v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net is summarized below:
June 30, 2025December 31, 2024
(In thousands)
Oil, natural gas and NGL sales$29,566 $33,632 
Joint interest accounts receivable4,464 9,626 
Allowance for credit losses(70)(62)
Other accounts receivable1,335 1,215 
Total accounts receivable, net
$35,295 $44,411 
Schedule of Other Property and Equipment
Other property and equipment, net is summarized below:
June 30, 2025December 31, 2024
(In thousands)
Midstream property and equipment
$21,631 $11,297 
Furniture, fixtures and other
6,351 5,882 
Land
16,673 16,673 
$44,655 $33,852 
Accumulated depreciation and amortization
(3,911)(3,375)
Total other property and equipment, net
$40,744 $30,477 
Schedule of Other Non-Current Assets, Net
Other non-current assets, net consisted of the following:
June 30, 2025December 31, 2024
(In thousands)
Deferred financing costs, net (1)
$4,482 $4,949 
Right of use assets2,886 1,398 
Prepaid capital expenditures4,840 2,124 
Deposits
2,423 2,168 
Other966 67 
Total other non-current assets, net$15,597 $10,706 
_____________________
(1)Deferred financing costs, net reflects costs associated with the Company's Credit Facility which are amortized over the term of the Credit Facility.
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following:
June 30, 2025December 31, 2024
(In thousands)
Accrued capital expenditures$16,859 $10,441 
Accrued lease operating expenses4,257 7,676 
Accrued general and administrative costs5,681 8,123 
Accrued inventory
— 1,709 
Accrued ad valorem tax2,560 5,396 
Other accrued expenditures1,841 573 
Total accrued liabilities$31,198 $33,918 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following:
June 30, 2025December 31, 2024
(In thousands)
Advances from joint interest owners$2,465 $11,278 
Income taxes payable5,351 5,233 
Current ARO liabilities2,123 2,562 
Other1,596 1,050 
Total other current liabilities
$11,535 $20,123 
Schedule of Asset Retirement Obligations
Components of the changes in ARO for the six months ended June 30, 2025, and the year ended December 31, 2024, are shown below:
June 30, 2025December 31, 2024
(In thousands)
ARO, beginning balance$35,268 $23,044 
Liabilities incurred13 78 
Liabilities assumed in acquisitions— 9,727 
Revision of estimated obligations— 1,856 
Liability settlements and disposals(926)(2,291)
Accretion1,360 2,854 
ARO, ending balance$35,715 $35,268 
Less: current ARO (1)
(2,123)(2,562)
ARO, long-term$33,592 $32,706 
_____________________
(1)Current ARO is included within other current liabilities in our accompanying condensed consolidated balance sheets.
Schedule of Disaggregation of Revenue
The following table presents oil and natural gas sales disaggregated by product:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Oil and natural gas sales:
Oil$85,921 $106,353 $184,513 $203,345 
Natural gas
(874)(977)710 (294)
NGLs
347 (33)2,628 1,716 
Total oil and natural gas sales, net (1)
$85,394 $105,343 $187,851 $204,767 
_____________________
(1) The Company's oil, natural gas and NGL sales are presented net of gathering, processing and transportation costs. The costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.