v3.26.1
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following presents the allocation of the total purchase price of the Silverback Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the closing date of the acquisition:    
Preliminary purchase price allocation as of June 30, 2026 (in thousands):
Consideration:
Cash consideration paid to sellers upon closing$119,559 
Preliminary estimated fair value of earnout payments3,100 
Total consideration transferred$122,659 
Fair value of assets acquired:
Cash
$1,857 
Accounts receivable7,889 
Prepaid expenses
313 
Inventory5,371 
Current derivative assets
1,029 
Oil and gas properties
140,047 
Other property and equipment
602 
Other non-current assets
1,421 
Amount attributable to assets acquired
$158,529 
Fair value of liabilities assumed:
Accounts payable$364 
Accrued liabilities
1,851 
Revenue payable14,371 
Asset retirement obligations19,284 
Amount attributable to liabilities assumed$35,870 
Net assets acquired$122,659 
Schedule of Gain (loss) on Divestitures and Acquisitions
Gain (loss) on acquisitions and divestitures, net consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Gain on sale of oil and natural gas properties(1)
$— $— $1,446 $— 
Gain (loss) on earnout liabilities - Silverback Acquisition635 — (3,485)— 
Other326 — 303 — 
Total gain (loss) on acquisitions and divestitures, net$961 $— $(1,736)$— 
_____________________
(1) Represents sale of interest in non-operated wells.
Schedule of Business Acquisition, Pro Forma Information The following supplemental, unaudited pro forma combined financial information for the three and six months ended June 30, 2025, reflect the consolidated results of operations of the Company as if the Silverback Acquisition had occurred on January 1, 2024. The information below reflects pro forma adjustments based on available information and certain assumptions that the Company believes are factual and supportable. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2024 instead of being recorded in the year ended December 31, 2025, (ii) depletion, depreciation and amortization expense and (iii) interest expense related to the financing for the Silverback Acquisition. In addition, the pro forma information has been effected for income taxes with a blended statutory rate of 25.7% for the three and six months ended June 30, 2025.
Three Months EndedSix Months Ended
June 30, 2025June 30, 2025
(In thousands, except per share amounts)
Total revenues
$101,474 $224,445 
Net income$33,609 $65,240 
Basic net income per common share$1.59 $3.09 
Diluted net income per common share$1.59 $3.09