Company: NC
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000789933-25-000006
Chunk: 115

Company: NACCO INDUSTRIES INC
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 115
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 oil or natural gas, regardless of whether such acreage contains proved reserves. 

Production and Price History

The following table sets forth the estimated oil and natural gas production data related to our mineral and royalty interests as well as certain price and cost information for the years ended December 31:

2024 (4)2023 (4)Production data:Oil (bbl) (1)149,529  98,553 NGL (bbl) (1)65,053  56,768 Residue gas (Mcf) (2) 8,482,414  7,601,521 Total BOE (3)1,628,318  1,422,241 Average realized prices:Oil (bbl) (1)$78.45  $72.19 NGL (bbl) (1)$22.94  $23.33 Residue gas (Mcf) (2) $2.08  $2.37 Average unit costBOE (3)$2.79 $3.32 

(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.

(3) BOE. Barrel of Oil Equivalent, a conversion factor of 6 MCF of gas was used for 1 equivalent bbl of oil.

(4) As an owner of mineral and royalty interests, our access to information concerning activity and operations of our royalty and mineral interests is limited. As a result, we estimated the last two months of 2024 and 2023 production and pricing data using projections based on decline rates of wells and prior expense information.

Evaluation and Review of Reserves

The reserve estimates as of December 31, 2024 were prepared by Haas & Cobb Petroleum Consultants (Haas & Cobb). Haas & Cobb is an independent, third-party, petroleum engineering firm that meets industry-standards for qualifications, independence, objectivity and confidentiality. The primary technical person, Franklin Stagg, responsible for preparing the Reserve Report, Licensed Professional Engineer in the State of Texas, has been practicing consulting petroleum engineering at Haas & Cobb since 2016 and has over 9 years of industry experience.  Haas & Cobb does not own an interest in NACCO or any of our properties, nor is it employed on a contingent basis. A copy of