v3.26.1
Acquisitions and Divestitures (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Reconciliation of Restructuring Liability The following is a reconciliation of our restructuring liability, which is included within Accounts payable and accrued liabilities on the consolidated balance sheets.
One-time employee termination benefitsLease termination and other costsTotal
(in thousands)
December 31, 2025$52,166 $9,153 $61,319 
Costs incurred and charged to expense— 15 15 
Costs paid(31,702)(7,473)(39,175)
March 31, 2026$20,464 $1,695 $22,159 
Schedule of Consideration Transferred
The following table summarizes the consideration transferred and the net assets acquired for our acquisitions during 2026 and 2025 that impact the periods presented:

Asset Acquisitions
Business Combination
Acquisition period
2026
2025
2025
January 2026 Minerals Acquisition
February 2026 Minerals Acquisition
2025 Minerals Acquisition
Ridgemar AcquisitionWebb Gas AcquisitionVital Energy Merger
(in thousands)
Consideration transferred:
Cash consideration:
Cash
$47,660 $307,599 $67,369 $807,247 $21,204 $— 
Settlement of Equity Awards in cash
— 3,693 
Equity consideration:
Fair value of Class A Common Stock issued
— — — 82,145 — 640,982 
Settlement of Equity Awards in Class A Common Stock
— — — — — 7,557 
Fair value of contingent earn-out consideration— — — 51,746 — — 
Transaction costs capitalized224 2,255 490 18,484 — — 
Total$47,884 $309,854 $67,859 $959,622 $21,204 $652,232 
Assets acquired and liabilities assumed:
Cash and cash equivalents$— $— $— $— $— $122,923 
Accounts receivable, net— — — 1,150 — 276,882 
Derivative assets – current— — — — — 184,247 
Prepaid expenses— — — — — 25,559 
Oil and natural gas properties - proved23,189 169,735 57,200 988,758 21,204 2,219,008 
Oil and natural gas properties - unproved24,695 140,119 11,044 — — 137,741 
Field and other property and equipment— — — 3,240 — 50,156 
Derivative assets – noncurrent— — — — — 2,471 
Deferred tax asset— — — 695,291 
Other assets— — — — — 62,847 
Accounts payable and accrued liabilities— — (385)(9,565)— (421,231)
Other current liabilities— — — (573)— (39,046)
Long-term debt— — — — — (2,490,578)
Derivative liabilities – noncurrent— — — (7,329)
Asset retirement obligations— — — (22,855)— (127,821)
Other liabilities— — — (533)— (38,888)
Net assets acquired$47,884 $309,854 $67,859 $959,622 $21,204 $652,232 
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the consideration transferred and the net assets acquired for our acquisitions during 2026 and 2025 that impact the periods presented:

Asset Acquisitions
Business Combination
Acquisition period
2026
2025
2025
January 2026 Minerals Acquisition
February 2026 Minerals Acquisition
2025 Minerals Acquisition
Ridgemar AcquisitionWebb Gas AcquisitionVital Energy Merger
(in thousands)
Consideration transferred:
Cash consideration:
Cash
$47,660 $307,599 $67,369 $807,247 $21,204 $— 
Settlement of Equity Awards in cash
— 3,693 
Equity consideration:
Fair value of Class A Common Stock issued
— — — 82,145 — 640,982 
Settlement of Equity Awards in Class A Common Stock
— — — — — 7,557 
Fair value of contingent earn-out consideration— — — 51,746 — — 
Transaction costs capitalized224 2,255 490 18,484 — — 
Total$47,884 $309,854 $67,859 $959,622 $21,204 $652,232 
Assets acquired and liabilities assumed:
Cash and cash equivalents$— $— $— $— $— $122,923 
Accounts receivable, net— — — 1,150 — 276,882 
Derivative assets – current— — — — — 184,247 
Prepaid expenses— — — — — 25,559 
Oil and natural gas properties - proved23,189 169,735 57,200 988,758 21,204 2,219,008 
Oil and natural gas properties - unproved24,695 140,119 11,044 — — 137,741 
Field and other property and equipment— — — 3,240 — 50,156 
Derivative assets – noncurrent— — — — — 2,471 
Deferred tax asset— — — 695,291 
Other assets— — — — — 62,847 
Accounts payable and accrued liabilities— — (385)(9,565)— (421,231)
Other current liabilities— — — (573)— (39,046)
Long-term debt— — — — — (2,490,578)
Derivative liabilities – noncurrent— — — (7,329)
Asset retirement obligations— — — (22,855)— (127,821)
Other liabilities— — — (533)— (38,888)
Net assets acquired$47,884 $309,854 $67,859 $959,622 $21,204 $652,232 
Schedule of Pro Forma Information
The following table summarizes our unaudited pro forma financial information for the three months ended March 31, 2025 as if the Vital Energy Merger occurred on January 1, 2025:

Three Months Ended March 31, 2025
(in thousands)
Revenues$1,462,352 
Net income 73,731