognized when the customer transfers its natural gas to the entry point in the
Group\u2019s midstream network and becomes entitled to withdraw an equivalent volume of natural gas from the exit point in the Group\u2019s midstream
network. This transfer generally occurs when product is physically transferred into the Group\u2019s vessel, pipe, or sales meter. The customer\u2019s entitlement
to withdraw an equivalent volume of natural gas is broadly coterminous with the transfer of natural gas into the Group\u2019s midstream network. Customers
are invoiced, and revenue is recognized each month based on the volume of natural gas transported at a contractually agreed-upon price per unit.
Third-Party Plugging Revenue
Revenue from third-party asset retirement services is recognized as earned in the month the work is performed, in accordance with the Group\u2019s
contractual obligations. These contractual obligations are considered the Group\u2019s performance obligations for purposes of IFRS 15.
Other Revenue
Revenue from the operation of third-party wells is recognized as earned in the month the work is performed, in accordance with the Group\u2019s contractual
obligations. These contractual obligations are considered the Group\u2019s performance obligations for purposes of IFRS 15.
Revenue from the sale of water disposal services to third parties into the Group\u2019s disposal wells is recognized as earned in the month the water is
physically disposed of at a contractually agreed-upon price per unit. The disposal of the water is considered the Group\u2019s performance obligation under
these contracts.
Revenue is stated after deducting sales taxes, excise duties, and similar levies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-533": { "value": "
Share-Based Payments
The Group accounts for share-based payments under IFRS 2, Share-Based Payment (\u201cIFRS 2\u201d). All of the Group\u2019s share-based awards are equity
settled, with their fair value determined at the grant date. As of December\u00a031, 2024 , 2023 and 2022, the Group had three types of share-based
payment awards: RSUs, PSUs and Options. The fair value of the Group\u2019s RSUs is measured using the stock price at the grant date. The fair value of the
Group\u2019s PSUs is measured using a Monte Carlo simulation model. The inputs to the Monte Carlo simulation model included:
\u2022 The share price at the date of grant;
\u2022 Expected volatility;
\u2022 Expected dividends;
\u2022 Risk free rate of interest; and
\u2022 Patterns of exercise by the plan participants.
The fair value of the Group\u2019s Options was calculated using the Black-Scholes model as of the grant date. The inputs to the Black-Scholes model
included:
\u2022 The share price at the grant date;
\u2022 Exercise price;
\u2022 Expected volatility; and
\u2022 Risk-free rate of interest.
The grant date fair value of share-based awards, adjusted for market-based performance conditions, is expensed uniformly over the vesting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-534": { "value": "
Note 4 - Significant Accounting Judgments & Estimates
(Amounts in thousands, except share, per share and per unit data)
In applying the Group's accounting policies described in Note 3, the Directors made the following judgments and estimates, which may significantly
affect the amounts recognized in the Group Financial Statements.
Significant Judgments
Business Combinations & Asset Acquisitions
The Group follows the guidance in IFRS 3, Business Combinations (\u201cIFRS 3\u201d) for determining the appropriate accounting treatment for acquisitions. IFRS
3 permits an initial fair value assessment to determine if substantially all of the fair value of the assets acquired is concentrated in a single asset or
group of similar assets, known as the \u201cconcentration test\u201d. If the initial screening test is not met, the asset may be considered a business based on
whether there are inputs and substantive processes in place. The accounting treatment is derived based on the results of this analysis and the
conclusion on an acquisition\u2019s classification as a business combination or an asset acquisition.
If the acquisition is deemed to be a business, the acquisition method of accounting is applied. Identifiable assets acquired and liabilities assumed at the
acquisition date are recorded at fair value. When the fair value exceeds the consideration transferred, a bargain purchase gain is recognized.
Conversely, when the consideration transferred exceeds the fair value, goodwill is recorded. If the transaction is deemed to be an asset purchase, the
cost accumulation and allocation model is used whereby the assets and liabilities are recorded based on the purchase price and allocated to the
individual assets and liabilities based on relative fair values. As a result, gains on bargain purchases are not recognized on asset acquisitions.
Additionally, in instances when the acquisition of a group of assets contains contingent consideration, the Group records changes in the fair value of the
contingent consideration through the basis of the asset acquired rather than through the Consolidated Statement of Comprehensive Income. More
information regarding conclusions reached with respect to this judgment is included in Note 5.
The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed in a business combination are based on various
market participant assumptions and valuation methodologies, requiring considerable judgment by management. The most significant variables in these
valuations are discount rates and other assumptions and estimates used to determine the cash inflows and outflows. Management determines discount
rates based on the risk inherent in the acquired assets, specific risks, industry beta, and the capital structure of guideline companies. The valuation of an
acquired business is based on available information at the acquisition date and assumptions that are believed to be reasonable. However, a change in
facts and circumstances as of the acquisition date can result in subsequent adjustments during the measurement period, but no later than one year
from the acquisition date.
Significant Estimates
Estimating the Fair Value of Acquired Natural Gas & Oil Properties
The Group determines the fair value of its natural gas and oil properties acquired through business combinations using the income approach. This
approach is based on expected discounted future cash flows, which are derived from estimated reserve quantities, production and development costs,
and forward prices for natural gas and oil. Future net cash flows are discounted using a weighted average cost of capital and additional risk factors.
Proved reserves are estimated using available geological and engineering data and include only those volumes for which market access is reasonably
certain. These estimates are inherently imprecise, requiring judgment and regular revisions. Revisions may be based on new information from additional
drilling, long-term reservoir performance observations, and changes in economic factors such as product prices, contract terms, or operating expenses.
Impairment of Natural Gas & Oil Properties
When preparing the Group Financial Statements , the Group considers whether there is any evidence of impairment in the natural gas and oil properties.
This assessment involves reviewing producing assets for impairment indicators at the balance sheet date. Indicators can include significant or\u00a0prolonged
decreases in commodity pricing, negative market changes, downward revisions of reserve estimates, or increases in operating costs.
The Group reviews the carrying value of its natural gas and oil properties on a field basis annually or when an indicator of impairment is identified. The
impairment test compares the carrying value of these properties to their recoverable amount, which is based on the present value of estimated future
net cash flows from proved reserves. These future cash flows are calculated using estimated reserve quantities, production and development costs, and
forward prices for natural gas and oil. If the carrying value exceeds fair value, the Group recognizes an impairment by writing down the value of the
properties to their fair value. For the year ended December\u00a031, 2024, no such impairments were recorded.
For the year ended December\u00a031, 2023, the Group determined that the carrying amounts of certain proved properties for two fields were not
recoverable from future cash flows and recognized an impairment charge of $41,616. No such impairment was recorded during the year ended
December\u00a031, 2022. Refer to Note 10 for additional information regarding the Group\u2019s impairment assessment.
If there has been an impairment charge in a previous period, it will be reversed in a later period if circumstances change and the recoverable amount
exceeds the net book value at the time. When\u00a0reversing impairment losses, the asset\u2019s carrying amount will be increased to the lower of its original
carrying value or the carrying value that would have been determined (net of depletion) if no impairment loss had been recognized in prior years.\u00a0No
such recoveries were recorded during the years ended December\u00a031, 2024 , 2023, and 2022. For more details, refer to Note 10.
When applicable, the Group recognizes impairment losses in the Consolidated Statement of Comprehensive Income, categorizing them according to the
function of the impaired asset.
Reserve Volume Estimates
Proved reserves are the estimated volumes of natural gas, oil and NGLs that can be economically produced with reasonable certainty from known
reservoirs, given current economic conditions and operating methods.
To estimate these reserves, we depend on the interpretation and judgment of engineering and production data, along with certain economic data such
as commodity prices, operating expenses, capital expenditures, and taxes. Since many factors, assumptions, and variables involved in estimating proved
reserves can change over time, the estimates of natural gas, oil and NGL\u00a0reserve\u00a0volumes are subject to revision.
Taxation
The Group makes certain estimates when calculating deferred tax assets and liabilities, as well as income tax expense. These estimates often require
judgment regarding the timing and recognition of differences of revenue and expenses for tax and financial reporting purposes, as well as the tax basis
of our assets and liabilities at the balance sheet date before tax returns are completed. Additionally, the Group must evaluate the likelihood of
recovering or utilizing its deferred tax assets and may record a valuation allowance against these assets when it is not expected that they will be
realized. In determining whether to apply a valuation allowance, the Group considers evidence such as future taxable income, among other factors. This
process involves numerous judgments and assumptions, including estimates of commodity prices, production, and other operating conditions. If any of
these factors, assumptions, or judgments change, the deferred tax asset could be adjusted, particularly decreasing if it is determined that the asset is
unlikely to be realized. Conversely, a valuation allowance may be reversed if it is determined that the asset is likely to be realized.
Asset Retirement Obligations
The costs associated with asset retirement obligations are inherently uncertain and can fluctuate due to various factors, such as changes in legal
requirements, the development of new restoration techniques, or experiences at other production sites. The expected timing and amount of these
expenditures can also vary, for instance, due to changes in reserves or modifications in laws and regulations or their interpretation. Consequently,
significant estimates and assumptions are necessary to determine the provision for asset retirement. These assumptions include the costs to retire the
wells, the Group\u2019s retirement plan, an assumed inflation rate, and the discount rate. Changes in these assumptions could lead to a substantial change in
the carrying value of the asset retirement obligations within the next financial year. For more details and sensitivity analysis, refer to Note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-535": { "value": "41616000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-536": { "value": "
Note 5 - Acquisitions & Divestitures
(Amounts in thousands, except share, per share and per unit data)
The assets acquired in all acquisitions include the necessary permits, rights to production, royalties, assignments, contracts and agreements that support
the production from wells and operation of pipelines. The Group determines the accounting treatment of acquisitions using IFRS 3.
2024 Acquisitions
East Texas II Asset Acquisition
On October\u00a029, 2024, the Group acquired certain developed producing assets in the East Texas area of the Central Region from a regional operator (the
\u201cSeller\u201d) (altogether, the \u201cEast Texas II transaction\u201d). The Group assessed the acquired assets and determined that this transaction was considered an
asset acquisition rather than a business combination. When making this determination, management evaluated IFRS 3 and concluded that the acquired
assets did not meet the definition of a business. The Group paid purchase consideration of $67,782 , inclusive of transaction costs of $744 and
customary purchase price adjustments. The transaction was funded through a combination of cash consideration of $40,329, drawing from a senior
secured bank facility supported by the acquired assets and existing liquidity, and the issuance of 2,342,445 new ordinary shares direct to the Seller.
Refer to Notes 16 and 21 for additional information regarding share capital and debt, respectively. In the period from its acquisition to December\u00a031,
2024 the East Texas II assets increased the Group\u2019s revenue and operating expense by $4,889 and $1,598, respectively.
The assets acquired and liabilities assumed were as follows:
Consideration paid
Cash consideration
$40,329
Value of shares issued as consideration
27,453
Total consideration
$67,782
Net assets acquired
Natural gas and oil properties
$78,087
Asset retirement obligations, asset portion
11,902
Property, plant and equipment
1,045
Asset retirement obligations, liability portion
(11,902)
Other current liabilities
(11,350)
Net assets acquired
$67,782
Crescent Pass Energy (\u201cCrescent Pass\u201d) Asset Acquisition
On August\u00a015, 2024 , the Group acquired certain upstream assets and related infrastructure in the East Texas area of the Central Region from Crescent
Pass. The Group assessed the acquired assets and determined that this transaction was considered an asset acquisition rather than a business
combination. When making this determination, management evaluated IFRS 3 and concluded that the acquired assets did not meet the definition of a
business. The Group paid purchase consideration of $97,678, inclusive of transaction costs of $846 and customary purchase price adjustments. The
transaction was funded through a combination of the issuance of 2,249,650 new ordinary shares direct to Crescent Pass and cash consideration of
$69,265 from the new Term Loan II supported by the acquired assets. Refer to Notes 16 and 21 for additional information regarding share capital and
debt, respectively. In the period from its acquisition to December\u00a031, 2024 the Crescent Pass assets increased the Group\u2019s revenue and operating
expense by $10,283 and $6,101, respectively.
The assets acquired and liabilities assumed were as follows:
Consideration paid
Cash consideration
$69,265
Value of shares issued as consideration
28,413
Total consideration
$97,678
Net assets acquired
Natural gas and oil properties
$105,737
Asset retirement obligations, asset portion
34,247
Property, plant and equipment
534
Trade receivables, net
1,926
Asset retirement obligations, liability portion
(34,247)
Other current liabilities
(10,519)
Net assets acquired
$97,678
Oaktree Capital Management, L.P. (\u201cOaktree\u201d) Working Interest Asset Acquisition
On June\u00a06, 2024 the Group acquired Oaktree\u2019s proportionate working interest in the East Texas, Tapstone, Tanos and Indigo acquisitions. The Group
assessed the acquired assets and determined that this transaction was considered an asset acquisition rather than a business combination. When
making this determination, management evaluated IFRS 3 and concluded that the acquired assets did not meet the definition of a business. The Group
paid purchase consideration of $221,660, inclusive of transaction costs of $2,064 and customary purchase price adjustments. As part of this transaction,
the Group assumed Oaktree\u2019s proportionate debt of $132,576 associated with the ABS VI Notes. The Group funded the purchase through a combination
of existing and expanded liquidity and issued approximately $83,348 in notes payable to Oaktree. Refer to Note 21 for additional information regarding
debt. In the period from its acquisition to December\u00a031, 2024 the Oaktree assets increased the Group\u2019s revenue and operating expense by $65,708 and
$31,626, respectively.
The assets acquired and liabilities assumed were as follows:
Consideration paid
Cash consideration
$177,550
Oaktree Seller's Note
83,348
Elimination of Oaktree liability
(39,238)
Total consideration
$221,660
Net assets acquired
Natural gas and oil properties
$315,611
Asset retirement obligations, asset portion
63,770
Property, plant and equipment
457
Restricted cash
6,153
Derivative financial instruments, net
39,841
Asset retirement obligations, liability portion
(63,770)
Borrowings
(132,576)
Other current liabilities
(7,826)
Net assets acquired
$221,660
Other Acquisitions
On December\u00a030, 2024 the Group acquired certain upstream assets in the Central Region that are contiguous to its existing East Texas assets. The
Group paid purchase consideration of $1,181, inclusive of customary purchase price adjustments and transaction costs. Given the concentration of
assets, this transaction was considered an asset acquisition rather than a business combination.
2024 Divestitures
During the year ended December\u00a031, 2024 , the Group divested certain other non-core undeveloped acreage across its operating footprint for
consideration of approximately $59,048 . Th e consideration received exceeded the carrying value of the net assets divested resulting in a gain on natural
gas and oil properties and equipment of $26,312 .
2023 Acquisitions
Tanos Energy Holdings II LLC (\u201cTanos II\u201d) Asset Acquisition
On March\u00a01, 2023 the Group acquired certain upstream assets and related infrastructure in the Central Region from Tanos II. Given the concentration of
assets, this transaction was considered an asset acquisition rather than a business combination. When making this determination management
performed an asset concentration test considering the fair value of the acquired assets. The Group paid purchase consideration of $262,329, inclusive of
transaction costs of $936 and customary purchase price adjustments. The Group funded the purchase with proceeds from the February 2023 equity
raise, cash on hand and existing availability on the Credit Facility for which the borrowing base was upsized concurrent to the closing of the Tanos II
transaction. Refer to Notes 16 and 21 for additional information regarding the Group\u2019s share capital and borrowings. In the period from its acquisition to
December 31, 2023 the Tanos II assets increased the Group\u2019s revenue by $45,589.
2023 Divestitures
Sale of Equity Interest in DP Lion Equity HoldCo LLC
In November 2023, the Group formed DP Lion Equity Holdco LLC, a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue Class A and
Class B asset-backed securities (collectively \u201cABS VII\u201d) which are secured by certain upstream producing assets in Appalachia. The Class A and B asset
backed securities were issued in aggregate principal amounts of $142,000 and $20,000, respectively.
In December 2023 , the Group divested 80% of the equity ownership in DP Lion Equity Holdco LLC to outside investors, generating cash proceeds of
$30,000. The Group evaluated the remaining 20% interest in DP Lion Equity Holdco LLC and determined that the governance structure is such that th e
Group does not have the ability to exercise control, joint control, or significant influence over the DP Lion Equity Holdco LLC entity. Accordingly, this
entity is not consolidated within the Group\u2019s financial statements as of December 31, 2023.
The consideration exceeded the fair value of the Group\u2019s portion of the assets and liabilities divested resulting in a gain on sale of the equity interest of
$18,440. The Group\u2019s remaining investment in the LLC is accounted for as an equity instrument at fair value in accordance with IFRS 9, Financial
Instruments (\u201cIFRS 9\u201d) and was $7,500 at December 31, 2023, which generated an unrealized gain of $4,610.
During 2024, the Group identified that the l iability for revenues to be distributed of $7,375 associated with the divested wells in the DP Lion Holdco LLC
transaction was inappropriately relieved and should have remained consolidated within the Group Financial Statements. The Group assessed the error
and determined that it is immaterial, quantitatively and qualitatively, to the 2023 and 2024 Group Financial Statements. Accordingly, the error has been
corrected as an out of period adjustment in the current year within the \u201cGain (loss) on sale of equity interest\u201d line item in the Group\u2019s Statement of
Comprehensive Income.
Other 2023 Divestitures
On July\u00a017, 2023, the Group sold undeveloped acreage in Oklahoma, within the Group\u2019s Central Region, for net consideration of approximately $16,060.
The consideration received exceeded the fair value of the net assets divested resulting in a gain on natural gas and oil properties and equipment of
$13,619.
On June\u00a027, 2023, the Group sold certain non-core, non-operated assets within its Central Region for gross consideration of approximately $37,589. The
divested assets were located in Texas and Oklahoma and consisted of non-operated wells and the associated leasehold acreage that was acquired as
part of the ConocoPhillips Asset Acquisition in September 2022. This sale of non-operated and non-core assets aligns with the Group\u2019s application of the
Smarter Asset Management strategy and its strategic focus on operated proved developed producing assets.
Additionally, during the year ended December 31, 2023, the Group divested certain other non-core undeveloped acreage across its operating footprint
for consideration of approximately $12,100. The consideration received exceeded the fair value of the net assets divested resulting in a gain on natural
gas and oil properties and equipment of $10,547.
2022 Acquisitions
ConocoPhillips Asset Acquisition
On September\u00a027, 2022 the Group acquired certain upstream assets and related facilities within the Central Region from ConocoPhillips. Given the
concentration of assets, this transaction was considered an asset acquisition rather than a business combination. When making this determination
management performed an asset concentration test considering the fair value of the acquired assets. The Group paid purchase consideration of
$209,766, including customary purchase price adjustments. Transaction costs associated with the acquisition were negligible. The Group funded the
purchase with available cash on hand and a draw on the Credit Facility. In the period from its acquisition to December 31, 2022 the ConocoPhillips
assets increased the Group\u2019s revenue by\u00a0 $25,217.
East Texas Asset Acquisition (\u201cEast Texas I\u201d)
On April\u00a025, 2022 , the Group acquired a proportionate 52.5% working interest in certain upstream assets and related facilities within the Central Region
from a private seller in conjunction with Oaktree, via the previously disclosed participation agreement between the two parties. Given the concentration
of assets, this transaction was considered an asset acquisition rather than a business combination. When making this determination, the Group
performed an asset concentration test considering the fair value of the acquired assets. The Group paid purchase consideration of $47,468, including
customary purchase price adjustments. Transaction costs associated with the acquisition were $1,550. The Group funded the purchase with available
cash on hand and a draw on the Credit Facility.
Other 2022 Acquisitions
During the period ended December 31, 2022 the Group acquired three asset retirement companies for an aggregate consideration of $13,949 , inclusive
of customary purchase price adjustments. The Group also paid an additional $3,150 in deferred consideration through November 2024. During the year
ended December 31, 2024 and 2023, the Group paid $1,050 and $2,100 , respectively, of the deferred consideration. When evaluating these
transactions, the Group determined they did not have significant asset concentrations and as a result it had acquired identifiable sets of inputs,
processes and outputs and concluded the transactions were business combinations.
On April\u00a01, 2022 the Group acquired certain midstream assets, inclusive of a processing facility, in the Central Region that are contiguous to its existing
East Texas assets. The Group paid purchase consideration of $10,139, inclusive of customary purchase price adjustments and transaction costs. When
evaluating the transaction, the Group determined it did not have significant asset concentration and as a result it had acquired an identifiable set of
inputs, processes and outputs and accordingly concluded the transaction was a business combination. The fair value of the net assets acquired was
$10,742 generating a bargain purchase gain of $603.
On November\u00a021, 2022 the Group acquired certain midstream assets in the Central Region that are contiguous to its existing East Texas assets. The
Group paid purchase consideration of $7,438 , inclusive of customary purchase price adjustments and transaction costs. Given the concentration of
assets, this transaction was considered an asset acquisition rather than a business combination.
Transaction costs associated with the other acquisitions noted above were insignificant and the Group funded the aggregate cash consideration with
existing cash on\u00a0hand.
Subsequent Events
On February\u00a027, 2025 , the Group announced the completion of its previously announced acquisition of certain upstream assets and related
infrastructure within Virginia, West Virginia, and Alabama of the Appalachian Region from Summit for a gross purchase price of approximately $45,000
before customary purchase price adjustments. The transaction was funded through the new ABS X Notes collateralized, in part, by the acquired assets.
Refer to Note 21 for additional information regarding debt.
On March\u00a014, 2025, the Group announced the completion of its previously announced Maverick acquisition for a gross purchase price of approximately
$1,275,000 . The transaction was funded through the assumption of approximately $700,000 of Maverick debt outstanding, the issuance of 21,194,213
new ordinary shares direct to the unitholders of Maverick, and approximately $207,000 in cash on hand. Refer to Notes 16 and 21 for additional
information regarding share capital and debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-537": { "value": "
Note 6 - Revenue
(Amounts in thousands, except share, per share and per unit data)
The Group extracts and sells natural gas, NGLs and oil to a variety of customers and operates most of the wells on behalf of customers and other
working interest owners. Additionally, the Group offers\u00a0gathering and transportation services, as well as asset retirement and other services to third
parties. All revenue is generated within the U.S.
The following table reconciles the Group's revenue for the periods\u00a0presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Natural gas
$464,600
$557,167
$1,544,658
NGLs
150,513
141,321
188,733
Oil
117,146
103,911
139,620
Total commodity revenue
$732,259
$802,399
$1,873,011
Midstream
32,535
30,565
32,798
Other(a)
30,047
35,299
13,540
Total revenue
$794,841
$868,263
$1,919,349
(a) Includes $16,305, $28,360, and $9,246 in third party plugging revenue and $13,742 , $6,939, and $4,294 in other revenue for the years ended December\u00a031, 2024,
2023 , and 2022, respectively. Refer to Note 3 for additional information.
A significant portion of the Group\u2019s trade receivables stem from sales of natural gas, NGLs and oil, as well as operational services. These receivables are
uncollateralized and typically collected within 30 to 60 days.
For the years ended December\u00a031, 2024, 2023 and 2022, no single customer accounted for more than 10% of total revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-538": { "value": "
Note 7 - Expenses by Nature
(Amounts in thousands, except share, per share and per unit data)
The table below details the Group's expenses for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
LOE(a)
$231,651
$213,078
$182,817
Production taxes(b)
36,043
61,474
73,849
Midstream operating expenses(c)
70,747
69,792
71,154
Transportation expenses(d)
90,461
96,218
118,073
Total operating expenses
$428,902
$440,562
$445,893
Depreciation and amortization
59,358
56,453
51,877
Depletion
197,126
168,093
170,380
Total depreciation, depletion and amortization
$256,484
$224,546
$222,257
Employees, administrative costs and professional services(e)
86,885
78,659
77,172
Costs associated with acquisitions(f)
11,573
16,775
15,545
Other adjusting costs(g)
22,375
17,794
69,967
Non-cash equity compensation(h)
8,286
6,494
8,051
Total G&A
$129,119
$119,722
$170,735
Recurring allowance for credit losses(i)
101
8,478
\u2014
Total expenses
$814,606
$793,308
$838,885
Aggregate remuneration (including Directors):
Wages and salaries
$133,024
$124,834
$113,267
Payroll taxes
10,380
10,163
9,516
Benefits
29,252
31,912
23,828
Total employees and benefits expense
$172,656
$166,909
$146,611
(a) LOE encompasses costs incurred to maintain producing properties. These costs include direct and contract labor, repairs and maintenance, emissions reduction
initiatives, water hauling, compression, automobile, insurance, and materials and supplies expenses.
(b) Production taxes consist of severance and property taxes. Severance taxes are typically paid on produced natural gas, NGLs and oil at fixed rates set by federal, state or
local taxing authorities. Property taxes are generally based on the valuation of the Group\u2019s natural gas and oil properties and midstream assets by the taxing
jurisdictions.
(c) Midstream operating expenses are the daily costs of operating the Group\u2019s owned midstream assets, including employee and benefit\u00a0expenses.
(d) Transportation expenses are the daily costs incurred from third-party systems to gather, process, and transport the Group\u2019s natural gas, NGLs and oil.
(e) Employees, administrative costs and professional services include payroll and benefits for our administrative and corporate staff, costs of maintaining administrative and
corporate offices, managing our production operations, franchise taxes, public company costs, fees for audit and other professional services, and legal compliance.
(f) Costs associated with acquisitions are related to the integration of acquisitions, which vary for each acquisition. For acquisitions classified as business combinations,
these costs include transaction costs directly associated with a successful acquisition. They also encompass costs related to transition service arrangements, where the
Group pays the seller of the acquired entity a fee to manage G&A functions until full integration of the assets. Additionally, these costs include costs to cover expenses
for integrating IT systems, consulting, and internal workforce efforts directly related to incorporating acquisitions into the Group\u2019s systems.
(g) Other adjusting costs for the year ended December\u00a031, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain
litigation, and expenses associated with unused firm transportation agreements. For the year ended December\u00a031, 2023, these costs were primarily related to legal and
professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December\u00a031, 2022,
these costs mainly included $28,345 in contract terminations, which enabled the Group to secure more favorable future pricing, and $31,099 in deal breakage and/or
sourcing costs for acquisitions.
(h) Non-cash equity compensation represents the expense recognition for share-based compensation provided to key members of the management team. Refer to Note 17
for additional details on non-cash share-based compensation.
(i) Allowance for credit losses consists of the recognition and reversal of credit losses. Refer to Note 14 for additional information regarding credit losses.
The following table presents the number of employees as of the dates presented (employee count not shown in thousands):
As of
December 31, 2024
December 31, 2023
December 31, 2022
Number of production support employees, including Executive Directors
402
389
362
Number of production employees
1,187
1,214
1,220
Workforce
1,589
1,603
1,582
The following table presents the average number of employees for the periods presented (employee count not shown in thousands):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Average workforce, including Executive Directors
1,571
1,593
1,512
The Group defines key management personnel as the executive and non-executive Directors. Bradley G. Gray is excluded from the executive Director
remuneration below for the year ended December\u00a031, 2024 and is included for the years ended December\u00a031, 2023 and 2022. Mr. Gray was a Director
through September 15, 2023. The fixed pay figures included in the table represent Mr. Gray\u2019s prorated compensation for the year ended December
31, 2023. The Directors\u2019 remuneration was as follows for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Executive Directors
Salary
$780
$1,073
$1,157
Taxable benefits(a)
17
20
24
Benefit plan(b)
42
46
73
Bonus(c)
1,160
1,130
1,631
Long-term incentives(c)
1,541
2,322
3,193
Total Executive Directors' remuneration
3,540
4,591
6,078
Non-Executive Directors
Fees
1,050
994
911
Total Non-Executive Directors' remuneration
1,050
994
911
Total remuneration
$4,590
$5,585
$6,989
(a) Taxable benefits were comprised of Group paid life insurance premiums and automobile reimbursements.
(b) Reflects matching contributions under the Group\u2019s 401(k) plan and health insurance benefits.
(c) Further details of the bonus outcome for 2024 and long-term incentives can be found in the Remuneration Committee\u2019s Report within this Annual Report .
Details of the highest paid Director\u2019s aggregate emoluments and amounts receivable under long-term incentive schemes are disclosed in the
Remuneration Committee\u2019s Report within this Annual Report.
Auditors\u2019 remuneration for the periods presented was as follows:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Auditors' remuneration
Fees payable to the Group\u2019s external auditors and their associates for the
audit of the consolidated financial statements (a)
$3,198
$2,140
$1,790
Fees payable for the audit of the financial statements of the Company's
subsidiaries (b)
100
150
160
Audit-related assurance services(c)
756
1,078
874
Other assurance services
9
13
\u2014
Total auditors' remuneration
$4,063
$3,381
$2,824
(a) The 2024 and 2023 fees include $348 and $249, respectively, for additional fees agreed upon and billed after signing the 2023 and 2022 consolidated accounts,
respectively.
(b) The 2022 fees were revised to reflect additional scope change for the audit of the subsidiary accounts.
(c) Fees related to the Group\u2019s interim review and capital market activities, which are outside the scope of the audit of the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-542": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The table below details the Group's expenses for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
LOE(a)
$231,651
$213,078
$182,817
Production taxes(b)
36,043
61,474
73,849
Midstream operating expenses(c)
70,747
69,792
71,154
Transportation expenses(d)
90,461
96,218
118,073
Total operating expenses
$428,902
$440,562
$445,893
Depreciation and amortization
59,358
56,453
51,877
Depletion
197,126
168,093
170,380
Total depreciation, depletion and amortization
$256,484
$224,546
$222,257
Employees, administrative costs and professional services(e)
86,885
78,659
77,172
Costs associated with acquisitions(f)
11,573
16,775
15,545
Other adjusting costs(g)
22,375
17,794
69,967
Non-cash equity compensation(h)
8,286
6,494
8,051
Total G&A
$129,119
$119,722
$170,735
Recurring allowance for credit losses(i)
101
8,478
\u2014
Total expenses
$814,606
$793,308
$838,885
Aggregate remuneration (including Directors):
Wages and salaries
$133,024
$124,834
$113,267
Payroll taxes
10,380
10,163
9,516
Benefits
29,252
31,912
23,828
Total employees and benefits expense
$172,656
$166,909
$146,611
(a) LOE encompasses costs incurred to maintain producing properties. These costs include direct and contract labor, repairs and maintenance, emissions reduction
initiatives, water hauling, compression, automobile, insurance, and materials and supplies expenses.
