Information about Oil and Gas Producing Activities

12 Months Ended

Dec. 31, 2024

Information About Oil And Gas Producing Activities

Information about Oil and Gas Producing Activities

Ridgewood Energy W Fund, LLC

Supplementary Financial Information

Information about Oil and Gas Producing Activities – Unaudited

In accordance with the FASB guidance on disclosures of oil and gas producing activities, this section provides supplementary information on oil and gas exploration and producing activities of the Fund. The Fund is engaged solely in oil and gas activities, all of which are located in the United States offshore waters of the Gulf of Mexico.

Table I - Capitalized Costs Relating to Oil and Gas Producing Activities


	December 31,
	2024			2023
	(in thousands)
Proved properties	$	32,203		$	31,728
Accumulated depletion and amortization		(29,321	)		(27,837	)
Oil and gas properties, net	$	2,882		$	3,891

Table II - Costs Incurred in Oil and Gas Property Acquisition, Exploration, and Development


	Year ended December 31,
	2024		2023
	(in thousands)
Development costs	$	581	$	320
	$	581	$	320

Table III - Reserve Quantity Information

Oil and gas reserves of the Fund have been estimated by independent petroleum engineers, Netherland, Sewell & Associates, Inc. at December 31, 2024 and 2023. These reserve disclosures have been prepared in compliance with the Securities and Exchange Commission rules. Due to inherent uncertainties and the limited nature of recovery data, estimates of reserve information are subject to change as additional information becomes available.


	December 31, 2024									December 31, 2023
		United States
		Oil (MBBL)		NGL (MBBL)		Gas (MMCF)		Total (MBOE) (a)			Oil (MBBL)		NGL (MBBL)		Gas (MMCF)		Total (MBOE) (a)

Proved developed and undeveloped reserves:
Beginning of year		150.9		17.7		87.5		183.2			218.2		18.9		113.0		255.9
Revisions of previous estimates (b)		23.7		0.4		21.9		27.7			0.3		7.9		22.4		12.0
Production		(45.2	)	(5.3	)	(32.7	)	(56.0	)		(67.6	)	(9.1	)	(47.9	)	(84.7	)
End of year		129.4		12.8		76.7		154.9			150.9		17.7		87.5		183.2

Proved developed reserves:
Beginning of year		101.5		12.7		62.9		124.7			143.3		13.8		82.7		170.9
End of year		59.4		7.1		42.5		73.5			101.5		12.7		62.9		124.7

Proved undeveloped reserves:
Beginning of year		49.4		5.0		24.6		58.5			74.9		5.1		30.3		85.0
End of year		70.0		5.7		34.2		81.4			49.4		5.0		24.6		58.5

(a)

BOE refers to barrel of oil equivalent. Barrel of oil equivalent is based on six MCF of natural gas to one barrel of oil or one barrel of NGL, which reflects an energy content equivalency and not a price or revenue equivalency.

(b)

Revisions of previous estimates were attributable to well performance. In addition, effective January 1, 2023, the fixed percentage overriding royalty interest of 8.16% in the Fund’s net revenue interest in the Beta Project’s oil and natural gas production became payable to the Fund’s former lender, which was conveyed pursuant to the Fund’s credit agreement applicable to the project. The effect of this conveyance in the reserves was included within revisions of previous estimates.

Table IV - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

Summarized in the following table is information for the Fund with respect to the standardized measure of discounted future net cash flows relating to proved oil and gas reserves. Future cash inflows were determined based on average first-of-the-month pricing for the prior twelve month period. Future production and development costs are derived based on current costs assuming continuation of existing economic conditions.


	December 31,
	2024			2023
	(in thousands)
Future cash inflows	$	9,724		$	11,480
Future production costs		(1,616	)		(2,680	)
Future development costs		(4,965	)		(3,525	)
Future net cash flows		3,143			5,275
10% annual discount for estimated timing of cash flows		197			(153	)
Standardized measure of discounted future net cash flows	$	3,340		$	5,122

Table V - Changes in the Standardized Measure for Discounted Cash Flows

The changes in present values between years, which can be significant, reflect changes in estimated proved reserve quantities and prices and assumptions used in forecasting production volumes and costs.


	Year ended December 31,
	2024			2023
	(in thousands)
Net change in sales and transfer prices and in production costs related to future production	$	884		$	(2,989	)
Sales and transfers of oil and gas produced during the period		(3,072	)		(4,733	)
Changes in estimated future development costs		(1,440	)		697
Net change due to revisions in quantities estimates		1,509			560
Accretion of discount		512			1,054
Other		(175	)		(11	)
Aggregate change in the standardized measure of discounted future net cash flows for the year	$	(1,782	)	$	(5,422	)

It is necessary to emphasize that the data presented should not be viewed as representing the expected cash flow from, or current value of, existing proved reserves as the computations are based on a number of estimates. Reserve quantities cannot be measured with precision and their estimation requires many judgmental determinations and frequent revisions. The required projection of production and related expenditures over time requires further estimates with respect to pipeline availability, rates and governmental control. Actual future prices and costs are likely to be substantially different from the current price and cost estimates utilized in the computation of reported amounts. Any analysis or evaluation of the reported amounts should give specific recognition to the computational methods utilized and the limitation inherent therein.

Ridgewood Energy W Fund LLC 10-K