| Segment Reporting |
The following table presents consolidated net income, the significant measure of profit and loss used by the CODM, as well as total assets, capital expenditures and our equity method investment for the Company's single reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (In thousands) | Total Revenues | $ | 165,850 | | | $ | 85,394 | | | $ | 279,731 | | | $ | 187,851 | | | Less: | | | | | | | | | Lease operating expenses | 29,433 | | | 18,880 | | | 53,504 | | | 37,211 | | | Production and ad valorem taxes | 11,430 | | | 6,126 | | | 20,462 | | | 12,796 | | | Exploration costs | 466 | | | 47 | | | 1,433 | | | 56 | | | Depletion, depreciation, amortization and accretion | 24,651 | | | 19,563 | | | 50,371 | | | 38,701 | | | Impairment of oil and natural gas properties | — | | | 1,214 | | | — | | | 1,214 | | | | | | | | | | | Administrative costs | 8,720 | | | 6,199 | | | 16,840 | | | 13,637 | | | Stock-based compensation expense | 3,918 | | | 2,685 | | | 6,219 | | | 4,054 | | | Transaction costs | — | | | 1,926 | | | — | | | 1,926 | | Interest expense, net of capitalized interest(1) | 7,021 | | | 7,320 | | | 13,553 | | | 14,111 | | | Interest income | (251) | | | (149) | | | (426) | | | (279) | | | (Gain) loss on derivatives, net | (33,235) | | | (18,720) | | | 93,735 | | | (12,870) | | | (Income) loss from equity method investment | (45) | | | 129 | | | 323 | | | 248 | | | (Gain) loss on acquisitions and divestitures, net | (961) | | | — | | | 1,736 | | | — | | | Income tax expense | 27,333 | | | 9,704 | | | 5,045 | | | 17,943 | | Segment net income(2) | $ | 87,370 | | | $ | 30,470 | | | $ | 16,936 | | | $ | 59,103 | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets | $ | 1,270,491 | | | $ | 1,033,567 | | | $ | 1,270,491 | | | $ | 1,033,567 | | Capital expenditures(3) | $ | 86,599 | | | $ | 27,786 | | | $ | 133,686 | | | $ | 51,786 | | | Equity method investment | $ | 42,365 | | | $ | 28,813 | | | $ | 42,365 | | | $ | 28,813 | |
_____________________ (1)Interest expense is shown gross of, or prior to the effect of interest income. (2)There are no reconciling items between net income presented in our accompanying condensed consolidated statements of operations and segment net income. (3)Capital expenditures are accrual (activity-based) before acquisitions.
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