v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
The Company’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, the Company aggregates our operating segments into one reporting segment due to the similar nature of these operations.
The following table presents consolidated net income, the significant measure of profit and loss used by the CODM, as well as total assets, capital expenditures and our equity method investment for the Company's single reportable segment:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Total Revenues
$85,394 $105,403 $187,851 $205,147 
Less:
Lease operating expenses
18,880 16,492 37,211 33,261 
Production and ad valorem taxes
6,126 7,174 12,796 14,405 
Exploration costs
47 60 56 64 
Depletion, depreciation, amortization and accretion
19,563 17,470 38,701 35,249 
Impairment of oil and natural gas properties
1,214 — 1,214 — 
Administrative Costs
6,199 6,644 13,637 11,983 
Share-based compensation expense
2,685 3,281 4,054 4,973 
Other segment items(1)
1,926 670 1,926 1,033 
Interest expense, net of capitalized interest(2)
7,320 9,093 14,111 18,367 
Interest income
(149)(236)(279)(443)
(Gain) loss on derivatives, net(18,720)359 (12,870)17,436 
Loss from equity method investment129 192 248 25 
Income tax expense
9,704 10,656 17,943 16,488 
Segment net income(3)
$30,470 $33,548 $59,103 $52,306 
Total assets$1,033,567 $1,002,957 $1,033,567 $1,002,957 
Capital expenditures(4)
$27,786 $21,438 $51,786 $47,620 
Equity method investment$28,813 $20,757 $28,813 $20,757 
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(1)Other segment items include transaction costs and cost of contract services - related parties.
(2)Interest expense is shown gross of, or prior to the effect of interest income.
(3)There are no reconciling items between net income presented in our accompanying condensed consolidated statements of operations and segment net income.
(4)Capital expenditures are accrual (activity-based) before acquisitions.