Transactions with Related Parties |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Transactions with Related Parties | Transactions with Related Parties RPC Power The Company is party to a 10-year agreement with RPC Toll LLC, a wholly owned subsidiary of RPC Power ("RPC Toll"), which provides for the conversion of specified quantities of natural gas to electricity to power a portion of our oilfield operations in our Champions field ("Second A&R Tolling Agreement") in exchange for fixed and variable payments to RPC Toll for the electricity provided. The Second A&R Tolling Agreement commenced in June 2024 and expires in September 2034 unless extended by the parties. The Company also entered into two ancillary agreements that run concurrently with the Second A&R Tolling Agreement. The Company pays a fixed monthly fee for RPC Power's operational expertise and a designated return for RPC Power's capital invested in electrical connections. The Company is party to a 10-year natural gas supply agreement ("A&R Supply Agreement") with RPC Merchant LLC, a wholly owned subsidiary of RPC Power ("RPC Merchant"), to supply natural gas to fuel the natural gas generators under the Merchant Deal. The Company's commitment under the A&R Supply Agreement is contingent upon project start-up with the first of sites placed in service in May 2026. The price the Company receives for the gas volumes sold is variable which may result in negative sales prices and revenues. The remaining three sites are expected to be placed in service during the second half of 2026. The Company incurred LOE from RPC Power of approximately $2.1 million for the three months ended June 30, 2026, and 2025 and approximately $4.1 million and $3.7 million for the six months ended June 30, 2026, and 2025, respectively. As of June 30, 2026, and December 31, 2025, the Company had approximately $0.7 million accrued for RPC Power, which was included in accrued liabilities in our accompanying condensed consolidated balance sheets. The Company incurred net payments under the A&R Supply Agreement of less than $0.1 million for the three and six months ended June 30, 2026. See additional information related to RPC Power in Note 8 - Equity Method Investment and Note 15 - Commitments and Contingencies for additional information on future commitments. Consulting and Legal Fees The Company has an engagement agreement with di Santo Law PLLC ("di Santo Law"), a law firm owned by Beth di Santo, a member of our Board of Directors, pursuant to which di Santo Law's attorneys provide legal services to the Company. The Company incurred legal fees from di Santo Law of approximately $0.3 million for the three months ended June 30, 2026, and 2025 and approximately $0.6 million and $0.7 million for the six months ended June 30, 2026, and 2025, respectively. As of June 30, 2026, and December 31, 2025, the Company had approximately $0.1 million and $1.7 million, respectively, in amounts accrued for di Santo Law, which was included in other current liabilities in our accompanying condensed consolidated balance sheets.
|