v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Management has evaluated that the Company is organized and managed as a single reportable segment, which is the exploration and production of oil, natural gas and NGLs (“E&P Segment”). All of the Company’s operations and assets are located in the United States, and its revenues are attributable to United States customers.
The accounting policies of the E&P Segment are the same as those described in Note 2.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer and Director. The CODM uses consolidated net income as presented on the accompanying statements of operations to measure E&P Segment profit or loss, and to evaluate income generated from E&P Segment assets in deciding whether to reinvest profits into operational activities or to use profits for other purposes, such as debt reduction, acquisitions, or distributions to unitholders. Additionally, consolidated net income is used in assessing budget versus actual results and in benchmarking to the Company’s competitors.
The following table summarizes total revenues, significant expenses, net income and capital expenditures related to the E&P Segment for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total revenues
$405,955 $288,517 $691,880 $515,285 
Gathering and processing
47,968 31,784 107,239 59,945 
Lease operating expense
97,724 49,566 198,656 98,318 
Production taxes
18,538 10,496 35,105 23,270 
Total significant expenses164,230 91,846 341,000 181,533 
Midstream operating expense
4,954 3,200 10,110 6,170 
Cost of product sales
5,402 6,274 12,186 14,261 
Depreciation, depletion, amortization and accretion – oil and natural gas
93,887 64,340 187,891 125,525 
Depreciation and amortization – other
4,342 2,758 8,511 5,158 
General and administrative
8,821 6,952 15,722 15,969 
General and administrative – related party
1,850 1,850 3,700 3,700 
Interest expense24,515 12,140 48,932 30,034 
Loss on debt extinguishment— — — 18,540 
Other expense, net(259)9,496 653 8,848 
Total expenses307,742 198,856 628,705 409,738 
Net income$98,213 $89,661 $63,175 $105,547 
Capital expenditures, including acquisitions96,938 125,452 172,187 206,810 
The following table summarizes total assets to the E&P Segment as of June 30, 2026 and December 31, 2025 (in thousands):
June 30,
2026		December 31,
2025
Total assets$3,675,252 $3,777,308