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Equity Incentive Plan (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Schedule of Equity-Based Compensation Awards | The following table presents activity for equity-based compensation awards for the nine months ended September 30, 2025:
|  | Equity Awards |  | Liability Awards
(in thousands) |  | Restricted stock awards |  |  |  | Share-settled performance share unit awards(1) |  | Cash-settled performance share unit awards(2) |  |
Outstanding as of December 31, 2024 |  | 665 |  |  |  |  | 48 |  |  | 215 |  |  |
Granted |  | 692 |  |  |  |  | — |  |  | 192 |  |  |
Forfeited |  | (128) |  |  |  |  | — |  |  | (4) |  |  |
Vested |  | (345) |  |  |  |  | (48) |  |  | — |  |  |
Outstanding as of September 30, 2025 |  | 884 |  |  |  |  | — |  |  | 403 |  |  |
_____________________________________________________________________________ (1)The share-settled performance share unit awards granted on February 22, 2022 had a performance period of January 1, 2022 to December 31, 2024 and, as their market and performance criteria were satisfied, resulted in an 82% payout. As such, the granted awards vested and were converted into 39,691 shares of Common Stock during the first quarter of 2025 based on this 82% payout. (2)On February 20, 2025, the Company granted cash-settled performance share unit awards with a performance period of January 1, 2025 through December 31, 2027. The market criteria consists of: (i) relative total shareholder return comparing the Company's shareholder return to the shareholder return of the exploration and production companies listed in the Russell 2000 Index and (ii) absolute shareholder return. The performance criteria consists of: (i) earnings before interest, taxes, depreciation, amortization and exploration expense and three-year total debt reduction and (ii) an inventory quality component. Any units earned are expected to be paid in cash during the first quarter following the completion of the requisite service period, based on the achievement of market and performance criteria, and the payout can range from 0% to 225%.
Schedule of Equity-based Compensation Expense | The following table reflects equity-based compensation expense for the periods presented:
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Equity awards: |  |  |  |  |  |  |  |
Restricted stock awards |  | $ | 4,172 |  |  | $ | 4,421 |  |  | $ | 12,752 |  |  | $ | 12,615 |
Share-settled performance share unit awards |  | — |  |  | 335 |  |  | 281 |  |  | 1,354 |
Total share-settled equity-based compensation, gross |  | 4,172 |  |  | 4,756 |  |  | 13,033 |  |  | 13,969 |
Less: amounts capitalized |  | (1,012) |  |  | (943) |  |  | (3,036) |  |  | (2,721) |
Total share-settled equity-based compensation, net |  | 3,160 |  |  | 3,813 |  |  | 9,997 |  |  | 11,248 |
Liability awards: |  |  |  |  |  |  |  |
Cash-settled performance unit awards |  | 328 |  |  | (411) |  |  | (42) |  |  | 1,816 |
Total cash-settled equity-based compensation, gross |  | 328 |  |  | (411) |  |  | (42) |  |  | 1,816 |
Less: amounts capitalized |  | — |  |  | — |  |  | (2) |  |  | (14) |
Total cash-settled equity-based compensation, net |  | 328 |  |  | (411) |  |  | (44) |  |  | 1,802 |
Total equity-based compensation, net |  | $ | 3,488 |  |  | $ | 3,402 |  |  | $ | 9,953 |  |  | $ | 13,050 |

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