Company: NC
Filing Date: 2025-04-07
Form Type: ARS
Source: 0000789933-25-000013
Chunk: 96

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: ARS
Chunk 96
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 timeliness of the data used to calculate proved reserves relating to NACCO's assets. Internal technical team members met with independent reserve engineers periodically during the period covered by the reserves report to discuss the assumptions and methods used in the proved reserve estimation process. 46

The preparation of our proved reserve estimates is completed in accordance with internal control procedures. These procedures, which are intended to ensure reliability of reserve estimations, include the following: • Review and verification of historical production data, which data is based on actual production as reported by third- party producers who lease our royalty and mineral interests; • Preparation of reserve estimates by Haas & Cobb under the direct supervision of internal staff; and • Verification of property ownership by our land department. The Minerals Management Segment’s Vice President of Engineering and Finance is the technical person primarily responsible for overseeing the preparation of the internal reserve estimates and for coordinating with Haas & Cobb in the preparation of the third-party reserve report. The Vice President of Engineering and Finance has over 15 years of industry experience with positions of increasing responsibility and reports directly to the President of Catapult Mineral Partners, our business unit focused on managing and expanding our portfolio of oil and gas mineral and royalty interests. Estimated Proved Reserves The following table summarizes changes in proved reserves during the year ended December 31, 2024: Estimated Proved Reserves Oil (bbl) (1) NGL (bbl) (1) Residue gas (Mcf) (2) December 31, 2023 665,390 384,370 23,622,530 Purchases 14,005 1,233 29,268 Extensions and discoveries 236,491 85,087 7,040,710 Revisions of previous estimates (3) (105,479) 63,441 (498,627) Production (32,077) (15,687) (1,843,911) Other (83,140) (44,514) (722,300) December 31, 2024 695,190 473,930 27,627,670 Estimated Proved Undeveloped Reserves (PUDs) The following table summarizes changes in PUDs during the year ended December 31, 2024: Estimated Proved Undeveloped Reserves Oil (bbl) (1) NGL (bbl) (1) Residue gas (Mcf) (2) December 31, 2023 9,020 3