These financial statements, which are unaudited, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Such information includes all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The results of operations for interim periods are not necessarily indicative of the results to be expected for an entire year.

Certain information, accounting policies, and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to certain rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2025, which were included in the Company’s 2025 Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in Accumulated Other Comprehensive Loss in the condensed consolidated balance sheets and the condensed consolidated statements of stockholders’ equity. Foreign currency transaction gains and losses arising from remeasurement are recognized in current earnings.

When contingent consideration is included as part of an acquisition of oil and gas properties, the Company recognizes the contingent consideration at fair value as of the acquisition date. Contingent consideration is classified as either a liability or equity based on the nature of the arrangement. Contingent consideration classified as a liability is remeasured at fair value at each reporting date, with changes in fair value recognized in earnings, until the contingency is resolved and the obligation is settled. Contingent consideration classified as equity is not remeasured subsequent to the acquisition date. The fair value of contingent consideration is classified within the appropriate level of the fair value hierarchy based on the significance of the inputs used in the valuation. See Note 3 and Note 9 for further discussion.

The preparation of financial statements under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The most significant estimates relate to proved crude oil and natural gas reserves, which include limited control over future development plans as a non-operator, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of derivative instruments, fair value of contingent consideration, acquisition date fair values of assets acquired and liabilities assumed, impairment of crude oil and natural gas properties, asset retirement obligations at initial recognition, and deferred income taxes.

Management’s estimates and assumptions were based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, actual results may differ from the estimates and assumptions used, and conditions may change, which could materially affect amounts reported in the unaudited condensed consolidated financial statements.

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), in the form of Accounting Standard Updates (“ASU”), that are adopted by the Company as of the specified effective date, as applicable. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt With Conversion and Other Options (Subtopic 470-20): Induced Conversion of Convertible Debt Instruments. The objective of the standard is to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20, Debt with Conversion and Other Options. This standard will affect entities that settle convertible debt instruments for which the conversion privileges are changed to induce conversion. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted ASU 2024-04 as of March 31, 2026, with no material impact on its financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The objective of the standard is to provide disaggregated information about a public business entity’s expenses to help investors better understand the components of an entity’s expenses, which should enable investors to better assess an entity’s prospects for future cash flows. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its financial statements and related disclosures.

The Company’s revenues are primarily derived from its interests in the sales of oil and natural gas production. The Company recognizes revenue from its interests in the sales of crude oil and natural gas in the period that its performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the product, when the Company has no further obligations to perform related to the sale, when the transaction price has been determined and when collectability is probable. The sales of oil and natural gas are made under contracts which the third-party operators of the wells have negotiated with customers, which typically include variable consideration that is based on pricing tied to local indices and volumes delivered in the current month. The Company receives payment from the sale of oil and natural gas production from one to

three months after delivery. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in Accounts Receivable, Net in the condensed consolidated balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received. Historically, differences have been insignificant. Accordingly, the variable consideration is not constrained.

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient exemption, which applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.

The Company’s oil is typically sold at delivery points under contract terms that are common in our industry. The Company’s natural gas produced is delivered by the well operators to various purchasers at agreed upon delivery points under a limited number of contract types that are also common in our industry. Regardless of the contract type, the terms of these contracts compensate the well operators for the value of the oil and natural gas at specified prices, and then the well operators will remit payment to the Company for its share in the value of the oil and natural gas sold.

From time to time, the Company’s share of gas sold may exceed its entitlement, resulting in a gas production imbalance. To the extent that such an imbalance exists, the Company only records a corresponding liability if the Company’s gas volumes sold are in excess of its share of remaining reserves in an underlying property. No well imbalance liability was recorded as of June 30, 2026.

In June 2025, the Company entered into a settlement and mutual release agreement (the “Settlement Agreement”) with an operator in North Dakota (the “Operator”). Pursuant to the Settlement Agreement, the Operator and the Company settled and permanently released certain claims of the Company relating to certain post-production costs previously deducted from revenues. Pursuant to the settlement, the Company received approximately $81.7 million, recorded within Oil and Gas Sales in the accompanying condensed consolidated statements of operations. The Company received a net cash settlement of $48.6 million after deducting approximately $33.1 million in legal settlement expenses.

The Company reports volumes and revenues on a two-stream basis. Accordingly, the Company’s disaggregated revenue has two primary sources: (i) oil sales and (ii) natural gas and NGL sales. Substantially all of the Company’s sales come from five operating areas in North America: the Williston Basin, the Permian Basin, the Appalachian Basin, the Uinta Basin and the Duvernay Basin.

The future results of the Company’s crude oil and natural gas operations will be affected by the market prices of crude oil and natural gas. The availability of a ready market for crude oil and natural gas products in the future will depend on numerous factors beyond the control of the Company, including weather, imports, marketing of competitive fuels, proximity and capacity of crude oil and natural gas pipelines and other transportation facilities, any oversupply or undersupply of crude oil, natural gas and liquid products, the regulatory environment, the economic environment, and other regional and political events, none of which can be predicted with certainty.

The Company operates in the exploration, development and production sector of the crude oil and natural gas industry. The Company’s receivables include amounts due, indirectly via the third-party operators of the wells, from purchasers of its crude oil and natural gas production. While certain of these customers, as well as third-party operators of the wells, are affected by periodic downturns in the economy in general or in their specific segment of the crude oil or natural gas industry, the Company believes that its level of credit-related losses due to such economic fluctuations have been immaterial.

