Company: NC
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000789933-25-000006
Chunk: 118

Company: NACCO INDUSTRIES INC
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 118
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 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 ReservesOil (bbl) (1)NGL (bbl) (1)Residue gas (Mcf) (2)December 31, 2023665,390 384,370 23,622,530 Purchases14,005 1,233 29,268 Extensions and discoveries236,491 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, 2024695,190 473,930 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 ReservesOil (bbl) (1)NGL (bbl) (1)Residue gas (Mcf) (2)December 31, 20239,020 3,720 26,420 Purchases2,208 38 5,237 Extensions and discoveries69,716 27,902 126,724 Conversions(3,322)(1,