v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We have evaluated how we are organized and managed and have identified one reportable segment, which is our interests related to the exploration and production of crude oil, natural gas and NGLs from operated and non-operated wells. We consider our gathering, processing and marketing functions as ancillary to our oil and gas producing activities. Substantially all of our operations and assets are located onshore in the United States, and substantially all of our revenues are attributable to United States customers.

The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM uses measures of profitability including Net income (loss) on the condensed consolidated statement of operations to assess performance and determine resource allocation. The CODM uses these metrics to make key operating decisions, including the determination of allocation of capital between development of existing oil and gas properties and the acquisition of additional oil and gas properties, and the identification and divestiture of non-core assets. The measure of segment assets is reported on the Consolidated balance sheets as Total assets. We do not have intra-entity sales or transfers.

The table below provides information about the Company’s single reportable segment:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Total revenues$1,394,954 $897,983 $2,577,784 $1,848,156 
Less:
Lease and asset operating expense207,122 180,465 441,278 372,469 
Workover expense32,905 19,360 63,245 35,381 
Gathering, processing and transportation94,479 106,074 196,554 211,362 
Production and other taxes69,008 55,105 124,707 115,487 
Depreciation, depletion and amortization358,004 297,056 712,129 579,629 
Impairment expense— 2,985 — 48,632 
Midstream and other operating expense4,158 29,027 10,904 58,843 
General and administrative expense excluding equity-based compensation39,987 31,044 78,287 61,176 
Equity-based compensation expense21,507 93,568 46,007 120,206 
Interest expense99,823 75,219 204,397 148,400 
Other segment items(25,743)(154,418)625,748 (71,841)
Net income (loss)$493,704 $162,498 $74,528 $168,412 
Total development of oil and natural gas properties$284,124 $264,711 $668,848 $472,253 

Other segment items include Exploration expense, Gain (loss) on derivatives, (Gain) loss on sale of assets and Loss from extinguishment of debt from our condensed consolidated statements of operations.