v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 21,599 $ 97,684
Accounts receivable 50,115 0
Inventory 11,558 12,078
Materials and supplies 14,111 14,658
Prepaid expenses and other current assets 9,967 11,282
Total current assets 107,350 135,702
Oil and gas properties (Successful efforts method)    
Oil and gas properties 1,650,903 1,567,029
Less: Accumulated depletion, depreciation and amortization (39,495) (5,977)
Total oil and gas properties, net 1,611,408 1,561,052
Other, net 42,885 44,068
Total assets 1,761,643 1,740,822
Liabilities and Stockholders’ Equity    
Accounts payable and accrued liabilities 206,679 99,353
Term Loan—current, net 236,749 921,584
Other current liabilities 2,934 2,488
Total current liabilities 446,362 1,023,425
Term Loan—non-current, net 732,087 0
Warrant liabilities 9,839 37,738
Asset retirement obligations 119,848 113,181
Deferred tax liability 39,810 12,833
Other 18,697 19,342
Total liabilities 1,366,643 1,206,519
Commitments and Contingencies (Note 6)
Stockholders’ Equity    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common Stock, $0.0001 par value; 500,000,000 shares authorized; 154,531,910 and 144,961,796 issued and outstanding at June 30, 2026 and December 31, 2025, respectively 16 15
Additional paid-in capital 1,764,684 1,642,746
Accumulated deficit (1,369,700) (1,108,458)
Total Stockholders’ Equity 395,000 534,303
Total Liabilities and Stockholders’ Equity $ 1,761,643 $ 1,740,822