(b) Production taxes consist of severance and property taxes. Severance taxes are typically paid on produced natural gas, NGLs and oil at fixed rates set by federal, state or
local taxing authorities. Property taxes are generally based on the valuation of the Group\u2019s natural gas and oil properties and midstream assets by the taxing
jurisdictions.
(c) Midstream operating expenses are the daily costs of operating the Group\u2019s owned midstream assets, including employee and benefit\u00a0expenses.
(d) Transportation expenses are the daily costs incurred from third-party systems to gather, process, and transport the Group\u2019s natural gas, NGLs and oil.
(e) Employees, administrative costs and professional services include payroll and benefits for our administrative and corporate staff, costs of maintaining administrative and
corporate offices, managing our production operations, franchise taxes, public company costs, fees for audit and other professional services, and legal compliance.
(f) Costs associated with acquisitions are related to the integration of acquisitions, which vary for each acquisition. For acquisitions classified as business combinations,
these costs include transaction costs directly associated with a successful acquisition. They also encompass costs related to transition service arrangements, where the
Group pays the seller of the acquired entity a fee to manage G&A functions until full integration of the assets. Additionally, these costs include costs to cover expenses
for integrating IT systems, consulting, and internal workforce efforts directly related to incorporating acquisitions into the Group\u2019s systems.
(g) Other adjusting costs for the year ended December\u00a031, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain
litigation, and expenses associated with unused firm transportation agreements. For the year ended December\u00a031, 2023, these costs were primarily related to legal and
professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December\u00a031, 2022,
these costs mainly included $28,345 in contract terminations, which enabled the Group to secure more favorable future pricing, and $31,099 in deal breakage and/or
sourcing costs for acquisitions.
(h) Non-cash equity compensation represents the expense recognition for share-based compensation provided to key members of the management team. Refer to Note 17
for additional details on non-cash share-based compensation.
(i) Allowance for credit losses consists of the recognition and reversal of credit losses. Refer to Note 14 for additional information regarding credit losses.
The following table presents the number of employees as of the dates presented (employee count not shown in thousands):
As of
December 31, 2024
December 31, 2023
December 31, 2022
Number of production support employees, including Executive Directors
402
389
362
Number of production employees
1,187
1,214
1,220
Workforce
1,589
1,603
1,582
The following table presents the average number of employees for the periods presented (employee count not shown in thousands):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Average workforce, including Executive Directors
1,571
1,593
1,512
The Group defines key management personnel as the executive and non-executive Directors. Bradley G. Gray is excluded from the executive Director
remuneration below for the year ended December\u00a031, 2024 and is included for the years ended December\u00a031, 2023 and 2022. Mr. Gray was a Director
through September 15, 2023. The fixed pay figures included in the table represent Mr. Gray\u2019s prorated compensation for the year ended December
31, 2023. The Directors\u2019 remuneration was as follows for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Executive Directors
Salary
$780
$1,073
$1,157
Taxable benefits(a)
17
20
24
Benefit plan(b)
42
46
73
Bonus(c)
1,160
1,130
1,631
Long-term incentives(c)
1,541
2,322
3,193
Total Executive Directors' remuneration
3,540
4,591
6,078
Non-Executive Directors
Fees
1,050
994
911
Total Non-Executive Directors' remuneration
1,050
994
911
Total remuneration
$4,590
$5,585
$6,989
(a) Taxable benefits were comprised of Group paid life insurance premiums and automobile reimbursements.
(b) Reflects matching contributions under the Group\u2019s 401(k) plan and health insurance benefits.
(c) Further details of the bonus outcome for 2024 and long-term incentives can be found in the Remuneration Committee\u2019s Report within this Annual Report .
Details of the highest paid Director\u2019s aggregate emoluments and amounts receivable under long-term incentive schemes are disclosed in the
Remuneration Committee\u2019s Report within this Annual Report.
Auditors\u2019 remuneration for the periods presented was as follows:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Auditors' remuneration
Fees payable to the Group\u2019s external auditors and their associates for the
audit of the consolidated financial statements (a)
$3,198
$2,140
$1,790
Fees payable for the audit of the financial statements of the Company's
subsidiaries (b)
100
150
160
Audit-related assurance services(c)
756
1,078
874
Other assurance services
9
13
\u2014
Total auditors' remuneration
$4,063
$3,381
$2,824
(a) The 2024 and 2023 fees include $348 and $249, respectively, for additional fees agreed upon and billed after signing the 2023 and 2022 consolidated accounts,
respectively.
(b) The 2022 fees were revised to reflect additional scope change for the audit of the subsidiary accounts.
(c) Fees related to the Group\u2019s interim review and capital market activities, which are outside the scope of the audit of the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-541": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The table below details the Group's expenses for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
LOE(a)
$231,651
$213,078
$182,817
Production taxes(b)
36,043
61,474
73,849
Midstream operating expenses(c)
70,747
69,792
71,154
Transportation expenses(d)
90,461
96,218
118,073
Total operating expenses
$428,902
$440,562
$445,893
Depreciation and amortization
59,358
56,453
51,877
Depletion
197,126
168,093
170,380
Total depreciation, depletion and amortization
$256,484
$224,546
$222,257
Employees, administrative costs and professional services(e)
86,885
78,659
77,172
Costs associated with acquisitions(f)
11,573
16,775
15,545
Other adjusting costs(g)
22,375
17,794
69,967
Non-cash equity compensation(h)
8,286
6,494
8,051
Total G&A
$129,119
$119,722
$170,735
Recurring allowance for credit losses(i)
101
8,478
\u2014
Total expenses
$814,606
$793,308
$838,885
Aggregate remuneration (including Directors):
Wages and salaries
$133,024
$124,834
$113,267
Payroll taxes
10,380
10,163
9,516
Benefits
29,252
31,912
23,828
Total employees and benefits expense
$172,656
$166,909
$146,611
(a) LOE encompasses costs incurred to maintain producing properties. These costs include direct and contract labor, repairs and maintenance, emissions reduction
initiatives, water hauling, compression, automobile, insurance, and materials and supplies expenses.
(b) Production taxes consist of severance and property taxes. Severance taxes are typically paid on produced natural gas, NGLs and oil at fixed rates set by federal, state or
local taxing authorities. Property taxes are generally based on the valuation of the Group\u2019s natural gas and oil properties and midstream assets by the taxing
jurisdictions.
(c) Midstream operating expenses are the daily costs of operating the Group\u2019s owned midstream assets, including employee and benefit\u00a0expenses.
(d) Transportation expenses are the daily costs incurred from third-party systems to gather, process, and transport the Group\u2019s natural gas, NGLs and oil.
(e) Employees, administrative costs and professional services include payroll and benefits for our administrative and corporate staff, costs of maintaining administrative and
corporate offices, managing our production operations, franchise taxes, public company costs, fees for audit and other professional services, and legal compliance.
(f) Costs associated with acquisitions are related to the integration of acquisitions, which vary for each acquisition. For acquisitions classified as business combinations,
these costs include transaction costs directly associated with a successful acquisition. They also encompass costs related to transition service arrangements, where the
Group pays the seller of the acquired entity a fee to manage G&A functions until full integration of the assets. Additionally, these costs include costs to cover expenses
for integrating IT systems, consulting, and internal workforce efforts directly related to incorporating acquisitions into the Group\u2019s systems.
(g) Other adjusting costs for the year ended December\u00a031, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain
litigation, and expenses associated with unused firm transportation agreements. For the year ended December\u00a031, 2023, these costs were primarily related to legal and
professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December\u00a031, 2022,
these costs mainly included $28,345 in contract terminations, which enabled the Group to secure more favorable future pricing, and $31,099 in deal breakage and/or
sourcing costs for acquisitions.
(h) Non-cash equity compensation represents the expense recognition for share-based compensation provided to key members of the management team. Refer to Note 17
for additional details on non-cash share-based compensation.
(i) Allowance for credit losses consists of the recognition and reversal of credit losses. Refer to Note 14 for additional information regarding credit losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-540": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The table below details the Group's expenses for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
LOE(a)
$231,651
$213,078
$182,817
Production taxes(b)
36,043
61,474
73,849
Midstream operating expenses(c)
70,747
69,792
71,154
Transportation expenses(d)
90,461
96,218
118,073
Total operating expenses
$428,902
$440,562
$445,893
Depreciation and amortization
59,358
56,453
51,877
Depletion
197,126
168,093
170,380
Total depreciation, depletion and amortization
$256,484
$224,546
$222,257
Employees, administrative costs and professional services(e)
86,885
78,659
77,172
Costs associated with acquisitions(f)
11,573
16,775
15,545
Other adjusting costs(g)
22,375
17,794
69,967
Non-cash equity compensation(h)
8,286
6,494
8,051
Total G&A
$129,119
$119,722
$170,735
Recurring allowance for credit losses(i)
101
8,478
\u2014
Total expenses
$814,606
$793,308
$838,885
Aggregate remuneration (including Directors):
Wages and salaries
$133,024
$124,834
$113,267
Payroll taxes
10,380
10,163
9,516
Benefits
29,252
31,912
23,828
Total employees and benefits expense
$172,656
$166,909
$146,611
(a) LOE encompasses costs incurred to maintain producing properties. These costs include direct and contract labor, repairs and maintenance, emissions reduction
initiatives, water hauling, compression, automobile, insurance, and materials and supplies expenses.
(b) Production taxes consist of severance and property taxes. Severance taxes are typically paid on produced natural gas, NGLs and oil at fixed rates set by federal, state or
local taxing authorities. Property taxes are generally based on the valuation of the Group\u2019s natural gas and oil properties and midstream assets by the taxing
jurisdictions.
(c) Midstream operating expenses are the daily costs of operating the Group\u2019s owned midstream assets, including employee and benefit\u00a0expenses.
(d) Transportation expenses are the daily costs incurred from third-party systems to gather, process, and transport the Group\u2019s natural gas, NGLs and oil.
(e) Employees, administrative costs and professional services include payroll and benefits for our administrative and corporate staff, costs of maintaining administrative and
corporate offices, managing our production operations, franchise taxes, public company costs, fees for audit and other professional services, and legal compliance.
(f) Costs associated with acquisitions are related to the integration of acquisitions, which vary for each acquisition. For acquisitions classified as business combinations,
these costs include transaction costs directly associated with a successful acquisition. They also encompass costs related to transition service arrangements, where the
Group pays the seller of the acquired entity a fee to manage G&A functions until full integration of the assets. Additionally, these costs include costs to cover expenses
for integrating IT systems, consulting, and internal workforce efforts directly related to incorporating acquisitions into the Group\u2019s systems.
(g) Other adjusting costs for the year ended December\u00a031, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain
litigation, and expenses associated with unused firm transportation agreements. For the year ended December\u00a031, 2023, these costs were primarily related to legal and
professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December\u00a031, 2022,
these costs mainly included $28,345 in contract terminations, which enabled the Group to secure more favorable future pricing, and $31,099 in deal breakage and/or
sourcing costs for acquisitions.
(h) Non-cash equity compensation represents the expense recognition for share-based compensation provided to key members of the management team. Refer to Note 17
for additional details on non-cash share-based compensation.
(i) Allowance for credit losses consists of the recognition and reversal of credit losses. Refer to Note 14 for additional information regarding credit losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-539": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The table below details the Group's expenses for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
LOE(a)
$231,651
$213,078
$182,817
Production taxes(b)
36,043
61,474
73,849
Midstream operating expenses(c)
70,747
69,792
71,154
Transportation expenses(d)
90,461
96,218
118,073
Total operating expenses
$428,902
$440,562
$445,893
Depreciation and amortization
59,358
56,453
51,877
Depletion
197,126
168,093
170,380
Total depreciation, depletion and amortization
$256,484
$224,546
$222,257
Employees, administrative costs and professional services(e)
86,885
78,659
77,172
Costs associated with acquisitions(f)
11,573
16,775
15,545
Other adjusting costs(g)
22,375
17,794
69,967
Non-cash equity compensation(h)
8,286
6,494
8,051
Total G&A
$129,119
$119,722
$170,735
Recurring allowance for credit losses(i)
101
8,478
\u2014
Total expenses
$814,606
$793,308
$838,885
Aggregate remuneration (including Directors):
Wages and salaries
$133,024
$124,834
$113,267
Payroll taxes
10,380
10,163
9,516
Benefits
29,252
31,912
23,828
Total employees and benefits expense
$172,656
$166,909
$146,611
(a) LOE encompasses costs incurred to maintain producing properties. These costs include direct and contract labor, repairs and maintenance, emissions reduction
initiatives, water hauling, compression, automobile, insurance, and materials and supplies expenses.
(b) Production taxes consist of severance and property taxes. Severance taxes are typically paid on produced natural gas, NGLs and oil at fixed rates set by federal, state or
local taxing authorities. Property taxes are generally based on the valuation of the Group\u2019s natural gas and oil properties and midstream assets by the taxing
jurisdictions.
(c) Midstream operating expenses are the daily costs of operating the Group\u2019s owned midstream assets, including employee and benefit\u00a0expenses.
(d) Transportation expenses are the daily costs incurred from third-party systems to gather, process, and transport the Group\u2019s natural gas, NGLs and oil.
(e) Employees, administrative costs and professional services include payroll and benefits for our administrative and corporate staff, costs of maintaining administrative and
corporate offices, managing our production operations, franchise taxes, public company costs, fees for audit and other professional services, and legal compliance.
(f) Costs associated with acquisitions are related to the integration of acquisitions, which vary for each acquisition. For acquisitions classified as business combinations,
these costs include transaction costs directly associated with a successful acquisition. They also encompass costs related to transition service arrangements, where the
Group pays the seller of the acquired entity a fee to manage G&A functions until full integration of the assets. Additionally, these costs include costs to cover expenses
for integrating IT systems, consulting, and internal workforce efforts directly related to incorporating acquisitions into the Group\u2019s systems.
(g) Other adjusting costs for the year ended December\u00a031, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain
litigation, and expenses associated with unused firm transportation agreements. For the year ended December\u00a031, 2023, these costs were primarily related to legal and
professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December\u00a031, 2022,
these costs mainly included $28,345 in contract terminations, which enabled the Group to secure more favorable future pricing, and $31,099 in deal breakage and/or
sourcing costs for acquisitions.
(h) Non-cash equity compensation represents the expense recognition for share-based compensation provided to key members of the management team. Refer to Note 17
for additional details on non-cash share-based compensation.
(i) Allowance for credit losses consists of the recognition and reversal of credit losses. Refer to Note 14 for additional information regarding credit losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-544": { "value": "
The following table presents the number of employees as of the dates presented (employee count not shown in thousands):
As of
December 31, 2024
December 31, 2023
December 31, 2022
Number of production support employees, including Executive Directors
402
389
362
Number of production employees
1,187
1,214
1,220
Workforce
1,589
1,603
1,582
The following table presents the average number of employees for the periods presented (employee count not shown in thousands):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Average workforce, including Executive Directors
1,571
1,593
1,512
The Group defines key management personnel as the executive and non-executive Directors. Bradley G. Gray is excluded from the executive Director
remuneration below for the year ended December\u00a031, 2024 and is included for the years ended December\u00a031, 2023 and 2022. Mr. Gray was a Director
through September 15, 2023. The fixed pay figures included in the table represent Mr. Gray\u2019s prorated compensation for the year ended December
31, 2023. The Directors\u2019 remuneration was as follows for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Executive Directors
Salary
$780
$1,073
$1,157
Taxable benefits(a)
17
20
24
Benefit plan(b)
42
46
73
Bonus(c)
1,160
1,130
1,631
Long-term incentives(c)
1,541
2,322
3,193
Total Executive Directors' remuneration
3,540
4,591
6,078
Non-Executive Directors
Fees
1,050
994
911
Total Non-Executive Directors' remuneration
1,050
994
911
Total remuneration
$4,590
$5,585
$6,989
(a) Taxable benefits were comprised of Group paid life insurance premiums and automobile reimbursements.
(b) Reflects matching contributions under the Group\u2019s 401(k) plan and health insurance benefits.
(c) Further details of the bonus outcome for 2024 and long-term incentives can be found in the Remuneration Committee\u2019s Report within this Annual Report .
Details of the highest paid Director\u2019s aggregate emoluments and amounts receivable under long-term incentive schemes are disclosed in the
Remuneration Committee\u2019s Report within this Annual Report.
Auditors\u2019 remuneration for the periods presented was as follows:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Auditors' remuneration
Fees payable to the Group\u2019s external auditors and their associates for the
audit of the consolidated financial statements (a)
$3,198
$2,140
$1,790
Fees payable for the audit of the financial statements of the Company's
subsidiaries (b)
100
150
160
Audit-related assurance services(c)
756
1,078
874
Other assurance services
9
13
\u2014
Total auditors' remuneration
$4,063
$3,381
$2,824
(a) The 2024 and 2023 fees include $348 and $249, respectively, for additional fees agreed upon and billed after signing the 2023 and 2022 consolidated accounts,
respectively.
(b) The 2022 fees were revised to reflect additional scope change for the audit of the subsidiary accounts.
(c) Fees related to the Group\u2019s interim review and capital market activities, which are outside the scope of the audit of the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-543": { "value": "
The following table presents the number of employees as of the dates presented (employee count not shown in thousands):
As of
December 31, 2024
December 31, 2023
December 31, 2022
Number of production support employees, including Executive Directors
402
389
362
Number of production employees
1,187
1,214
1,220
Workforce
1,589
1,603
1,582
The following table presents the average number of employees for the periods presented (employee count not shown in thousands):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Average workforce, including Executive Directors
1,571
1,593
1,512
The Group defines key management personnel as the executive and non-executive Directors. Bradley G. Gray is excluded from the executive Director
remuneration below for the year ended December\u00a031, 2024 and is included for the years ended December\u00a031, 2023 and 2022. Mr. Gray was a Director
through September 15, 2023. The fixed pay figures included in the table represent Mr. Gray\u2019s prorated compensation for the year ended December
31, 2023. The Directors\u2019 remuneration was as follows for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Executive Directors
Salary
$780
$1,073
$1,157
Taxable benefits(a)
17
20
24
Benefit plan(b)
42
46
73
Bonus(c)
1,160
1,130
1,631
Long-term incentives(c)
1,541
2,322
3,193
Total Executive Directors' remuneration
3,540
4,591
6,078
Non-Executive Directors
Fees
1,050
994
911
Total Non-Executive Directors' remuneration
1,050
994
911
Total remuneration
$4,590
$5,585
$6,989
(a) Taxable benefits were comprised of Group paid life insurance premiums and automobile reimbursements.
(b) Reflects matching contributions under the Group\u2019s 401(k) plan and health insurance benefits.
(c) Further details of the bonus outcome for 2024 and long-term incentives can be found in the Remuneration Committee\u2019s Report within this Annual Report .
Details of the highest paid Director\u2019s aggregate emoluments and amounts receivable under long-term incentive schemes are disclosed in the
Remuneration Committee\u2019s Report within this Annual Report.
Auditors\u2019 remuneration for the periods presented was as follows:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Auditors' remuneration
Fees payable to the Group\u2019s external auditors and their associates for the
audit of the consolidated financial statements (a)
$3,198
$2,140
$1,790
Fees payable for the audit of the financial statements of the Company's
subsidiaries (b)
100
150
160
Audit-related assurance services(c)
756
1,078
874
Other assurance services
9
13
\u2014
Total auditors' remuneration
$4,063
$3,381
$2,824
(a) The 2024 and 2023 fees include $348 and $249, respectively, for additional fees agreed upon and billed after signing the 2023 and 2022 consolidated accounts,
respectively.
(b) The 2022 fees were revised to reflect additional scope change for the audit of the subsidiary accounts.
(c) Fees related to the Group\u2019s interim review and capital market activities, which are outside the scope of the audit of the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-545": { "value": "
Auditors\u2019 remuneration for the periods presented was as follows:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Auditors' remuneration
Fees payable to the Group\u2019s external auditors and their associates for the
audit of the consolidated financial statements (a)
$3,198
$2,140
$1,790
Fees payable for the audit of the financial statements of the Company's
subsidiaries (b)
100
150
160
Audit-related assurance services(c)
756
1,078
874
Other assurance services
9
13
\u2014
Total auditors' remuneration
$4,063
$3,381
$2,824
(a) The 2024 and 2023 fees include $348 and $249, respectively, for additional fees agreed upon and billed after signing the 2023 and 2022 consolidated accounts,
respectively.
(b) The 2022 fees were revised to reflect additional scope change for the audit of the subsidiary accounts.
(c) Fees related to the Group\u2019s interim review and capital market activities, which are outside the scope of the audit of the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-546": { "value": "
Note 8 - Taxation
(Amounts in thousands, except share, per share and per unit data)
The Group files a consolidated U.S. federal tax return, multiple state tax returns, and a separate UK tax return for the Parent entity. The consolidated
taxable income includes an allocable portion of income from the Group\u2019s previous co-investment with Oaktree and its investment in the Chesapeake
Granite Wash Trust. Income taxes are provided for the tax effects of transactions reported in the Group Financial Statements and consist of taxes
currently due, plus deferred taxes related to differences between the basis of assets and liabilities for financial and income tax reporting.
For the taxable years ended December\u00a031, 2024 , 2023 , and 2022, the Group had a tax benefit of $136,951, an expense of $240,643, and a benefit of
$178,904, respectively. The effective tax rate used for the year ended December 31, 2024 was 61.2%, compared to 24.1% for the year ended
December 31, 2023, and 22.4% for the year ended December 31, 2022.
The effective tax rate for December\u00a031, 2024 was primarily influenced by the recognition of the federal marginal well tax credit available to qualified
producers. The effective tax rate for December\u00a031, 2023 was mainly affected by changes in state taxes due to acquisitions and recurring permanent
differences. The effective tax rate for December\u00a031, 2022 was primarily impacted by changes in state taxes resulting from acquisitions.
The federal government provides marginal well tax credits to encourage companies to continue operating lower-volume wells during periods of low
prices, thereby maintaining the jobs they create and the state and local tax revenues they generate for communities to support schools, social
programs, law enforcement, and other public services. These credits, prescribed by Internal Revenue Code Section 45I, are available for certain natural
gas production from qualifying wells. These credits benefit wells producing less than 90 Mcfe per day when market prices for natural gas in the previous
tax year are relatively low. The Group benefited from these credits due to its portfolio of long-life, low-decline conventional wells. These credits were not
available for the tax years 2023 and 2022 due to improved commodity prices during 2022 and 2021.
The provision for income taxes in the Consolidated Statement of Comprehensive Income is summarized below:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Current income tax (benefit) expense
Federal (benefit) expense
$(18,238)
$7,289
$(513)
State (benefit) expense
1,122
5,902
2,841
Foreign - UK (benefit) expense
234
\u2014
107
Total current income tax (benefit) expense
$(16,882)
$13,191
$2,435
Deferred income tax (benefit) expense
Federal (benefit) expense
$(111,003)
$202,133
$(169,531)
State (benefit) expense
(9,016)
25,460
(11,863)
Foreign - UK (benefit) expense
(50)
(141)
55
Total deferred income tax (benefit) expense
$(120,069)
$227,452
$(181,339)
Total income tax (benefit) expense
$(136,951)
$240,643
$(178,904)
The effective tax rates and differences between the statutory U.S. federal income tax rate and the effective tax rates are summarized as follows:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Income (loss) before taxation
$(223,952)
$1,000,344
$(799,502)
Income tax benefit (expenses)
136,951
(240,643)
178,904
Effective tax rate
61.2%
24.1%
22.4%
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Expected tax at statutory U.S. federal income tax rate
21.0%
21.0%
21.0%
State income taxes, net of federal tax benefit
3.7%
3.1%
1.2%
Federal credits
41.3%
0.0%
0.0%
Other, net
(4.8%)
0.0%
0.2%
Effective tax rate
61.2%
24.1%
22.4%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-547": { "value": "
The Group had a net deferred tax asset of $251,276 at December\u00a031, 2024, compared to a net deferred tax asset of $131,206 at December\u00a031, 2023 .
This change was primarily due to a poor commodity price environment generating unrealized gains for unsettled derivatives not recognized for tax
purposes as well as the recognition on marginal well credits. The Group had a net deferred tax asset of $131,206 at December\u00a031, 2023, compared to a
net deferred tax asset of $358,666 at December\u00a031, 2022. This change was primarily due to a poor commodity price environment generating unrealized
gains for unsettled derivatives not recognized for tax purposes. The balance sheet presentation considers the offsetting of deferred tax assets and
liabilities within the same tax jurisdiction, where permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax
balance related to that jurisdiction is presented within deferred tax assets or liabilities.
The table below presents the components of the net deferred tax asset (liability) included in non-current assets (liabilities) as of the periods presented:
December 31, 2024
December 31, 2023
Deferred tax asset
Asset retirement obligations
$157,035
$103,998
Derivative financial instruments
191,512
153,057
Allowance for doubtful accounts
4,099
4,235
Net operating loss carryover
4,425
686
Federal tax credits carryover
233,969
163,158
163(j) interest expense limitation
41,031
24,324
Total deferred tax asset
$632,071
$449,458
Deferred tax liability
Amortization and depreciation
$(352,059)
$(252,587)
Investment in partnerships
(5,233)
(60,067)
Other
(23,503)
(5,598)
Total deferred tax liability
$(380,795)
$(318,252)
Net deferred tax asset (liability)
$251,276
$131,206
Balance sheet presentation
Deferred tax asset
$259,287
$144,860
Deferred tax liability
(8,011)
(13,654)
Net deferred tax asset (liability)
$251,276
$131,206
In assessing the realizability of deferred tax assets, the Group considers whether it is probable that some or all of the deferred tax assets will not be
realized. The ultimate realization of deferred tax assets depends on generating future taxable income during the periods in which those temporary
differences become deductible or before credits expire. The Group evaluates the scheduled reversal of deferred tax liabilities, projected future taxable
income, and tax planning strategies in making this assessment. At this time, the Group has determined it will have sufficient future taxable income to
recognize its deferred tax assets.
The Group reported the effects of deferred tax expense as of and for the year ended December\u00a031, 2024:
Opening
Balance
Consolidated
Statement of
Comprehensive
Income
Other(a)
Closing Balance
Asset retirement obligations
$103,998
$53,037
$\u2014
$157,035
Allowance for doubtful accounts
4,235
(136)
\u2014
4,099
Net operating loss carryover
686
3,739
\u2014
4,425
Federal tax credits carryover
163,158
70,811
\u2014
233,969
Property, plant, and equipment and natural gas and oil properties
(252,587)
(99,472)
\u2014
(352,059)
Derivative financial instruments
153,057
38,455
\u2014
191,512
Investment in partnerships
(60,067)
54,834
\u2014
(5,233)
163(j) interest expense limitation
24,324
16,707
41,031
Other
(5,598)
(17,906)
1
(23,503)
Total deferred tax asset (liability)
$131,206
$120,069
$1
$251,276
(a) Amounts primarily relate to deferred taxes acquired as part of acquisition purchase accounting.
The Group reported the effects of deferred tax expense as of and for the year ended December\u00a031, 2023:
Opening
Balance
Consolidated
Statement of
Comprehensive
Income
Other(a)
Closing Balance
Asset retirement obligations
$92,393
$11,605
$\u2014
$103,998
Allowance for doubtful accounts
2,378
1,857
\u2014
4,235
Net operating loss carryover
3,865
(3,179)
\u2014
686
Federal tax credits carryover
184,975
(21,817)
\u2014
163,158
Property, plant, and equipment and natural gas and oil properties
(255,440)
2,853
\u2014
(252,587)
Derivative financial instruments
378,918
(225,861)
\u2014
153,057
Investment in partnerships
(82,930)
8,570
14,293
(60,067)
163(j) interest expense limitation
15,573
8,751
24,324
Other
18,934
(10,231)
(14,301)
(5,598)
Total deferred tax asset (liability)
$358,666
$(227,452)
$(8)
$131,206
(a) Amounts primarily relate to a deferred taxes reclass for comparative purposes.
The Group reported the effects of deferred tax expense as of and for the year ended December\u00a031, 2022:
Opening
Balance
Consolidated
Statement of
Comprehensive
Income
Other(a)
Closing Balance
Asset retirement obligations
$114,182
$(21,789)
$\u2014
$92,393
Allowance for doubtful accounts
1,734
644
\u2014
2,378
Net operating loss carryover
562
3,360
(57)
3,865
Federal tax credits carryover
183,460
1,515
\u2014
184,975
Property, plant, and equipment and natural gas and oil properties
(266,987)
11,360
187
(255,440)
Derivative financial instruments
202,802
176,116
\u2014
378,918
Investment in partnerships
(72,105)
(11,068)
243
(82,930)
163(j) interest expense limitation
\u2014
15,573
\u2014
15,573
Other
13,306
5,628
\u2014
18,934
Total deferred tax asset (liability)
$176,954
$181,339
$373
$358,666
(a) Amounts primarily relate to deferred taxes acquired as part of acquisition purchase accounting.
The Group\u2019s material deferred tax assets and liabilities all originate in the U.S.
For U.S. federal tax purposes, the Group is taxed as a single consolidated entity. The Group\u2019s co-investments with Oaktree and its investment in the
Chesapeake Granite Wash Trust are taxed as partnerships that pass through to the Group\u2019s consolidated return. The Group is also subject to additional
taxes in its domiciled jurisdiction of the UK. For the years ended December\u00a031, 2024, 2023, and 2022, the Group incurred a expense of $234, no tax
impact, and an expense of $107 in the UK, respectively.
