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Segment Information (Tables)
 6 Months Ended
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