Basis of Presentation and Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Accounting Policies [Abstract] |
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| Schedule of Components of Inventory |
The components of inventory consisted of the following as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | Production equipment | $ | 24,828 | | | $ | 23,475 | | Crude oil in storage | 1,014 | | | 826 | | Total | $ | 25,842 | | | $ | 24,301 | |
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| Schedule of Reconciliation of ARO |
The following is a reconciliation of ARO for the six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | June 30,
2025 | | June 30,
2024 | | Asset retirement obligation at beginning of period | $ | 101,858 | | | $ | 85,094 | | Liabilities assumed in acquisitions | 4,210 | | | — | | | Liabilities incurred | 81 | | | 469 | | | Liabilities settled | (184) | | | (234) | | | Accretion expense | 4,224 | | | 3,433 | | | Asset retirement obligation at end of period | $ | 110,189 | | | $ | 88,762 | |
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| Schedule of Concentration Risks |
The following purchasers each accounted for more than 10% of the Company’s revenues for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Philips 66 Company | 26.9 | % | | 29.1 | % | | 26.8 | % | | 28.4 | % | | NextEra Energy Marketing LLC | 24.1 | % | | * | | 25.0 | % | | * | | CVR Supply & Trading, LLC | 11.2 | % | | * | | 10.9 | % | | * | | Shell Oil Company | * | | 17.7 | % | | * | | 16.8 | % |
__________ * Purchaser did not account for greater than 10% of oil, natural gas, and NGL sales for the period.
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| Schedule of Reconciliation of Revenue Disaggregated to Revenue Reported |
The following table displays the revenue disaggregated and reconciles disaggregated revenue to the revenue reported for the three and six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Revenues: | | | | | | | | | Oil | $ | 110,686 | | | $ | 150,431 | | | $ | 235,227 | | | $ | 294,529 | | | Natural gas | 69,205 | | | 38,923 | | | 155,452 | | | 102,935 | | | NGL | 39,603 | | | 46,084 | | | 84,180 | | | 94,194 | | | Gross oil, natural gas, and NGL sales | 219,494 | | | 235,438 | | | 474,859 | | | 491,658 | | | Transportation, gathering and marketing | (82) | | | (3,899) | | | (2,721) | | | (4,879) | | | Net oil, natural gas, and NGL sales | $ | 219,412 | | | $ | 231,539 | | | $ | 472,138 | | | $ | 486,779 | |
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| Schedule of Supplemental Disclosures to the Statement of Cash Flows |
Supplemental disclosures to the statements of cash flows are presented below for the six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | Six Months Ended June 30, | | 2025 | | 2024 | | Supplemental disclosure of cash flow information: | | | | | Cash paid for interest | $ | 27,165 | | | $ | 50,220 | | | Supplemental disclosure of non-cash transactions: | | | | | Change in accrued capital expenditures | $ | 1,360 | | | $ | (4,079) | | | Asset retirement cost capitalized | $ | 81 | | | $ | 469 | | | Right-of-use assets obtained in exchange for lease liabilities | $ | 4,092 | | | $ | 2,178 | | | Increase in accrued distributions | $ | 1,405 | | | $ | 1,127 | |
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