The Organization for Economic Cooperation and Development (\u201cOECD\u201d) has proposed model rules for a global minimum tax of 15% of reported profits
(\u201cPillar Two\u201d) that has been agreed upon in principle by over 140 countries. While the U.S. has not yet enacted rules implementing Pillar Two, the U.K.
has. This is relevant to the Company as it is resident in the U.K. for corporation tax purposes. The Finance (No. 2) Act 2023 (the \u201cUK Act\u201d) was enacted
on July 11, 2023, and implements the OECD\u2019s Base Erosion & Profit Shifting (\u201cBEPS\u201d) Pillar Two Income Inclusion Rule and a \u2018Qualifying Domestic
Minimum Top-up Tax\u2019 for accounting periods beginning on or after December 31, 2023. The UK Act also includes a transitional safe harbor election for
accounting periods beginning on or before December 31, 2026. Although the Pillar Two rules can lead to additional taxes, including taxes on our profits
in the U.S., the Group anticipates qualifying for a transitional safe harbor under the Pillar Two rules. We have undertaken an assessment and evaluated
the impact of these rules based on the Group\u2019s results for the year ended December\u00a031, 2024 and the Group believes it will not have a material impact
on its financial position, results of operations, or cash flows due to the availability of a transitional safe harbor for the year ended December\u00a031, 2024.
The Group will continue to evaluate the potential consequences of Pillar Two on its longer-term financial position. The Group has applied the exception
to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group had no uncertain tax position liabilities as of December\u00a031, 2024 , 2023 or 2022.
As of December\u00a031, 2024, the Group had U.S. federal net operating loss carryforwards (\u201cNOLs\u201d) of approximately $1,570, of which $1,474 are subject to
limitation. Additionally, the Group had $6,494 U.S. state NOLs.
The Group had U.S. marginal well tax credit carryforwards of approximately $233,969 as of December\u00a031, 2024, compared to $163,158 as of
December\u00a031, 2023, and $184,975 as of December\u00a031, 2022. As discussed earlier, the federal tax credit is intended to benefit wells producing less than
90 Mcfe per day when market prices for natural gas are relatively low. Due to the low commodity price environment in 2023, the Group generated
federal tax credits of $91,831 for the year ended December\u00a031, 2024. These tax credits expire between 2040 and 2044.
The Group had $14,203 U.S. federal capital loss carryforwards as of December\u00a031, 2024, compared to none as of December\u00a031, 2023, and $21,401 as
of December\u00a031, 2022. For the year ended December 31, 2024, no capital loss carryforwards expired. The Group utilized some existing capital loss
carryforward in the amount of $10 in 2024, resulting in a capital loss carryforward going into\u00a02025.
The Group completed a Section 382 study through December\u00a031, 2024 in accordance with the Internal Revenue Code of 1986, as amended. The study
concluded that the Group has not experienced an ownership change since the last ownership change on January 31, 2018. If the Group experiences an
ownership change, tax credit carryforwards can be utilized but are limited each year and could expire before being fully utilized. The Directors expect
the tax credit carryforwards, limited by the January 31, 2018 ownership change, to be fully available for utilization by\u00a02025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-548": { "value": "
Note 9 - Earnings (Loss) Per Share
(Amounts in thousands, except share, per share and per unit data)
Basic earnings (loss) per share are calculated based on net income (loss) and the weighted average number of shares outstanding during the period.
Diluted earnings per share is based on net income and the weighted average number of shares outstanding, plus the weighted average number of
shares that would be issued if dilutive share-based compensation awards were converted into shares on the last day of the reporting period. For both
basic and diluted earnings (loss) per share calculations, the weighted average number of shares outstanding excludes shares held as treasury shares in
the Employee Benefit Trust (\u201cEBT\u201d), which are treated the same as shares held in the treasury reserve for accounting purposes. Refer to Note 16 for
additional information regarding the EBT.
Basic and diluted earnings (loss) per share were calculated as follows for the periods presented:
Year Ended
Calculation
December 31, 2024
December 31, 2023
December 31, 2022
Net income (loss) attributable to Owners of Diversified
Energy Company PLC
A
$(88,272)
$758,018
$(625,410)
Weighted average shares outstanding - basic
B
48,031,916
47,165,380
42,203,974
Dilutive impact of potential shares
\u2014
349,141
\u2014
Weighted average shares outstanding - diluted
C
48,031,916
47,514,521
42,203,974
Earnings (loss) per share - basic
= A/B
$(1.84)
$16.07
$(14.82)
Earnings (loss) per share - diluted
= A/C
$(1.84)
$15.95
$(14.82)
Potentially dilutive shares(a)
640,568
54,133
766,723
(a) Outstanding share-based compensation awards excluded from the diluted EPS calculation because their effect would have been anti-dilutive.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-549": { "value": "
Basic earnings (loss) per share are calculated based on net income (loss) and the weighted average number of shares outstanding during the period.
Diluted earnings per share is based on net income and the weighted average number of shares outstanding, plus the weighted average number of
shares that would be issued if dilutive share-based compensation awards were converted into shares on the last day of the reporting period. For both
basic and diluted earnings (loss) per share calculations, the weighted average number of shares outstanding excludes shares held as treasury shares in
the Employee Benefit Trust (\u201cEBT\u201d), which are treated the same as shares held in the treasury reserve for accounting purposes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-550": { "value": "48031916.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-551": { "value": "47165380.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-552": { "value": "42203974.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-553": { "value": "48031916.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-554": { "value": "47514521.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-555": { "value": "42203974.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-556": { "value": "-1.84", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-557": { "value": "16.07", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-558": { "value": "-14.82", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-559": { "value": "-1.84", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-560": { "value": "15.95", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-561": { "value": "
Note 10 - Natural Gas & Oil Properties
(Amounts in thousands, except share, per share and per unit data)
The following table summarizes the Group's natural gas and oil properties for the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Costs
Beginning balance
$3,206,739
$3,062,463
$2,866,353
Additions(a)
655,080
353,888
219,490
Disposals(b)
(42,627)
(209,612)
(23,380)
Ending balance
$3,819,192
$3,206,739
$3,062,463
Depletion and impairment
Beginning balance
$(716,364)
$(506,655)
$(336,275)
Depletion expense
(197,126)
(168,093)
(170,380)
Impairment
\u2014
(41,616)
\u2014
Ending balance
$(913,490)
$(716,364)
$(506,655)
Net book value
$2,905,702
$2,490,375
$2,555,808
(a) For the year ended December\u00a031, 2024 , the Group added $613,401 from material acquisitions and $6,521 from normal revisions to the Group\u2019s asset retirement
obligations. The remaining changes were primarily due to recurring capital expenditures. In 2023, the Group added $266,306 from acquisitions and $42,650 from
normal revisions to the Group\u2019s asset retirement obligations. The remaining changes were primarily due to recurring capital expenditures. In\u00a02022, the Group added
$285,212 from acquisitions and $98,802 from normal revisions to the Group\u2019s asset retirement obligations. The remaining additions were primarily due to capital
expenditures for completing five Tapstone wells under development as of December 31, 2021, and seven additional wells in which the Group participated with a non-
operating interest in Appalachia. The remaining changes were primarily due to recurring capital expenditures.
(b) For the year ended December\u00a031, 2024 , the Group divested $32,736 in undeveloped acreage. In 2023, the Group divested $202,886 in natural gas and oil properties
related to the sale of equity interest in DP Lion Equity Holdco LLC, the divested assets previously acquired as part of the ConocoPhillips Asset Acquisition, and other
proved properties and undeveloped acreage divestitures. Disposals for the year ended December\u00a031, 2022 were associated with divestitures of natural gas and oil
properties in the normal course of\u00a0business, none of which were material.
Impairment Assessment for Natural Gas and Oil Properties
For the period ended December\u00a031, 2024, the Directors assessed indicators of impairment, noting that commodity prices showed moderate
strengthening. As a result of this assessment, no indicators of impairment were identified for the year ended December\u00a031, 2024.
For the year ended December\u00a031, 2023, the Group determined that the carrying amounts of certain proved properties for two fields were not
recoverable from future cash flows and recognized an impairment charge of $41,616. No such impairment was recorded during the year ended
December\u00a031, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-562": { "value": "41616000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-563": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-564": { "value": "
Note 11 - Property, Plant & Equipment
(Amounts in thousands, except share, per share and per unit data)
The following tables summarize the Group\u2019s property, plant and equipment for the periods presented:
Year Ended December 31, 2024
Buildings and
Leasehold
Improvements
Equipment
Motor Vehicles
Midstream
Assets
Other Property
and Equipment
Total
Costs
Beginning balance
$48,255
$32,236
$71,175
$455,128
$26,293
$633,087
Additions(a)
2,978
3,066
19,243
22,597
2,614
50,498
Disposals
(1,391)
(3,577)
(7,473)
(1,575)
(658)
(14,674)
Ending balance(b)
$49,842
$31,725
$82,945
$476,150
$28,249
$668,911
Accumulated depreciation
Beginning balance
$(4,161)
$(8,722)
$(36,142)
$(123,458)
$(4,396)
$(176,879)
Period changes
(1,626)
(3,400)
(13,990)
(31,054)
(3,412)
(53,482)
Disposals
599
2,325
5,935
1,473
658
10,990
Ending balance
$(5,188)
$(9,797)
$(44,197)
$(153,039)
$(7,150)
$(219,371)
Net book value
$44,654
$21,928
$38,748
$323,111
$21,099
$449,540
Year Ended December 31, 2023
Buildings and
Leasehold
Improvements
Equipment
Motor Vehicles
Midstream
Assets
Other Property
and Equipment
Total
Costs
Beginning balance
$47,682
$30,369
$66,389
$433,484
$23,743
$601,667
Additions(a)
1,134
3,964
11,715
21,644
4,039
42,496
Disposals
(561)
(2,097)
(6,929)
\u2014
(1,489)
(11,076)
Ending balance(b)
$48,255
$32,236
$71,175
$455,128
$26,293
$633,087
Accumulated depreciation
Beginning balance
$(3,607)
$(7,627)
$(29,194)
$(95,826)
$(2,553)
$(138,807)
Period changes
(581)
(3,024)
(12,887)
(27,632)
(2,720)
(46,844)
Disposals
27
1,929
5,939
\u2014
877
8,772
Ending balance
$(4,161)
$(8,722)
$(36,142)
$(123,458)
$(4,396)
$(176,879)
Net book value
$44,094
$23,514
$35,033
$331,670
$21,897
$456,208
Year Ended December 31, 2022
Buildings and
Leasehold
Improvements
Equipment
Motor Vehicles
Midstream
Assets
Other Property
and Equipment
Total
Costs
Beginning balance
$41,684
$9,492
$45,562
$398,663
$16,039
$511,440
Additions(a)
9,421
20,886
22,399
34,835
7,704
95,245
Disposals
(3,423)
(9)
(1,572)
(14)
\u2014
(5,018)
Ending balance(b)
$47,682
$30,369
$66,389
$433,484
$23,743
$601,667
Accumulated depreciation
Beginning balance
$(2,078)
$(4,089)
$(20,186)
$(69,501)
$(1,606)
$(97,460)
Period changes
(1,819)
(3,547)
(10,270)
(26,330)
(947)
(42,913)
Disposals
290
9
1,262
5
\u2014
1,566
Ending balance
$(3,607)
$(7,627)
$(29,194)
$(95,826)
$(2,553)
$(138,807)
Net book value
$44,075
$22,742
$37,195
$337,658
$21,190
$462,860
(a) Of the $50,498 in additions for 2024 , $2,036 was related to acquisitions and $19,007 was associated with right-of-use asset additions for new leases. Of the $42,496 in
additions for 2023, $234 was related to acquisitions and $13,279 was associated with right-of-use asset additions for new leases. Of the $95,245 in additions for 2022 ,
$26,815 was related to acquisitions and $11,295 was associated with right-of-use asset additions for new leases. The remaining capital expenditures were due to
recurring capital needs and enhanced sustainability efforts. Refer to Notes 5 and 20 for additional information regarding acquisitions and leases, respectively. The
remaining additions were related to routine capital projects on the Group\u2019s compressor and gathering systems, as well as vehicle and equipment\u00a0additions.
(b) Buildings and leasehold improvements and motor vehicles include right-of-use assets associated with the Group\u2019s leases. Refer to Note 20 for additional information
regarding leases.
The Group continued to utilize certain fully depreciated assets during the years ended December\u00a031, 2024, 2023 and 2022 with an original cost basis of
$29,179, $6,546 and $9,222 , respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-565": { "value": "
Note 12 - Intangible Assets
(Amounts in thousands, except share, per share and per unit data)
Intangible assets consisted of the following for the periods presented:
Year Ended December 31, 2024
Software
Other Acquired
Intangibles
Total
Costs
Beginning balance
$44,449
$4,224
$48,673
Additions(a)
1,883
\u2014
1,883
Disposals
(3,990)
(362)
(4,352)
Ending balance
$42,342
$3,862
$46,204
Accumulated amortization
Beginning balance
$(28,500)
$(822)
$(29,322)
Period changes
(5,554)
(500)
(6,054)
Disposals
3,990
362
4,352
Ending balance
$(30,064)
$(960)
$(31,024)
Net book value
$12,278
$2,902
$15,180
Year Ended December 31, 2023
Software
Other Acquired
Intangibles
Total
Costs
Beginning balance
$39,306
$7,124
$46,430
Additions(a)
5,949
\u2014
5,949
Disposals
(806)
(2,900)
(3,706)
Ending balance
$44,449
$4,224
$48,673
Accumulated amortization
Beginning balance
$(22,517)
$(2,815)
$(25,332)
Period changes
(6,789)
(907)
(7,696)
Disposals
806
2,900
3,706
Ending balance
$(28,500)
$(822)
$(29,322)
Net book value
$15,949
$3,402
$19,351
Year Ended December 31, 2022
Software
Other Acquired
Intangibles
Total
Costs
Beginning balance
$28,095
$2,900
$30,995
Additions(a)
11,211
4,224
15,435
Disposals
\u2014
\u2014
\u2014
Ending balance
$39,306
$7,124
$46,430
Accumulated amortization
Beginning balance
$(15,192)
$(1,669)
$(16,861)
Period changes
(7,325)
(1,146)
(8,471)
Disposals
\u2014
\u2014
\u2014
Ending balance
$(22,517)
$(2,815)
$(25,332)
Net book value
$16,789
$4,309
$21,098
(a) For the years ended December\u00a031, 2024 , 2023 and 2022 additions were related to software enhancements and other acquired intangibles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-566": { "value": "
Note 13 - Derivative Financial Instruments
(Amounts in thousands, except share, per share and per unit data)
The Group faces volatility in market prices and basis differentials for natural gas, NGLs and oil, affecting the predictability of its cash flows from
commodity sales. Additionally, the Group\u2019s cash flows related to interest payments variable rate debt obligations can be impacted by fluctuations in
interest rate markets, depending on its debt structure. To manage these risks, the Group utilizes various derivative financial instruments. As of
December\u00a031, 2024, these instruments included swaps, collars, basis swaps, stand-alone put and call options, and swaptions. Below is a description of
these instruments:
Swaps:
When the Group sells a swap, it agrees to receive a fixed price for the contract while paying a floating market price to the
counterparty;
Collars:
Arrangements that include a fixed floor price (purchased put option) and a fixed ceiling price (sold call option) based on an index price\u00a0
have no net costs overall. At the contract settlement date, (1) when the index price is higher than the ceiling price, the Group pays the
counterparty the difference between the index price and ceiling price, (2) when the index price is between the floor and ceiling prices,
no payments are due from either party, and (3) when the index price is below the floor price, the Group will receive the difference
between the floor price and the index price.
Some collar arrangements may also include a sold put option with a strike price below the purchased put option. Known as a three-
way collar, the structure operates similarly to the standard collar. However, when the index price settles below the sold put option, the
Group pays the counterparty the difference between the index price and sold put option, effectively enhancing realized pricing by the
difference between the price of the sold and purchased put options;
Basis swaps:
Arrangements that guarantee a price differential for commodities from a specified delivery point. When the Group sells a basis swap, it
receives a payment from the counterparty if the price differential exceeds the stated terms of the contract. Conversely, if the price
differential is less than the stated terms, the Group pays the counterparty;
Put options:
The Group purchases and sells put options in exchange for a premium. When the Group purchases a put option, it receives from the
counterparty the excess amount (if any) by which the market price falls below the strike price of the put option at the time of
settlement. If the market price is above the put option\u2019s strike price, no payment is required from either party. Conversely, when the
Group sells a put option, it pays the counterparty the excess amount (if any) by which the market price falls below the strike price of
the put option at the time of settlement. If the market price is above the put option\u2019s strike price, no payment is required from either
party;
Call options:
The Group purchases and sells call options in exchange for a premium. When the Group purchases a call option, it receives from the
counterparty the excess amount (if any) by which the market price exceeds the strike price of the call option at the time of settlement.
If the market price is below the call option\u2019s strike price, no payment is required from either party. When the Group sells a call option,
it pays the counterparty the excess amount (if any) by which the market price exceeds the strike price of the call option at the time of
settlement. If the market price is below the call option\u2019s strike price, no payment is required from either party; and
Swaptions:
When the Group sells a swaption, the counterparty receives the option to enter into a swap contract at a specified price to be paid on
the exercise date. If the counterparty exercises the swaption, the Group pays a floating market price to the counterparty and receives
the fixed swap price from the counterparty.
The Group may elect to enter into offsetting transactions for the above instruments for the purpose of cancelling or terminating certain positions.
The following tables summarize the Group's calculated net fair value of derivative financial instruments as of the reporting date as follows:
Natural Gas Contracts
Weighted Average Price per Mcfe(a)
Volume
Sold
Purchased
Sold
Purchased
Basis
Fair Value at
(Mmbtu)
Swaps
Puts
Puts
Calls
Calls
Differential
December 31, 2024
2025
Swaps
213,686
$3.30
$\u2014
$\u2014
$\u2014
$\u2014
$\u2014
$(67,387)
Two-way collars
3,650
\u2014
\u2014
\u2014
3.83
3.63
\u2014
171
Three-way collars
7,300
\u2014
2.18
3.21
3.63
\u2014
\u2014
(1,635)
Stand-alone calls, net(b)
9,464
\u2014
\u2014
\u2014
3.59
\u2014
\u2014
(10,689)
Basis swaps
232,542
\u2014
\u2014
\u2014
\u2014
\u2014
(0.62)
(23,810)
2026
Swaps
171,222
3.25
\u2014
\u2014
\u2014
\u2014
\u2014
(124,800)
Two-way collars
3,650
\u2014
\u2014
\u2014
5.18
3.11
\u2014
(443)
Stand-alone calls, net(b)
19,777
\u2014
\u2014
\u2014
3.63
\u2014
\u2014
(36,803)
Basis swaps
107,801
\u2014
\u2014
\u2014
\u2014
\u2014
(0.53)
(7,508)
2027
Swaps
147,104
3.25
\u2014
\u2014
\u2014
\u2014
\u2014
(92,004)
Two-way collars
6,409
\u2014
\u2014
3.55
5.94
\u2014
\u2014
929
Stand-alone calls, net(b)
10,950
\u2014
\u2014
\u2014
3.63
\u2014
\u2014
(28,776)
Basis swaps
23,301
\u2014
\u2014
\u2014
\u2014
\u2014
(0.46)
(1,810)
Natural Gas Contracts
Weighted Average Price per Mcfe(a)
Volume
Sold
Purchased
Sold
Purchased
Basis
Fair Value at
(Mmbtu)
Swaps
Puts
Puts
Calls
Calls
Differential
December 31, 2024
2028
Swaps
109,226
2.86
\u2014
\u2014
\u2014
\u2014
\u2014
(90,554)
Two-way collars
10,502
\u2014
\u2014
4.14
6.68
\u2014
\u2014
6,578
Stand-alone calls, net(b)
3,660
\u2014
\u2014
\u2014
3.83
\u2014
\u2014
(4,166)
Purchased puts
7,978
\u2014
\u2014
3.11
\u2014
\u2014
\u2014
2,890
Sold puts
7,978
\u2014
3.11
\u2014
\u2014
\u2014
\u2014
(2,890)
Basis swaps
7,557
\u2014
\u2014
\u2014
\u2014
\u2014
(0.36)
(662)
2029
Swaps
73,265
2.70
\u2014
\u2014
\u2014
\u2014
\u2014
(58,058)
Two-way collars
28,251
\u2014
\u2014
3.76
5.07
\u2014
\u2014
7,948
Basis swaps
3,594
\u2014
\u2014
\u2014
\u2014
\u2014
(0.39)
(449)
2030
Swaps
19,448
2.78
\u2014
\u2014
\u2014
\u2014
\u2014
(13,352)
Two-way collars
30,099
\u2014
\u2014
3.63
4.26
\u2014
\u2014
5,934
Three-way collars
6,276
\u2014
1.86
3.14
3.89
\u2014
\u2014
(1,306)
2031
Two-way collars
38,595
\u2014
\u2014
3.63
4.24
\u2014
\u2014
9,728
Three-way collars
5,909
\u2014
1.86
3.14
3.89
\u2014
\u2014
(974)
2032
Two-way collars
9,190
\u2014
\u2014
3.63
4.24
\u2014
\u2014
(327)
Three-way collars
2,824
\u2014
1.86
3.14
3.89
\u2014
\u2014
(428)
Swaptions
4/1/2026-3/31/2030(c)
82,171
2.49
\u2014
\u2014
\u2014
\u2014
\u2014
(89,575)
4/1/2030-3/31/2032(d)
42,627
2.49
\u2014
\u2014
\u2014
\u2014
\u2014
(37,307)
Total natural gas contracts
1,446,006
$(661,535)
(a) Rates have been converted from Btu to Mcfe using a Btu conversion factor of 1.04.
(b) Future cash settlements for deferred premiums.
(c) Option expires on March\u00a023, 2026 .
(d) Option expires on March\u00a022, 2030.
NGLs Contracts
Weighted Average Price per Bbl
Volume
Sold
Fair Value at
(MBbls)
Swaps
Calls
December 31, 2024
2025
Swaps
3,692
$33.98
$\u2014
$(13,667)
Stand-alone calls
913
\u2014
30.07
(5,013)
2026
Swaps
3,195
32.38
\u2014
(6,626)
Stand-alone calls
913
\u2014
27.83
(6,757)
2027
Swaps
2,249
32.29
\u2014
(3,459)
2028
Swaps
267
28.91
\u2014
(623)
Total NGLs contracts
11,229
$(36,145)
Oil Contracts
Weighted Average Price per Bbl
Volume
Purchased
Sold
Fair Value at
(MBbls)
Swaps
Puts
Calls
December 31, 2024
2025
Swaps
1,409
$62.44
$\u2014
$\u2014
$(7,379)
Sold calls
110
\u2014
\u2014
70.50
(509)
2026
Swaps
779
62.44
\u2014
\u2014
(2,946)
Sold calls
110
\u2014
\u2014
67.50
(832)
2027
Swaps
623
62.67
\u2014
\u2014
(1,236)
Total oil contracts
3,031
$(12,902)
Interest
Principal Hedged
Fair Value at
Fixed-Rate
December 31, 2024
SOFR Interest Rate Swap
$5,520
4.15%
235
Net fair value of derivative financial instruments as of December\u00a031, 2024
$(710,347)
When derivative assets and liabilities are with the same counterparty and a legal right of set-off exists under a master netting arrangement, netting their
fair values for financial reporting purposes is permitted. The Directors have elected to present these derivative assets and liabilities on a net basis when
these conditions are satisfied. The following table outlines the Group\u2019s net derivatives as of the periods presented:
Derivative Financial Instruments
Consolidated Statement of Financial Position
December 31, 2024
December 31, 2023
Assets:
Non-current assets
Derivative financial instruments
$28,439
$24,401
Current assets
Derivative financial instruments
33,759
87,659
Total assets
$62,198
$112,060
Liabilities
Non-current liabilities
Derivative financial instruments
$(608,869)
$(623,684)
Current liabilities
Derivative financial instruments
(163,676)
(45,836)
Total liabilities
$(772,545)
$(669,520)
Net assets (liabilities):
Net assets (liabilities) - non-current
Other non-current assets (liabilities)
$(580,430)
$(599,283)
Net assets (liabilities) - current
Other current assets (liabilities)
(129,917)
41,823
Total net assets (liabilities)
$(710,347)
$(557,460)
The Group presents the fair value of derivative contracts on a net basis in the Consolidated Statement of Financial Position. Below is the impact of this
presentation on the Group\u2019s recognized assets and liabilities for the specified periods:
December 31, 2024
Presented without
Effects of Netting
Effects of Netting
As Presented with
Effects of Netting
Non-current assets
$90,635
$(62,196)
$28,439
Current assets
77,801
(44,042)
33,759
Total assets
$168,436
$(106,238)
$62,198
Non-current liabilities
(671,300)
62,431
(608,869)
Current liabilities
(207,483)
43,807
(163,676)
Total liabilities
$(878,783)
$106,238
$(772,545)
Total net assets (liabilities)
$(710,347)
$\u2014
$(710,347)
December 31, 2023
Presented without
Effects of Netting
Effects of Netting
As Presented with
Effects of Netting
Non-current assets
$103,008
$(78,607)
$24,401
Current assets
198,806
(111,147)
87,659
Total assets
$301,814
$(189,754)
$112,060
Non-current liabilities
(678,053)
54,369
(623,684)
Current liabilities
(181,221)
135,385
(45,836)
Total liabilities
$(859,274)
$189,754
$(669,520)
Total net assets (liabilities)
$(557,460)
$\u2014
$(557,460)
The Group recorded the following gains (losses) on derivative financial instruments in the Consolidated Statement of Comprehensive Income for the
specified periods:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Net gain (loss) on commodity derivatives settlements(a)
$151,289
$178,064
$(895,802)
Net gain (loss) on interest rate swaps(a)
190
(2,722)
(1,434)
Gain (loss) on foreign currency hedges(a)
\u2014
(521)
\u2014
Total gain (loss) on settled derivative instruments
$151,479
$174,821
$(897,236)
Gain (loss) on fair value adjustments of unsettled financial instruments(b)
(189,030)
905,695
(861,457)
Total gain (loss) on derivative financial instruments
$(37,551)
$1,080,516
$(1,758,693)
(a) Represents the cash settlement of hedges that were settled during the period.
(b) Represents the change in fair value of financial instruments, net of the carrying value of hedges that were settled during the period.
All derivatives are defined as Level 2 instruments because their valuation relies on inputs other than quoted prices, that are observable for the assets
and liabilities.
Commodity Derivative Contract Modifications and Extinguishments
Occasionally, such as during the acquisition of producing assets, the completion of ABS financings, or in response to fluctuating price environments, the
Group may strategically modify, offset, terminate, or expand certain existing hedge positions. These modifications can involve changes to the volume of
production covered by contracts, the swap or strike price of specific derivative contracts, and other similar aspects of the derivative agreements. The
Group manages distinct, long-dated derivative contract portfolios for its ABS financings and Term Loans. Additionally, the Group maintains a separate
derivative contract portfolio for assets secured by the Credit\u00a0Facility. These derivative contract portfolios associated with the Group\u2019s ABS financings,
Term Loans , and Credit Facility are presented in the Group\u2019s Statement of Financial Position.
The Group made no modifications in 2024.
2023 Modifications and Extinguishments
In February 2023, the Group sold puts in ABS III for approximately $9,045 and replaced them with swaps to maintain the appropriate level and
composition of derivatives at both the legal entity and full-company level. In August 2023, the Group monetized $9,240 in purchased puts associated
with its ABS hedge books and transitioned the monetized positions into long-dated swap agreements. The Group also monetized an additional $8,401 in
net modifications, primarily comprised of swap terminations. As these modifications were made in the normal course of business for the year ended
December 31, 2023, they are presented as an operating activity in the Consolidated Statement of Cash Flows.
In November 2023, the Group adjusted portions of its commodity derivative portfolio across its legal entities to ensure that it maintained the appropriate
level and composition at both the legal entity and full-Group level for the completion of the ABS VII financing arrangement. These portfolio adjustments
included novations of certain contracts to the legal entities holding the ABS VII Notes. The Group paid $6,376 for these portfolio adjustments. As these
modifications were associated with a borrowing transaction, these amounts are presented as a financing activity in the Consolidated Statement of Cash
Flows. Refer to Note 21 for additional information regarding ABS financing arrangements.
2022 Modifications and Extinguishments
In February 2022, the Group adjusted portions of its commodity derivative portfolio across its legal entities to ensure that it maintained the appropriate
level and composition at both the legal entity and full-Group level for the completion of the ABS III and ABS IV financing arrangements. The Group
completed these adjustments by entering into new commodity derivative contracts and novating certain derivative contracts to the legal entities holding
the ABS III and ABS IV notes. The Group paid $41,823 for these portfolio adjustments, driven primarily by the purchase of long-dated puts for ABS III
and ABS IV that collectively increased the value of the Group\u2019s derivative position by an equal amount, and were required under the respective ABS III
and ABS IV indentures. The Group recorded payments for offsetting positions as new derivative financial instruments and applied extinguishment
payments against the existing commodity contracts in its Consolidated Statement of Financial\u00a0Position.
In May 2022, and in October 2022 the Group completed the ABS V and ABS VI financing arrangements, respectively, and made similar commodity
derivative portfolio adjustments to maintain the appropriate level and composition of derivatives at both the legal entity and full-Group level. The Group
paid $31,250, driven primarily by the purchase of long-dated puts that increased the value of the Group\u2019s derivative position by an equal amount, and
were required under the ABS V indenture. Under the ABS VI financing, the Group paid $32,242 from the proceeds of the financing to increase the value
of certain pre-existing derivative contracts that were novated to the ABS VI legal entity at closing. The Group recorded the payments as new derivative
financial instruments in its Consolidated Statement of Financial Position.
Refer to Note 21 for additional information regarding ABS financing arrangements.
