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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Pro Forma Information | The following table summarizes our unaudited pro forma financial information for the years ended December 31, 2024 and 2023 as if the SilverBow Merger and Central Eagle Ford Acquisition occurred on January 1, 2023 (unaudited):
| Year Ended December 31,
| 2024 |  | 2023
| (in thousands)
Revenues | $ | 3,582,776 |  |  | $ | 3,610,300 |
Net income | 10,158 |  |  | 782,563 |
Schedule of Reconciliation of Restructuring Liability | The following is a reconciliation of our restructuring liability, which is included within Accounts payable and accrued liabilities on the consolidated balance sheets.
| One-time employee termination benefits |  | Lease termination and other costs |  | Total
| (in thousands)
December 31, 2023 | $ | — |  |  | $ | — |  |  | $ | — |
Costs incurred and charged to expense | 11,433 |  |  | 5,516 |  |  | 16,949 |
Costs paid | (6,531) |  |  | (5,516) |  |  | (12,047) |
December 31, 2024 | $ | 4,902 |  |  | $ | — |  |  | $ | 4,902 |
Schedule of Consideration Transferred | The following table summarizes the consideration transferred and the net assets acquired for our significant asset acquisitions and business combinations during the three years ended December 31, 2024 that impact the periods presented:
| Asset Acquisitions |  | Business Combinations
| Eagle Ford Minerals Acquisition |  | July Western Eagle Ford Acquisition |  | October Western Eagle Ford Acquisition |  | Uinta Transaction |  | SilverBow Merger |  | Central Eagle Ford Acquisition
(in thousands) |  |
Consideration transferred: |  |  |  |  |  |  |  |  |  |  |
Cash consideration: |  |  |  |  |  |  |  |  |  |  |
Cash paid | $ | 25,000 |  |  | $ | 592,735 |  |  | $ | 235,069 |  |  | $ | 632,400 |  |  | $ | 358,092 |  |  | $ | 156,031 |
Settlement of SilverBow Equity Awards in cash | — |  |  | — |  |  | — |  |  | — |  |  | 18,858 |  |  | — |
Equity consideration: |  |  |  |  |  |  |  |  |  |  |
Fair value of Class A Common Stock issued to SilverBow Common stockholders | — |  |  | — |  |  | — |  |  | — |  |  | 595,294 |  |  | — |
Settlement of SilverBow Equity Awards in Class A Common Stock | — |  |  | — |  |  | — |  |  | — |  |  | 16,129 |  |  | — |
Total | $ | 25,000 |  |  | $ | 592,735 |  |  | $ | 235,069 |  |  | $ | 632,400 |  |  | $ | 988,373 |  |  | $ | 156,031 |
Assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,200 |  |  | $ | — |
Accounts receivable, net | — |  |  | — |  |  | — |  |  | — |  |  | 140,073 |  |  | — |
Derivative assets – current | — |  |  | — |  |  | — |  |  | — |  |  | 100,601 |  |  | — |
Prepaid expenses | — |  |  | 355 |  |  | — |  |  | — |  |  | 6,154 |  |  | — |
Other current assets | — |  |  | — |  |  | — |  |  | — |  |  | 945 |  |  | — |
Oil and natural gas properties - proved | 12,865 |  |  | 595,025 |  |  | 239,573 |  |  | 785,150 |  |  | 1,980,500 |  |  | 144,085 |
Oil and natural gas properties - unproved | 12,135 |  |  | 22,310 |  |  | 9,819 |  |  | 70,057 |  |  | 207,191 |  |  | — |
Field and other property and equipment | — |  |  | — |  |  | — |  |  | 8,374 |  |  | 4,586 |  |  | 17,848 |
Derivative assets – noncurrent | — |  |  | — |  |  | — |  |  | — |  |  | 37,870 |  |  | — |
Other assets | — |  |  | — |  |  | — |  |  | — |  |  | 25,199 |  |  | — |
Accounts payable and accrued liabilities | — |  |  | (12,668) |  |  | (5,790) |  |  | — |  |  | (196,963) |  |  | (1,212) |
Acquired deferred acquisition consideration | — |  |  | — |  |  | — |  |  | — |  |  | (76,550) |  |  | — |
Other current liabilities | — |  |  | — |  |  | — |  |  | — |  |  | (10,029) |  |  | — |
Derivative liabilities – current | — |  |  | — |  |  | — |  |  | (179,696) |  |  | — |  |  | — |
Short-term debt | — |  |  | — |  |  | — |  |  | — |  |  | (37,500) |  |  | — |
