| Segment Reporting |
Segment Reporting The Company operates as one operating segment, which is engaged in the acquisition, development, and production of oil, natural gas, and NGL in the U.S. Mid-Continent. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer who reviews financial information on a consolidated basis and uses net income (loss) to make key operating decisions and assess financial performance. The CODM considers significant segment expenses to be those presented in the below table. Interest expense was not significant for the years ended December 31, 2025, 2024 and 2023. The CODM regularly reviews total assets, which were $644.0 million and $581.5 million as of December 31, 2025 and 2024, respectively.
The following table presents selected financial information with respect to the Company’s single operating segment (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | 2025 | | 2024 | | 2023 | | Revenues | | | | | | | | Oil | | $ | 77,270 | | | $ | 68,231 | | | $ | 78,174 | | | Natural gas | | 41,587 | | | 21,397 | | | 34,941 | | | NGL | | 37,500 | | | 35,662 | | | 35,526 | | | Total revenues | | 156,357 | | | 125,290 | | | 148,641 | | | Expenses | | | | | | | | Lease operating expenses | | 36,191 | | | 40,012 | | | 41,862 | | | Production, ad valorem, and other taxes | | 9,846 | | | 6,780 | | | 10,870 | | | Depreciation and depletion—oil and natural gas | | 36,439 | | | 25,976 | | | 15,657 | | | Depreciation and amortization—other | | 6,433 | | | 6,503 | | | 6,518 | | | General and administrative | | 13,201 | | | 11,695 | | | 10,735 | | | Restructuring expenses | | 1,060 | | | 474 | | | 406 | | | Employee termination benefits | | — | | | — | | | 19 | | | (Gain) loss on derivative contracts | | (7,763) | | | (748) | | | (1,447) | | | Other operating (income) expense | | — | | | 1,372 | | | (157) | | | Total expenses | | 95,407 | | | 92,064 | | | 84,463 | | | Income (loss) from operations | | 60,950 | | | 33,226 | | | 64,178 | | | Other income (expense) | | | | | | | | Interest income (expense), net | | 3,687 | | | 7,744 | | | 10,552 | | | Other income (expense), net | | 31 | | | (216) | | | 87 | | | Total other income (expense) | | 3,718 | | | 7,528 | | | 10,639 | | | Income (loss) before income taxes | | 64,668 | | | 40,754 | | | 74,817 | | | Income tax (benefit) | | (5,535) | | | (22,232) | | | 13,960 | | | Net income (loss) | | $ | 70,203 | | | $ | 62,986 | | | $ | 60,857 | | | | | | | | | | Capital expenditures, including acquisitions | | $ | 77,500 | | | $ | 156,472 | | | $ | 33,664 | | | | | | | | |
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