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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt

Note 7 — Debt

A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands):

 

Maturity Date

September 30, 2025

 

December 31, 2024

 

9.000% Second-Priority Senior Secured Notes

February 1, 2029

$

625,000

 

$

625,000

 

9.375% Second-Priority Senior Secured Notes

February 1, 2031

 

625,000

 

 

625,000

 

Bank Credit Facility

March 31, 2027

 

—

 

 

—

 

Total debt, before discount and deferred financing cost

 

 

1,250,000

 

 

1,250,000

 

Unamortized discount and deferred financing cost, net

 

 

(25,053

)

 

(28,601

)

Total debt(1)

 

$

1,224,947

 

$

1,221,399

 

 

(1)
As of September 30, 2025, the Company was in compliance with all debt covenants.

Bank Credit Facility

The Company maintains the Bank Credit Facility with a syndicate of financial institutions. The borrowing base is redetermined by the lenders at least semi-annually during the second quarter and fourth quarter of each year based on a proved reserves report that the Company delivers to the administrative agent of its Bank Credit Facility.

On August 4, 2025, the Company entered into the Borrowing Base Redetermination Agreement and Twelfth Amendment to Credit Agreement (the “Twelfth Amendment”). The Twelfth Amendment, among other things, (i) decreased both the borrowing base and commitments to $700.0 million and (ii) removed the $50.0 million cap on the amount of unrestricted cash that may be deducted in the calculation of consolidated total debt (used to calculate the Consolidated Total Debt to EBITDAX ratio under the Bank Credit Facility) if, as of the applicable date of determination, each lender’s total exposure is $0.