Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Reconciliation of Assets Acquired and Liabilities Assumed

See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):


	XTO Acquisition
Consideration transferred:
Cash consideration	$	77,893
Total acquisition consideration	$	77,893
Assets acquired:
Proved oil and natural gas properties	$	65,530
Accounts receivable – joint interest	2,344
Other property and equipment	6,417
Other assets	9,576
Total assets to be acquired	83,867
Liabilities assumed:
Revenue suspense	1,354
Accrued liabilities	444
Asset retirement obligations	4,176
Total liabilities assumed	5,974
Net assets acquired	$	77,893

The table below reflects the preliminary fair value estimates of the assets acquired and liabilities assumed as of the acquisition

date. See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):


	Flycatcher Acquisition
Consideration transferred:
Cash consideration	$	24,141
Capitalized transaction costs	182
Less: purchase price adjustment receivable	—
Total acquisition consideration	$	24,323
Assets acquired:
Proved oil and natural gas properties	$	26,566
Other assets	8
Total assets to be acquired	26,574
Liabilities assumed:
Revenue suspense	2,217
Asset retirement obligations	34
Total liabilities assumed	2,251
Net assets acquired	$	24,323

The table below reflects the fair value estimates of the assets acquired and liabilities assumed as of the acquisition date. See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):


	Initial					Final
	Ardmore Basin Acquisition		Adjustments			Ardmore Basin Acquisition
Consideration transferred:
Cash consideration	$	78,317	$	(2,966)	(a)	$	75,351
Capitalized transaction costs	1,295		49		(a)	1,344
Less: purchase price adjustment receivable	(2,735)		2,735		(a)	—
Total acquisition consideration	$	76,877	$	(182)		$	76,695
Assets acquired:
Proved oil and natural gas properties	$	85,663	$	(269)	(a)	$	85,394
Other assets	13		—			13
Total assets to be acquired	85,676		(269)			85,407
Liabilities assumed:
Revenue suspense	8,636		(87)		(a)	8,549
Asset retirement obligations	163		—			163
Total liabilities assumed	8,799		(87)			8,712
Net assets acquired	$	76,877	$	(182)		$	76,695

a.Adjustment reflects additional accounting data received and processed subsequent to the acquisition date. The initial purchase price allocation considered available data at the time of disclosure.

The table below reflects the preliminary fair value estimates of the assets acquired and liabilities assumed as of

the acquisition date. See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):


	Initial					As of June 30, 2025
	Western Kansas Acquisition		Adjustments			Western Kansas Acquisition
Consideration transferred:
Cash consideration	$	36,657	$	860	(a)	$	37,517
Capitalized transaction costs	—		301		(a)	301
Less: purchase price adjustment receivable	—		(549)		(a)	(549)
Total acquisition consideration	$	36,657	$	612		$	37,269
Assets acquired:
Proved oil and natural gas properties	$	45,582	$	698	(a)	$	46,280
Other property and equipment	400		—			400
Other assets	123		97		(a)	220
Total assets to be acquired	46,105		795			46,900
Liabilities assumed:
Revenue suspense	333		74		(a)	407
Asset retirement obligations	9,115		109		(a)	9,224
Total liabilities assumed	9,448		183			9,631
Net assets acquired	$	36,657	$	612		$	37,269

a.Adjustment reflects additional accounting data received and processed subsequent to the acquisition date. The initial purchase price allocation considered available data at the time of disclosure.