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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
Schedule of Accounts Receivable | Accounts receivable is summarized below:
| June 30, 2023 |  | December 31, 2022
| (In thousands)
Oil, natural gas and NGL sales | $ | 31,105 |  |  | $ | 24,136 |
Joint interest accounts receivable | 996 |  |  | 793 |
Other accounts receivable | 483 |  |  | 622 |
Total accounts receivable | $ | 32,584 |  |  | $ | 25,551 |
Schedule of Other Non-current Assets, Net | Other non-current assets consisted of the following:
| June 30, 2023 |  | December 31, 2022
| (In thousands)
Deferred financing costs, net (1) | $ | 3,763 |  |  | $ | 2,556 |
Right of use assets | 1,573 |  |  | 1,370 |
Equity method investment | 5,602 |  |  | — |
Other | 104 |  |  | 249 |
Total other non-current assets, net | $ | 11,042 |  |  | $ | 4,175 |
_____________________(1)Deferred financing costs, net reflects costs associated with the Company's revolving credit facility which are amortized over the term of the revolving credit facility.
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following:
| June 30, 2023 |  | December 31, 2022
| (In thousands)
Accrued capital expenditures | $ | 10,790 |  |  | $ | 16,744 |
Accrued lease operating expenses | 6,687 |  |  | 4,607 |
Accrued general and administrative costs | 4,914 |  |  | 2,286 |
Accrued inventory | 2,284 |  |  | 6,235 |
Accrued ad valorem tax | 2,635 |  |  | 3,789 |
Other accrued expenditures | 1,570 |  |  | 1,921 |
Total accrued liabilities | $ | 28,880 |  |  | $ | 35,582 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following:
| June 30, 2023 |  | December 31, 2022
| (In thousands)
Advances from joint interest owners | $ | 360 |  |  | $ | 192 |
Income taxes payable | 4,291 |  |  | 1,194 |
Current ARO liabilities | 1,486 |  |  | 314 |
Lease liabilities | 789 |  |  | 538 |
Accounts payable - related parties | 290 |  |  | 324 |
Total other current liabilities | $ | 7,216 |  |  | $ | 2,562 |
Schedule of Asset Retirement Obligations | Components of the changes in ARO consisted of the following and is shown below:
| June 30, 2023 |  | December 31, 2022
| (In thousands)
ARO, beginning balance | $ | 3,038 |  |  | $ | 2,453 |
Liabilities incurred | 32 |  |  | 358 |
Liabilities assumed in acquisitions | 19,359 |  |  | — |
Revision of estimated obligations | — |  |  | 326 |
Liability settlements and disposals | (501) |  |  | (178) |
Accretion | 563 |  |  | 79 |
ARO, ending balance | 22,491 |  |  | 3,038 |
Less: current ARO(1) | (1,486) |  |  | (314) |
ARO, long-term | $ | 21,005 |  |  | $ | 2,724 |
_____________________ (1)Current ARO is included within other current liabilities on the accompanying condensed consolidated balance sheets.
Schedule of Disaggregation of Revenue | The following table presents oil and natural gas sales disaggregated by product:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Oil and natural gas sales: |  |  |  |  |  |  |
Oil | $ | 97,830 |  |  | $ | 82,501 |  |  | $ | 162,803 |  |  | $ | 144,877 |
Natural gas | 40 |  |  | 2,850 |  |  | 564 |  |  | 4,639 |
Natural gas liquids | 1,442 |  |  | 2,430 |  |  | 2,357 |  |  | 4,910 |
Total oil and natural gas sales, net | $ | 99,312 |  |  | $ | 87,781 |  |  | $ | 165,724 |  |  | $ | 154,426 |

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