Other commodity derivative contract modifications made during the normal course of business for the year ended December 31, 2022 totaled $133,573
which the Group recorded in its Consolidated Statement of Financial Position. As these modifications were made in the normal course, the Group has
presented these as an operating activity in the Consolidated Statement of Cash Flows. These modifications were primarily associated with elevating the
Group\u2019s weighted average hedge floor to take advantage of the high price environment experienced in 2022 over a longer term. The trades were
primarily comprised of swap enhancements and the extinguishment of standalone call\u00a0options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-569": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The Group faces volatility in market prices and basis differentials for natural gas, NGLs and oil, affecting the predictability of its cash flows from
commodity sales. Additionally, the Group\u2019s cash flows related to interest payments variable rate debt obligations can be impacted by fluctuations in
interest rate markets, depending on its debt structure. To manage these risks, the Group utilizes various derivative financial instruments. As of
December\u00a031, 2024, these instruments included swaps, collars, basis swaps, stand-alone put and call options, and swaptions. Below is a description of
these instruments:
Swaps:
When the Group sells a swap, it agrees to receive a fixed price for the contract while paying a floating market price to the
counterparty;
Collars:
Arrangements that include a fixed floor price (purchased put option) and a fixed ceiling price (sold call option) based on an index price\u00a0
have no net costs overall. At the contract settlement date, (1) when the index price is higher than the ceiling price, the Group pays the
counterparty the difference between the index price and ceiling price, (2) when the index price is between the floor and ceiling prices,
no payments are due from either party, and (3) when the index price is below the floor price, the Group will receive the difference
between the floor price and the index price.
Some collar arrangements may also include a sold put option with a strike price below the purchased put option. Known as a three-
way collar, the structure operates similarly to the standard collar. However, when the index price settles below the sold put option, the
Group pays the counterparty the difference between the index price and sold put option, effectively enhancing realized pricing by the
difference between the price of the sold and purchased put options;
Basis swaps:
Arrangements that guarantee a price differential for commodities from a specified delivery point. When the Group sells a basis swap, it
receives a payment from the counterparty if the price differential exceeds the stated terms of the contract. Conversely, if the price
differential is less than the stated terms, the Group pays the counterparty;
Put options:
The Group purchases and sells put options in exchange for a premium. When the Group purchases a put option, it receives from the
counterparty the excess amount (if any) by which the market price falls below the strike price of the put option at the time of
settlement. If the market price is above the put option\u2019s strike price, no payment is required from either party. Conversely, when the
Group sells a put option, it pays the counterparty the excess amount (if any) by which the market price falls below the strike price of
the put option at the time of settlement. If the market price is above the put option\u2019s strike price, no payment is required from either
party;
Call options:
The Group purchases and sells call options in exchange for a premium. When the Group purchases a call option, it receives from the
counterparty the excess amount (if any) by which the market price exceeds the strike price of the call option at the time of settlement.
If the market price is below the call option\u2019s strike price, no payment is required from either party. When the Group sells a call option,
it pays the counterparty the excess amount (if any) by which the market price exceeds the strike price of the call option at the time of
settlement. If the market price is below the call option\u2019s strike price, no payment is required from either party; and
Swaptions:
When the Group sells a swaption, the counterparty receives the option to enter into a swap contract at a specified price to be paid on
the exercise date. If the counterparty exercises the swaption, the Group pays a floating market price to the counterparty and receives
the fixed swap price from the counterparty.
The Group may elect to enter into offsetting transactions for the above instruments for the purpose of cancelling or terminating certain positions.
The following tables summarize the Group's calculated net fair value of derivative financial instruments as of the reporting date as follows:
Natural Gas Contracts
Weighted Average Price per Mcfe(a)
Volume
Sold
Purchased
Sold
Purchased
Basis
Fair Value at
(Mmbtu)
Swaps
Puts
Puts
Calls
Calls
Differential
December 31, 2024
2025
Swaps
213,686
$3.30
$\u2014
$\u2014
$\u2014
$\u2014
$\u2014
$(67,387)
Two-way collars
3,650
\u2014
\u2014
\u2014
3.83
3.63
\u2014
171
Three-way collars
7,300
\u2014
2.18
3.21
3.63
\u2014
\u2014
(1,635)
Stand-alone calls, net(b)
9,464
\u2014
\u2014
\u2014
3.59
\u2014
\u2014
(10,689)
Basis swaps
232,542
\u2014
\u2014
\u2014
\u2014
\u2014
(0.62)
(23,810)
2026
Swaps
171,222
3.25
\u2014
\u2014
\u2014
\u2014
\u2014
(124,800)
Two-way collars
3,650
\u2014
\u2014
\u2014
5.18
3.11
\u2014
(443)
Stand-alone calls, net(b)
19,777
\u2014
\u2014
\u2014
3.63
\u2014
\u2014
(36,803)
Basis swaps
107,801
\u2014
\u2014
\u2014
\u2014
\u2014
(0.53)
(7,508)
2027
Swaps
147,104
3.25
\u2014
\u2014
\u2014
\u2014
\u2014
(92,004)
Two-way collars
6,409
\u2014
\u2014
3.55
5.94
\u2014
\u2014
929
Stand-alone calls, net(b)
10,950
\u2014
\u2014
\u2014
3.63
\u2014
\u2014
(28,776)
Basis swaps
23,301
\u2014
\u2014
\u2014
\u2014
\u2014
(0.46)
(1,810)
Natural Gas Contracts
Weighted Average Price per Mcfe(a)
Volume
Sold
Purchased
Sold
Purchased
Basis
Fair Value at
(Mmbtu)
Swaps
Puts
Puts
Calls
Calls
Differential
December 31, 2024
2028
Swaps
109,226
2.86
\u2014
\u2014
\u2014
\u2014
\u2014
(90,554)
Two-way collars
10,502
\u2014
\u2014
4.14
6.68
\u2014
\u2014
6,578
Stand-alone calls, net(b)
3,660
\u2014
\u2014
\u2014
3.83
\u2014
\u2014
(4,166)
Purchased puts
7,978
\u2014
\u2014
3.11
\u2014
\u2014
\u2014
2,890
Sold puts
7,978
\u2014
3.11
\u2014
\u2014
\u2014
\u2014
(2,890)
Basis swaps
7,557
\u2014
\u2014
\u2014
\u2014
\u2014
(0.36)
(662)
2029
Swaps
73,265
2.70
\u2014
\u2014
\u2014
\u2014
\u2014
(58,058)
Two-way collars
28,251
\u2014
\u2014
3.76
5.07
\u2014
\u2014
7,948
Basis swaps
3,594
\u2014
\u2014
\u2014
\u2014
\u2014
(0.39)
(449)
2030
Swaps
19,448
2.78
\u2014
\u2014
\u2014
\u2014
\u2014
(13,352)
Two-way collars
30,099
\u2014
\u2014
3.63
4.26
\u2014
\u2014
5,934
Three-way collars
6,276
\u2014
1.86
3.14
3.89
\u2014
\u2014
(1,306)
2031
Two-way collars
38,595
\u2014
\u2014
3.63
4.24
\u2014
\u2014
9,728
Three-way collars
5,909
\u2014
1.86
3.14
3.89
\u2014
\u2014
(974)
2032
Two-way collars
9,190
\u2014
\u2014
3.63
4.24
\u2014
\u2014
(327)
Three-way collars
2,824
\u2014
1.86
3.14
3.89
\u2014
\u2014
(428)
Swaptions
4/1/2026-3/31/2030(c)
82,171
2.49
\u2014
\u2014
\u2014
\u2014
\u2014
(89,575)
4/1/2030-3/31/2032(d)
42,627
2.49
\u2014
\u2014
\u2014
\u2014
\u2014
(37,307)
Total natural gas contracts
1,446,006
$(661,535)
(a) Rates have been converted from Btu to Mcfe using a Btu conversion factor of 1.04.
(b) Future cash settlements for deferred premiums.
(c) Option expires on March\u00a023, 2026 .
(d) Option expires on March\u00a022, 2030.
NGLs Contracts
Weighted Average Price per Bbl
Volume
Sold
Fair Value at
(MBbls)
Swaps
Calls
December 31, 2024
2025
Swaps
3,692
$33.98
$\u2014
$(13,667)
Stand-alone calls
913
\u2014
30.07
(5,013)
2026
Swaps
3,195
32.38
\u2014
(6,626)
Stand-alone calls
913
\u2014
27.83
(6,757)
2027
Swaps
2,249
32.29
\u2014
(3,459)
2028
Swaps
267
28.91
\u2014
(623)
Total NGLs contracts
11,229
$(36,145)
Oil Contracts
Weighted Average Price per Bbl
Volume
Purchased
Sold
Fair Value at
(MBbls)
Swaps
Puts
Calls
December 31, 2024
2025
Swaps
1,409
$62.44
$\u2014
$\u2014
$(7,379)
Sold calls
110
\u2014
\u2014
70.50
(509)
2026
Swaps
779
62.44
\u2014
\u2014
(2,946)
Sold calls
110
\u2014
\u2014
67.50
(832)
2027
Swaps
623
62.67
\u2014
\u2014
(1,236)
Total oil contracts
3,031
$(12,902)
Interest
Principal Hedged
Fair Value at
Fixed-Rate
December 31, 2024
SOFR Interest Rate Swap
$5,520
4.15%
235
Net fair value of derivative financial instruments as of December\u00a031, 2024
$(710,347)
When derivative assets and liabilities are with the same counterparty and a legal right of set-off exists under a master netting arrangement, netting their
fair values for financial reporting purposes is permitted. The Directors have elected to present these derivative assets and liabilities on a net basis when
these conditions are satisfied. The following table outlines the Group\u2019s net derivatives as of the periods presented:
Derivative Financial Instruments
Consolidated Statement of Financial Position
December 31, 2024
December 31, 2023
Assets:
Non-current assets
Derivative financial instruments
$28,439
$24,401
Current assets
Derivative financial instruments
33,759
87,659
Total assets
$62,198
$112,060
Liabilities
Non-current liabilities
Derivative financial instruments
$(608,869)
$(623,684)
Current liabilities
Derivative financial instruments
(163,676)
(45,836)
Total liabilities
$(772,545)
$(669,520)
Net assets (liabilities):
Net assets (liabilities) - non-current
Other non-current assets (liabilities)
$(580,430)
$(599,283)
Net assets (liabilities) - current
Other current assets (liabilities)
(129,917)
41,823
Total net assets (liabilities)
$(710,347)
$(557,460)
The Group presents the fair value of derivative contracts on a net basis in the Consolidated Statement of Financial Position. Below is the impact of this
presentation on the Group\u2019s recognized assets and liabilities for the specified periods:
December 31, 2024
Presented without
Effects of Netting
Effects of Netting
As Presented with
Effects of Netting
Non-current assets
$90,635
$(62,196)
$28,439
Current assets
77,801
(44,042)
33,759
Total assets
$168,436
$(106,238)
$62,198
Non-current liabilities
(671,300)
62,431
(608,869)
Current liabilities
(207,483)
43,807
(163,676)
Total liabilities
$(878,783)
$106,238
$(772,545)
Total net assets (liabilities)
$(710,347)
$\u2014
$(710,347)
December 31, 2023
Presented without
Effects of Netting
Effects of Netting
As Presented with
Effects of Netting
Non-current assets
$103,008
$(78,607)
$24,401
Current assets
198,806
(111,147)
87,659
Total assets
$301,814
$(189,754)
$112,060
Non-current liabilities
(678,053)
54,369
(623,684)
Current liabilities
(181,221)
135,385
(45,836)
Total liabilities
$(859,274)
$189,754
$(669,520)
Total net assets (liabilities)
$(557,460)
$\u2014
$(557,460)
The Group recorded the following gains (losses) on derivative financial instruments in the Consolidated Statement of Comprehensive Income for the
specified periods:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Net gain (loss) on commodity derivatives settlements(a)
$151,289
$178,064
$(895,802)
Net gain (loss) on interest rate swaps(a)
190
(2,722)
(1,434)
Gain (loss) on foreign currency hedges(a)
\u2014
(521)
\u2014
Total gain (loss) on settled derivative instruments
$151,479
$174,821
$(897,236)
Gain (loss) on fair value adjustments of unsettled financial instruments(b)
(189,030)
905,695
(861,457)
Total gain (loss) on derivative financial instruments
$(37,551)
$1,080,516
$(1,758,693)
(a) Represents the cash settlement of hedges that were settled during the period.
(b) Represents the change in fair value of financial instruments, net of the carrying value of hedges that were settled during the period.
All derivatives are defined as Level 2 instruments because their valuation relies on inputs other than quoted prices, that are observable for the assets
and liabilities.
Commodity Derivative Contract Modifications and Extinguishments
Occasionally, such as during the acquisition of producing assets, the completion of ABS financings, or in response to fluctuating price environments, the
Group may strategically modify, offset, terminate, or expand certain existing hedge positions. These modifications can involve changes to the volume of
production covered by contracts, the swap or strike price of specific derivative contracts, and other similar aspects of the derivative agreements. The
Group manages distinct, long-dated derivative contract portfolios for its ABS financings and Term Loans. Additionally, the Group maintains a separate
derivative contract portfolio for assets secured by the Credit\u00a0Facility. These derivative contract portfolios associated with the Group\u2019s ABS financings,
Term Loans , and Credit Facility are presented in the Group\u2019s Statement of Financial Position.
The Group made no modifications in 2024.
2023 Modifications and Extinguishments
In February 2023, the Group sold puts in ABS III for approximately $9,045 and replaced them with swaps to maintain the appropriate level and
composition of derivatives at both the legal entity and full-company level. In August 2023, the Group monetized $9,240 in purchased puts associated
with its ABS hedge books and transitioned the monetized positions into long-dated swap agreements. The Group also monetized an additional $8,401 in
net modifications, primarily comprised of swap terminations. As these modifications were made in the normal course of business for the year ended
December 31, 2023, they are presented as an operating activity in the Consolidated Statement of Cash Flows.
In November 2023, the Group adjusted portions of its commodity derivative portfolio across its legal entities to ensure that it maintained the appropriate
level and composition at both the legal entity and full-Group level for the completion of the ABS VII financing arrangement. These portfolio adjustments
included novations of certain contracts to the legal entities holding the ABS VII Notes. The Group paid $6,376 for these portfolio adjustments. As these
modifications were associated with a borrowing transaction, these amounts are presented as a financing activity in the Consolidated Statement of Cash
Flows. Refer to Note 21 for additional information regarding ABS financing arrangements.
2022 Modifications and Extinguishments
In February 2022, the Group adjusted portions of its commodity derivative portfolio across its legal entities to ensure that it maintained the appropriate
level and composition at both the legal entity and full-Group level for the completion of the ABS III and ABS IV financing arrangements. The Group
completed these adjustments by entering into new commodity derivative contracts and novating certain derivative contracts to the legal entities holding
the ABS III and ABS IV notes. The Group paid $41,823 for these portfolio adjustments, driven primarily by the purchase of long-dated puts for ABS III
and ABS IV that collectively increased the value of the Group\u2019s derivative position by an equal amount, and were required under the respective ABS III
and ABS IV indentures. The Group recorded payments for offsetting positions as new derivative financial instruments and applied extinguishment
payments against the existing commodity contracts in its Consolidated Statement of Financial\u00a0Position.
In May 2022, and in October 2022 the Group completed the ABS V and ABS VI financing arrangements, respectively, and made similar commodity
derivative portfolio adjustments to maintain the appropriate level and composition of derivatives at both the legal entity and full-Group level. The Group
paid $31,250, driven primarily by the purchase of long-dated puts that increased the value of the Group\u2019s derivative position by an equal amount, and
were required under the ABS V indenture. Under the ABS VI financing, the Group paid $32,242 from the proceeds of the financing to increase the value
of certain pre-existing derivative contracts that were novated to the ABS VI legal entity at closing. The Group recorded the payments as new derivative
financial instruments in its Consolidated Statement of Financial Position.
Refer to Note 21 for additional information regarding ABS financing arrangements.
Other commodity derivative contract modifications made during the normal course of business for the year ended December 31, 2022 totaled $133,573
which the Group recorded in its Consolidated Statement of Financial Position. As these modifications were made in the normal course, the Group has
presented these as an operating activity in the Consolidated Statement of Cash Flows. These modifications were primarily associated with elevating the
Group\u2019s weighted average hedge floor to take advantage of the high price environment experienced in 2022 over a longer term. The trades were
primarily comprised of swap enhancements and the extinguishment of standalone call\u00a0options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-568": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The Group faces volatility in market prices and basis differentials for natural gas, NGLs and oil, affecting the predictability of its cash flows from
commodity sales. Additionally, the Group\u2019s cash flows related to interest payments variable rate debt obligations can be impacted by fluctuations in
interest rate markets, depending on its debt structure. To manage these risks, the Group utilizes various derivative financial instruments. As of
December\u00a031, 2024, these instruments included swaps, collars, basis swaps, stand-alone put and call options, and swaptions. Below is a description of
these instruments:
Swaps:
When the Group sells a swap, it agrees to receive a fixed price for the contract while paying a floating market price to the
counterparty;
Collars:
Arrangements that include a fixed floor price (purchased put option) and a fixed ceiling price (sold call option) based on an index price\u00a0
have no net costs overall. At the contract settlement date, (1) when the index price is higher than the ceiling price, the Group pays the
counterparty the difference between the index price and ceiling price, (2) when the index price is between the floor and ceiling prices,
no payments are due from either party, and (3) when the index price is below the floor price, the Group will receive the difference
between the floor price and the index price.
Some collar arrangements may also include a sold put option with a strike price below the purchased put option. Known as a three-
way collar, the structure operates similarly to the standard collar. However, when the index price settles below the sold put option, the
Group pays the counterparty the difference between the index price and sold put option, effectively enhancing realized pricing by the
difference between the price of the sold and purchased put options;
Basis swaps:
Arrangements that guarantee a price differential for commodities from a specified delivery point. When the Group sells a basis swap, it
receives a payment from the counterparty if the price differential exceeds the stated terms of the contract. Conversely, if the price
differential is less than the stated terms, the Group pays the counterparty;
Put options:
The Group purchases and sells put options in exchange for a premium. When the Group purchases a put option, it receives from the
counterparty the excess amount (if any) by which the market price falls below the strike price of the put option at the time of
settlement. If the market price is above the put option\u2019s strike price, no payment is required from either party. Conversely, when the
Group sells a put option, it pays the counterparty the excess amount (if any) by which the market price falls below the strike price of
the put option at the time of settlement. If the market price is above the put option\u2019s strike price, no payment is required from either
party;
Call options:
The Group purchases and sells call options in exchange for a premium. When the Group purchases a call option, it receives from the
counterparty the excess amount (if any) by which the market price exceeds the strike price of the call option at the time of settlement.
If the market price is below the call option\u2019s strike price, no payment is required from either party. When the Group sells a call option,
it pays the counterparty the excess amount (if any) by which the market price exceeds the strike price of the call option at the time of
settlement. If the market price is below the call option\u2019s strike price, no payment is required from either party; and
Swaptions:
When the Group sells a swaption, the counterparty receives the option to enter into a swap contract at a specified price to be paid on
the exercise date. If the counterparty exercises the swaption, the Group pays a floating market price to the counterparty and receives
the fixed swap price from the counterparty.
The Group may elect to enter into offsetting transactions for the above instruments for the purpose of cancelling or terminating certain positions.
The following tables summarize the Group's calculated net fair value of derivative financial instruments as of the reporting date as follows:
Natural Gas Contracts
Weighted Average Price per Mcfe(a)
Volume
Sold
Purchased
Sold
Purchased
Basis
Fair Value at
(Mmbtu)
Swaps
Puts
Puts
Calls
Calls
Differential
December 31, 2024
2025
Swaps
213,686
$3.30
$\u2014
$\u2014
$\u2014
$\u2014
$\u2014
$(67,387)
Two-way collars
3,650
\u2014
\u2014
\u2014
3.83
3.63
\u2014
171
Three-way collars
7,300
\u2014
2.18
3.21
3.63
\u2014
\u2014
(1,635)
Stand-alone calls, net(b)
9,464
\u2014
\u2014
\u2014
3.59
\u2014
\u2014
(10,689)
Basis swaps
232,542
\u2014
\u2014
\u2014
\u2014
\u2014
(0.62)
(23,810)
2026
Swaps
171,222
3.25
\u2014
\u2014
\u2014
\u2014
\u2014
(124,800)
Two-way collars
3,650
\u2014
\u2014
\u2014
5.18
3.11
\u2014
(443)
Stand-alone calls, net(b)
19,777
\u2014
\u2014
\u2014
3.63
\u2014
\u2014
(36,803)
Basis swaps
107,801
\u2014
\u2014
\u2014
\u2014
\u2014
(0.53)
(7,508)
2027
Swaps
147,104
3.25
\u2014
\u2014
\u2014
\u2014
\u2014
(92,004)
Two-way collars
6,409
\u2014
\u2014
3.55
5.94
\u2014
\u2014
929
Stand-alone calls, net(b)
10,950
\u2014
\u2014
\u2014
3.63
\u2014
\u2014
(28,776)
Basis swaps
23,301
\u2014
\u2014
\u2014
\u2014
\u2014
(0.46)
(1,810)
Natural Gas Contracts
Weighted Average Price per Mcfe(a)
Volume
Sold
Purchased
Sold
Purchased
Basis
Fair Value at
(Mmbtu)
Swaps
Puts
Puts
Calls
Calls
Differential
December 31, 2024
2028
Swaps
109,226
2.86
\u2014
\u2014
\u2014
\u2014
\u2014
(90,554)
Two-way collars
10,502
\u2014
\u2014
4.14
6.68
\u2014
\u2014
6,578
Stand-alone calls, net(b)
3,660
\u2014
\u2014
\u2014
3.83
\u2014
\u2014
(4,166)
Purchased puts
7,978
\u2014
\u2014
3.11
\u2014
\u2014
\u2014
2,890
Sold puts
7,978
\u2014
3.11
\u2014
\u2014
\u2014
\u2014
(2,890)
Basis swaps
7,557
\u2014
\u2014
\u2014
\u2014
\u2014
(0.36)
(662)
2029
Swaps
73,265
2.70
\u2014
\u2014
\u2014
\u2014
\u2014
(58,058)
Two-way collars
28,251
\u2014
\u2014
3.76
5.07
\u2014
\u2014
7,948
Basis swaps
3,594
\u2014
\u2014
\u2014
\u2014
\u2014
(0.39)
(449)
2030
Swaps
19,448
2.78
\u2014
\u2014
\u2014
\u2014
\u2014
(13,352)
Two-way collars
30,099
\u2014
\u2014
3.63
4.26
\u2014
\u2014
5,934
Three-way collars
6,276
\u2014
1.86
3.14
3.89
\u2014
\u2014
(1,306)
2031
Two-way collars
38,595
\u2014
\u2014
3.63
4.24
\u2014
\u2014
9,728
Three-way collars
5,909
\u2014
1.86
3.14
3.89
\u2014
\u2014
(974)
2032
Two-way collars
9,190
\u2014
\u2014
3.63
4.24
\u2014
\u2014
(327)
Three-way collars
2,824
\u2014
1.86
3.14
3.89
\u2014
\u2014
(428)
Swaptions
4/1/2026-3/31/2030(c)
82,171
2.49
\u2014
\u2014
\u2014
\u2014
\u2014
(89,575)
4/1/2030-3/31/2032(d)
42,627
2.49
\u2014
\u2014
\u2014
\u2014
\u2014
(37,307)
Total natural gas contracts
1,446,006
$(661,535)
(a) Rates have been converted from Btu to Mcfe using a Btu conversion factor of 1.04.
(b) Future cash settlements for deferred premiums.
(c) Option expires on March\u00a023, 2026 .
(d) Option expires on March\u00a022, 2030.
NGLs Contracts
Weighted Average Price per Bbl
Volume
Sold
Fair Value at
(MBbls)
Swaps
Calls
December 31, 2024
2025
Swaps
3,692
$33.98
$\u2014
$(13,667)
Stand-alone calls
913
\u2014
30.07
(5,013)
2026
Swaps
3,195
32.38
\u2014
(6,626)
Stand-alone calls
913
\u2014
27.83
(6,757)
2027
Swaps
2,249
32.29
\u2014
(3,459)
2028
Swaps
267
28.91
\u2014
(623)
Total NGLs contracts
11,229
$(36,145)
Oil Contracts
Weighted Average Price per Bbl
Volume
Purchased
Sold
Fair Value at
(MBbls)
Swaps
Puts
Calls
December 31, 2024
2025
Swaps
1,409
$62.44
$\u2014
$\u2014
$(7,379)
Sold calls
110
\u2014
\u2014
70.50
(509)
2026
Swaps
779
62.44
\u2014
\u2014
(2,946)
Sold calls
110
\u2014
\u2014
67.50
(832)
2027
Swaps
623
62.67
\u2014
\u2014
(1,236)
Total oil contracts
3,031
$(12,902)
Interest
Principal Hedged
Fair Value at
Fixed-Rate
December 31, 2024
SOFR Interest Rate Swap
$5,520
4.15%
235
Net fair value of derivative financial instruments as of December\u00a031, 2024
$(710,347)
When derivative assets and liabilities are with the same counterparty and a legal right of set-off exists under a master netting arrangement, netting their
fair values for financial reporting purposes is permitted. The Directors have elected to present these derivative assets and liabilities on a net basis when
these conditions are satisfied. The following table outlines the Group\u2019s net derivatives as of the periods presented:
Derivative Financial Instruments
Consolidated Statement of Financial Position
December 31, 2024
December 31, 2023
Assets:
Non-current assets
Derivative financial instruments
$28,439
$24,401
Current assets
Derivative financial instruments
33,759
87,659
Total assets
$62,198
$112,060
Liabilities
Non-current liabilities
Derivative financial instruments
$(608,869)
$(623,684)
Current liabilities
Derivative financial instruments
(163,676)
(45,836)
Total liabilities
$(772,545)
$(669,520)
Net assets (liabilities):
Net assets (liabilities) - non-current
Other non-current assets (liabilities)
$(580,430)
$(599,283)
Net assets (liabilities) - current
Other current assets (liabilities)
(129,917)
41,823
Total net assets (liabilities)
$(710,347)
$(557,460)
The Group presents the fair value of derivative contracts on a net basis in the Consolidated Statement of Financial Position. Below is the impact of this
presentation on the Group\u2019s recognized assets and liabilities for the specified periods:
December 31, 2024
Presented without
Effects of Netting
Effects of Netting
As Presented with
Effects of Netting
Non-current assets
$90,635
$(62,196)
$28,439
Current assets
77,801
(44,042)
33,759
Total assets
$168,436
$(106,238)
$62,198
Non-current liabilities
(671,300)
62,431
(608,869)
Current liabilities
(207,483)
43,807
(163,676)
Total liabilities
$(878,783)
$106,238
$(772,545)
Total net assets (liabilities)
$(710,347)
$\u2014
$(710,347)
December 31, 2023
Presented without
Effects of Netting
Effects of Netting
As Presented with
Effects of Netting
Non-current assets
$103,008
$(78,607)
$24,401
Current assets
198,806
(111,147)
87,659
Total assets
$301,814
$(189,754)
$112,060
Non-current liabilities
(678,053)
54,369
(623,684)
Current liabilities
(181,221)
135,385
(45,836)
Total liabilities
$(859,274)
$189,754
$(669,520)
Total net assets (liabilities)
$(557,460)
$\u2014
$(557,460)
The Group recorded the following gains (losses) on derivative financial instruments in the Consolidated Statement of Comprehensive Income for the
specified periods:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Net gain (loss) on commodity derivatives settlements(a)
$151,289
$178,064
$(895,802)
Net gain (loss) on interest rate swaps(a)
190
(2,722)
(1,434)
Gain (loss) on foreign currency hedges(a)
\u2014
(521)
\u2014
Total gain (loss) on settled derivative instruments
$151,479
$174,821
$(897,236)
Gain (loss) on fair value adjustments of unsettled financial instruments(b)
(189,030)
905,695
(861,457)
Total gain (loss) on derivative financial instruments
$(37,551)
$1,080,516
$(1,758,693)
(a) Represents the cash settlement of hedges that were settled during the period.
(b) Represents the change in fair value of financial instruments, net of the carrying value of hedges that were settled during the period.
All derivatives are defined as Level 2 instruments because their valuation relies on inputs other than quoted prices, that are observable for the assets
and liabilities.
Commodity Derivative Contract Modifications and Extinguishments
Occasionally, such as during the acquisition of producing assets, the completion of ABS financings, or in response to fluctuating price environments, the
Group may strategically modify, offset, terminate, or expand certain existing hedge positions. These modifications can involve changes to the volume of
production covered by contracts, the swap or strike price of specific derivative contracts, and other similar aspects of the derivative agreements. The
Group manages distinct, long-dated derivative contract portfolios for its ABS financings and Term Loans. Additionally, the Group maintains a separate
derivative contract portfolio for assets secured by the Credit\u00a0Facility. These derivative contract portfolios associated with the Group\u2019s ABS financings,
Term Loans , and Credit Facility are presented in the Group\u2019s Statement of Financial Position.
The Group made no modifications in 2024.
2023 Modifications and Extinguishments
In February 2023, the Group sold puts in ABS III for approximately $9,045 and replaced them with swaps to maintain the appropriate level and
composition of derivatives at both the legal entity and full-company level. In August 2023, the Group monetized $9,240 in purchased puts associated
with its ABS hedge books and transitioned the monetized positions into long-dated swap agreements. The Group also monetized an additional $8,401 in
net modifications, primarily comprised of swap terminations. As these modifications were made in the normal course of business for the year ended
December 31, 2023, they are presented as an operating activity in the Consolidated Statement of Cash Flows.
In November 2023, the Group adjusted portions of its commodity derivative portfolio across its legal entities to ensure that it maintained the appropriate
level and composition at both the legal entity and full-Group level for the completion of the ABS VII financing arrangement. These portfolio adjustments
included novations of certain contracts to the legal entities holding the ABS VII Notes. The Group paid $6,376 for these portfolio adjustments. As these
modifications were associated with a borrowing transaction, these amounts are presented as a financing activity in the Consolidated Statement of Cash
Flows. Refer to Note 21 for additional information regarding ABS financing arrangements.
2022 Modifications and Extinguishments
In February 2022, the Group adjusted portions of its commodity derivative portfolio across its legal entities to ensure that it maintained the appropriate
level and composition at both the legal entity and full-Group level for the completion of the ABS III and ABS IV financing arrangements. The Group
completed these adjustments by entering into new commodity derivative contracts and novating certain derivative contracts to the legal entities holding
the ABS III and ABS IV notes. The Group paid $41,823 for these portfolio adjustments, driven primarily by the purchase of long-dated puts for ABS III
and ABS IV that collectively increased the value of the Group\u2019s derivative position by an equal amount, and were required under the respective ABS III
and ABS IV indentures. The Group recorded payments for offsetting positions as new derivative financial instruments and applied extinguishment
payments against the existing commodity contracts in its Consolidated Statement of Financial\u00a0Position.
