CBM Segment — coal bed methane project

Coalbed methane segment holding 812,626 MMcfe of estimated net proved reserves at December 31, 2025, 61% developed - the least developed of the three segments. It carries by far the largest well count at 3,784 net producing wells, including gob wells, across 2,144,749 total net acres of which 247,598 are proved developed and 1,897,151 unproved. No proved undeveloped acreage is booked to the segment and no development wells were drilled in 2025, 2024 or 2023. Production is entirely dry gas at 37,814 MMcf in 2025, easing gently from 39,130 MMcf in 2024 and 40,598 MMcf in 2023. Certain CBM acres are governed by separate leases rather than the target-strata convention applied to the rest of the portfolio. The extraction-type enum carries no coalbed-methane value, so the nearest unconventional value is used.