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 Reconciliation of Assets Acquired and Liabilities Assumed
Initial
IKAV Acquisition		AdjustmentsFinal
IKAV Acquisition
Consideration transferred:
Common units issued30,611,264 (1,422,476)(b)29,188,788 
Closing price of common units on September 15, 2025$13.39 $— $13.39 
Equity consideration$409,885 $(19,047)(b)$390,838 
Cash consideration349,763 1,749 (a)351,512 
Total acquisition consideration$759,648 $(17,298)$742,350 
Assets acquired:
Proved oil and natural gas properties$736,390 $18,925 (a)$755,315 
Accounts receivable66,232 (4,942)(a)61,290 
Short-term derivative assets5,470 — 5,470 
Inventories18,141 (4,993)(a)13,148 
Other current assets15,319 (3,709)(a)11,610 
Other property, plant and equipment113,867 (12,304)(a)101,563 
Other assets11,430 (10,032)(a)1,398 
Total assets acquired966,849 (17,055)949,794 
Liabilities assumed:
Outstanding checks in excess of bank balance1,574 (204)(a)1,370 
Accounts payable and accrued liabilities90,679 794 (a)91,473 
Revenue payable14,519 3,443 (a)17,962 
Other current liabilities331 — 331 
Asset retirement obligations86,948 — 86,948 
Long-term derivative liabilities2,187 — 2,187 
Other long-term liabilities10,963 (3,790)(a)7,173 
Total liabilities assumed207,201 243 207,444 
Net assets acquired$759,648 $(17,298)$742,350 
a.Adjustment reflects additional accounting data received and processed subsequent to the acquisition date. The initial purchase price allocation considered available data at the time of disclosure.
b.Adjustment reflects a cancellation of common units transferred. The initial purchase price allocation considered available data at the time of disclosure.
The table below reflects the fair value estimates of the assets acquired and liabilities assumed as of the acquisition date. See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):
Initial
XTO Acquisition		AdjustmentsFinal
XTO Acquisition
Consideration transferred:
Cash consideration$77,893 $364 (a)$78,257 
Less: purchase price adjustment receivable— (2,105)(a)(2,105)
Total acquisition consideration$77,893 $(1,741)$76,152 
Assets acquired:
Proved oil and natural gas properties$65,530 $5,498 (a)$71,028 
Accounts receivable – joint interest2,344 $(2,281)(a)63 
Other property and equipment6,417 $(782)(a)5,635 
Other assets9,576 (3,850)(a)5,726 
Total assets acquired83,867 (1,415)82,452 
Liabilities assumed:
Revenue suspense1,354 326 (a)1,680 
Accrued liabilities444 — 444 
Asset retirement obligations4,176 — 4,176 
Total liabilities assumed5,974 326 6,300 
Net assets acquired$77,893 $(1,741)$76,152 
a.Adjustment reflects additional accounting data received and processed subsequent to the acquisition date. The initial purchase price allocation considered available data at the time of disclosure
Schedule of Asset Acquisition The table below reflects the fair value estimates of the assets acquired and liabilities assumed as of the acquisition date. See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):
Initial
Sabinal Acquisition		AdjustmentsFinal
Sabinal Acquisition
Consideration transferred:
Common units issued19,187,581 (227,547)(b)18,960,034 
Closing price of common units on September 15, 2025$13.39 $— $13.39 
Equity consideration$256,922 $(3,047)(b)$253,875 
Cash consideration195,711 (4,737)(a)190,974 
Capitalized transaction costs3,589 99 (a)3,688 
Less: purchase price adjustment receivable(11,780)11,780 (a)— 
Total acquisition consideration$444,442 $4,095 $448,537 
Assets acquired:
Proved oil and natural gas properties$489,681 $5,852 (a)$495,533 
Accounts receivable – joint interest— 262 (a)262 
Inventories6,123 (2,058)(a)4,065 
Other property, plant and equipment— 353 (a)353 
Other assets144 — 144 
Short-term derivative assets5,793 — 5,793 
Long-term derivative assets3,933 3,313 (a)7,246 
Total assets acquired505,674 7,722 513,396 
Liabilities assumed:
Accrued liabilities2,876 3,741 (a)6,617 
Revenue payable1,336 (114)(a)1,222 
Asset retirement obligations57,020 — 57,020 
Total liabilities assumed61,232 3,627 64,859 
Net assets acquired$444,442 $4,095 $448,537 
a.Adjustment reflects additional accounting data received and processed subsequent to the acquisition date. The initial purchase price allocation considered available data at the time of disclosure.
b.Adjustment reflects a cancellation of common units transferred. The initial purchase price allocation considered available data at the time of disclosure.
The table below reflects the fair value estimates of the assets acquired and liabilities assumed as of the acquisition date. See
Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):
Final
Flycatcher Acquisition
Consideration transferred:
Cash consideration$24,141 
Capitalized transaction costs182 
Less: purchase price adjustment receivable— 
Total acquisition consideration$24,323 
Assets acquired:
Proved oil and natural gas properties$26,566 
Other assets8 
Total assets acquired26,574 
Liabilities assumed:
Revenue suspense2,217 
Asset retirement obligations34 
Total liabilities assumed2,251 
Net assets acquired$24,323 
Schedule of Pro Forma Consolidated Financial Information
The following table summarizes the unaudited pro forma consolidated financial information of the Company for the three and six months ended June 30, 2025 as if the IKAV Acquisition and XTO Acquisition had occurred on January 1, 2024 (in thousands):
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Total revenues$362,214 $672,071 
Net income132,120 191,837