As a non-operator, 100% of the Company’s wells are operated by third-party operating partners. As a result, the Company is highly dependent on the success of these third-party operators. If they are not successful in the exploration, development and production activities relating to the Company’s leasehold interests, or are unable or unwilling to perform, the Company’s financial condition and results of operations could be adversely affected. These risks are heightened in a low commodity price environment, which may present significant challenges to these third-party operators. The Company’s third-party operators will make decisions in connection with their operations that may not be in the Company’s best interests, and the Company may have little or no ability to exercise influence over the operational decisions of its third-party operators. For the three months ended June 30, 2026, the Company’s top six operators made up 46% of total oil and natural gas sales, with one operator comprising more than 10% but less than 15%. For the six months ended June 30, 2026, the Company’s top six operators made up 46% of total oil and natural gas sales, with one operator comprising more than 10% but less than 15%. For the three months ended June 30, 2025, the Company’s top six operators made up 54% of total oil and natural gas sales, with two operators comprising more than 10% but less than 15%. For the six months ended June 30, 2025, the Company’s top six operators made up 52% of total oil and natural gas sales, with two operators comprising more than 10% but less than 15%.

The Company faces concentration risk due to the fact that substantially all of its oil and natural gas revenue is sourced from a limited number of geographic areas of operations. As a result, the Company is disproportionately exposed to risks that affect one or more of those areas in the Williston Basin, the Permian Basin, the Appalachian Basin, the Uinta Basin and the Duvernay Basin.

Pursuant to the Company’s recent acquisition of oil and gas properties in Canada (See Note 3), the Company is now subject to foreign currency risks. The Company’s wholly-owned Canadian subsidiary uses the Canadian dollar (“CAD”) as its functional currency. Fluctuations in the USD/CAD exchange rate will affect the USD equivalent of the Canadian subsidiary’s assets, liabilities, revenues, and operating expenses as reported in the consolidated financial statements.

The Company manages and controls market and counterparty credit risk. In the normal course of business, collateral is not required for financial instruments with credit risk. Financial instruments which potentially subject the Company to credit risk consist principally of cash balances and derivative financial instruments. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments. The Company attempts to limit the amount of credit exposure to any one financial institution or company. The Company believes the credit quality of its counterparties is generally high. In the normal course of business, letters of credit or parent guarantees may be required for counterparties which management perceives to have a higher credit risk.

Basic earnings per share (“EPS”) are computed by dividing net income (loss) attributable to common stockholders (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include vesting of restricted stock awards and shares issuable upon conversion of the Convertible Notes (see Note 4). The number of potential common shares outstanding are calculated using the treasury stock or if-converted method.

In those reporting periods in which the Company has reported net income available to common stockholders, anti-dilutive shares generally are comprised of the restricted stock that has average unrecognized stock compensation expense greater than the average stock price. In those reporting periods in which the Company has a net loss, anti-dilutive shares are comprised of the impact of those number of shares that would have been dilutive had the Company had net income plus the number of common stock equivalents that would be anti-dilutive had the company had net income.

Restricted stock awards are excluded from the calculation of basic weighted average common shares outstanding until they vest. For restricted stock awards that vest based on achievement of performance and/or market conditions, the number of contingently issuable common shares included in diluted weighted-average common shares outstanding is based on the number of common shares, if any, that would be issuable under the terms of the arrangement if the performance and/or market conditions were met at the end of the reporting period, assuming the result would be dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per share data)	2026		2025		2026		2025
Net Income (Loss) Attributable to Common Stockholders	$	236,628	$	99,585	$	(286,219)	$	238,567




Weighted Average Common Shares Outstanding:
Weighted Average Common Shares Outstanding – Basic	105,871,269		98,060,407		102,207,355		98,308,686
Plus: Dilutive Effect of Restricted Stock and Contingently Issuable Shares	2,220,097		1,334,132		—		1,383,447

Weighted Average Common Shares Outstanding – Diluted	108,091,366		99,394,539		102,207,355		99,692,134

Net Income (Loss) per Common Share:
Basic	$	2.24	$	1.02	$	(2.80)	$	2.43
Diluted	$	2.19	$	1.00	$	(2.80)	$	2.39

Shares Excluded from EPS Due to Anti-Dilutive Effect:
Restricted Stock	89,037		63,093		2,075,976		74,873


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Supplemental Cash Items:
Cash Paid During the Period for Interest	$	77,636	$	43,714	$	85,975	$	85,602
Cash Paid (Refunded) During the Period for Income Taxes, Net
U.S. Federal	—		—		—		(1,950)
U.S. State and Local:	5		665		447		(345)




Non-cash Investing Activities:
Capital Expenditures on Oil and Natural Gas Properties Included in Accounts Payable and Accrued Liabilities	359,958		295,758		359,958		295,758

Capitalized Asset Retirement Obligations	871		1,294		2,480		2,184
Issuance of Common Stock - Acquisition of Oil and Natural Gas Properties	81,388		—		81,388		—
Contingent Consideration - Acquisition of Oil and Natural Gas Properties	9,507		—		9,507		—
Compensation Costs Capitalized in Oil and Natural Gas Properties	255		208		485		402

Non-cash Financing Activities:

Common Stock Dividends Declared, But Not Paid	49,612		44,270		49,612		44,270
Common Stock Repurchases Included In Accounts Payable and Accrued Liabilities	10,244		—		10,244		—
Repurchases of Common Stock - Excise Tax	—		350		—		500