In May 2022, and in October 2022 the Group completed the ABS V and ABS VI financing arrangements, respectively, and made similar commodity
derivative portfolio adjustments to maintain the appropriate level and composition of derivatives at both the legal entity and full-Group level. The Group
paid $31,250, driven primarily by the purchase of long-dated puts that increased the value of the Group\u2019s derivative position by an equal amount, and
were required under the ABS V indenture. Under the ABS VI financing, the Group paid $32,242 from the proceeds of the financing to increase the value
of certain pre-existing derivative contracts that were novated to the ABS VI legal entity at closing. The Group recorded the payments as new derivative
financial instruments in its Consolidated Statement of Financial Position.
Refer to Note 21 for additional information regarding ABS financing arrangements.
Other commodity derivative contract modifications made during the normal course of business for the year ended December 31, 2022 totaled $133,573
which the Group recorded in its Consolidated Statement of Financial Position. As these modifications were made in the normal course, the Group has
presented these as an operating activity in the Consolidated Statement of Cash Flows. These modifications were primarily associated with elevating the
Group\u2019s weighted average hedge floor to take advantage of the high price environment experienced in 2022 over a longer term. The trades were
primarily comprised of swap enhancements and the extinguishment of standalone call\u00a0options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-567": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The Group faces volatility in market prices and basis differentials for natural gas, NGLs and oil, affecting the predictability of its cash flows from
commodity sales. Additionally, the Group\u2019s cash flows related to interest payments variable rate debt obligations can be impacted by fluctuations in
interest rate markets, depending on its debt structure. To manage these risks, the Group utilizes various derivative financial instruments. As of
December\u00a031, 2024, these instruments included swaps, collars, basis swaps, stand-alone put and call options, and swaptions. Below is a description of
these instruments:
Swaps:
When the Group sells a swap, it agrees to receive a fixed price for the contract while paying a floating market price to the
counterparty;
Collars:
Arrangements that include a fixed floor price (purchased put option) and a fixed ceiling price (sold call option) based on an index price\u00a0
have no net costs overall. At the contract settlement date, (1) when the index price is higher than the ceiling price, the Group pays the
counterparty the difference between the index price and ceiling price, (2) when the index price is between the floor and ceiling prices,
no payments are due from either party, and (3) when the index price is below the floor price, the Group will receive the difference
between the floor price and the index price.
Some collar arrangements may also include a sold put option with a strike price below the purchased put option. Known as a three-
way collar, the structure operates similarly to the standard collar. However, when the index price settles below the sold put option, the
Group pays the counterparty the difference between the index price and sold put option, effectively enhancing realized pricing by the
difference between the price of the sold and purchased put options;
Basis swaps:
Arrangements that guarantee a price differential for commodities from a specified delivery point. When the Group sells a basis swap, it
receives a payment from the counterparty if the price differential exceeds the stated terms of the contract. Conversely, if the price
differential is less than the stated terms, the Group pays the counterparty;
Put options:
The Group purchases and sells put options in exchange for a premium. When the Group purchases a put option, it receives from the
counterparty the excess amount (if any) by which the market price falls below the strike price of the put option at the time of
settlement. If the market price is above the put option\u2019s strike price, no payment is required from either party. Conversely, when the
Group sells a put option, it pays the counterparty the excess amount (if any) by which the market price falls below the strike price of
the put option at the time of settlement. If the market price is above the put option\u2019s strike price, no payment is required from either
party;
Call options:
The Group purchases and sells call options in exchange for a premium. When the Group purchases a call option, it receives from the
counterparty the excess amount (if any) by which the market price exceeds the strike price of the call option at the time of settlement.
If the market price is below the call option\u2019s strike price, no payment is required from either party. When the Group sells a call option,
it pays the counterparty the excess amount (if any) by which the market price exceeds the strike price of the call option at the time of
settlement. If the market price is below the call option\u2019s strike price, no payment is required from either party; and
Swaptions:
When the Group sells a swaption, the counterparty receives the option to enter into a swap contract at a specified price to be paid on
the exercise date. If the counterparty exercises the swaption, the Group pays a floating market price to the counterparty and receives
the fixed swap price from the counterparty.
The Group may elect to enter into offsetting transactions for the above instruments for the purpose of cancelling or terminating certain positions.
The following tables summarize the Group's calculated net fair value of derivative financial instruments as of the reporting date as follows:
Natural Gas Contracts
Weighted Average Price per Mcfe(a)
Volume
Sold
Purchased
Sold
Purchased
Basis
Fair Value at
(Mmbtu)
Swaps
Puts
Puts
Calls
Calls
Differential
December 31, 2024
2025
Swaps
213,686
$3.30
$\u2014
$\u2014
$\u2014
$\u2014
$\u2014
$(67,387)
Two-way collars
3,650
\u2014
\u2014
\u2014
3.83
3.63
\u2014
171
Three-way collars
7,300
\u2014
2.18
3.21
3.63
\u2014
\u2014
(1,635)
Stand-alone calls, net(b)
9,464
\u2014
\u2014
\u2014
3.59
\u2014
\u2014
(10,689)
Basis swaps
232,542
\u2014
\u2014
\u2014
\u2014
\u2014
(0.62)
(23,810)
2026
Swaps
171,222
3.25
\u2014
\u2014
\u2014
\u2014
\u2014
(124,800)
Two-way collars
3,650
\u2014
\u2014
\u2014
5.18
3.11
\u2014
(443)
Stand-alone calls, net(b)
19,777
\u2014
\u2014
\u2014
3.63
\u2014
\u2014
(36,803)
Basis swaps
107,801
\u2014
\u2014
\u2014
\u2014
\u2014
(0.53)
(7,508)
2027
Swaps
147,104
3.25
\u2014
\u2014
\u2014
\u2014
\u2014
(92,004)
Two-way collars
6,409
\u2014
\u2014
3.55
5.94
\u2014
\u2014
929
Stand-alone calls, net(b)
10,950
\u2014
\u2014
\u2014
3.63
\u2014
\u2014
(28,776)
Basis swaps
23,301
\u2014
\u2014
\u2014
\u2014
\u2014
(0.46)
(1,810)
Natural Gas Contracts
Weighted Average Price per Mcfe(a)
Volume
Sold
Purchased
Sold
Purchased
Basis
Fair Value at
(Mmbtu)
Swaps
Puts
Puts
Calls
Calls
Differential
December 31, 2024
2028
Swaps
109,226
2.86
\u2014
\u2014
\u2014
\u2014
\u2014
(90,554)
Two-way collars
10,502
\u2014
\u2014
4.14
6.68
\u2014
\u2014
6,578
Stand-alone calls, net(b)
3,660
\u2014
\u2014
\u2014
3.83
\u2014
\u2014
(4,166)
Purchased puts
7,978
\u2014
\u2014
3.11
\u2014
\u2014
\u2014
2,890
Sold puts
7,978
\u2014
3.11
\u2014
\u2014
\u2014
\u2014
(2,890)
Basis swaps
7,557
\u2014
\u2014
\u2014
\u2014
\u2014
(0.36)
(662)
2029
Swaps
73,265
2.70
\u2014
\u2014
\u2014
\u2014
\u2014
(58,058)
Two-way collars
28,251
\u2014
\u2014
3.76
5.07
\u2014
\u2014
7,948
Basis swaps
3,594
\u2014
\u2014
\u2014
\u2014
\u2014
(0.39)
(449)
2030
Swaps
19,448
2.78
\u2014
\u2014
\u2014
\u2014
\u2014
(13,352)
Two-way collars
30,099
\u2014
\u2014
3.63
4.26
\u2014
\u2014
5,934
Three-way collars
6,276
\u2014
1.86
3.14
3.89
\u2014
\u2014
(1,306)
2031
Two-way collars
38,595
\u2014
\u2014
3.63
4.24
\u2014
\u2014
9,728
Three-way collars
5,909
\u2014
1.86
3.14
3.89
\u2014
\u2014
(974)
2032
Two-way collars
9,190
\u2014
\u2014
3.63
4.24
\u2014
\u2014
(327)
Three-way collars
2,824
\u2014
1.86
3.14
3.89
\u2014
\u2014
(428)
Swaptions
4/1/2026-3/31/2030(c)
82,171
2.49
\u2014
\u2014
\u2014
\u2014
\u2014
(89,575)
4/1/2030-3/31/2032(d)
42,627
2.49
\u2014
\u2014
\u2014
\u2014
\u2014
(37,307)
Total natural gas contracts
1,446,006
$(661,535)
(a) Rates have been converted from Btu to Mcfe using a Btu conversion factor of 1.04.
(b) Future cash settlements for deferred premiums.
(c) Option expires on March\u00a023, 2026 .
(d) Option expires on March\u00a022, 2030.
NGLs Contracts
Weighted Average Price per Bbl
Volume
Sold
Fair Value at
(MBbls)
Swaps
Calls
December 31, 2024
2025
Swaps
3,692
$33.98
$\u2014
$(13,667)
Stand-alone calls
913
\u2014
30.07
(5,013)
2026
Swaps
3,195
32.38
\u2014
(6,626)
Stand-alone calls
913
\u2014
27.83
(6,757)
2027
Swaps
2,249
32.29
\u2014
(3,459)
2028
Swaps
267
28.91
\u2014
(623)
Total NGLs contracts
11,229
$(36,145)
Oil Contracts
Weighted Average Price per Bbl
Volume
Purchased
Sold
Fair Value at
(MBbls)
Swaps
Puts
Calls
December 31, 2024
2025
Swaps
1,409
$62.44
$\u2014
$\u2014
$(7,379)
Sold calls
110
\u2014
\u2014
70.50
(509)
2026
Swaps
779
62.44
\u2014
\u2014
(2,946)
Sold calls
110
\u2014
\u2014
67.50
(832)
2027
Swaps
623
62.67
\u2014
\u2014
(1,236)
Total oil contracts
3,031
$(12,902)
Interest
Principal Hedged
Fair Value at
Fixed-Rate
December 31, 2024
SOFR Interest Rate Swap
$5,520
4.15%
235
Net fair value of derivative financial instruments as of December\u00a031, 2024
$(710,347)
When derivative assets and liabilities are with the same counterparty and a legal right of set-off exists under a master netting arrangement, netting their
fair values for financial reporting purposes is permitted. The Directors have elected to present these derivative assets and liabilities on a net basis when
these conditions are satisfied. The following table outlines the Group\u2019s net derivatives as of the periods presented:
Derivative Financial Instruments
Consolidated Statement of Financial Position
December 31, 2024
December 31, 2023
Assets:
Non-current assets
Derivative financial instruments
$28,439
$24,401
Current assets
Derivative financial instruments
33,759
87,659
Total assets
$62,198
$112,060
Liabilities
Non-current liabilities
Derivative financial instruments
$(608,869)
$(623,684)
Current liabilities
Derivative financial instruments
(163,676)
(45,836)
Total liabilities
$(772,545)
$(669,520)
Net assets (liabilities):
Net assets (liabilities) - non-current
Other non-current assets (liabilities)
$(580,430)
$(599,283)
Net assets (liabilities) - current
Other current assets (liabilities)
(129,917)
41,823
Total net assets (liabilities)
$(710,347)
$(557,460)
The Group presents the fair value of derivative contracts on a net basis in the Consolidated Statement of Financial Position. Below is the impact of this
presentation on the Group\u2019s recognized assets and liabilities for the specified periods:
December 31, 2024
Presented without
Effects of Netting
Effects of Netting
As Presented with
Effects of Netting
Non-current assets
$90,635
$(62,196)
$28,439
Current assets
77,801
(44,042)
33,759
Total assets
$168,436
$(106,238)
$62,198
Non-current liabilities
(671,300)
62,431
(608,869)
Current liabilities
(207,483)
43,807
(163,676)
Total liabilities
$(878,783)
$106,238
$(772,545)
Total net assets (liabilities)
$(710,347)
$\u2014
$(710,347)
December 31, 2023
Presented without
Effects of Netting
Effects of Netting
As Presented with
Effects of Netting
Non-current assets
$103,008
$(78,607)
$24,401
Current assets
198,806
(111,147)
87,659
Total assets
$301,814
$(189,754)
$112,060
Non-current liabilities
(678,053)
54,369
(623,684)
Current liabilities
(181,221)
135,385
(45,836)
Total liabilities
$(859,274)
$189,754
$(669,520)
Total net assets (liabilities)
$(557,460)
$\u2014
$(557,460)
The Group recorded the following gains (losses) on derivative financial instruments in the Consolidated Statement of Comprehensive Income for the
specified periods:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Net gain (loss) on commodity derivatives settlements(a)
$151,289
$178,064
$(895,802)
Net gain (loss) on interest rate swaps(a)
190
(2,722)
(1,434)
Gain (loss) on foreign currency hedges(a)
\u2014
(521)
\u2014
Total gain (loss) on settled derivative instruments
$151,479
$174,821
$(897,236)
Gain (loss) on fair value adjustments of unsettled financial instruments(b)
(189,030)
905,695
(861,457)
Total gain (loss) on derivative financial instruments
$(37,551)
$1,080,516
$(1,758,693)
(a) Represents the cash settlement of hedges that were settled during the period.
(b) Represents the change in fair value of financial instruments, net of the carrying value of hedges that were settled during the period.
All derivatives are defined as Level 2 instruments because their valuation relies on inputs other than quoted prices, that are observable for the assets
and liabilities.
Commodity Derivative Contract Modifications and Extinguishments
Occasionally, such as during the acquisition of producing assets, the completion of ABS financings, or in response to fluctuating price environments, the
Group may strategically modify, offset, terminate, or expand certain existing hedge positions. These modifications can involve changes to the volume of
production covered by contracts, the swap or strike price of specific derivative contracts, and other similar aspects of the derivative agreements. The
Group manages distinct, long-dated derivative contract portfolios for its ABS financings and Term Loans. Additionally, the Group maintains a separate
derivative contract portfolio for assets secured by the Credit\u00a0Facility. These derivative contract portfolios associated with the Group\u2019s ABS financings,
Term Loans , and Credit Facility are presented in the Group\u2019s Statement of Financial Position.
The Group made no modifications in 2024.
2023 Modifications and Extinguishments
In February 2023, the Group sold puts in ABS III for approximately $9,045 and replaced them with swaps to maintain the appropriate level and
composition of derivatives at both the legal entity and full-company level. In August 2023, the Group monetized $9,240 in purchased puts associated
with its ABS hedge books and transitioned the monetized positions into long-dated swap agreements. The Group also monetized an additional $8,401 in
net modifications, primarily comprised of swap terminations. As these modifications were made in the normal course of business for the year ended
December 31, 2023, they are presented as an operating activity in the Consolidated Statement of Cash Flows.
In November 2023, the Group adjusted portions of its commodity derivative portfolio across its legal entities to ensure that it maintained the appropriate
level and composition at both the legal entity and full-Group level for the completion of the ABS VII financing arrangement. These portfolio adjustments
included novations of certain contracts to the legal entities holding the ABS VII Notes. The Group paid $6,376 for these portfolio adjustments. As these
modifications were associated with a borrowing transaction, these amounts are presented as a financing activity in the Consolidated Statement of Cash
Flows. Refer to Note 21 for additional information regarding ABS financing arrangements.
2022 Modifications and Extinguishments
In February 2022, the Group adjusted portions of its commodity derivative portfolio across its legal entities to ensure that it maintained the appropriate
level and composition at both the legal entity and full-Group level for the completion of the ABS III and ABS IV financing arrangements. The Group
completed these adjustments by entering into new commodity derivative contracts and novating certain derivative contracts to the legal entities holding
the ABS III and ABS IV notes. The Group paid $41,823 for these portfolio adjustments, driven primarily by the purchase of long-dated puts for ABS III
and ABS IV that collectively increased the value of the Group\u2019s derivative position by an equal amount, and were required under the respective ABS III
and ABS IV indentures. The Group recorded payments for offsetting positions as new derivative financial instruments and applied extinguishment
payments against the existing commodity contracts in its Consolidated Statement of Financial\u00a0Position.
In May 2022, and in October 2022 the Group completed the ABS V and ABS VI financing arrangements, respectively, and made similar commodity
derivative portfolio adjustments to maintain the appropriate level and composition of derivatives at both the legal entity and full-Group level. The Group
paid $31,250, driven primarily by the purchase of long-dated puts that increased the value of the Group\u2019s derivative position by an equal amount, and
were required under the ABS V indenture. Under the ABS VI financing, the Group paid $32,242 from the proceeds of the financing to increase the value
of certain pre-existing derivative contracts that were novated to the ABS VI legal entity at closing. The Group recorded the payments as new derivative
financial instruments in its Consolidated Statement of Financial Position.
Refer to Note 21 for additional information regarding ABS financing arrangements.
Other commodity derivative contract modifications made during the normal course of business for the year ended December 31, 2022 totaled $133,573
which the Group recorded in its Consolidated Statement of Financial Position. As these modifications were made in the normal course, the Group has
presented these as an operating activity in the Consolidated Statement of Cash Flows. These modifications were primarily associated with elevating the
Group\u2019s weighted average hedge floor to take advantage of the high price environment experienced in 2022 over a longer term. The trades were
primarily comprised of swap enhancements and the extinguishment of standalone call\u00a0options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-570": { "value": "133573000.0", "decimals": -3, "dimensions": { "concept": "dec:HedgeModifications", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-571": { "value": "
Note 14 - Trade & Other Receivables
(Amounts in thousands, except share, per share and per unit data)
Trade receivables include amounts due from customers, entities that purchase the Group\u2019s natural gas, NGLs and oil production, as well as amounts due
from joint interest owners who hold a working interest in the properties operated by the Group. Most of these trade receivables are current, and the
Group is confident in their collectibility. The table below provides a summary of the Group\u2019s trade receivables. The fair value approximates the carrying
value as of the periods\u00a0presented:
December 31, 2024
December 31, 2023
Commodity receivables(a)
$175,058
$172,045
Other receivables(b)
75,322
34,691
Total trade receivables
$250,380
$206,736
Allowance for credit losses(c)
(15,959)
(16,529)
Total trade receivables, net
$234,421
$190,207
(a) Commodity receivables include trade receivables and accrued revenues.
(b) Other receivables are predominantly comprised of joint interest receivables.
(c) The allowance for credit losses mainly pertains to amounts owed by joint interest owners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-572": { "value": "
Note 15 - Other Assets
(Amounts in thousands, except share, per share and per unit data)
The following table includes details of other assets as of the periods presented:
December 31, 2024
December 31, 2023
Other non-current assets
Other non-current assets(a)
$6,270
$9,172
Total other non-current assets
$6,270
$9,172
Other current assets
Prepaid expenses
$9,077
$3,955
Inventory
9,591
7,829
Total other current assets
$18,668
$11,784
(a) Includes the Group\u2019s investment in DP Lion Equity Holdco LLC of $5,566 and $7,500 as of December\u00a031, 2024 and 2023 , respectively. Refer to Notes 5 and 21 for
additional information regarding the DP Lion Equity Holdco LLC equity sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-575": { "value": "
The following table includes details of other assets as of the periods presented:
December 31, 2024
December 31, 2023
Other non-current assets
Other non-current assets(a)
$6,270
$9,172
Total other non-current assets
$6,270
$9,172
Other current assets
Prepaid expenses
$9,077
$3,955
Inventory
9,591
7,829
Total other current assets
$18,668
$11,784
(a) Includes the Group\u2019s investment in DP Lion Equity Holdco LLC of $5,566 and $7,500 as of December\u00a031, 2024 and 2023 , respectively. Refer to Notes 5 and 21 for
additional information regarding the DP Lion Equity Holdco LLC equity sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-574": { "value": "
The following table includes details of other assets as of the periods presented:
December 31, 2024
December 31, 2023
Other non-current assets
Other non-current assets(a)
$6,270
$9,172
Total other non-current assets
$6,270
$9,172
Other current assets
Prepaid expenses
$9,077
$3,955
Inventory
9,591
7,829
Total other current assets
$18,668
$11,784
(a) Includes the Group\u2019s investment in DP Lion Equity Holdco LLC of $5,566 and $7,500 as of December\u00a031, 2024 and 2023 , respectively. Refer to Notes 5 and 21 for
additional information regarding the DP Lion Equity Holdco LLC equity sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-573": { "value": "
The following table includes details of other assets as of the periods presented:
December 31, 2024
December 31, 2023
Other non-current assets
Other non-current assets(a)
$6,270
$9,172
Total other non-current assets
$6,270
$9,172
Other current assets
Prepaid expenses
$9,077
$3,955
Inventory
9,591
7,829
Total other current assets
$18,668
$11,784
(a) Includes the Group\u2019s investment in DP Lion Equity Holdco LLC of $5,566 and $7,500 as of December\u00a031, 2024 and 2023 , respectively. Refer to Notes 5 and 21 for
additional information regarding the DP Lion Equity Holdco LLC equity sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-576": { "value": "
Note 16 - Share Capital
(Amounts in thousands, except share, per share and per unit data)
The Company has one class of common shares which carry the right to one vote at annual general meetings of the Group. As of December\u00a031, 2024,
the Company had unlimited shares authorized and all shares in issue were fully\u00a0paid.
Share capital represents the nominal (par) value of shares (\u00a30.20) that have been issued. Share premium includes any premiums received on issue of
share capital above par. Any transaction costs associated with the issuance of shares are deducted from share premium, net of any related income tax
benefits. The components of share capital include:
Issuance of Share Capital
In October 2024 , the Company issued 2,342,445 new ordinary shares direct to the Seller to fund a portion of the of the East Texas II transaction. The
total value of the stock consideration was $27,453 based on the Company\u2019s NYSE stock price on the closing date of the East Texas II transaction.
In August 2024 , the Company issued 2,249,650 new ordinary shares direct to Crescent Pass to fund a portion of the Crescent Pass transaction. The total
value of the stock consideration was $28,413 based on the Company\u2019s NYSE stock price on the closing date of the Crescent Pass transaction.
In February 2023, the Company placed 6,422,200 new ordinary shares at $25.34 per share (\u00a321.00) to raise gross proceeds of $162,757 (approximately
\u00a3134,866). Associated costs of the placing were $5,969 . The Group used the proceeds to fund the Tanos II transaction.
In 2022 , there were no issuances of share capital for purposes other than share-based compensation awards issued at par which were insignificant for
the period.
For detailed information regarding the acquisitions mentioned above, refer to Note 5.
Treasury Shares
The Group\u2019s holdings in its own equity instruments are classified as treasury shares. The consideration paid, along with any directly attributable
incremental costs, is deducted from the Group\u2019s stockholders\u2019 equity until the shares are either cancelled or reissued. No gain or loss is recognized in the
Consolidated Statement of Comprehensive Income upon the purchase, sale, issuance, or cancellation of treasury shares.
Employee Benefit Trust (\u201cEBT\u201d)
In March 2022, the Group established the EBT to benefit its employees. The Group provides funding to the EBT to facilitate the acquisition of shares.
These shares are held in the EBT to fulfill awards and grants under the Group\u2019s 2017 Equity Incentive Plan and the Employee Share Purchase Plan (the
\u201cESPP\u201d). Shares held in the EBT are treated in the same manner as treasury shares and are thus included in the Consolidated Financial Statements as
treasury shares.
During the year ended December\u00a031, 2024 , the EBT purchased 418,151 shares at an average price of $12.51 per share (approximately \u00a39.72 ) for a total
consideration of $5,229 (approximately \u00a34,065). Additionally, the EBT issued 139,317 shares during the year ended December\u00a031, 2024 to settle vested
share-based awards and ESPP purchases. During the year ended December\u00a031, 2023 , the EBT did not purchase any shares. However, during the year
ended December\u00a031, 2023, the EBT issued 334,251 to settle vested share-based awards and ESPP purchases. As of December\u00a031, 2024, the EBT held a
total of 646,098 shares. For further details related to share-based compensation, refer to Note 17 .
Repurchase of Shares
During the year ended December\u00a031, 2024 , the Group repurchased 1,219,879 treasury shares at an average price of $13.03 per share, amounting to a
total of $15,901 and representing 2% of issued share capital as of December\u00a031, 2024 . During the year ended December\u00a031, 2023, the Group
repurchased 646,762 treasury shares at an average price of $17.08 per share, amounting to a total of $11,048 and representing 1% of issued share
capital as of December\u00a031, 2023 .
The Group has recorded the repurchase of these shares as a reduction in the treasury reserve. All repurchased treasury shares were cancelled upon
repurchase. As of December\u00a031, 2024 and 2023, the par value of the cancelled shares amounting to $320 and $161, respectively, was retired into the
capital redemption reserve, which is included within share-based payments and other reserves in the Consolidated Statement of Financial Position .
Settlement of Warrants
In July 2022, the Group entered into an agreement to cancel 6,581 warrants (the \"Warrants\") held by certain former Mirabaud Securities Limited
(\"Mirabaud\") employees for an aggregate principal amount of approximately $56 (approximately \u00a346). The former employees surrendered the Warrants
to the Group for cancellation. Concurrently, the Group entered into an agreement to exercise 11,176 Warrants held by certain former Mirabaud
employees for an aggregate principal amount of approximately $201 (approximately \u00a3166). The former employees surrendered the Warrants to the
Group for cancellation in\u00a0exchange for an equivalent number of shares of common stock. Following this purchase and exercise, no warrants
remain\u00a0outstanding.
In February 2022, the Group entered into an agreement to cancel 23,855 Warrants held by certain former Mirabaud Securities Limited (\"Mirabaud\")
employees for an aggregate principal amount of approximately $265 (approximately \u00a3196 ). The former employees surrendered the Warrants to the
Group for cancellation. Concurrently, the Group entered into an agreement to exercise 14,519 Warrants held by certain former Mirabaud employees for
an aggregate principal amount of approximately $251 (approximately \u00a3187). The former employees surrendered the Warrants to the Group for
cancellation in exchange for an equivalent number of shares of common stock. Following this purchase and exercise, 17,757 warrants remained
outstanding.
The following tables summarize the Group's share capital, net of customary transaction costs, for the periods\u00a0presented:
Number of Shares
Total Share Capital
Total Share Premium
Balance as of December 31, 2021
42,482,733
$11,571
$1,052,959
Issuance of share capital (settlement of warrants)
25,695
5
\u2014
Issuance of share capital (equity compensation)
39,629
7
\u2014
Issuance of EBT shares (equity compensation)
87,998
\u2014
\u2014
Repurchase of shares (EBT)
(789,513)
\u2014
\u2014
Repurchase of shares (share buyback program)
(399,769)
(80)
\u2014
Balance as of December 31, 2022
41,446,773
$11,503
$1,052,959
Issuance of share capital (equity placement)
6,422,200
1,555
155,233
Issuance of EBT shares (equity compensation)
334,251
\u2014
\u2014
Repurchase of shares (share buyback program)
(646,762)
(161)
\u2014
Balance as of December 31, 2023
47,556,462
$12,897
$1,208,192
Issuance of share capital (acquisition consideration)
4,592,095
1,185
54,519
Issuance of EBT shares (equity compensation)
139,317
\u2014
\u2014
Repurchase of shares (EBT)
(418,151)
\u2014
\u2014
Repurchase of shares (share buyback program)
(1,219,879)
(320)
\u2014
Balance as of December 31, 2024
50,649,844
13,762
1,262,711
Subsequent Events
O n March\u00a014, 2025 , the Group announced the completion of its previously announced acquisition of Maverick. The transaction was funded in part
through the issuance of 21,194,213 new ordinary shares direct to the unitholders of Maverick. Refer to Note 5 for additional information regarding
acquisitions.
In February 2025, the Company issued 8,500,000 new ordinary shares at $14.50 per share to raise gross proceeds of $123,250. In addition, the
Company has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less
underwriting discount. The Group used the net proceeds to repay a portion of the debt incurred in connection with the Maverick acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-577": { "value": "
Issuance of Share Capital
In October 2024 , the Company issued 2,342,445 new ordinary shares direct to the Seller to fund a portion of the of the East Texas II transaction. The
total value of the stock consideration was $27,453 based on the Company\u2019s NYSE stock price on the closing date of the East Texas II transaction.
In August 2024 , the Company issued 2,249,650 new ordinary shares direct to Crescent Pass to fund a portion of the Crescent Pass transaction. The total
value of the stock consideration was $28,413 based on the Company\u2019s NYSE stock price on the closing date of the Crescent Pass transaction.
In February 2023, the Company placed 6,422,200 new ordinary shares at $25.34 per share (\u00a321.00) to raise gross proceeds of $162,757 (approximately
\u00a3134,866). Associated costs of the placing were $5,969 . The Group used the proceeds to fund the Tanos II transaction.
In 2022 , there were no issuances of share capital for purposes other than share-based compensation awards issued at par which were insignificant for
the period.
For detailed information regarding the acquisitions mentioned above, refer to Note 5.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-578": { "value": "
Treasury Shares
The Group\u2019s holdings in its own equity instruments are classified as treasury shares. The consideration paid, along with any directly attributable
incremental costs, is deducted from the Group\u2019s stockholders\u2019 equity until the shares are either cancelled or reissued. No gain or loss is recognized in the
Consolidated Statement of Comprehensive Income upon the purchase, sale, issuance, or cancellation of treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-579": { "value": "
Employee Benefit Trust (\u201cEBT\u201d)
In March 2022, the Group established the EBT to benefit its employees. The Group provides funding to the EBT to facilitate the acquisition of shares.
These shares are held in the EBT to fulfill awards and grants under the Group\u2019s 2017 Equity Incentive Plan and the Employee Share Purchase Plan (the
\u201cESPP\u201d). Shares held in the EBT are treated in the same manner as treasury shares and are thus included in the Consolidated Financial Statements as
treasury shares.
