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Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation, Policy [Policy Text Block]
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Regulation S-X. These financial statements do not include all information and notes required by GAAP for annual financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in the 2025 Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. As a result of the Civitas Merger, the Company expanded its Permian Basin position by increasing its Midland Basin footprint and establishing a new presence in the Delaware Basin in West Texas and New Mexico. Accordingly, positions and activity previously presented as “Midland Basin” are now included within “Permian Basin”.
Assets Held for Sale
Assets Held for Sale. Any properties held for sale as of the balance sheet date have been classified as assets held for sale and are separately presented in the accompanying unaudited condensed consolidated balance sheets (“accompanying balance sheets”) at the lower of carrying amount or fair value less the cost to sell. Refer to Note 2 - Mergers, Acquisitions, and Divestitures for additional discussion.
Assets are classified as held for sale when the Company commits to a plan to sell the assets, the assets are available for immediate sale in their present condition, and the sale is probable within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to identify and expense any excess of carrying value over fair value less estimated costs to sell, in each reporting period until sold. If assets no longer meet the criteria to be classified as held for sale, they are reclassified to held for use and measured at the lower of (i) the carrying amount before classification as held for sale, adjusted for depreciation, depletion and amortization that would have been recognized, or (ii) the fair value at the date of reclassification. Gains or losses related to assets held for sale are recognized in the unaudited condensed consolidated statements of operations in the period incurred.
Recently Issued Accounting Standards, Policy [Policy Text Block]
Recently Issued Accounting Guidance
As of March 31, 2026, and through the filing of this report, no accounting guidance applicable to the Company has been issued and not yet adopted in 2026 that would have a material effect on the Company’s unaudited condensed consolidated financial statements and related disclosures. For information about accounting guidance issued in previous years but not yet adopted by the Company, refer to Note 1 - Summary of Significant Accounting Policies in the 2025 Form 10-K.