Company: NC
Filing Date: 2025-04-07
Form Type: ARS
Source: 0000789933-25-000013
Chunk: 95

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: ARS
Chunk 95
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 that establishes reasonable certainty. The term reasonable certainty implies a high degree of confidence that the quantities of oil, natural gas and/or NGLs actually recovered will equal or exceed the estimate. To achieve reasonable certainty, we 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, 2024 Net reserves as of December 31, 2023 Oil (bbl) (1) NGL (bbl) (1) Residue gas (Mcf) (2) Oil (bbl) (1) NGL (bbl) (1) Residue gas (Mcf) (2) Proved developed 620,790 443,650 27,491,840 656,370 380,650 23,596,110 Proved undeveloped 74,400 30,280 135,830 9,020 3,720 26,420 Total 695,190 473,930 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