During the year ended December\u00a031, 2024 , the EBT purchased 418,151 shares at an average price of $12.51 per share (approximately \u00a39.72 ) for a total
consideration of $5,229 (approximately \u00a34,065). Additionally, the EBT issued 139,317 shares during the year ended December\u00a031, 2024 to settle vested
share-based awards and ESPP purchases. During the year ended December\u00a031, 2023 , the EBT did not purchase any shares. However, during the year
ended December\u00a031, 2023, the EBT issued 334,251 to settle vested share-based awards and ESPP purchases. As of December\u00a031, 2024, the EBT held a
total of 646,098 shares. For further details related to share-based compensation, refer to Note 17 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-580": { "value": "
In March 2022, the Group established the EBT to benefit its employees. The Group provides funding to the EBT to facilitate the acquisition of shares.
These shares are held in the EBT to fulfill awards and grants under the Group\u2019s 2017 Equity Incentive Plan and the Employee Share Purchase Plan (the
\u201cESPP\u201d). Shares held in the EBT are treated in the same manner as treasury shares and are thus included in the Consolidated Financial Statements as
treasury shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-581": { "value": "
Settlement of Warrants
In July 2022, the Group entered into an agreement to cancel 6,581 warrants (the \"Warrants\") held by certain former Mirabaud Securities Limited
(\"Mirabaud\") employees for an aggregate principal amount of approximately $56 (approximately \u00a346). The former employees surrendered the Warrants
to the Group for cancellation. Concurrently, the Group entered into an agreement to exercise 11,176 Warrants held by certain former Mirabaud
employees for an aggregate principal amount of approximately $201 (approximately \u00a3166). The former employees surrendered the Warrants to the
Group for cancellation in\u00a0exchange for an equivalent number of shares of common stock. Following this purchase and exercise, no warrants
remain\u00a0outstanding.
In February 2022, the Group entered into an agreement to cancel 23,855 Warrants held by certain former Mirabaud Securities Limited (\"Mirabaud\")
employees for an aggregate principal amount of approximately $265 (approximately \u00a3196 ). The former employees surrendered the Warrants to the
Group for cancellation. Concurrently, the Group entered into an agreement to exercise 14,519 Warrants held by certain former Mirabaud employees for
an aggregate principal amount of approximately $251 (approximately \u00a3187). The former employees surrendered the Warrants to the Group for
cancellation in exchange for an equivalent number of shares of common stock. Following this purchase and exercise, 17,757 warrants remained
outstanding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-582": { "value": "
Subsequent Events
O n March\u00a014, 2025 , the Group announced the completion of its previously announced acquisition of Maverick. The transaction was funded in part
through the issuance of 21,194,213 new ordinary shares direct to the unitholders of Maverick. Refer to Note 5 for additional information regarding
acquisitions.
In February 2025, the Company issued 8,500,000 new ordinary shares at $14.50 per share to raise gross proceeds of $123,250. In addition, the
Company has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less
underwriting discount. The Group used the net proceeds to repay a portion of the debt incurred in connection with the Maverick acquisition.
Subsequent Events
On March\u00a017, 2025 the Directors recommended a dividend of $0.29 per share. The dividend will be subject to shareholder approval at the AGM.
Provided this dividend was not approved by shareholders as of the reporting date, this represents an \u201cinterim\u201d dividend. No liability has been recorded in
the Group Financial Statements in respect of this dividend as of December\u00a031, 2024 .
Note 28 - Subsequent Events
(Amounts in thousands, except share, per share and per unit data)
The Group determined the need to disclose the following material transactions that occurred subsequent to December\u00a031, 2024, which have been
described within each relevant footnote as follows:
Description
Footnote
Acquisitions & Divestitures
Note 5
Share Capital
Note 16
Dividends
Note 18
Borrowings
Note 21
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-583": { "value": "
Note 17 - Non-Cash Share-Based Compensation
(Amounts in thousands, except share, per share and per unit data)
Equity Incentive Plan
The 2017 Equity Incentive Plan (the \u201cPlan\u201d), as amended through April 27, 2021, authorized and reserved for issuance 3,284,031 shares of common
stock, which may be issued upon exercise of vested Options or the vesting of RSUs, PSUs and dividend equivalent units (\u201cDEUs\u201d) that are granted under
the Plan. As of December\u00a031, 2024, 2,073,269 shares have vested and been issued to Plan participants, 2,095,156 shares have been granted but remain
unvested and 461,435 DEUs have accrued and remain unvested. As of December\u00a031, 2023, 1,648,410 shares had vested and been issued to Plan
participants, 1,138,708 shares had been granted but remained unvested and 238,020 DEUs had accrued and remained unvested. Refer to the
Remuneration Committee\u2019s Report within this Annual Report for additional information regarding the terms of awards issued under the Plan.
Options Awards
The following table summarizes Options award activity for the respective periods presented:
Number of Options(a)
Weighted Average
Grant Date Fair
Value per Share
Balance as of December 31, 2021
1,094,629
$8.53
Exercised(b)
(398,666)
6.60
Forfeited
(319,999)
11.30
Balance as of December 31, 2022
375,964
$8.21
Exercised(b)
(2,144)
6.60
Forfeited
(153,379)
8.25
Balance as of December 31, 2023
220,441
$8.20
Exercised(b)
\u2014
\u2014
Forfeited
(66,810)
11.14
Balance as of December 31, 2024
153,631
$6.93
(a) As of December\u00a031, 2024 , 2023 and 2022, 153,631, 162,108 and 19,000 Options were exercisable, respectively. As of December\u00a031, 2024 all remaining Options
outstanding have an exercise price ranging from \u00a316.80 to \u00a324.00 and a weighted average remaining contractual life of 2.4 years.
(b) No Options were exercised during 2024. The weighted average exercise date share price was $24.29 and $32.35 for Options exercised during 2023 and 2022,
respectively.
The Group\u2019s Options ratably vested over a three -year period and contained both performance and service metrics. The performance metrics included
Adjusted EPS as compared to pre-established benchmarks and a calculation that compared the Group\u2019s TSR to pre-established benchmarks. The number
of units that vested ranged between 0% and 100% of the award. The fair value of the Group\u2019s Options was calculated using the Black-Scholes model as
of the grant date and was uniformly expensed over the vesting periods. No Options were awarded during the years ended December\u00a031, 2024, 2023
and 2022.
RSU Awards
The following table summarizes RSU equity award activity for the respective periods presented:
Number of Shares
Weighted Average
Grant Date Fair Value
per Share
Balance as of December 31, 2021
206,681
$26.76
Granted
198,504
27.70
Vested
(63,735)
25.92
Forfeited
(4,445)
27.24
Balance as of December 31, 2022
337,005
$27.47
Granted
252,869
22.35
Vested
(181,275)
23.08
Forfeited
(102,018)
27.54
Balance as of December 31, 2023
306,581
$25.82
Granted
764,411
12.40
Vested
(65,293)
30.97
Forfeited
(29,477)
20.08
Balance as of December 31, 2024
976,222
$15.14
RSUs can vest either on a cliff basis or ratably, depending on the service conditions set forth. The fair value of the Group\u2019s RSUs is calculated using the
stock price at the grant date. This value is then expensed uniformly over the vesting period.
PSU Awards
The following table summarizes PSU equity award activity for the respective periods presented:
Number of Shares
Weighted Average
Grant Date Fair
Value per Share
Balance as of December 31, 2021
340,204
$23.90
Granted
231,980
28.04
Forfeited
(3,695)
26.07
Balance as of December 31, 2022
568,489
$25.57
Granted
349,028
16.66
Vested
(216,313)
23.85
Forfeited
(89,518)
20.30
Balance as of December 31, 2023
611,686
$21.87
Granted
525,596
9.10
Vested
(93,256)
18.90
Forfeited
(78,723)
19.37
Balance as of December 31, 2024
965,303
$15.41
PSUs are subject to cliff vesting based on specific performance criteria evaluated over a three-year period. These criteria include the average adjusted
return on equity over three years, measured against pre-established benchmarks. Additionally, the Group\u2019s three-year TSR is compared to determined
benchmarks and the TSR of a selected group of peer companies. Other performance metrics include the three-year average growth in free cash flow
and the reduction in methane intensity over the same period. Depending on the achievement of these performance targets, the number of units that will
vest can vary from 0% to 100% of the initial award.
The fair value of the Group\u2019s PSUs is determined using a Monte Carlo simulation model as of the grant date. This calculated fair value is then expensed
uniformly over the vesting period. F or PSUs granted during the respective periods presented, the inputs to the Monte Carlo model included the
following:
December 31, 2024
December 31, 2023
December 31, 2022
Risk-free rate of interest
4.0%
3.3%
1.3%
Volatility(a)
38%
31%
37%
Correlation with comparator group range
0.02 - 0.32
0.01 - 0.30
0.01 - 0.36
(a) Volatility utilizes the historical volatility for the Group\u2019s share price.
Employee Stock Purchase Plan
The Employee Stock Purchase Plan (the \u201cESPP\u201d), implemented in February 2023, authorized and reserved for issuance 300,000 shares of common stock.
During the year ended December\u00a031, 2024, 41,330 shares were purchased by and issued to ESPP participants. During the year ended December\u00a031,
2023 , 15,132 shares were purchased by and issued to ESPP participants. As of December\u00a031, 2024 , 243,538 shares remain available to be purchased.
Share-Based Compensation Expense
The following table presents the share-based compensation expense for the respective periods presented:
December 31, 2024
December 31, 2023
December 31, 2022
Options
$49
$292
$(749)
RSUs
4,359
2,833
4,210
PSUs
3,827
3,335
4,590
ESPP
51
34
\u2014
Total share-based compensation expense
$8,286
$6,494
$8,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-584": { "value": "
Note 18 - Dividends
(Amounts in thousands, except share, per share and per unit data)
The following table summarizes the Group's dividends declared and paid on the dates indicated:
Dividend per Share
Record Date
Pay Date
Shares
Outstanding
Gross
Dividends Paid
Date Dividends Declared
USD
GBP
November 15, 2023
$0.875
\u00a30.6844
March 1, 2024
March 28, 2024
47,221,488
$41,319
April 10, 2024
$0.290
\u00a30.2283
May 24, 2024
June 28, 2024
47,062,984
13,648
May 9, 2024
$0.290
\u00a30.2211
August 30, 2024
September 27, 2024
49,005,036
14,211
August 15, 2024
$0.290
\u00a30.2279
November 29, 2024
December 27, 2024
50,642,261
14,686
Paid during the year ended December 31, 2024
$83,864
November 14, 2022
$0.875
\u00a30.7220
March 3, 2023
March 28, 2023
47,868,969
$41,885
March 21, 2023
$0.875
\u00a30.6860
May 26, 2023
June 30, 2023
48,164,650
42,144
May 9, 2023
$0.875
\u00a30.7040
September 1, 2023
September 29, 2023
48,157,129
42,137
September 1, 2023
$0.875
\u00a30.6840
December 1, 2023
December 29, 2023
47,856,570
41,875
Paid during the year ended December 31, 2023
$168,041
October 28, 2021
$0.850
\u00a30.6500
March 4, 2022
March 28, 2022
42,502,328
$36,127
March 22, 2022
$0.850
\u00a30.6860
May 27, 2022
June 30, 2022
42,527,424
36,148
May 16, 2022
$0.850
\u00a30.7320
September 2, 2022
September 26, 2022
42,294,025
35,950
August 8, 2022
$0.850
\u00a30.6900
November 25, 2022
December 28, 2022
41,446,769
35,230
Paid during the year ended December 31, 2022
$143,455
On November\u00a012, 2024 the Group proposed a dividend of $0.29 per share. The dividend will be paid on March\u00a031, 2025 to shareholders on the register
on February\u00a028, 2025. This dividend was not approved by shareholders, thereby qualifying it as an \u201cinterim\u201d dividend. No liability was recorded in the
Group Financial Statements in respect of this interim dividend as of December\u00a031, 2024.
Dividends are waived on shares held in the EBT.
Subsequent Events
On March\u00a017, 2025 the Directors recommended a dividend of $0.29 per share. The dividend will be subject to shareholder approval at the AGM.
Provided this dividend was not approved by shareholders as of the reporting date, this represents an \u201cinterim\u201d dividend. No liability has been recorded in
the Group Financial Statements in respect of this dividend as of December\u00a031, 2024 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-585": { "value": "0.29", "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-11-15T00:00:00/2023-11-16T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-586": { "value": "0.29", "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-587": { "value": "
Note 19 - Asset Retirement Obligations
(Amounts in thousands, except share, per share and per unit data)
The Group records a liability for the present value of the estimated future decommissioning costs associated with its natural gas and oil properties.
Although productive life of wells varies within our portfolio, we currently anticipate that all existing wells will reach the end of their productive lives and
be retired by approximately 2098, in alignment with our reserve calculations, which have been independently evaluated by independent reserves
auditors. Additionally, the Group records a liability for the future decommissioning costs of its\u00a0production facilities and pipelines when required
by\u00a0contract, statute, or constructive obligation. For the years ended December\u00a031, 2024, 2023 and 2022 , no state contractual agreements or statutes
related to production facilities and pipelines are expected to impose material obligations on the Group.
In estimating the present value of future decommissioning costs for its natural gas and oil properties, the Group considers several factors, including the
number and state jurisdictions of wells, current decommissioning costs by state and well type, and the Group\u2019s retirement plan, which is based on state
requirements and the Group\u2019s capacity to retire wells over their productive lives. The Directors\u2019 assumptions are\u00a0grounded in the current economic
environment and are believed to provide a reasonable basis for estimating the future liability. However, actual decommissioning costs will ultimately
depend on future market prices at the time the decommissioning services are performed. Additionally, the timing of decommissioning will vary based on
when the fields cease to produce economically, which is influenced by future natural gas and oil prices, factors that are inherently\u00a0uncertain.
The Group incorporates annual inflationary cost increases into its current cost expectations and then discounts the resulting cash flows using a credit-
adjusted risk-free discount rate. The inflationary adjustment\u00a0is based on the U.S. long-term 10-year rate, sourced from consensus economics. In
determining the discount rate of the liability, the Group considers treasury rates as well as the\u00a0Bloomberg 15-year U.S. Energy BB and BBB bond index,
which aligns economically with the underlying long-term and unsecured liability. Based on this evaluation, the net\u00a0discount rates used in the calculation
of the decommissioning liability were 3.7% for 2024, 3.4% for 2023, and 3.6% for 2022.
The composition of the provision for asset retirement obligations as of the reporting date is detailed below for the periods\u00a0presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Balance at beginning of period
$506,648
$457,083
$525,589
Additions(a)
111,265
3,250
24,395
Accretion
30,868
26,926
27,569
Asset retirement costs
(6,724)
(5,961)
(4,889)
Disposals(b)
\u2014
(17,300)
(16,779)
Revisions to estimate(c)
6,521
42,650
(98,802)
Balance at end of period
$648,578
$506,648
$457,083
Less: Current asset retirement obligations
6,436
5,402
4,529
Non-current asset retirement obligations
$642,142
$501,246
$452,554
(a) For further details regarding acquisitions and divestitures, refer to Note 5.
(b) Disposals are related to the divestiture of natural gas and oil properties. For additional information, refer to Note 10.
(c) As of December\u00a031, 2024, the Group performed normal revisions to its asset retirement obligations, which resulted in a $6,521 increase in the liability. This increase was
comprised of a $94,957 increase for cost revisions and a $382 increase attributed to retirement timing. Partially offsetting the increase was a $88,818 decrease
attributable to a higher discount rate as a result of an increase in bond yield volatility during the year. As of December\u00a031, 2023, the Group performed normal revisions
to its asset retirement obligations, which resulted in a $42,650 increase in the liability. This increase was comprised of a $27,830 increase attributable to a lower
discount rate as a result of slightly decreased bond yields as compared to 2022 as inflation began to increase at a lower rate and a $16,059 increase for cost revisions.
Partially offsetting this increase was a $1,239 change attributed to retirement timing. As of December\u00a031, 2022, the Group performed normal revisions to its asset
retirement obligations, which resulted in a $98,802 decrease in the liability. This decrease was comprised of a $144,656 decrease attributable to a higher discount rate
as a result of macroeconomic factors spurred by the increase in bond yields which have elevated with U.S. treasuries to combat the current inflationary environment.
Partially offsetting this decrease was $29,357 in cost revisions and a $16,497 timing revision for the acceleration of the Group\u2019s retirement plans made possible by asset
retirement acquisitions that improved the Group\u2019s asset retirement capacity through the growth of its operational capabilities.
Changes to assumptions used in estimating the Group\u2019s asset retirement obligations could significantly affect the carrying value of the liability. A
reasonably possible adjustment in these assumptions could have the following impact on the Group\u2019s asset retirement obligations as of December\u00a031,
2024:
ARO Sensitivity
Scenario 1(a)
Scenario 2(b)
Discount rate
$(159,039)
$1,189,627
Timing
41,072
(44,722)
Cost
64,956
(64,956)
(a) Scenario 1 assumes an increase of the BBB 15-year discount rate to approximately 7% (which is one of the highest rates observed since 2020), a 10% increase in cost
and a 10% increase in timing by assuming the addition of one plugging rig, which would accelerate retirement plans. All of these scenarios have been either historically
observed or are considered reasonably possible.
(b) Scenario 2 assumes a decrease of the BBB 15-year discount rate to approximately 3% (which is one of the lowest rates observed since 2020), a 10% decrease in cost
and a 10% decrease in timing by assuming the loss of one plugging rig, which would delay retirement plans. All of these scenarios have been either historically observed
or are considered reasonably possible.
As of December\u00a031, 2024 and 2023, the Group had no midstream asset retirement obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-588": { "value": "
Note 20 - Leases
(Amounts in thousands, except share, per share and per unit data)
The Group leased automobiles, equipment and real estate for the periods indicated below. The following is a reconciliation of leases arising from
financing activities, along with the balance sheet classification of future minimum lease payments as of the reporting periods presented:
Present Value of
Minimum Lease Payments
December 31, 2024
December 31, 2023
December 31, 2022
Balance at beginning of period
$31,122
$28,862
$27,804
Additions(a)
19,253
14,430
11,269
Interest expense(b)
2,649
1,661
1,022
Cash inflows(c)
8,568
\u2014
\u2014
Cash outflows(d)
(16,992)
(13,831)
(11,233)
Balance at end of period
$44,600
$31,122
$28,862
Classified as:
Current liability
$13,776
$10,563
$9,293
Non-current liability
30,824
20,559
19,569
Total
$44,600
$31,122
$28,862
(a) The lease additions of $19,253 , $14,430 and $11,269 for the years ended December\u00a031, 2024, 2023 and 2022 , respectively, were primarily due to the expansion of the
Group\u2019s fleet, driven by ongoing growth.
(b) Included as a component of finance cost.
(c) Cash inflows consisted of proceeds from a lease modification for our fleet that was executed in 2024 .
(d) Cash outflows consisted of $14,343, $12,169, and $10,211 in principal payments for the years ended December\u00a031, 2024, 2023 and 2022 , respectively, and $2,649,
$1,661, and $1,022 in interest payments for the same periods, respectively.
Outlined below is the movement in the Group\u2019s right-of-use assets, along with their balance sheet classification as of the reporting periods presented:
Right-of-Use Assets
December 31, 2024
December 31, 2023
December 31, 2022
Balance at beginning of period
$30,014
$27,959
$26,908
Additions(a)
19,007
13,279
11,295
Depreciation
(12,965)
(11,224)
(10,244)
Balance at end of period
$36,056
$30,014
$27,959
Classified as:
Motor vehicles
$32,843
$25,592
$23,782
Midstream
1,785
3,136
3,801
Buildings and leasehold improvements
1,428
1,286
376
Total
$36,056
$30,014
$27,959
(a) The lease additions of $19,007 , $13,279 and $11,295 for the years ended December\u00a031, 2024, 2023 and 2022, respectively, were attributable to the expansion of the
Group\u2019s fleet, driven by ongoing growth.
The range of discount rates applied in calculating right-of-use assets and the corresponding lease liabilities, based on the lease term, is detailed below:
December 31, 2024
December 31, 2023
December 31, 2022
Discount rates range
2.9% - 7.3%
1.8% - 7.1%
1.8% - 6.3%
Expenses related to short-term and low-value lease exemptions applied under IFRS 16, primarily associated with short-term compressor rentals,
amounted to $31,129, $30,024 and $25,153 for the years ended December\u00a031, 2024, 2023 and 2022, respectively. These expenses have been included
in the Group\u2019s operating expenses, with a significant portion allocated to LOE.
The table below illustrates the maturity schedule of leases as of the periods presented:
December 31, 2024
December 31, 2023
December 31, 2022
Not Later Than One Year
$13,776
$10,563
$9,293
Later Than One Year and Not Later Than Five Years
30,733
20,559
19,569
Later Than Five Years
91
\u2014
\u2014
Total
$44,600
$31,122
$28,862
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-589": { "value": "
The Group leased automobiles, equipment and real estate for the periods indicated below. The following is a reconciliation of leases arising from
financing activities, along with the balance sheet classification of future minimum lease payments as of the reporting periods presented:
Present Value of
Minimum Lease Payments
December 31, 2024
December 31, 2023
December 31, 2022
Balance at beginning of period
$31,122
$28,862
$27,804
Additions(a)
19,253
14,430
11,269
Interest expense(b)
2,649
1,661
1,022
Cash inflows(c)
8,568
\u2014
\u2014
Cash outflows(d)
(16,992)
(13,831)
(11,233)
Balance at end of period
$44,600
$31,122
$28,862
Classified as:
Current liability
$13,776
$10,563
$9,293
Non-current liability
30,824
20,559
19,569
Total
$44,600
$31,122
$28,862
(a) The lease additions of $19,253 , $14,430 and $11,269 for the years ended December\u00a031, 2024, 2023 and 2022 , respectively, were primarily due to the expansion of the
Group\u2019s fleet, driven by ongoing growth.
(b) Included as a component of finance cost.
(c) Cash inflows consisted of proceeds from a lease modification for our fleet that was executed in 2024 .
(d) Cash outflows consisted of $14,343, $12,169, and $10,211 in principal payments for the years ended December\u00a031, 2024, 2023 and 2022 , respectively, and $2,649,
$1,661, and $1,022 in interest payments for the same periods, respectively.
Finance Costs
The table details the Group\u2019s finance costs for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Interest expense, net of capitalized and income amounts(a)
$120,773
$117,808
$86,840
Amortization of discount and deferred finance costs
16,870
16,358
13,903
Other
\u2014
\u2014
56
Total finance costs
$137,643
$134,166
$100,799
(a) Includes payments related to both borrowings and leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-590": { "value": "
Note 21 - Borrowings
(Amounts in thousands, except share, per share and per unit data)
The Group\u2019s borrowings consist of the following amounts as of the reporting periods presented:
December 31, 2024
December 31, 2023
Credit Facility (interest rate of 8.63% and 8.66%, respectively) (a)
$284,400
$159,000
Term Loan I (interest rate of 6.50% )
88,948
106,470
Term Loan II (interest rate of 8.83% ) (a)
83,851
\u2014
ABS I Notes (interest rate of 5.00% )
80,157
100,898
ABS II Notes (interest rate of 5.25% )
102,431
125,922
ABS III Notes (interest rate of 4.875% )
\u2014
274,710
ABS IV Notes (interest rate of 4.95% )
79,653
99,951
ABS V Notes (interest rate of 5.78% )
\u2014
290,913
ABS VI Notes (interest rate of 7.50% ) (b)
242,010
159,357
ABS VIII Notes (interest rate of 7.28% )
585,747
\u2014
ABS IX Notes (interest rate of 6.891% )
75,316
\u2014
Other miscellaneous borrowings(c)
113,060
7,627
Total borrowings
$1,735,573
$1,324,848
Less: Current portion of long-term debt
(209,463)
(200,822)
Less: Deferred financing costs
(34,115)
(41,123)
Less: Original issue discounts
(8,216)
(7,098)
Total non-current borrowings, net
$1,483,779
$1,075,805
(a) Represents the variable interest rate as of period end.
(b) Includes $132,576 for the assumption of Oaktree\u2019s proportionate share of the ABS VI debt as part of the Oaktree transaction as of December\u00a031, 2024. Refer to Note 5
for additional information regarding the Oaktree transaction.
(c) Includes $76,100 in notes payable issued as part of the consideration in the Oaktree transaction, and $30,000 in notes payable issued by a third party financial
institution in November 2024, collateralized by two natural gas processing plants and various natural gas compressors and related support equipment in the Central
Region, as of December\u00a031, 2024. Refer to Note 5 for additional information regarding the Oaktree transaction.
Credit Facility
The Group maintains a revolving loan facility (the \u201cCredit Facility\u201d) with a lending syndicate, where the borrowing base is redetermined semi-annually or
as needed. The Group\u2019s wholly-owned subsidiary, DP RBL Co LLC, serves as the borrower under its Credit Facility. The borrowing base is primarily
determined by the value of the natural gas and oil properties that serve as collateral for the lending arrangement, and it may fluctuate due to changes
in collateral, which can result from acquisitions or the establishment of ABS, term loans, or other lending structures.
In August 2022 , the Group amended and restated the credit agreement governing its Credit Facility. This amendment aligned the agreement with the
Group\u2019s ESG initiatives by incorporating sustainability performance targets (\u201cSPTs\u201d) similar to those included in the ABS IV, VI and VIII notes, and
extended the maturity of the Credit Facility to August 2026. During the semi-annual redetermination in October 2024, the borrowing base was
reaffirmed at $385,000.
The Credit Facility carries an interest rate of SOFR plus an additional spread ranging from 2.75% to 3.75%, depending on utilization, and is payable
quarterly. As of December\u00a031, 2024, available borrowings under the Credit Facility were $86,690, which includes the impact of $13,910 in letters of
credit issued to certain vendors.
The Credit Facility contains certain customary representations, warranties, and both affirmative and negative covenants. These covenants cover areas
such as maintenance of books and records, financial reporting and notification, compliance with laws, maintenance of properties and insurance, and
limitations on incurrence of indebtedness, liens, fundamental changes, international operations, asset sales, certain debt payments and amendments,
restrictive agreements, investments, restricted payments, and hedging. The restricted payment provision governs the Group\u2019s ability to make
discretionary payments, such as dividends, share repurchases, or other discretionary payments. DP RBL Co LLC must meet the following criteria to make
discretionary payments: (i) leverage is less than 1.5x and borrowing base availability is > 25%; (ii) leverage is between 1.5x and 2.0x, free cash flow
must be positive, and borrowing base availability must be >15%; (iii) leverage is between 2.0x and 2.5x, free cash flow must be positive, and borrowing
base availability must be >20%; (iv) when leverage exceeds 2.0x, restricted payments are prohibited.
Additional covenants require DP RBL Co LLC to maintain a total debt to EBITDAX ratio of no more than 3.25 to 1.00 and a current assets (with certain
adjustments) to current liabilities ratio of no less than 1.00 to 1.00 as of the last day of each fiscal quarter.
As of December\u00a031, 2024, the Group was in compliance with all covenants for its Credit Facility.
Term Loan I
In May 2020 , the Group acquired DP Bluegrass LLC, a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to facilitate a securitized financing
agreement for $160,000 , structured as a secured term loan (the \u201cTerm Loan I\u201d). The Group issued Term Loan I at a 1% discount, resulting in net
proceeds of $158,400, which were used to fund the 2020 Carbon and EQT acquisitions. Term Loan I is secured by certain producing assets acquired in
connection with these acquisitions.
Term Loan I accrues interest at an annual rate of 6.50% and has a maturity date of May 2030 . Both interest and principal payments on Term Loan I are
made on a monthly basis.
Term Loan II
In August 2024 , the Group formed DP Yellow Jacket Holdco LLC, a limited-purpose, bankruptcy-remote, wholly-owned subsidiary to enter into a
securitized financing agreement for a $60,000 term loan and a $5,000 revolving loan for a total borrowing base of $65,000 (the \u201cTerm Loan II\u201d). The
proceeds from Term Loan II were used, in part, to fund the Crescent Pass acquisition. For additional information regarding acquisitions, refer to Note 5 .
In October 2024, the Group amended the Term Loan II and expanded the term loan to $82,651 and the revolving loan to $12,349 for a total borrowing
base of $95,000. This amendment was accounted for as an extinguishment, which resulted in a loss of $2,470 and which has been recorded in \u2018loss on
early retirement of debt\u2019 in the Statement of Comprehensive Income. The expanded borrowing capacity was used to fund a portion of the East Texas II
acquisition, and the acquired assets additionally collateralized the expanded Term Loan II. As of December\u00a031, 2024 , available borrowings under the
revolving loan were $11,149.
The Term Loan II is secured by the Crescent Pass and East Texas II assets and carries an interest at SOFR plus an additional spread ranging from
3.75% to 4.75% and is payable quarterly. The term loan is subject to fixed amortization with monthly principal payments of $500 beginning in February
2025 and escalating to $1,000 beginning in July 2025 with the remaining unpaid principal balance due upon maturity in August 2027. The Term Loan II
is to be prepaid if the Group receives cash in connection with an issuance of equity interest or ABS monetization.
ABS I Notes
In November 2019 , the Group formed Diversified ABS LLC (\u201cABS I\u201d), a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue BBB-
rated asset-backed securities with a total principal amount of $200,000 at par value (the \u201cABS I Notes\u201d). These notes are secured by specific upstream
producing assets in the Appalachian region owned by the Group. At the time of the agreement, 85% of the natural gas production from these assets
was hedged through long-term derivative\u00a0contracts. The ABS I Notes carry an annual interest rate of 5% and have a legal final maturity date of January
2037, with an amortizing maturity date of December 2029. Both interest and principal payments on the ABS I Notes are made on a monthly basis.
If ABS I generates cash flow exceeding the required payments, it must allocate between 50% to 100% of this excess cash flow towards additional
principal payments, depending on certain performance metrics, with any remaining excess cash flow retained by the Group. Specifically, (a) for any
payment date before March 1, 2030, (i) if the debt service coverage ratio (the \u201cDSCR\u201d) on that date is at least 1.25 to 1.00, then 25% of the excess
cash flow, (ii) if the DSCR is between 1.15 to 1.00 and 1.25 to 1.00, then 50%, and (iii) if the DSCR is below 1.15 to 1.00, the production tracking rate
for ABS I is below 80%, or the loan to value ratio exceeds 85%, then 100% of the excess cash flow must be used for additional principal payments; and
(b) for any payment date on or after March 1, 2030, 100% of the excess cash flow must be used for additional principal payments.
