| Segments |
Segment operating profit is used as a performance metric by the Chief Operating Decision Maker (“CODM”) in determining how to allocate resources and assess performance as this measure provides insight into the segments’ operations and overall success of a segment for a given period. Segment operating profit is calculated as total segment revenue less operating costs attributable to the segment, which includes allocated corporate costs that are overhead in nature and not directly associated with the segments, such as certain general and administrative expenses, executive or shared-function payroll costs and certain limited marketing activities. Corporate costs are allocated to the segments based on usage and head c ount, as appropriate. Segment operating profit excludes other income and expense, such as interest expense, interest income, gain (loss) on derivatives, loss on debt extinguishment, even though these amounts are allocated to the segments and provided to the CODM. Transactions between segments are accounted for on an accrual basis and are eliminated upon consolidation. Interest expense is allocated to the segments based on the carrying value of the oil and gas properties owned by the respective segment at the balance sheet date, and interest income and gain (loss) on derivatives are allocated using the same basis as corporate costs. The following table summ a rizes segment operating profit and reconciliation to net inco m e (loss) for the periods presented:
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| |
|
Three Months Ended March 31, |
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|
|
|
| Segment operating profit |
|
|
|
|
|
|
|
|
Mineral and Non-operating |
|
$ |
7,658 |
|
|
$ |
10,491 |
|
| Operating |
|
|
36,257 |
|
|
|
902 |
|
| Securities |
|
|
24,997 |
|
|
|
12,787 |
|
| Eliminations |
|
|
(29,752 |
) |
|
|
(15,543 |
) |
|
|
|
|
|
|
|
|
|
| Total segment operating profit |
|
|
39,160 |
|
|
|
8,637 |
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
689 |
|
|
|
22 |
|
| Interest expense, net |
|
|
(35,849 |
) |
|
|
(16,921 |
) |
| Gain (loss) on derivatives |
|
|
1,920 |
|
|
|
(67 |
) |
| Loss on debt extinguishment |
|
|
(321 |
) |
|
|
(76 |
) |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
5,599 |
|
|
$ |
(8,405 |
) |
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|
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|
| The following tables present financial information by seg m ent for the three m ont hs ended March 31, 2025 and 2024 and as of March 31, 2025 and December 31, 2024.
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Three Months Ended March 31, |
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|
Significant expenses |
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|
|
|
|
|
|
Mineral and Non-operating |
|
|
|
|
|
|
|
|
Cost of sales |
|
$ |
4,582 |
|
|
$ |
6,391 |
|
Depreciation, depletion, amortization, and accretion |
|
|
8,265 |
|
|
|
11,595 |
|
Selling, general, and administrative |
|
|
4,944 |
|
|
|
2,335 |
|
Payroll and payroll-related |
|
|
3,959 |
|
|
|
2,613 |
|
|
|
|
516 |
|
|
|
570 |
|
Operating |
|
|
|
|
|
|
|
|
Cost of sales |
|
$ |
22,539 |
|
|
$ |
1,602 |
|
Depreciation, depletion, amortization, and accretion |
|
|
22,960 |
|
|
|
1,810 |
|
Selling, general, and administrative |
|
|
1,997 |
|
|
|
1,301 |
|
Payroll and payroll-related |
|
|
2,019 |
|
|
|
1,057 |
|
|
|
|
— |
|
|
|
6 |
|
Securities |
|
|
|
|
|
|
|
|
Advertising and marketing |
|
$ |
320 |
|
|
$ |
5 |
|
Selling, general, and administrative |
|
|
2,573 |
|
|
|
1,614 |
|
Payroll and payroll-related |
|
|
1,951 |
|
|
|
1,155 |
|
Interest expense |
|
|
|
|
|
|
|
|
Mineral and Non-operating |
|
$ |
23,290 |
|
|
$ |
12,987 |
|
Operating |
|
|
12,559 |
|
|
|
3,934 |
|
Securities |
|
|
(29,752 |
) |
|
|
(15,543 |
) |
Eliminations |
|
|
29,752 |
|
|
|
15,543 |
|
|
|
|
|
|
|
|
|
|
Total interest expense, net |
|
$ |
35,849 |
|
|
$ |
16,921 |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
|
|
|
|
|
Mineral and Non-operating |
|
$ |
89,319 |
|
|
$ |
48,104 |
|
Operating |
|
|
96,150 |
|
|
|
48,731 |
|
Eliminations |
|
|
(3,194 |
) |
|
|
(2,072 |
) |
|
|
|
|
|
|
|
|
|
Total capital expenditures |
|
$ |
182,275 |
|
|
$ |
94,763 |
|
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|
|
|
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|
| (a) |
Other segment items include advertising and marketing exp ense, loss on sale of assets, and impairment expense. |
| (b) |
Other segment item includes advertising and marketing expense. |
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Assets |
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|
Mineral and Non-operating |
|
$ |
949,292 |
|
|
$ |
898,300 |
|
Operating |
|
|
420,264 |
|
|
|
332,721 |
|
Securities |
|
|
2,899 |
|
|
|
6,918 |
|
Eliminations |
|
|
(237,783 |
) |
|
|
(208,869 |
) |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,134,672 |
|
|
$ |
1,029,070 |
|
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|
|
|
|
|
|
|
| The following tables summarize the Company’s oil and natural prop ert ies by proved and unproved properties, location and by segment (before accumulated depletion):
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| |
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|
Oil and natural gas properties, proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Williston Basin |
|
$ |
196,909 |
|
|
$ |
450,018 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
646,927 |
|
Powder River Basin |
|
|
49,386 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49,386 |
|
Denver-Julesburg |
|
|
45,565 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45,565 |
|
Permian Basin |
|
|
20,050 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,050 |
|
Marcellus |
|
|
1,306 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,306 |
|
Uinta Basin |
|
|
35,869 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,869 |
|
Other |
|
|
1,702 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total proved properties |
|
$ |
350,787 |
|
|
$ |
450,018 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
800,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, unproved |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Williston Basin |
|
$ |
273,216 |
|
|
$ |
7,870 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
281,086 |
|
Powder River Basin |
|
|
29,869 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,869 |
|
Denver-Julesburg |
|
|
35,639 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,639 |
|
Permian Basin |
|
|
6,752 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,752 |
|
Uinta Basin |
|
|
38,086 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38,086 |
|
Other |
|
|
1,849 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total unproved properties |
|
$ |
385,411 |
|
|
$ |
7,870 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
393,281 |
|
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|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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| |
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|
Oil and natural gas properties, proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Williston Basin |
|
$ |
184,740 |
|
|
$ |
351,864 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
536,604 |
|
Powder River Basin |
|
|
47,780 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,780 |
|
Denver-Julesburg |
|
|
45,193 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45,193 |
|
Permian Basin |
|
|
20,050 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,050 |
|
Marcellus |
|
|
1,306 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,306 |
|
Uinta Basin |
|
|
34,731 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,731 |
|
Other |
|
|
1,702 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total proved properties |
|
$ |
335,502 |
|
|
$ |
351,864 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
687,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, unproved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Williston Basin |
|
$ |
209,437 |
|
|
$ |
7,300 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
216,737 |
|
Powder River Basin |
|
|
29,853 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,853 |
|
Denver-Julesburg |
|
|
35,619 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,619 |
|
Permian Basin |
|
|
6,752 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,752 |
|
Uinta Basin |
|
|
28,045 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28,045 |
|
Other |
|
|
1,849 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unproved properties |
|
$ |
311,555 |
|
|
$ |
7,300 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
318,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|