Long-term debt | — |  |  | — |  |  | — |  |  | — |  |  | (1,103,125) |  |  | — |
Deferred tax liability | — |  |  | — |  |  | — |  |  | — |  |  | (58,670) |  |  | — |
Asset retirement obligations | — |  |  | (10,541) |  |  | (7,908) |  |  | (37,203) |  |  | (25,683) |  |  | (4,690) |
Other liabilities | — |  |  | (1,746) |  |  | (625) |  |  | (14,282) |  |  | (11,426) |  |  | — |
Net assets acquired | $ | 25,000 |  |  | $ | 592,735 |  |  | $ | 235,069 |  |  | $ | 632,400 |  |  | $ | 988,373 |  |  | $ | 156,031 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred and the net assets acquired for our significant asset acquisitions and business combinations during the three years ended December 31, 2024 that impact the periods presented:
| Asset Acquisitions |  | Business Combinations
| Eagle Ford Minerals Acquisition |  | July Western Eagle Ford Acquisition |  | October Western Eagle Ford Acquisition |  | Uinta Transaction |  | SilverBow Merger |  | Central Eagle Ford Acquisition
(in thousands) |  |
Consideration transferred: |  |  |  |  |  |  |  |  |  |  |
Cash consideration: |  |  |  |  |  |  |  |  |  |  |
Cash paid | $ | 25,000 |  |  | $ | 592,735 |  |  | $ | 235,069 |  |  | $ | 632,400 |  |  | $ | 358,092 |  |  | $ | 156,031 |
Settlement of SilverBow Equity Awards in cash | — |  |  | — |  |  | — |  |  | — |  |  | 18,858 |  |  | — |
Equity consideration: |  |  |  |  |  |  |  |  |  |  |
Fair value of Class A Common Stock issued to SilverBow Common stockholders | — |  |  | — |  |  | — |  |  | — |  |  | 595,294 |  |  | — |
Settlement of SilverBow Equity Awards in Class A Common Stock | — |  |  | — |  |  | — |  |  | — |  |  | 16,129 |  |  | — |
Total | $ | 25,000 |  |  | $ | 592,735 |  |  | $ | 235,069 |  |  | $ | 632,400 |  |  | $ | 988,373 |  |  | $ | 156,031 |
Assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,200 |  |  | $ | — |
Accounts receivable, net | — |  |  | — |  |  | — |  |  | — |  |  | 140,073 |  |  | — |
Derivative assets – current | — |  |  | — |  |  | — |  |  | — |  |  | 100,601 |  |  | — |
Prepaid expenses | — |  |  | 355 |  |  | — |  |  | — |  |  | 6,154 |  |  | — |
Other current assets | — |  |  | — |  |  | — |  |  | — |  |  | 945 |  |  | — |
Oil and natural gas properties - proved | 12,865 |  |  | 595,025 |  |  | 239,573 |  |  | 785,150 |  |  | 1,980,500 |  |  | 144,085 |
Oil and natural gas properties - unproved | 12,135 |  |  | 22,310 |  |  | 9,819 |  |  | 70,057 |  |  | 207,191 |  |  | — |
Field and other property and equipment | — |  |  | — |  |  | — |  |  | 8,374 |  |  | 4,586 |  |  | 17,848 |
Derivative assets – noncurrent | — |  |  | — |  |  | — |  |  | — |  |  | 37,870 |  |  | — |
Other assets | — |  |  | — |  |  | — |  |  | — |  |  | 25,199 |  |  | — |
Accounts payable and accrued liabilities | — |  |  | (12,668) |  |  | (5,790) |  |  | — |  |  | (196,963) |  |  | (1,212) |
Acquired deferred acquisition consideration | — |  |  | — |  |  | — |  |  | — |  |  | (76,550) |  |  | — |
Other current liabilities | — |  |  | — |  |  | — |  |  | — |  |  | (10,029) |  |  | — |
Derivative liabilities – current | — |  |  | — |  |  | — |  |  | (179,696) |  |  | — |  |  | — |
Short-term debt | — |  |  | — |  |  | — |  |  | — |  |  | (37,500) |  |  | — |
Long-term debt | — |  |  | — |  |  | — |  |  | — |  |  | (1,103,125) |  |  | — |
Deferred tax liability | — |  |  | — |  |  | — |  |  | — |  |  | (58,670) |  |  | — |
Asset retirement obligations | — |  |  | (10,541) |  |  | (7,908) |  |  | (37,203) |  |  | (25,683) |  |  | (4,690) |
Other liabilities | — |  |  | (1,746) |  |  | (625) |  |  | (14,282) |  |  | (11,426) |  |  | — |
Net assets acquired | $ | 25,000 |  |  | $ | 592,735 |  |  | $ | 235,069 |  |  | $ | 632,400 |  |  | $ | 988,373 |  |  | $ | 156,031 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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