v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Management has evaluated that the Company is organized and managed as a single reportable segment, which is the exploration and production of oil, natural gas and NGLs (“E&P Segment”). All of the Company’s operations and assets are located in the United States, and its revenues are attributable to United States customers.
The accounting policies of the E&P Segment are the same as those described in Note 2.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer and Director. The CODM uses consolidated net income as presented on the accompanying statements of operations to measure E&P Segment profit or loss, and to evaluate income generated from E&P Segment assets in deciding whether to reinvest profits into operational activities or to use profits for other purposes, such as debt reduction, acquisitions, or distributions to unitholders. Additionally, consolidated net income is used in assessing budget versus actual results and in benchmarking to the Company’s competitors.
The following table summarizes total revenues, significant expenses, net income and capital expenditures related to the E&P Segment for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total revenues
$288,517 $239,994 $515,285 $479,149 
Gathering and processing
31,784 23,831 59,945 55,773 
Lease operating expense
49,566 46,497 98,318 87,257 
Production taxes
10,496 11,302 23,270 24,054 
Total significant expenses91,846 81,630 181,533 167,084 
Midstream operating expense
3,200 2,616 6,170 5,175 
Cost of product sales
6,274 5,786 14,261 11,886 
Depreciation, depletion, amortization and accretion – oil and natural gas
64,340 65,819 125,525 131,191 
Depreciation and amortization – other
2,758 2,242 5,158 4,340 
General and administrative
6,952 9,568 15,969 18,046 
General and administrative – related party
1,850 1,850 3,700 3,700 
Interest expense12,140 27,046 30,034 53,331 
Loss on debt extinguishment— — 18,540 — 
Other expense, net9,496 3,921 8,848 3,178 
Total expenses198,856 200,478 409,738 397,931 
Net income$89,661 $39,516 $105,547 $81,218 
Capital expenditures, including acquisitions125,452 45,669 206,810 127,245 
The following table summarizes total assets to the E&P Segment as of June 30, 2025 and December 31, 2024 (in thousands):
June 30,
2025		December 31,
2024
Total assets$2,334,165 $2,338,214