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v3.26.1

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Information | Note 14 — Segment Information The chief operating decision maker (“CODM”) is currently the President and Chief Executive Officer and Chief Financial Officer. The Company’s CODM does not review assets by segment as part of the financial information provided and therefore, no asset information is provided in the table below. The following table presents selected segment information (in thousands):
| Three Months Ended June 30, |
| 2026 |  | 2025 |
| Upstream |
Revenues from external customers | $ | 664,813 |  | $ | 424,721 |
Significant expenses: |  |  |  |
Direct operating and maintenance(1) |  | (140,720 | ) |  | (133,741 | )
Workover(1) |  | (14,963 | ) |  | (3,230 | )
Adjusted general and administrative expense(2) |  | (36,873 | ) |  | (34,364 | )
Net cash received (paid) on settled derivative instruments |  | (74,146 | ) |  | 33,315 |
Interest expense |  | (39,162 | ) |  | (40,811 | )
Other segment items: |  |  |  |
Other(3) |  | 2,881 |  |  | 8,429 |
Depreciation, depletion and amortization |  | (229,369 | ) |  | (269,706 | )
Impairment of oil and natural gas properties |  | — |  |  | (223,881 | )
Accretion expense |  | (35,908 | ) |  | (32,046 | )
Mark-to-market derivative fair value gain (loss) |  | 104,695 |  |  | 53,540 |
Equity-based compensation expense |  | (6,409 | ) |  | (4,403 | )
Equity method investment income (expense) |  | (113 | ) |  | (186 | )
Income tax benefit (expense) |  | (44,837 | ) |  | 36,426 |
Net income (loss) |  | 149,889 |  |  | (185,937 | )
(1) Component of lease operating expense. (2) Includes general and administrative expense less transaction expenses and equity-based compensation. (3) Primarily includes interest income offset by transaction expenses and other miscellaneous operating expenses. The following table presents selected segment information (in thousands):
| Six Months Ended June 30, |
| 2026 |  | 2025 |
| Upstream |
Revenues from external customers | $ | 1,137,123 |  | $ | 937,780 |
Significant expenses: |  |  |  |
Direct operating and maintenance(1) |  | (255,424 | ) |  | (259,308 | )
Workover(1) |  | (29,294 | ) |  | (5,468 | )
Adjusted general and administrative expense(2) |  | (70,885 | ) |  | (64,674 | )
Net cash received (paid) on settled derivative instruments |  | (96,616 | ) |  | 38,482 |
Interest expense |  | (78,340 | ) |  | (81,738 | )
Other segment items: |  |  |  |
Other(3) |  | (5,946 | ) |  | 16,547 |
Depreciation, depletion and amortization |  | (459,753 | ) |  | (550,422 | )
Impairment of oil and natural gas properties |  | (145,018 | ) |  | (223,881 | )
Accretion expense |  | (70,847 | ) |  | (62,940 | )
Mark-to-market derivative fair value gain (loss) |  | (46,382 | ) |  | 32,520 |
Equity-based compensation expense |  | (11,745 | ) |  | (8,544 | )
Equity method investment income (loss) |  | 6,557 |  |  | (676 | )
Income tax benefit (expense) |  | 20,455 |  |  | 36,517 |
Net income (loss) |  | (106,115 | ) |  | (195,805 | )
(1) Component of lease operating expense. (2) Includes general and administrative expense less transaction expenses and equity-based compensation. (3) Primarily includes a litigation settlement offset by interest income. Reconciliations The following table presents the reconciliation of Segment Expenditures to the Company’s consolidated totals (in thousands):
| Six Months Ended June 30, |
| 2026 |  | 2025 |
Segment Expenditures: |  |  |  |
Total reportable segments | $ | 272,315 |  | $ | 282,508 |
Change in capital expenditures included in accounts payable and accrued liabilities |  | 24,747 |  |  | 36,624 |
Plugging & abandonment |  | (40,571 | ) |  | (38,249 | )
Decommissioning obligations settled |  | (280 | ) |  | (628 | )
Investment in TEM 7 |  | — |  |  | (1,996 | )
Deferred payments |  | (594 | ) |  | (1,083 | )
Other |  | (1,580 | ) |  | (1,027 | )
Exploration, development and other capital expenditures | $ | 254,037 |  | $ | 276,149 |

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