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Fiscal Year 2024 Highlights
RESERVES
REVENUE
Gross revenues totaled $1.98 billion with PUF revenue coming in at $1.85 billion and AUF revenue at $127 million. AUF income increased by 4% over FY2023.
The FY24 total value of risked proved reserves increased 3% year-over-year primarily due to strong activity in unconventional basins.
EXPENSES
PRODUCTION
Production rates averaged around 431,500 gross barrels of oil equivalent (BOE) per day. UL’s mineral royalty averaged 21.42% for oil, gas & NGLs equaling a cumulative net royalty volume of 33.7 million BOE.
Annual expenses were $28 million and represented 1.4% of gross revenue or $0.83 per barrel of equivalent production unit cost.
EMERGING ENERGY
ENVIRONMENT
UL performed 221 optical gas imaging (OGI) camera inspections (67 facility fugitive emission inspections and 154 flare inspections) and 1,540 oil & gas lease inspections. A total of 264 unproductive oil & gas wells were plugged with the surrounding areas remediated and returned to pastureland.
UL’s emerging energy portfolio consists of a total of 10 active agreements. Wind and solar are the primary sources of alternative energy on PUF Lands with several emerging energy projects under consideration.
ANNUAL REPORT 2024
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