Company: NC
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000789933-25-000006
Chunk: 117

Company: NACCO INDUSTRIES INC
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 117
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 employed technologies that have been demonstrated to yield results with consistency and repeatability. The technologies and economic data used in the estimation of our proved reserves include, but are not limited to, well logs, geologic maps, seismic data, well test data, production data, historical price and cost information and property ownership interests. The accuracy of the estimates of our reserves is a function of:

•the quality and quantity of available data and the engineering and geological interpretation of that data;

•estimates regarding the amount and timing of future operating costs, development costs and workovers, all of which may vary considerably from actual results;

•future prices of oil, natural gas and NGLs, which may vary considerably from those estimated; and

•the judgment of the persons preparing the estimates.

The following table presents our estimated net proved oil and natural gas reserves based on the reserve report prepared by Haas & Cobb, our independent petroleum engineering firm. All of our reserves are located in the United States.

Net reserves as of December 31, 2024Net reserves as of December 31, 2023Oil (bbl) (1) NGL (bbl) (1)Residue gas (Mcf) (2)Oil (bbl) (1) NGL (bbl) (1)Residue gas (Mcf) (2)Proved developed620,790 443,650 27,491,840 656,370 380,650 23,596,110 Proved undeveloped74,400 30,280 135,830 9,020 3,720 26,420 Total695,190 473,930 27,627,670 665,390 384,370 23,622,530 

(1) Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume.

(2) Mcf. One thousand cubic feet of natural gas at the contractual pressure and temperature bases.

We do not currently have any material investments under which it would be required to bear the cost of exploration, production or development. We did not make capital expenditures to convert proved undeveloped reserves from undeveloped to developed.

Internal Control Disclosure

Our internal staff works closely with Haas & Cobb to ensure the integrity, accuracy and 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