ABS II Notes
In April 2020 , the Group formed Diversified ABS Phase II LLC (\u201cABS II\u201d), a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue BBB-
rated asset-backed securities with a total principal amount of $200,000 (the \u201cABS II Notes\u201d). These notes were issued at a 2.775% discount. The Group
utilized the net proceeds of $183,617 , after accounting for the discount, capital reserve requirement, and debt issuance costs, to reduce its Credit
Facility. The ABS II Notes are secured by specific upstream producing assets in the Appalachian region owned by the Group. at the time of the
agreement, 85% of the natural gas production from these assets was hedged through long-term derivative contracts. The ABS II Notes carry an annual
interest rate of 5.25% and have a legal final maturity date of July 2037, with an amortizing maturity date of September 2028 . Both interest and principal
payments on the ABS II Notes are made on a monthly basis.
If ABS II generates cash flow exceeding the required payments, it must allocate between 50% to 100% of this excess cash flow towards additional
principal, depending on certain performance metrics, with any remaining excess cash flow retained by the Group. Specifically, (a) (i) if the DSCR on any
payment date is below 1.15 to 1.00, then 100% of the excess cash flow must be used for additional principal payments, (ii) if the DSCR is between 1.15
to 1.00 and 1.25 to 1.00, then 50%, or (iii) if the DSCR is at least 1.25 to 1.00, then 0%; (b) if the production tracking rate for ABS II is below 80%,
then 100%, otherwise 0%; (c) if the loan-to-value ratio (the \u201cLTV\u201d) exceeds 65.0%, then 100%, otherwise 0% ; (d) for any payment date after July 1,
2024 and before July 1, 2025, if the LTV exceeds 40% and ABS II has executed hedging agreements for a minimum period of 30 months starting July
2026 covering production volumes of at least 85% but no more than 95% (the \u201cExtended Hedging Condition\u201d), then 50%, otherwise 0% ; (e) for any
payment date after July 1, 2025, and before October 1, 2025, if the LTV exceeds 40% or ABS II has not satisfied the Extended Hedging Condition, then
50%, otherwise 0%; and (f) for any payment date after October 1, 2025, if the LTV exceeds 40% or ABS II has not satisfied the Extended Hedging
Condition, then 100%, otherwise 0%.
ABS III Notes
In February 2022 , the Group formed Diversified ABS III LLC (\u201cABS III\u201d), a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue BBB
rated asset-backed securities with a total principal amount of $365,000 at par value (the \u201cABS III Notes\u201d). These notes were secured by certain
upstream producing and midstream assets in the Appalachian region owned by the Group. The ABS III Notes carried an interest rate of 4.875% and had
a legal final maturity date of April 2039, with an amortizing maturity date of November 2030 . Both interest and principal payments on the ABS III Notes
were made on a monthly basis.
If ABS III generated cash flow exceeding the required payments, it was obligated to allocate between 50% to 100% of this excess cash flow towards
additional principal payments, depending on certain performance metrics, with any remaining excess cash flow retained by the Group. Specifically, (a)
(i) if the DSCR on any payment date was at least 1.25 to 1.00, then 0% of the excess cash flow was used for additional principal payments , (ii) if the
DSCR was between 1.15 to 1.00 and 1.25 to 1.00, then 50% , and (iii) if the DSCR was below 1.15 to 1.00, then 100%; (b) if the production tracking
rate for ABS III was below 80%, then 100%, otherwise 0%; and (c) if the LTV for ABS III exceeded 65%, then 100%, otherwise 0% .
In May 2024, the Group utilized proceeds from the ABS VIII Notes to repay the outstanding principal of the ABS III & ABS V notes, thereby retiring
these notes from the Group\u2019s outstanding debt. The transaction resulted in a loss on the early retirement of debt amounting to $10,649. Concurrently,
ABS III and ABS V were dissolved. The ABS VIII Notes are secured by the collateral that previously secured the ABS III & ABS V notes.
ABS IV Notes
In February 2022 , the Group formed Diversified ABS IV LLC (\u201cABS IV\u201d), a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue BBB
rated asset-backed securities with a total principal amount of $160,000 at par value (the \u201cABS IV Notes\u201d). These notes are secured by a portion of the
upstream producing assets acquired through the Blackbeard Acquisition. The ABS IV Notes carry an annual interest rate of 4.95% and have a legal final
maturity date of February 2037 , with an amortizing maturity date of September 2030. Both i nterest and principal payments on the ABS IV Notes are
made on a monthly basis.
If ABS IV generates cash flow exceeding the required payments, it must allocate between 50% to 100% of this excess cash flow towards additional
principal payments, depending on certain performance metrics, with any remaining excess cash flow retained by the Group. Specifically, (a) (i) if the
DSCR on any payment date is at least 1.25 to 1.00, then 0% of the excess cash flow was used for additional principal payments, (ii) if the DSCR is
between 1.15 to 1.00 and 1.25 to 1.00, then 50% , and (iii) if the DSCR is below 1.15 to 1.00, then 100%; (b) if the production tracking rate for ABS IV
is below 80%, then 100%, otherwise 0%; and (c) if the LTV for ABS IV exceeds 65%, then 100% , otherwise 0%.
ABS V Notes
In May 2022 , the Group formed Diversified ABS V LLC (\u201cABS V\u201d), a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue BBB rated
asset-backed securities with a total principal amount of $445,000 at par value (the \u201cABS V Notes\u201d). These notes are secured by a majority of the Group\u2019s
remaining upstream assets in the Appalachian region that were not included in previous ABS\u00a0transactions. The ABS V Notes carry an annual interest rate
of 5.78% and have a legal final maturity date of May 2039, with an amortizing maturity date of December 2030. Both interest and principal payments
on the ABS V Notes are made on a monthly basis.
If ABS V generates cash flow exceeding the required payments, it must allocate between 50% to 100% of this excess cash flow towards additional
principal payments, depending on certain performance metrics, with any remaining excess cash flow retained by the Group. Specifically, (a) (i) if the
DSCR on any payment date is at least 1.25 to 1.00, then 0% of the excess cash flow was used for additional principal payments, (ii) if the DSCR is
between 1.15 to 1.00 and 1.25 to 1.00, then 50% , and (iii) if the DSCR is below 1.15 to 1.00, then 100% ; (b) if the production tracking rate for ABS V is
below 80%, then 100%, otherwise 0%; and (c) if the LTV for ABS V exceeds 65% , then 100%, otherwise 0%.
In May 2024, the Group utilized proceeds from the ABS VIII Notes to repay the outstanding principal of the ABS III & ABS V notes, thereby retiring
these notes from the Group\u2019s outstanding debt. The transaction resulted in a loss on the early retirement of debt amounting to $10,649. Concurrently,
ABS III and ABS V were dissolved. The ABS VIII Notes are secured by the collateral that previously secured the ABS III & ABS V notes.
ABS VI Notes
In October 2022 , the Group formed Diversified ABS VI LLC (\u201cABS VI\u201d), a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue, jointly
with Oaktree, BBB+ rated asset-backed securities with a total principal amount of $460,000 . The Group\u2019s share amounted to $235,750 before fees,
reflecting its 51.25% ownership interest in the collateral assets (the \u201cABS VI Notes\u201d). The ABS VI Notes were issued at a 2.63% discount and are
primarily secured by the upstream assets jointly acquired with Oaktree in the Tapstone acquisition. The Group recorded its proportionate share of the
ABS VI Notes in its Consolidated Statement of Financial\u00a0Position. In June, 2024, as part of the Oaktree transaction, the Group assumed Oaktree\u2019s
proportionate debt of $132,576 associated with the ABS VI Notes. For additional details regarding the Oaktree transaction, refer to Note 5.
These notes carry an annual interest rate of 7.50% and have a legal final maturity date of November 2039, with an amortizing maturity date of October
2031 . Both interest and principal payments on the ABS VI Notes are made on a monthly basis.
If ABS VI achieves certain performance metrics, it is required to allocate 50% to 100% of any excess cash flow towards additional principal payments.
Specifically, (a) (i) If the DSCR as of the applicable payment date is below 1.15 to 1.00, then 100% of the excess cash flow was used for additional
principal payments, (ii) if the DSCR is between 1.15 to 1.00 and 1.25 to 1.00, then 50%, or (iii) if the DSCR is at least 1.25 to 1.00, then 0% ; (b) if the
production tracking rate for ABS VI is below 80%, then 100%, otherwise 0%; and (c) if the LTV for ABS VI exceeds 75% , then 100%, else 0%.
ABS VII Notes
In November 2023, the Group formed DP Lion Equity Holdco LLC (\u201cABS VII\u201d), a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue
Class A and Class B asset-backed securities (the \u201cClass A Notes,\u201d Class B Notes,\u201d and collectively the \u201cABS VII Notes\u201d). These notes are secured by
certain upstream producing assets in the Appalachia region. The ABS VII Class A Notes, rated BBB+, were issued with a total principal amount of
$142,000 , while the ABS VII Class B Notes, rated BB- , were issued with a total principal amount of $20,000 . The Class A Notes carry an annual interest
rate of 8.243% and have a legal final maturity date of November 2043, with an amortizing maturity date of February 2034. The Class B Notes carry an
annual interest rate of 12.725% and have a legal final maturity date of November 2043 , with an amortizing maturity date of August 2032. Both interest
and principal payments on the Class A and Class B Notes are made on a monthly basis.
In December 2023, the Group divested 80% of the equity ownership in ABS VII to outside investors, generating cash proceeds of $30,000. Upon
evaluating the remaining 20% interest in ABS VII, the Group determined that the governance structure does not allow it to exercise control, joint
control, or significant influence over the entity. Consequently, ABS VII is not consolidated within the Group\u2019s financial statements. The Group\u2019s remaining
investment in ABS VII, initially valued at $7,500 was accounted for at fair value in accordance with IFRS 9, Financial Instruments (\u201cIFRS 9\u201d). For
additional information regarding the ABS VII equity sale, refer to Note 5. As of December\u00a031, 2024, the Group\u2019s investment in ABS VII was valued at
$5,566.
ABS VIII Notes
In May 2024 , the Group formed Diversified ABS VIII LLC (\u201cABS VIII\u201d), a limited-purpose, bankruptcy-remote, wholly-owned subsidiary, to issue Class
A-1 and Class A-2 asset-backed securities (the \u201cClass A-1 Notes,\u201d \u201cClass A-2 Notes,\u201d and collectively the \u201cABS VIII Notes\u201d). The Class A-1 Notes, rated A,
were issued with a total principal amount of $400,000, while the Class A-2 Notes, rated BBB+, were issued with a total principal amount of $210,000.
The proceeds from these issuances were used to repay the outstanding principal of the ABS III & ABS V notes, effectively retiring those notes from the
Group\u2019s outstanding debt. Consequently, ABS III and ABS V were dissolved. The ABS VIII Notes are secured by the collateral that previously secured the
ABS III and ABS V notes, which includes certain upstream producing and midstream assets in the Appalachian region owned by the Group, and the
remaining upstream assets in the Appalachian region that were not securitized by previous ABS transactions.
The Class A-1 Notes carry an annual interest rate of 7.076% and have a legal final maturity date of May 2044. The Class A-2 Notes carry an annual
interest rate of 7.670% and have a legal final maturity date of May 2044. Both interest and principal payments on the ABS VIII Notes are made on a
monthly basis.
If ABS VIII achieves certain performance metrics, it is required to allocate 25% to 100% of any excess cash flow towards additional principal payments.
Specifically, (a) (i) if the DSCR as of the applicable payment date is below 1.45 to 1.00, then 100%, (ii) if the DSCR is between 1.45 to 1.00 and 1.50 to
1.00, then 50%, or (iii) if the DSCR is at least 1.50 to 1.00, then 25%; (b) if the production tracking rate for ABS VIII is below 80%, then 100%,
otherwise 25%; or (c) if the LTV for ABS VIII exceeds 75%, then 100%, otherwise 25%.
ABS IX Notes
I n June 2024 , the Group formed DP Mustang Holdco LLC, a limited-purpose, bankruptcy-remote, wholly-owned subsidiary (\u201cABS IX,\u201d formerly \u201cABS
Facility Warehouse\u201d), to secure a bridge loan facility (the \u201cABS Facility Warehouse Notes\u201d). The initial draw on the ABS Facility Warehouse Notes
amounted to $71,000, which included $66,343 in net proceeds, $3,060 in restricted cash interest reserve, and $1,597 in debt issuance costs. The ABS
Facility Warehouse Notes were secured by certain producing assets that previously collateralized the Credit Facility. It carried an interest rate of SOFR
plus an additional 3.75% and had a legal final maturity date of May 2029. Both interest and principal payments on the ABS Facility Warehouse Notes
were made on a monthly basis.
In September 2024, the Group issued Class A and Class B asset-backed securities (the \u201cClass A Notes,\u201d \u201cClass B Notes,\u201d and collectively the \u201cABS IX
Notes\u201d) with a total principal amount of $76,500. The Class A Notes were issued with a total principal amount of $71,000, while the Class B Notes were
issued with a total principal amount of $5,500. The proceeds from these issuances were used to repay the outstanding principal of the ABS Facility
Warehouse Notes, effectively retiring it from the Group\u2019s outstanding debt and resulting in a loss on the early retirement of debt amounting to $1,634.
The Class A Notes carry an annual interest rate of 6.555% and have an amortizing maturity date of December 2034. The Class B Notes carry an annual
interest rate of 11.235% and have an amortizing maturity date of September 2030. Both interest and principal payments on the ABS IX Notes are made
on a monthly basis.
Oaktree Seller\u2019s Notes
In June 2024, the Group partially funded the purchase price of the Oaktree transaction with deferred consideration in the form of an unsecured seller\u2019s
note from Oaktree (the \u201cOaktree Seller\u2019s Note\u201d). The Group issued $83,348 in notes at an annual interest rate of 8%, with a legal final maturity date of
December 2025. Deferred interest and principal payments were scheduled in three installments: December 2024, June 2025, and December 2025.
In October 2024, the Group modified the terms of the Oaktree Seller\u2019s Note, increasing the rate to 9%, extending the maturity date to September 2026,
and changing the payment schedule to monthly interest and principal payments.
The Oaktree Seller\u2019s Note contains certain customary representations and warranties, as well as affirmative and negative covenants. As of December\u00a031,
2024, the Group was in compliance with all covenants associated with the Oaktree Seller\u2019s Note. For additional information regarding the Oaktree
transaction, refer to Note 5 .
Debt Covenants
ABS I, II, IV, VI, VIII and IX Notes (collectively, The \u201cABS Notes\u201d) and Term\u00a0Loan\u00a0I and Term Loan II (collectively, the \u201cTerm Loans\u201d)
The ABS Notes and Term Loans are governed by a series of covenants and restrictions typical for such transactions, including (i) the requirement for the
issuer to maintain specified reserve accounts to ensure the payment of interest on the ABS Notes and Term Loans, (ii) provisions for optional and
mandatory prepayments, specified make-whole payments under certain conditions, (iii) indemnification payments in the event that the assets pledged
as collateral for the ABS Notes and Term Loans are found to be defective or ineffective, (iv) covenants related to recordkeeping, access to information,
and similar matters, and (v) compliance with all applicable laws and regulations, including the Employee Retirement Income Security Act (\u201cERISA\u201d),
environmental laws, and the USA Patriot Act (specific to ABS IV only).
The ABS Notes and Term Loans are also subject to customary accelerated amortization events as outlined in the indenture. These events include failure
to maintain specified debt service coverage ratios, failure to meet certain production metrics, certain change of control and management termination
events, and the failure to repay or refinance the ABS Notes and Term Loans by the scheduled maturity date.
Additionally, the ABS Notes and Term Loans are subject to customary events of default, which include non-payment of required interest, principal, or
other amounts due, failure to comply with covenants within specified time frames, certain bankruptcy events, breaches of specified representations and
warranties, failure of security interests to be effective, and certain judgments.
As of December\u00a031, 2024 the Group was in compliance with all financial covenants related to the ABS Notes and Term Loans.
Sustainability-Linked Borrowings
Credit Facility
The Credit Facility contains three sustainability-linked performance targets (\u201cSPTs\u201d) that can influence the applicable margin on borrowings based on the
Group\u2019s performance. These targets are:
\u2022 GHG Emissions Intensity: This target measures the Group\u2019s consolidated Scope 1 emissions and Scope 2 emissions, expressed as MT CO2e per
MMcfe;
\u2022 Asset Retirement Performance: This target tracks the number of wells the Group successfully retires during any fiscal year; and
\u2022 TRIR Performance: This target is based on the TRIR, calculated as the arithmetic average of the two preceding fiscal years and current period. The
TRIR is computed by multiplying the total number of recordable cases (as defined by OSHA) by 200,000 and then dividing by the total hours
worked by all employees during any fiscal year.
The goals set by the Credit Facility for each of these categories are aspirational and represent higher thresholds than those the Group has publicly set
for itself. The economic impact of meeting or failing to meet these thresholds is relatively minor, with adjustments to the applicable margin level ranging
from a reduction of five basis points to an increase of five basis points in any given fiscal year.
An independent third-party assurance provider is required to certify the Group\u2019s performance against the SPTs.
ABS IV
In connection with the issuance of the ABS IV Notes, the Group engaged an independent international provider of sustainability research and services to
establish and maintain a \u201csustainability score\u201d for the Group. If this score falls below a minimum threshold set at the time of issuance of the ABS IV
Notes, the interest payable for the subsequent interest accrual period will increase by five basis points. This score is based on an overall assessment of
the Group\u2019s corporate sustainability profile and is not contingent upon the Group meeting or exceeding specific sustainability performance metrics.
Additionally, the sustainability score is not influenced by the use of proceeds from the ABS IV Notes, and there are no restrictions on the use of these
proceeds beyond the terms outlined in the Group\u2019s Credit Facility. The Group provides updates to the ABS IV note holders through monthly note holder
statements, informing them of any changes in the interest rate payable on the ABS IV Notes resulting from changes in the sustainability score.
ABS VI & VIII
A \u201csecond party opinion provider\u201d has certified that the terms of the ABS VI and ABS VIII notes align with the International Capital Markets Association
(\u201cICMA\u201d) framework for sustainability-linked bonds. This framework applies to bond instruments whose financial and/or structural characteristics vary
based on the achievement of predefined sustainability objectives, or SPTs. The framework comprises five key components (1) the selection of key
performance indicators (\u201cKPIs\u201d), (2) the calibration of SPTs, (3) the variation of bond characteristics depending on whether the KPIs meet the SPTs, (4)
regular reporting on the status of the KPIs and whether the SPTs have been met, and (5) independent verification of SPT performance by an external
reviewer, such as an auditor or environmental consultant. Unlike the ICMA\u2019s framework for green bonds, the framework for sustainability-linked bonds
do not mandate a specific use of proceeds.
The ABS VI & ABS VIII Notes contain two SPTs. The Group must achieve and have certified by May 28, 2027, for the ABS VI Notes, and by December
31, 2029, for the ABS VIII Notes, the following targets: (1) a reduction in Scope 1 and Scope 2 GHG emissions intensity to 2.85 MT CO2e/MMcfe for the
ABS VI Notes and 2.73 MT CO2e/MMcfe or the ABS VIII Notes, and/or (2) a reduction in Scope 1 methane emissions intensity to 1.12 MT CO2e/MMcfe
for the ABS VI Notes and 0.75 MT CO2 e/MMcfe for the ABS VIII Notes. If the Group fails to meet or have these SPTs certified by an external verifier by
the respective deadlines, the interest rate payable on the ABS VI and ABS VIII notes will increase by 25 basis points for each unmet or uncertified SPT.
An independent third-party assurance provider will be required to certify the Group\u2019s performance against these SPTs by the applicable deadlines.
Compliance
As of December\u00a031, 2024, the Group successfully met or was in compliance with all sustainability-linked debt metrics.
Future Maturities
The table below presents a reconciliation of the Group\u2019s undiscounted future maturities of its total borrowings as of the reporting date:
December 31, 2024
December 31, 2023
Not later than one year
$209,463
$200,822
Later than one year and not later than five years
940,780
864,264
Later than five years
585,330
259,762
Total borrowings
$1,735,573
$1,324,848
Finance Costs
The table details the Group\u2019s finance costs for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Interest expense, net of capitalized and income amounts(a)
$120,773
$117,808
$86,840
Amortization of discount and deferred finance costs
16,870
16,358
13,903
Other
\u2014
\u2014
56
Total finance costs
$137,643
$134,166
$100,799
(a) Includes payments related to both borrowings and leases.
Interest Incurred
The table below represents the interest incurred related to the Group\u2019s amortizing debt structures for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Term Loan I
$6,531
$7,573
8,643
ABS I Notes
4,571
5,660
$7,110
ABS II Notes
6,787
8,040
9,286
ABS III Notes
5,507
14,515
15,325
ABS IV Notes
4,440
5,703
6,235
ABS V Notes
6,792
19,332
14,319
ABS VI Notes
17,953
15,433
3,300
ABS VIII Notes
25,375
\u2014
\u2014
ABS IX Notes
1,460
\u2014
\u2014
Other miscellaneous borrowings(a)
4,106
\u2014
\u2014
Total interest incurred on amortizing debt
$83,522
$76,256
$64,218
(a) Includes $3,947 and $159 of interest incurred on the Oaktree Seller\u2019s Note and other notes payable, respectively.
Fair Value
The table below represents the fair value of the Group\u2019s debt structures as of the periods presented:
As of
December 31, 2024
December 31, 2023
Credit Facility(a)
$284,400
$159,000
Term Loan I
86,277
101,706
Term Loan II(a)
83,851
\u2014
ABS I Notes
76,821
94,517
ABS II Notes
98,273
119,519
ABS III Notes
\u2014
250,158
ABS IV Notes
74,064
92,345
ABS V Notes
\u2014
274,061
ABS VI Notes
240,150
158,284
ABS VIII Notes
593,653
\u2014
ABS IX Notes
73,897
\u2014
Other miscellaneous borrowings(a)
107,588
\u2014
Total fair value of outstanding debt
$1,718,974
$1,249,590
(a) Carrying value approximates fair value.
Excess Cash Flow Payments
The table below represents excess cash flow payments based on the achievement of certain performance metrics related to the Group\u2019s debt structures
for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
ABS I Notes
$2,401
$7,892
$10,736
ABS VIII Notes
14,753
\u2014
\u2014
ABS IX Notes
884
\u2014
\u2014
Total excess cash flow payments
$18,038
$7,892
$10,736
Financing Activities
The table below presents a r econciliation of borrowings arising from financing activities for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Balance at beginning of period
$1,276,627
$1,440,329
$1,010,355
Acquired as part of an acquisition
215,924
\u2014
2,437
Sale of equity interest
\u2014
(154,966)
\u2014
Proceeds from borrowings
1,844,768
1,537,230
2,587,554
Repayments of borrowings
(1,653,489)
(1,547,912)
(2,139,686)
Costs incurred to secure financing
(20,267)
(13,776)
(34,234)
Amortization of discount and deferred financing costs
16,870
16,358
13,903
Cash paid for interest
(123,141)
(116,784)
(83,958)
Finance costs and other
135,950
116,148
83,958
Balance at end of period
$1,693,242
$1,276,627
$1,440,329
Subsequent Event
On February 27, 2025, the Group formed Diversified ABS Phase X LLC, a limited-purpose, bankruptcy-remote, wholly-owned subsidiary (\u201cABS X\u201d), to
issue asset-backed securities with a total principal amount of $530,000 at par value (\u201cthe ABS X Notes\u201d). The Group utilized the proceeds from the ABS
X Notes to refinance the ABS I Notes, ABS II Notes, and Term Loan I, and to fund the Summit transaction. Refer to Note 5 for additional information
regarding acquisitions .
On March\u00a014, 2025, in connection with the close of the Maverick acquisition, the Group amended and restated the credit agreement governing its Credit
Facility. The amendment extended the maturity of the Credit Facility to March 2029 and increased the borrowing base to $900,000 , primarily resulting
from the additional collateral acquired from Maverick. There were no other material changes to pricing or terms. The Group utilized the proceeds from
the upsized borrowing base to fund a portion of the Maverick acquisition and repay the outstanding principal on Term Loan II.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-591": { "value": "
Finance Costs
The table details the Group\u2019s finance costs for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Interest expense, net of capitalized and income amounts(a)
$120,773
$117,808
$86,840
Amortization of discount and deferred finance costs
16,870
16,358
13,903
Other
\u2014
\u2014
56
Total finance costs
$137,643
$134,166
$100,799
(a) Includes payments related to both borrowings and leases.
Interest Incurred
The table below represents the interest incurred related to the Group\u2019s amortizing debt structures for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Term Loan I
$6,531
$7,573
8,643
ABS I Notes
4,571
5,660
$7,110
ABS II Notes
6,787
8,040
9,286
ABS III Notes
5,507
14,515
15,325
ABS IV Notes
4,440
5,703
6,235
ABS V Notes
6,792
19,332
14,319
ABS VI Notes
17,953
15,433
3,300
ABS VIII Notes
25,375
\u2014
\u2014
ABS IX Notes
1,460
\u2014
\u2014
Other miscellaneous borrowings(a)
4,106
\u2014
\u2014
Total interest incurred on amortizing debt
$83,522
$76,256
$64,218
(a) Includes $3,947 and $159 of interest incurred on the Oaktree Seller\u2019s Note and other notes payable, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-593": { "value": "
Finance Costs
The table details the Group\u2019s finance costs for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Interest expense, net of capitalized and income amounts(a)
$120,773
$117,808
$86,840
Amortization of discount and deferred finance costs
16,870
16,358
13,903
Other
\u2014
\u2014
56
Total finance costs
$137,643
$134,166
$100,799
(a) Includes payments related to both borrowings and leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-592": { "value": "
Finance Costs
The table details the Group\u2019s finance costs for each of the periods presented:
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Interest expense, net of capitalized and income amounts(a)
$120,773
$117,808
$86,840
Amortization of discount and deferred finance costs
16,870
16,358
13,903
Other
\u2014
\u2014
56
Total finance costs
$137,643
$134,166
$100,799
(a) Includes payments related to both borrowings and leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-594": { "value": "
Note 22 - Trade & Other Payables
(Amounts in thousands, except share, per share and per unit data)
The table below details the Group\u2019s trade and other payables. The fair value approximates the carrying value as of the periods presented:
December 31, 2024
December 31, 2023
Trade payables
$31,896
$49,487
Other payables
3,117
4,003
Total trade and other payables
$35,013
$53,490
Trade and other payables are unsecured, do not bear interest, and are settled as they become due.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-595": { "value": "
Note 23 - Other Liabilities
(Amounts in thousands, except share, per share and per unit data)
The table below details the Group\u2019s other liabilities as of the periods presented:
December 31, 2024
December 31, 2023
Other non-current liabilities
Other non-current liabilities
$5,384
$2,224
Total other non-current liabilities
$5,384
$2,224
Other current liabilities
Accrued expenses(a)
$120,532
$99,723
Net revenue clearing(b)
40,935
79,056
Asset retirement obligations - current
6,436
5,402
Revenue to be distributed(c)
136,631
93,322
Total other current liabilities
$304,534
$277,503
(a) As of December\u00a031, 2024 accrued expenses increased primarily due to an $8,347 increase in accrued capital expenditures and a $6,890 increase in hedge settlement
payables. As of December\u00a031, 2023 accrued expenses decreased primarily due to a $50,541 decrease in hedge settlements payables, resulting from lower commodity
prices during that year. For more detailed information on year-over-year changes in other liabilities and their fixed and variable nature, refer to the Financial Review .
(b) Net revenue clearing represents the estimated revenue that is payable to third-party working interest owners. The year-over-year decrease in net revenue clearing was
primarily due to the Oaktree acquisition in June 2024.
(c) Revenue to be distributed refers to revenue that is payable to third-party working interest owners but has not yet been paid due to unresolved title, legal, ownership, or
other issues. The Group releases the underlying liability as these issues are resolved. Since the timing of resolution is uncertain, the Group records this balance as a
current liability. The year-over-year increase in revenue to be distributed was attributed to the Group\u2019s growth.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-597": { "value": "
The table below details the Group\u2019s other liabilities as of the periods presented:
December 31, 2024
December 31, 2023
Other non-current liabilities
Other non-current liabilities
$5,384
$2,224
Total other non-current liabilities
$5,384
$2,224
Other current liabilities
Accrued expenses(a)
$120,532
$99,723
Net revenue clearing(b)
40,935
79,056
Asset retirement obligations - current
6,436
5,402
Revenue to be distributed(c)
136,631
93,322
Total other current liabilities
$304,534
$277,503
(a) As of December\u00a031, 2024 accrued expenses increased primarily due to an $8,347 increase in accrued capital expenditures and a $6,890 increase in hedge settlement
payables. As of December\u00a031, 2023 accrued expenses decreased primarily due to a $50,541 decrease in hedge settlements payables, resulting from lower commodity
prices during that year. For more detailed information on year-over-year changes in other liabilities and their fixed and variable nature, refer to the Financial Review .
(b) Net revenue clearing represents the estimated revenue that is payable to third-party working interest owners. The year-over-year decrease in net revenue clearing was
primarily due to the Oaktree acquisition in June 2024.
(c) Revenue to be distributed refers to revenue that is payable to third-party working interest owners but has not yet been paid due to unresolved title, legal, ownership, or
other issues. The Group releases the underlying liability as these issues are resolved. Since the timing of resolution is uncertain, the Group records this balance as a
current liability. The year-over-year increase in revenue to be distributed was attributed to the Group\u2019s growth.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-596": { "value": "
The table below details the Group\u2019s other liabilities as of the periods presented:
December 31, 2024
December 31, 2023
Other non-current liabilities
Other non-current liabilities
$5,384
$2,224
Total other non-current liabilities
$5,384
$2,224
Other current liabilities
Accrued expenses(a)
$120,532
$99,723
Net revenue clearing(b)
40,935
79,056
Asset retirement obligations - current
6,436
5,402
Revenue to be distributed(c)
136,631
93,322
Total other current liabilities
$304,534
$277,503
(a) As of December\u00a031, 2024 accrued expenses increased primarily due to an $8,347 increase in accrued capital expenditures and a $6,890 increase in hedge settlement
payables. As of December\u00a031, 2023 accrued expenses decreased primarily due to a $50,541 decrease in hedge settlements payables, resulting from lower commodity
prices during that year. For more detailed information on year-over-year changes in other liabilities and their fixed and variable nature, refer to the Financial Review .
