v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 264,882 $ 10,157
Restricted cash 5,467 725,702
Derivative assets – current 53,759 322,784
Prepaid expenses 49,642 46,309
Other current assets 60,027 13,271
Total current assets 1,102,612 1,861,057
Oil and natural gas properties at cost, successful efforts method    
Proved 14,132,507 13,264,097
Unproved 567,174 413,444
Oil and natural gas properties at cost, successful efforts method 14,699,681 13,677,541
Field and other property and equipment, at cost 177,134 157,031
Total property, plant and equipment 14,876,815 13,834,572
Less: accumulated depreciation, depletion, amortization and impairment (4,245,505) (3,558,601)
Property, plant and equipment, net 10,631,310 10,275,971
Derivative assets – noncurrent 22,024 2,829
Investments in equity affiliates 9,149 8,146
Deferred tax asset 73,086 143,706
Other assets 170,195 151,498
TOTAL ASSETS 12,008,376 12,443,207
Current liabilities:    
Derivative liabilities – current 28,345 0
Financing lease obligations – current 4,225 4,860
Other current liabilities 136,752 86,603
Total current liabilities 1,167,335 1,259,420
Long-term debt 5,166,022 5,524,128
Derivative liabilities – noncurrent 9,854 13,421
Asset retirement obligations 379,933 383,057
Deferred tax liability 15,127 11,671
Financing lease obligations – noncurrent 1,435 3,228
Other liabilities 109,081 82,847
Total liabilities 6,848,787 7,277,772
Commitments and contingencies (Note 9)
Equity:    
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Treasury stock, at cost; 7,190,582 and 7,079,021 shares of Class A common stock as of June 30, 2026 and December 31, 2025, respectively (72,441) (71,054)
Additional paid-in capital 5,191,073 5,228,928
Retained earnings (accumulated deficit) 33,287 0
Noncontrolling interests 7,637 7,528
Total equity 5,159,589 5,165,435
TOTAL LIABILITIES AND EQUITY 12,008,376 12,443,207
Nonrelated Party    
Current assets:    
Accounts receivable, net 664,936 738,333
Current liabilities:    
Accounts payable and accrued liabilities 977,199 1,121,678
Affiliated Entity    
Current assets:    
Accounts receivable, net 3,899 4,501
Current liabilities:    
Accounts payable and accrued liabilities 20,814 46,279
Class A Common Stock    
Equity:    
Common stock 33 33
Class B Common Stock    
Equity:    
Common stock $ 0 $ 0