v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 25,883 $ 2,849
Oil and natural gas sales, net 69,690 54,836
Joint interest and other, net 36,031 12,912
Short-term deposit on acquisitions 0 61,200
Prepaid expenses and other current assets 6,537 4,002
Commodity derivative assets 24,599 24,838
Total current assets 162,740 160,637
Oil and natural gas properties, full cost method (including $114.2 million and $88.7 million as of June 30, 2026 and December 31, 2025, respectively, excluded from amortization) 1,971,289 1,264,212
Midstream and other property and equipment 352,635 57,116
Less: Accumulated depreciation, depletion, and amortization (336,501) (256,712)
Property and equipment, net 1,987,423 1,064,616
Operating lease right-of-use assets, net 1,852 1,147
Deferred tax asset, net 301 4,858
Other assets 16,883 6,709
Commodity derivative assets 17,918 2,885
Total assets 2,187,117 1,240,852
Current liabilities:    
Accounts payable 29,852 38,572
Royalties payable 78,105 39,686
Accrued liabilities and other 76,483 23,021
Operating lease liabilities 593 181
Commodity derivative liabilities, short-term 2,137 1,106
Total current liabilities 187,170 102,566
Long-term debt 538,150 150,862
Operating lease liabilities, non-current 1,275 966
Asset retirement obligations 7,497 3,636
Commodity derivative liabilities 298 3,361
Tax receivable agreement 3,592 1,537
Total liabilities 737,982 262,928
Redeemable non-controlling interest 706,595 670,785
Stockholders’ equity    
Additional paid-in capital 382,734 310,972
Retained earnings (accumulated deficit) 15,582 (4,440)
Total stockholders’ equity 398,949 307,139
Total liabilities, stockholders’ equity, redeemable interest and Series A Preferred Stock 2,187,117 1,240,852
Series A Convertible Preferred Stock    
Current liabilities:    
Series A Preferred Stock ($0.01 par value; 350,000 and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 343,591 0
Class A    
Stockholders’ equity    
Common stock value 186 155
Class B    
Stockholders’ equity    
Common stock value $ 447 $ 452