![]() See “ Supplemental Oil and Gas Disclosures (Unaudited) ” to the consolidated financial statements of this Annual Report for more information about the calculation of standardized measure. The difference between the standardized measure and the pre-tax PV-10 amount is the discounted amount of estimated future income taxes. ![]() Because of this, pre-tax PV-10 can be used within the industry and by creditors and securities analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis. While the standardized measure is dependent on the unique tax situation of each company, pre-tax PV-10 is based on a pricing methodology and discount factors that are consistent for all companies. We believe that the presentation of pre-tax PV-10 is relevant and useful to our investors as supplemental disclosure to the standardized measure of discounted future cash flows (“standardized measure”), or after-tax PV-10 amount, because it presents the discounted future net cash flows attributable to our proved reserves prior to taking into account future corporate income taxes and our current tax structure. ![]() (1) Pre-tax PV-10 is a non-GAAP financial measure. In 2022, we provided drilling rigs for 85 drilled wells. ![]() These assets provide us greater flexibility to align our operational activities with commodity prices. As of December 31, 2022, we operated a fleet of drilling rigs and have leased two pressure pumping spreads with a total capacity of 69,000 horsepower along with additional supporting pump down equipment with a total capacity of 36,000 horsepower. Currently, our vertically integrated operations only perform services on on our operated wells. This vertical integration may lower our well costs, dampens inflationary pressures, promotes operating efficiency, enables quick reaction to rapid changes in market conditions and helps to mitigate certain operational and environmental risks. These services include drilling, completions and water management and movement. We provide certain oilfield services that are strategic and economically beneficial for our E&P operations when our E&P activity levels and market pricing support these activities.
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