XML 29 R22.htm IDEA: XBRL DOCUMENT 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