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Transactions with Related Parties
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Transactions with Related Parties
Note 11—Transactions with Related Parties
    Pearl Energy Investments (“Pearl”), EnCap Partners GP, LLC (“EnCap”), Riverstone Investment Group LLC (“Riverstone”) and related affiliates of each entity each beneficially owned more than 5% of any class of common stock in the Company as of September 30, 2024. Due to Pearl’s, EnCap’s and Riverstone’s beneficial ownership, these entities are considered related parties to the Company. NGP Energy Capital (“NGP”), was a related party through the first quarter of 2024, however, NGP no longer beneficially owns any class of common stock in the Company as of September 30, 2024 and is no longer considered a related party to the Company.
The Company has a vendor arrangement with Streamline Innovations Inc, (“Streamline”) who was a former affiliate of Riverstone beginning in the second quarter of 2022 and is now an affiliate of Pearl as of September 30, 2024 that represents a related party transaction. The Company believes that the terms of this arrangement are no less favorable to either party than those held with unaffiliated parties.
The following table summarizes the costs incurred from the arrangement during the periods it was considered a related party, as discussed above, as included in the consolidated statements of operations for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Streamline
Lease operating expenses$2,556 $1,782 6,599 3,616 
During the nine months ended September 30, 2024 and 2023, the Company paid various affiliates of NGP and EnCap for revenues earned based upon their net revenue interests held in wells that are operated by the Company. These relationships are considered ordinary in the course of business and the terms of these relationships are no more favorable than those held with unaffiliated parties.
During the nine months ended September 30, 2024 and 2023, the Company repurchased 3.8 million and 5.0 million Common Units of OpCo from NGP, respectively, for $61.0 million and $57.3 million, respectively, under the Repurchase Program. The equal number of underlying shares of Class C Common Stock were simultaneously canceled by the Company.