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Acquisitions of Oil and Natural Gas Properties (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following presents the preliminary allocation of the total purchase price of the New Mexico Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the Closing Date:
Preliminary purchase price allocation as of September 30, 2023 (in thousands):
Total cash consideration | $ | 324,686 |
Assets acquired: |
Inventory | $ | 2,980 |
Oil and natural gas properties | 342,457 |
Amount attributable to assets acquired | $ | 345,437 |
Fair value of liabilities assumed: |
Revenue payable | $ | 1,475 |
Asset retirement obligations | 19,276 |
Amount attributable to liabilities assumed | $ | 20,751 |
Net assets acquired | $ | 324,686 |
Schedule of Business Acquisition, Pro Forma Information | The following unaudited pro forma combined results for the three and nine months ended September 30, 2023 and 2022 reflect the consolidated results of operations of the Company as if the New Mexico Acquisition had occurred on January 1, 2022. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2022 instead of being recorded in the three and nine months ended September 30, 2023 (ii) amortization for the discount and deferred financing costs and interest expense related to the Senior Notes, (iii) depletion, depreciation and amortization expense, and (iv) interest expense related to Pecos that would not have been recognized had the Company acquired the assets. In addition, the pro forma information has been effected for taxes with a 23% tax rate.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (In thousands, except per share amounts)
Total revenues |  | $ | 108,294 |  |  | $ | 117,256 |  |  | $ | 305,813 |  |  | $ | 331,910 |
Net income |  | $ | 10,745 |  |  | $ | 66,421 |  |  | $ | 87,545 |  |  | $ | 108,845 |
Basic net income per common share |  | $ | 0.55 |  |  | $ | 3.40 |  |  | $ | 4.45 |  |  | $ | 5.57 |
Diluted net income per common share |  | $ | 0.54 |  |  | $ | 3.39 |  |  | $ | 4.39 |  |  | $ | 5.54 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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