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v3.26.1

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Summary of Information by Business Segment | 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.
Reconciliation of Reportable Segment Expenditures | 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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