| Summary of Information by Business Segment |
The following table presents selected segment information (in thousands):
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2026 |
|
2025 |
|
|
Upstream |
|
Revenues from external customers |
$ |
664,813 |
|
$ |
424,721 |
|
Significant expenses: |
|
|
|
|
Direct operating and maintenance(1) |
|
(140,720 |
) |
|
(133,741 |
) |
Workover(1) |
|
(14,963 |
) |
|
(3,230 |
) |
Adjusted general and administrative expense(2) |
|
(36,873 |
) |
|
(34,364 |
) |
Net cash received (paid) on settled derivative instruments |
|
(74,146 |
) |
|
33,315 |
|
Interest expense |
|
(39,162 |
) |
|
(40,811 |
) |
Other segment items: |
|
|
|
|
Other(3) |
|
2,881 |
|
|
8,429 |
|
Depreciation, depletion and amortization |
|
(229,369 |
) |
|
(269,706 |
) |
Impairment of oil and natural gas properties |
|
— |
|
|
(223,881 |
) |
Accretion expense |
|
(35,908 |
) |
|
(32,046 |
) |
Mark-to-market derivative fair value gain (loss) |
|
104,695 |
|
|
53,540 |
|
Equity-based compensation expense |
|
(6,409 |
) |
|
(4,403 |
) |
Equity method investment income (expense) |
|
(113 |
) |
|
(186 |
) |
Income tax benefit (expense) |
|
(44,837 |
) |
|
36,426 |
|
Net income (loss) |
|
149,889 |
|
|
(185,937 |
) |
(1)Component of lease operating expense. (2)Includes general and administrative expense less transaction expenses and equity-based compensation. (3)Primarily includes interest income offset by transaction expenses and other miscellaneous operating expenses. The following table presents selected segment information (in thousands):
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2026 |
|
2025 |
|
|
Upstream |
|
Revenues from external customers |
$ |
1,137,123 |
|
$ |
937,780 |
|
Significant expenses: |
|
|
|
|
Direct operating and maintenance(1) |
|
(255,424 |
) |
|
(259,308 |
) |
Workover(1) |
|
(29,294 |
) |
|
(5,468 |
) |
Adjusted general and administrative expense(2) |
|
(70,885 |
) |
|
(64,674 |
) |
Net cash received (paid) on settled derivative instruments |
|
(96,616 |
) |
|
38,482 |
|
Interest expense |
|
(78,340 |
) |
|
(81,738 |
) |
Other segment items: |
|
|
|
|
Other(3) |
|
(5,946 |
) |
|
16,547 |
|
Depreciation, depletion and amortization |
|
(459,753 |
) |
|
(550,422 |
) |
Impairment of oil and natural gas properties |
|
(145,018 |
) |
|
(223,881 |
) |
Accretion expense |
|
(70,847 |
) |
|
(62,940 |
) |
Mark-to-market derivative fair value gain (loss) |
|
(46,382 |
) |
|
32,520 |
|
Equity-based compensation expense |
|
(11,745 |
) |
|
(8,544 |
) |
Equity method investment income (loss) |
|
6,557 |
|
|
(676 |
) |
Income tax benefit (expense) |
|
20,455 |
|
|
36,517 |
|
Net income (loss) |
|
(106,115 |
) |
|
(195,805 |
) |
(1)Component of lease operating expense. (2)Includes general and administrative expense less transaction expenses and equity-based compensation. (3)Primarily includes a litigation settlement offset by interest income.
|
| Reconciliation of Reportable Segment Expenditures |
The following table presents the reconciliation of Segment Expenditures to the Company’s consolidated totals (in thousands):
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2026 |
|
2025 |
|
Segment Expenditures: |
|
|
|
|
Total reportable segments |
$ |
272,315 |
|
$ |
282,508 |
|
Change in capital expenditures included in accounts payable and accrued liabilities |
|
24,747 |
|
|
36,624 |
|
Plugging & abandonment |
|
(40,571 |
) |
|
(38,249 |
) |
Decommissioning obligations settled |
|
(280 |
) |
|
(628 |
) |
Investment in TEM 7 |
|
— |
|
|
(1,996 |
) |
Deferred payments |
|
(594 |
) |
|
(1,083 |
) |
Other |
|
(1,580 |
) |
|
(1,027 |
) |
Exploration, development and other capital expenditures |
$ |
254,037 |
|
$ |
276,149 |
|
|