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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2023
Accounting Policies [Abstract] |
Schedule of Accounts Receivable | Accounts receivable is summarized below:
| September 30, 2023 |  | December 31, 2022
| (In thousands)
Oil, natural gas and NGL sales | $ | 41,368 |  |  | $ | 24,136 |
Joint interest accounts receivable | 3,581 |  |  | 793 |
Other accounts receivable | 373 |  |  | 622 |
Total accounts receivable | $ | 45,322 |  |  | $ | 25,551 |
Schedule of Other Non-Current Assets, Net | Other non-current assets consisted of the following:
| September 30, 2023 |  | December 31, 2022
| (In thousands)
Deferred financing costs, net (1) | $ | 3,468 |  |  | $ | 2,556 |
Right of use assets | 1,379 |  |  | 1,370 |
Equity method investment | 5,625 |  |  | — |
Other | 1,015 |  |  | 249 |
Total other non-current assets, net | $ | 11,487 |  |  | $ | 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:
| September 30, 2023 |  | December 31, 2022
| (In thousands)
Accrued capital expenditures | $ | 7,295 |  |  | $ | 16,744 |
Accrued lease operating expenses | 4,508 |  |  | 4,607 |
Accrued general and administrative costs | 5,826 |  |  | 2,286 |
Accrued inventory | 884 |  |  | 6,235 |
Accrued ad valorem tax | 3,952 |  |  | 3,789 |
Other accrued expenditures | 1,523 |  |  | 1,921 |
Total accrued liabilities | $ | 23,988 |  |  | $ | 35,582 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following:
| September 30, 2023 |  | December 31, 2022
| (In thousands)
Advances from joint interest owners | $ | 312 |  |  | $ | 192 |
Income taxes payable | — |  |  | 1,194 |
Current ARO liabilities | 1,430 |  |  | 314 |
Lease liabilities | 796 |  |  | 538 |
Accounts payable - related parties | 260 |  |  | 324 |
Total other current liabilities | $ | 2,798 |  |  | $ | 2,562 |
Schedule of Asset Retirement Obligations | Components of the changes in ARO for the nine months ended September 30, 2023 and the year ended December 31, 2022 consisted of the following and is shown below:
| September 30, 2023 |  | December 31, 2022
| (In thousands)
ARO, beginning balance | $ | 3,038 |  |  | $ | 2,453 |
Liabilities incurred | 37 |  |  | 358 |
Liabilities assumed in acquisitions | 19,359 |  |  | — |
Revision of estimated obligations | — |  |  | 326 |
Liability settlements and disposals | (1,020) |  |  | (178) |
Accretion | 1,105 |  |  | 79 |
ARO, ending balance | 22,519 |  |  | 3,038 |
Less: current ARO (1) | (1,430) |  |  | (314) |
ARO, long-term | $ | 21,089 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Oil and natural gas sales: |  |  |  |  |  |  |
Oil | $ | 104,490 |  |  | $ | 80,017 |  |  | $ | 267,293 |  |  | $ | 224,895 |
Natural gas | 983 |  |  | 4,216 |  |  | 1,547 |  |  | 8,855 |
Natural gas liquids | 2,221 |  |  | 3,238 |  |  | 4,578 |  |  | 8,147 |
Total oil and natural gas sales, net | $ | 107,694 |  |  | $ | 87,471 |  |  | $ | 273,418 |  |  | $ | 241,897 |

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