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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable is summarized below:
June 30, 2024December 31, 2023
(In thousands)
Oil, natural gas and NGL sales$34,658 $31,135 
Joint interest accounts receivable2,048 1,630 
Allowance for credit losses(30)— 
Other accounts receivable5,401 2,361 
Total accounts receivable$42,077 $35,126 
Schedule of Other Non-Current Assets, Net
Other non-current assets consisted of the following:
June 30, 2024December 31, 2023
(In thousands)
Deferred financing costs, net (1)
$3,083 $3,844 
Right of use assets1,727 1,890 
Other4,995 1,247 
Total other non-current assets, net$9,805 $6,981 
_____________________
(1)Deferred financing costs, net reflects costs associated with the Company's Credit Facility which are amortized over the term of the Credit Facility.
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following:
June 30, 2024December 31, 2023
(In thousands)
Accrued capital expenditures$5,386 $15,851 
Accrued lease operating expenses5,280 6,038 
Accrued general and administrative costs4,806 4,655 
Accrued ad valorem tax2,568 5,269 
Other accrued expenditures1,116 1,346 
Total accrued liabilities$19,156 $33,159 
Schedule of Asset Retirement Obligations
Components of the changes in ARO for the six months ended June 30, 2024 and the year ended December 31, 2023 are shown below:
June 30, 2024December 31, 2023
(In thousands)
ARO, beginning balance$23,044 $3,038 
Liabilities incurred12 45 
Liabilities assumed in acquisitions9,727 19,359 
Liability settlements and disposals(316)(1,039)
Accretion1,233 1,641 
ARO, ending balance33,700 23,044 
Less: current ARO (1)
(2,197)(3,789)
ARO, long-term$31,503 $19,255 
_____________________
(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,
2024202320242023
(In thousands)
Oil and natural gas sales:
Oil$106,353 $97,830 $203,345 $162,803 
Natural gas (1)
(977)40 (294)564 
NGLs (1)
(33)1,442 1,716 2,357 
Total oil and natural gas sales, net$105,343 $99,312 $204,767 $165,724 
_____________________
(1)The Company's natural gas and NGL sales are presented net of gathering, processing, and transportation costs which at times exceed the price received and result in negative average realized prices.