Company: ACTG
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0000934549-25-000004
Chunk: 134

Company: ACACIA RESEARCH CORP
Filing Date: 2025-03-17
Form: 10-K
Item: Item 2
Chunk 134
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 in drilling activity and the effects of acquisitions or divestitures, the historical information presented below should not be interpreted as being indicative of future results.

Year Ended December 31,2024Net Production(1)Oil (MBbls)364 Natural gas (MMcf)4,678 NGLs (MBbls)536 Total (MBoe)(2)1,680 Average daily production (Boe/d)4,601 Average Sales Prices(3)Oil (per Bbl)$72.62 Natural gas (per Mcf)$1.97 NGLs (per Bbl)$24.30 Average Production Costs(4)Total (per Boe)(4)$12.29 _________________________

(1)All of Benchmark’s production comes from the Anadarko Basin in Texas and Oklahoma.

(2)Gas reserves are converted to Boe at a rate of six Mcf per Bbl of oil, NGL reserves are converted to a Boe on a one-to-one basis with oil.

(3)Excludes impact of derivative settlements.

(4)Excludes ad valorem taxes and oil and natural gas production taxes.

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Drilling and Development Activity

The table below sets forth the number of gross and net productive and non-productive wells in which we owned a working interest drilled in the periods indicated. The number of wells drilled refers to the number of wells completed at any time during the period, regardless of when drilling was initiated.

Year Ended December 31, 2024GrossNetExploratory wellsProductive1.0 0.80 Development wellsProductive(1)11.0 0.40 Total wells12.0 1.20 

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(1)Represents non-operated wells in which Benchmark holds a working interest.

At December 31, 2024, we did not have any development wells or exploration wells in the process of being drilled, being completed or awaiting completion operations.

Productive Wells

The following table presents information relating to Benchmark’s productive wells as of December 31, 2024. Wells are classified as oil wells or natural gas wells according to their predominant production stream. As of December 31, 2024 Benchmark had an approximate average working interest of 85.8% in all wells that it operated and an approximate average working interest of 13% in wells that it does not operate. In the table below, gross wells are the total number of