(b) Net revenue clearing represents the estimated revenue that is payable to third-party working interest owners. The year-over-year decrease in net revenue clearing was
primarily due to the Oaktree acquisition in June 2024.
(c) Revenue to be distributed refers to revenue that is payable to third-party working interest owners but has not yet been paid due to unresolved title, legal, ownership, or
other issues. The Group releases the underlying liability as these issues are resolved. Since the timing of resolution is uncertain, the Group records this balance as a
current liability. The year-over-year increase in revenue to be distributed was attributed to the Group\u2019s growth.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-599": { "value": "
Note 24 - Fair Value & Financial Instruments
(Amounts in thousands, except share, per share and per unit data)
Fair Value
The fair value of an asset or liability is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly
transaction in the principal market (or most advantageous market if a principal market is not available) for that asset or liability. In estimating fair value,
the Group employs valuation techniques that align with the market approach, income approach, and/or cost approach, ensuring consistent application of
these techniques. The inputs to these valuation techniques include assumptions that market participants would use when pricing an asset or liability.
IFRS 13, Fair Value Measurement (\u201cIFRS 13\u201d), establishes a fair value hierarchy for valuation inputs, prioritizing quoted prices in active markets for
identical assets or liabilities as the highest level of input, and unobservable inputs as the lowest level. The fair value hierarchy is defined as follows:
Level 1:
Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2:
Inputs (other than quoted prices included in Level 1) can include the following:
(1) Observable prices in active markets for similar assets or liabilities;
(2) Prices for identical assets or liabilities in markets that are not active;
(3) Directly observable market inputs for substantially the full term of the asset or liability; and
(4) Market inputs that are not directly observable but are derived from or corroborated by observable market\u00a0data.
Level 3:
Unobservable inputs which reflect the Directors\u2019 best estimates of what market participants would use in pricing the asset or liability at
the measurement date.
Financial Instruments
Working Capital
The carrying values of cash and cash equivalents, trade receivables, other current assets, accounts payable, and other current liabilities in the
Consolidated Statement of Financial Position approximate their fair value due to their short-term nature. For trade receivables, the Group applies the
simplified approach permitted by IFRS 9, Financial Instruments (\u201cIFRS 9\u201d), which requires the recognition of expected lifetime losses from the initial
recognition of the receivables. Financial liabilities are initially measured at fair value and subsequently measured at amortized cost.
For borrowings, derivative financial instruments, and leases, the following methods and assumptions were used to estimate fair\u00a0value:
Borrowings
The fair values of the Group\u2019s ABS Notes and Term Loans are considered to be Level 2 measurements within the fair value hierarchy. The carrying
values of the borrowings under the Group\u2019s Credit Facility (to the extent utilized) and Term Loan II approximate fair value because the interest rate is
variable and reflective of market\u00a0rates. The Group also considers the fair value of its Credit Facility to be a Level 2 measurement within the fair
value\u00a0hierarchy.
Leases
The Group initially measures the lease liability at the present value of the future lease payments. These lease payments are discounted using the
interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate to discount the lease
payments.
Derivative Financial Instruments
The Group measures the fair value of its derivative financial instruments using a pricing model that incorporates market-based inputs. These inputs
include, but are not limited to, the contractual price of the underlying position, current market prices, natural gas and liquids forward curves, discount
rates such as the U.S. Treasury yields, the SOFR curve, and volatility factors.
The Group classifies its derivative financial instruments into the fair value hierarchy based on the data used to determine their fair values. The Group\u2019s
fixed price swaps (Level 2) are estimated using third-party discounted cash flow calculations, utilizing the NYMEX futures index for natural gas and oil
derivatives, and OPIS for NGLs derivatives. For valuing its interest rate derivatives (Level 2), the Group employs discounted cash flow models. The net
derivative values attributable to the Group\u2019s interest rate derivative contracts as of December\u00a031, 2024 are based on (i) the contracted notional
amounts, (ii) active market-quoted SOFR yield curves, and (iii) the applicable credit-adjusted risk-free rate yield curve.
The Group\u2019s call options, put options, collars and swaptions (Level 2) are valued using the Black-Scholes model, an industry-standard option valuation
model. This model takes into account inputs such as contract terms, including maturity, and market parameters, including assumptions of\u00a0NYMEX and
OPIS futures, interest rates, volatility and creditworthiness. Inputs to the Black-Scholes model, including the volatility input, are obtained from a third-
party pricing source, with independent verification of the most significant inputs on a monthly basis. A change in\u00a0volatility\u00a0would result in a
corresponding change in fair value measurement.
The Group\u2019s basis swaps (Level 2) are estimated using third-party calculations based on forward commodity price\u00a0curves.
There were no transfers between fair value levels for the year ended December\u00a031, 2024.
The following table includes the Group's financial instruments as of the periods presented:
December 31, 2024
December 31, 2023
Cash and cash equivalents
$5,990
$3,753
Trade receivables, net
234,421
190,207
Other non-current assets
6,270
9,172
Other non-current liabilities(a)
(5,384)
(1,946)
Other current liabilities(b)
(298,098)
(272,101)
Derivative financial instruments at fair value
(710,347)
(557,460)
Leases
(44,600)
(31,122)
Borrowings
(1,718,974)
(1,249,590)
Total
$(2,530,722)
$(1,909,087)
(a) Excludes $278 for the long-term portion of the value associated with the upfront promote received from Oaktree for the year ended December\u00a031, 2023.
(b) Includes accrued expenses, net revenue clearing, and revenue to be distributed. Excludes asset retirement obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-598": { "value": "
Note 24 - Fair Value & Financial Instruments
(Amounts in thousands, except share, per share and per unit data)
Fair Value
The fair value of an asset or liability is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly
transaction in the principal market (or most advantageous market if a principal market is not available) for that asset or liability. In estimating fair value,
the Group employs valuation techniques that align with the market approach, income approach, and/or cost approach, ensuring consistent application of
these techniques. The inputs to these valuation techniques include assumptions that market participants would use when pricing an asset or liability.
IFRS 13, Fair Value Measurement (\u201cIFRS 13\u201d), establishes a fair value hierarchy for valuation inputs, prioritizing quoted prices in active markets for
identical assets or liabilities as the highest level of input, and unobservable inputs as the lowest level. The fair value hierarchy is defined as follows:
Level 1:
Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2:
Inputs (other than quoted prices included in Level 1) can include the following:
(1) Observable prices in active markets for similar assets or liabilities;
(2) Prices for identical assets or liabilities in markets that are not active;
(3) Directly observable market inputs for substantially the full term of the asset or liability; and
(4) Market inputs that are not directly observable but are derived from or corroborated by observable market\u00a0data.
Level 3:
Unobservable inputs which reflect the Directors\u2019 best estimates of what market participants would use in pricing the asset or liability at
the measurement date.
Financial Instruments
Working Capital
The carrying values of cash and cash equivalents, trade receivables, other current assets, accounts payable, and other current liabilities in the
Consolidated Statement of Financial Position approximate their fair value due to their short-term nature. For trade receivables, the Group applies the
simplified approach permitted by IFRS 9, Financial Instruments (\u201cIFRS 9\u201d), which requires the recognition of expected lifetime losses from the initial
recognition of the receivables. Financial liabilities are initially measured at fair value and subsequently measured at amortized cost.
For borrowings, derivative financial instruments, and leases, the following methods and assumptions were used to estimate fair\u00a0value:
Borrowings
The fair values of the Group\u2019s ABS Notes and Term Loans are considered to be Level 2 measurements within the fair value hierarchy. The carrying
values of the borrowings under the Group\u2019s Credit Facility (to the extent utilized) and Term Loan II approximate fair value because the interest rate is
variable and reflective of market\u00a0rates. The Group also considers the fair value of its Credit Facility to be a Level 2 measurement within the fair
value\u00a0hierarchy.
Leases
The Group initially measures the lease liability at the present value of the future lease payments. These lease payments are discounted using the
interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate to discount the lease
payments.
Derivative Financial Instruments
The Group measures the fair value of its derivative financial instruments using a pricing model that incorporates market-based inputs. These inputs
include, but are not limited to, the contractual price of the underlying position, current market prices, natural gas and liquids forward curves, discount
rates such as the U.S. Treasury yields, the SOFR curve, and volatility factors.
The Group classifies its derivative financial instruments into the fair value hierarchy based on the data used to determine their fair values. The Group\u2019s
fixed price swaps (Level 2) are estimated using third-party discounted cash flow calculations, utilizing the NYMEX futures index for natural gas and oil
derivatives, and OPIS for NGLs derivatives. For valuing its interest rate derivatives (Level 2), the Group employs discounted cash flow models. The net
derivative values attributable to the Group\u2019s interest rate derivative contracts as of December\u00a031, 2024 are based on (i) the contracted notional
amounts, (ii) active market-quoted SOFR yield curves, and (iii) the applicable credit-adjusted risk-free rate yield curve.
The Group\u2019s call options, put options, collars and swaptions (Level 2) are valued using the Black-Scholes model, an industry-standard option valuation
model. This model takes into account inputs such as contract terms, including maturity, and market parameters, including assumptions of\u00a0NYMEX and
OPIS futures, interest rates, volatility and creditworthiness. Inputs to the Black-Scholes model, including the volatility input, are obtained from a third-
party pricing source, with independent verification of the most significant inputs on a monthly basis. A change in\u00a0volatility\u00a0would result in a
corresponding change in fair value measurement.
The Group\u2019s basis swaps (Level 2) are estimated using third-party calculations based on forward commodity price\u00a0curves.
There were no transfers between fair value levels for the year ended December\u00a031, 2024.
The following table includes the Group's financial instruments as of the periods presented:
December 31, 2024
December 31, 2023
Cash and cash equivalents
$5,990
$3,753
Trade receivables, net
234,421
190,207
Other non-current assets
6,270
9,172
Other non-current liabilities(a)
(5,384)
(1,946)
Other current liabilities(b)
(298,098)
(272,101)
Derivative financial instruments at fair value
(710,347)
(557,460)
Leases
(44,600)
(31,122)
Borrowings
(1,718,974)
(1,249,590)
Total
$(2,530,722)
$(1,909,087)
(a) Excludes $278 for the long-term portion of the value associated with the upfront promote received from Oaktree for the year ended December\u00a031, 2023.
(b) Includes accrued expenses, net revenue clearing, and revenue to be distributed. Excludes asset retirement obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-600": { "value": "
(Amounts in thousands, except share, per share and per unit data)
The Group is exposed to various financial risks, including market risk, credit risk, liquidity risk, capital risk, and collateral risk. To manage these risks, the
Group continuously monitors the unpredictability of financial markets and seeks to minimize potential adverse effects on its financial performance.
The Group\u2019s principal financial liabilities consist of borrowings, leases, and trade and other payables, which are primarily used to finance and provide
financial guarantees for its operations. The Group\u2019s principal financial assets include cash and cash equivalents, as well as trade and other receivables
derived from its operations.
Additionally, the Group also enters into derivative financial instruments, which are\u00a0recorded as assets or liabilities depending on market dynamics. The
Group leverages its internal resources to design\u00a0and manage its derivative-related risk management activities, but also\u00a0engages with third party
providers to assist with the execution of derivative transactions and provide commodity trading and risk management applications.
Market Risk
Market risk refers to the possibility that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices. Market
risk is comprised of two main types of risk: interest rate risk and commodity price risk. Financial instruments affected by market risk include borrowings
and derivative financial instruments.
To manage market price risks resulting from changes in commodity prices and foreign exchange rates, the Group uses both derivative and non-
derivative financial instruments. These instruments help mitigate the potential negative effects on the Group\u2019s assets, liabilities, or future expected cash
flows.
Interest Rate Risk
The Group is subject to market risk exposure related to changes in interest rates. The Group\u2019s borrowings primarily consist of fixed-rate amortizing
notes and its variable rate Credit Facility and Term Loan II, as illustrated below.
December 31, 2024
December 31, 2023
Borrowings
Interest Rate(a)
Borrowings
Interest Rate(a)
ABS Notes, Term Loan I, & other(b)
$1,443,013
7.01%
$1,158,221
5.67%
Credit Facility & Term Loan II
$368,251
8.68%
$159,000
8.66%
(a) The interest rate on the ABS Notes, Term Loan I and other notes payable represents the weighted average fixed rate of the notes, while the interest rate presented for
the Credit Facility and Term Loan II represents the floating rate as of December\u00a031, 2024 and 2023 , respectively.
(b) Includes $76,100 in notes payable issued as part of the consideration in the Oaktree transaction, and $30,000 in notes payable issued by a third party financial
institution in November 2024 collateralized by two natural gas processing plants and various natural gas compressors and related support equipment in the Central
Region, as of December\u00a031, 2024. Refer to Note 5 for additional information regarding the Oaktree transaction.
For additional information regarding the ABS Notes, Term Loan I, Term Loan II, and Credit Facility, refer to Note 21. The table below illustrates the
impact of a 100 basis point adjustment in the borrowing rate for the Credit Facility and Term Loan II and the corresponding effect on finance costs. This
represents a reasonably possible change in interest rate risk.
Credit Facility & Term Loan II Interest Rate Sensitivity
December 31, 2024
December 31, 2023
+100 Basis Points
$3,683
$1,590
-100 Basis Points
$(3,683)
$(1,590)
The Group strives to maintain a prudent balance of floating and fixed-rate borrowing exposure, particularly during uncertain market conditions. As part
of the Group\u2019s risk mitigation strategy, the Group occasionally enters into swap arrangements to adjust its exposure to floating or fixed interest rates,
depending on changes in the composition of borrowings in its portfolio. Consequently, the total principal hedged through the use of derivative financial
instruments varies from period to period.
As of December\u00a031, 2024 and 2023, the fair value of the Group\u2019s interest rate swaps represents an asset of $235 and an asset of $315, respectively. For
additional information regarding derivative financial\u00a0instruments, refer to Note 13 .
The Group\u2019s revenues are primarily derived from the sale of its natural gas, NGLs, and oil production, making the Group subject to commodity price risk.
Commodity prices for natural gas, NGLs and oil can be volatile and may fluctuate due to relatively small changes in supply, weather conditions,
economic conditions, and government actions. For the years ended December\u00a031, 2024 , 2023 and 2022, the Group\u2019s commodity revenue was $732,259 ,
$802,399, and $1,873,011, respectively.
To mitigate the risk of fluctuations in commodity prices, the Group enters into derivative financial instruments. The total volumes hedged through the
use of these instruments vary from period to period. Generally the Group\u2019s objective is to hedge at least 65% of its anticipated production volumes for
the next 12 months, at\u00a0least 50% for months 13 to 24, and a minimum of 30% for months 25 to 36. For additional information regarding derivative
financial\u00a0instruments, refer to Note 13.
By removing price volatility from a significant portion of the Group\u2019s expected production through 2032, the Group has mitigated, but not eliminated, the
potential effects of changing prices on its operating cash flow for those periods. While these derivative contracts help mitigate the negative effects of
falling commodity prices, they also limit the benefits the Group would receive from increases in commodity prices.
Credit and Counterparty Risk
The Group is exposed to credit and counterparty risk from the sale of its natural gas, NGLs and oil. Trade receivables from customers represent amounts
due for the purchase of these commodities, and their collectability depends on the financial condition of each customer. The Group reviews the financial
condition of customers before extending credit and generally does not require collateral to support their trade receivables. As of December\u00a031, 2024 and
2023, the Group had no customers that comprised over 10% of its total trade receivables. The Group\u2019s trade receivables from customers, net of the
applicable allowance for credit losses, were $199,788 and $168,913 , respectively, as of December\u00a031, 2024 and 2023.
The Group is also exposed to credit risk from joint interest owners, which are entities that own a working interest in the properties operated by the
Group. Joint interest receivables are classified under trade receivables, net, in the Consolidated Statement of Financial Position. The Group has the
ability to\u00a0withhold future revenue payments to recover any non-payment of joint\u00a0interest receivables. As of December\u00a031, 2024 and 2023 , the Group\u2019s
joint interest receivables, net of the applicable allowance for credit losses, were $34,633 and $21,294 ,\u00a0respectively.
Trade receivables are current, and the Group believes these net receivables are collectible. For additional\u00a0information, refer to Note 3.
Liquidity Risk
Liquidity risk is the possibility that the Group will not be able to meet its financial obligations as they fall due. The Group manages this risk by
maintaining adequate cash reserves through the use of cash from operations and borrowing capacity on the Credit Facility. Additionally, the Group
continuously monitors its forecast and actual cash flows to ensure it maintains an appropriate level of liquidity. The amounts disclosed in the following
table represent the Group\u2019s contractual undiscounted cash flows.
Not Later Than
One Year
Later Than
One Year and
Not Later Than
Five Years
Later Than
Five Years
Total
For the year ended December 31, 2024
Trade and other payables
$35,013
$\u2014
$\u2014
$35,013
Borrowings
209,463
940,780
585,330
1,735,573
Leases
16,080
33,215
139
49,434
Other liabilities(a)
161,467
5,384
\u2014
166,851
Total
$422,023
$979,379
$585,469
$1,986,871
For the year ended December 31, 2023
Trade and other payables
$53,490
$\u2014
$\u2014
$53,490
Borrowings
200,822
864,264
259,762
1,324,848
Leases
12,358
22,531
\u2014
34,889
Other liabilities(a)
178,779
2,224
\u2014
181,003
Total
$445,449
$889,019
$259,762
$1,594,230
(a) Includes accrued expenses and net revenue clearing. Excludes asset retirement obligations and revenue to be distributed.
Capital Risk
The Group defines capital as the total of equity shareholders\u2019 funds and long-term borrowings net of available cash balances. The Group\u2019s objectives
when managing capital are to provide returns for shareholders, maintain appropriate leverage and safeguard the ability to continue as a going concern.
Additionally, the Group aims to pursue opportunities for growth by identifying and evaluating potential acquisitions and constructing new infrastructure
on existing proved leaseholds.
The Directors do not establish a quantitative return on capital criteria, but instead promote year-over-year adjusted EBITDA growth. The Group actively
manages its balance sheet and seeks to maintain a long-term leverage ratio approximately 2.5x.
Collateral Risk
As of December\u00a031, 2024 , the Group has pledged 100% of its upstream natural gas and oil properties in the Appalachian and Central regions, along
with certain midstream assets, to fulfill the collateral requirements for borrowings under its debt instruments. The fair value of the collateral is based on
an independent petroleum engineering firm\u2019s reserves calculation, which uses estimated cash flows discounted at 10% and a commodities futures\u00a0price
schedule. For additional information regarding acquisitions and borrowings, refer to Notes 5 and 21 , respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-601": { "value": "
Market Risk
Market risk refers to the possibility that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices. Market
risk is comprised of two main types of risk: interest rate risk and commodity price risk. Financial instruments affected by market risk include borrowings
and derivative financial instruments.
To manage market price risks resulting from changes in commodity prices and foreign exchange rates, the Group uses both derivative and non-
derivative financial instruments. These instruments help mitigate the potential negative effects on the Group\u2019s assets, liabilities, or future expected cash
flows.
Interest Rate Risk
The Group is subject to market risk exposure related to changes in interest rates. The Group\u2019s borrowings primarily consist of fixed-rate amortizing
notes and its variable rate Credit Facility and Term Loan II, as illustrated below.
December 31, 2024
December 31, 2023
Borrowings
Interest Rate(a)
Borrowings
Interest Rate(a)
ABS Notes, Term Loan I, & other(b)
$1,443,013
7.01%
$1,158,221
5.67%
Credit Facility & Term Loan II
$368,251
8.68%
$159,000
8.66%
(a) The interest rate on the ABS Notes, Term Loan I and other notes payable represents the weighted average fixed rate of the notes, while the interest rate presented for
the Credit Facility and Term Loan II represents the floating rate as of December\u00a031, 2024 and 2023 , respectively.
(b) Includes $76,100 in notes payable issued as part of the consideration in the Oaktree transaction, and $30,000 in notes payable issued by a third party financial
institution in November 2024 collateralized by two natural gas processing plants and various natural gas compressors and related support equipment in the Central
Region, as of December\u00a031, 2024. Refer to Note 5 for additional information regarding the Oaktree transaction.
For additional information regarding the ABS Notes, Term Loan I, Term Loan II, and Credit Facility, refer to Note 21. The table below illustrates the
impact of a 100 basis point adjustment in the borrowing rate for the Credit Facility and Term Loan II and the corresponding effect on finance costs. This
represents a reasonably possible change in interest rate risk.
Credit Facility & Term Loan II Interest Rate Sensitivity
December 31, 2024
December 31, 2023
+100 Basis Points
$3,683
$1,590
-100 Basis Points
$(3,683)
$(1,590)
The Group strives to maintain a prudent balance of floating and fixed-rate borrowing exposure, particularly during uncertain market conditions. As part
of the Group\u2019s risk mitigation strategy, the Group occasionally enters into swap arrangements to adjust its exposure to floating or fixed interest rates,
depending on changes in the composition of borrowings in its portfolio. Consequently, the total principal hedged through the use of derivative financial
instruments varies from period to period.
As of December\u00a031, 2024 and 2023, the fair value of the Group\u2019s interest rate swaps represents an asset of $235 and an asset of $315, respectively. For
additional information regarding derivative financial\u00a0instruments, refer to Note 13 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-602": { "value": "
Market risk refers to the possibility that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices. Market
risk is comprised of two main types of risk: interest rate risk and commodity price risk. Financial instruments affected by market risk include borrowings
and derivative financial instruments.
To manage market price risks resulting from changes in commodity prices and foreign exchange rates, the Group uses both derivative and non-
derivative financial instruments. These instruments help mitigate the potential negative effects on the Group\u2019s assets, liabilities, or future expected cash
flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-603": { "value": "
Credit and Counterparty Risk
The Group is exposed to credit and counterparty risk from the sale of its natural gas, NGLs and oil. Trade receivables from customers represent amounts
due for the purchase of these commodities, and their collectability depends on the financial condition of each customer. The Group reviews the financial
condition of customers before extending credit and generally does not require collateral to support their trade receivables. As of December\u00a031, 2024 and
2023, the Group had no customers that comprised over 10% of its total trade receivables. The Group\u2019s trade receivables from customers, net of the
applicable allowance for credit losses, were $199,788 and $168,913 , respectively, as of December\u00a031, 2024 and 2023.
The Group is also exposed to credit risk from joint interest owners, which are entities that own a working interest in the properties operated by the
Group. Joint interest receivables are classified under trade receivables, net, in the Consolidated Statement of Financial Position. The Group has the
ability to\u00a0withhold future revenue payments to recover any non-payment of joint\u00a0interest receivables. As of December\u00a031, 2024 and 2023 , the Group\u2019s
joint interest receivables, net of the applicable allowance for credit losses, were $34,633 and $21,294 ,\u00a0respectively.
Trade receivables are current, and the Group believes these net receivables are collectible. For additional\u00a0information, refer to Note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-604": { "value": "
Liquidity Risk
Liquidity risk is the possibility that the Group will not be able to meet its financial obligations as they fall due. The Group manages this risk by
maintaining adequate cash reserves through the use of cash from operations and borrowing capacity on the Credit Facility. Additionally, the Group
continuously monitors its forecast and actual cash flows to ensure it maintains an appropriate level of liquidity. The amounts disclosed in the following
table represent the Group\u2019s contractual undiscounted cash flows.
Not Later Than
One Year
Later Than
One Year and
Not Later Than
Five Years
Later Than
Five Years
Total
For the year ended December 31, 2024
Trade and other payables
$35,013
$\u2014
$\u2014
$35,013
Borrowings
209,463
940,780
585,330
1,735,573
Leases
16,080
33,215
139
49,434
Other liabilities(a)
161,467
5,384
\u2014
166,851
Total
$422,023
$979,379
$585,469
$1,986,871
For the year ended December 31, 2023
Trade and other payables
$53,490
$\u2014
$\u2014
$53,490
Borrowings
200,822
864,264
259,762
1,324,848
Leases
12,358
22,531
\u2014
34,889
Other liabilities(a)
178,779
2,224
\u2014
181,003
Total
$445,449
$889,019
$259,762
$1,594,230
(a) Includes accrued expenses and net revenue clearing. Excludes asset retirement obligations and revenue to be distributed.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-605": { "value": "
Capital Risk
The Group defines capital as the total of equity shareholders\u2019 funds and long-term borrowings net of available cash balances. The Group\u2019s objectives
when managing capital are to provide returns for shareholders, maintain appropriate leverage and safeguard the ability to continue as a going concern.
Additionally, the Group aims to pursue opportunities for growth by identifying and evaluating potential acquisitions and constructing new infrastructure
on existing proved leaseholds.
The Directors do not establish a quantitative return on capital criteria, but instead promote year-over-year adjusted EBITDA growth. The Group actively
manages its balance sheet and seeks to maintain a long-term leverage ratio approximately 2.5x.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-606": { "value": "
Collateral Risk
As of December\u00a031, 2024 , the Group has pledged 100% of its upstream natural gas and oil properties in the Appalachian and Central regions, along
with certain midstream assets, to fulfill the collateral requirements for borrowings under its debt instruments. The fair value of the collateral is based on
an independent petroleum engineering firm\u2019s reserves calculation, which uses estimated cash flows discounted at 10% and a commodities futures\u00a0price
schedule. For additional information regarding acquisitions and borrowings, refer to Notes 5 and 21 , respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-607": { "value": "
Note 26 - Commitments & Contingencies
(Amounts in thousands, except share, per share and per unit data)
Delivery Commitments
We have contractually agreed to deliver firm quantities of natural gas to various customers, which we expect to fulfill with production from existing
reserves. To ensure we meet these commitments, we regularly monitor our proved developed reserves.
The following table summarizes our total gross commitments, compiled using best estimates based on our sales strategy, as of December\u00a031, 2024.
Natural gas (MMcf)
2025
77,187
2026
52,802
2027
130,911
Thereafter
242,276
Litigation and Regulatory Proceedings
The Group is involved in various pending legal issues that have arisen in the ordinary course of business. The Group accrues for litigation, claims, and
proceedings when a liability is both probable and the amount can be reasonably estimated. As of December\u00a031, 2024 and 2023, the Group did not have
any material amounts accrued related to litigation or regulatory matters.
For any matters not accrued for, it is not possible to estimate the amount of any additional loss or range of loss that is reasonably possible. However,
based on the nature of the claims, management believes that current litigation, claims, and proceedings are not, individually or in aggregate, after
considering insurance coverage and indemnification, likely to have a material adverse impact on the Group\u2019s financial position, results of operations, or
cash\u00a0flows.
The Group has no other contingent liabilities that would have a material impact on the Group\u2019s financial position, results of operations, or cash flows.
Environmental Matters
The Group\u2019s operations are subject to environmental laws and regulations in all the jurisdictions where it operates, and it was in compliance as of
December\u00a031, 2024 and 2023 . However, the Group is unable to predict the impact of additional environmental laws and regulations that may be
adopted in the future, including whether they would adversely affect its operations. The Group can offer no assurance regarding the significance or cost
of compliance associated with any new environmental legislation or regulation once implemented.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-609": { "value": "
The Group is involved in various pending legal issues that have arisen in the ordinary course of business. The Group accrues for litigation, claims, and
proceedings when a liability is both probable and the amount can be reasonably estimated. As of December\u00a031, 2024 and 2023, the Group did not have
any material amounts accrued related to litigation or regulatory matters.
For any matters not accrued for, it is not possible to estimate the amount of any additional loss or range of loss that is reasonably possible. However,
based on the nature of the claims, management believes that current litigation, claims, and proceedings are not, individually or in aggregate, after
considering insurance coverage and indemnification, likely to have a material adverse impact on the Group\u2019s financial position, results of operations, or
cash\u00a0flows.
The Group has no other contingent liabilities that would have a material impact on the Group\u2019s financial position, results of operations, or cash flows.
Environmental Matters
The Group\u2019s operations are subject to environmental laws and regulations in all the jurisdictions where it operates, and it was in compliance as of
December\u00a031, 2024 and 2023 . However, the Group is unable to predict the impact of additional environmental laws and regulations that may be
adopted in the future, including whether they would adversely affect its operations. The Group can offer no assurance regarding the significance or cost
of compliance associated with any new environmental legislation or regulation once implemented.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-608": { "value": "
The Group is involved in various pending legal issues that have arisen in the ordinary course of business. The Group accrues for litigation, claims, and
proceedings when a liability is both probable and the amount can be reasonably estimated. As of December\u00a031, 2024 and 2023, the Group did not have
any material amounts accrued related to litigation or regulatory matters.
For any matters not accrued for, it is not possible to estimate the amount of any additional loss or range of loss that is reasonably possible. However,
based on the nature of the claims, management believes that current litigation, claims, and proceedings are not, individually or in aggregate, after
considering insurance coverage and indemnification, likely to have a material adverse impact on the Group\u2019s financial position, results of operations, or
cash\u00a0flows.
The Group has no other contingent liabilities that would have a material impact on the Group\u2019s financial position, results of operations, or cash flows.
Environmental Matters
The Group\u2019s operations are subject to environmental laws and regulations in all the jurisdictions where it operates, and it was in compliance as of
December\u00a031, 2024 and 2023 . However, the Group is unable to predict the impact of additional environmental laws and regulations that may be
adopted in the future, including whether they would adversely affect its operations. The Group can offer no assurance regarding the significance or cost
of compliance associated with any new environmental legislation or regulation once implemented.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-611": { "value": "
Note 27 - Related Party Transactions
(Amounts in thousands, except share, per share and per unit data)
The Group had no related party activity in 2024 , 2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-610": { "value": "
Note 27 - Related Party Transactions
(Amounts in thousands, except share, per share and per unit data)
The Group had no related party activity in 2024 , 2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-612": { "value": "41616000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-613": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:213800YR9TFRVHPGOS67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } } } }