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BUSINESS COMBINATIONS (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract] |
Preliminary Allocation of Acquisition | The preliminary allocation of the total purchase price for the Q1 2024 Acquisition is set forth below (in thousands). The Company anticipates that the allocation of the purchase price should be finalized during 2024 upon determination of the final purchase price adjustments.
Consideration | Allocation
Cash consideration given | $ | 155,054 |
Allocation of purchase price |
Current assets | $ | 3,358 |
Oil and natural gas properties |
Evaluated | 45,778
Unproved and unevaluated | 107,072
Asset retirement obligations | (1,154)
Net assets acquired | $ | 155,054 |
The final allocation of the total purchase price for the Advance Acquisition is set forth below (in thousands).
Consideration | Allocation
Cash | $ | 1,676,132 |
Working capital adjustments | (4,060)
Fair value of Contingent Consideration at April 12, 2023 | 21,151
Total consideration given | $ | 1,693,223 |
Allocation of purchase price |
Current assets | $ | 79,287 |
Oil and natural gas properties |
Evaluated | 1,418,668
Unproved and unevaluated | 213,835
Midstream assets | 63,644
Current liabilities | (73,885)
Asset retirement obligations | (8,326)
Net assets acquired | $ | 1,693,223 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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