XML 32 R22.htm IDEA: XBRL DOCUMENT v3.23.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable is summarized below:
June 30, 2023December 31, 2022
(In thousands)
Oil, natural gas and NGL sales$31,105 $24,136 
Joint interest accounts receivable996 793 
Other accounts receivable483 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, 2023December 31, 2022
(In thousands)
Deferred financing costs, net (1)
$3,763 $2,556 
Right of use assets1,573 1,370 
Equity method investment5,602 — 
Other104 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, 2023December 31, 2022
(In thousands)
Accrued capital expenditures$10,790 $16,744 
Accrued lease operating expenses6,687 4,607 
Accrued general and administrative costs4,914 2,286 
Accrued inventory2,284 6,235 
Accrued ad valorem tax2,635 3,789 
Other accrued expenditures1,570 1,921 
Total accrued liabilities$28,880 $35,582 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following:
June 30, 2023December 31, 2022
(In thousands)
Advances from joint interest owners$360 $192 
Income taxes payable4,291 1,194 
Current ARO liabilities1,486 314 
Lease liabilities789 538 
Accounts payable - related parties290 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, 2023December 31, 2022
(In thousands)
ARO, beginning balance$3,038 $2,453 
Liabilities incurred32 358 
Liabilities assumed in acquisitions19,359 — 
Revision of estimated obligations— 326 
Liability settlements and disposals(501)(178)
Accretion563 79 
ARO, ending balance22,491 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,
2023202220232022
(In thousands)
Oil and natural gas sales:
Oil$97,830 $82,501 $162,803 $144,877 
Natural gas40 2,850 564 4,639 
Natural gas liquids1,442 2,430 2,357 4,910 
Total oil and natural gas sales, net$99,312 $87,781 $165,724 $154,426