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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounting Policies [Abstract] |
Schedule of Accounts Receivable, net | Accounts receivable is summarized below:
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Oil, natural gas and NGL sales | $ | 32,097 |  |  | $ | 31,135 |
Joint interest accounts receivable | 3,990 |  |  | 1,630 |
Allowance for credit losses | (45) |  |  | — |
Other accounts receivable | 4,992 |  |  | 2,361 |
Total accounts receivable, net | $ | 41,034 |  |  | $ | 35,126 |
Schedule of Other Non-Current Assets, net | Other non-current assets consisted of the following:
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Deferred financing costs, net (1) | $ | 2,674 |  |  | $ | 3,844 |
Right of use assets | 1,686 |  |  | 1,890 |
Other | 2,482 |  |  | 1,241 |
Total other non-current assets, net | $ | 6,842 |  |  | $ | 6,975 |
_____________________ (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:
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Accrued capital expenditures | $ | 7,564 |  |  | $ | 15,851 |
Accrued lease operating expenses | 6,470 |  |  | 6,038 |
Accrued general and administrative costs | 5,491 |  |  | 4,655 |
Accrued ad valorem tax | 3,852 |  |  | 5,269 |
Other accrued expenditures | 2,339 |  |  | 1,346 |
Total accrued liabilities | $ | 25,716 |  |  | $ | 33,159 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following:
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Advances from joint interest owners | $ | 8,324 |  |  | $ | 259 |
Income taxes payable | 1,177 |  |  | 561 |
Current ARO liabilities | 2,996 |  |  | 3,789 |
Other | 1,073 |  |  | 1,667 |
Total other current liabilities | $ | 13,570 |  |  | $ | 6,276 |
Schedule of Asset Retirement Obligations | Components of the changes in ARO for the nine months ended September 30, 2024, and the year ended December 31, 2023, are shown below:
| September 30, 2024 |  | December 31, 2023
| (In thousands)
ARO, beginning balance | $ | 23,044 |  |  | $ | 3,038 |
Liabilities incurred | 27 |  |  | 45 |
Liabilities assumed in acquisitions | 9,727 |  |  | 19,359 |
Liability settlements and disposals | (416) |  |  | (1,039) |
Accretion | 2,020 |  |  | 1,641 |
ARO, ending balance | 34,402 |  |  | 23,044 |
Less: current ARO (1) | (2,996) |  |  | (3,789) |
ARO, long-term | $ | 31,406 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Oil and natural gas sales: |  |  |  |  |  |  |
Oil | $ | 105,303 |  |  | $ | 104,490 |  |  | $ | 308,648 |  |  | $ | 267,293 |
Natural gas | (1,170) |  |  | 983 |  |  | (1,464) |  |  | 1,547 |
NGLs | (1,794) |  |  | 2,221 |  |  | (78) |  |  | 4,578 |
Total oil and natural gas sales, net (1) | $ | 102,339 |  |  | $ | 107,694 |  |  | $ | 307,106 |  |  | $ | 273,418 |
_____________________ (1) The Company's oil, natural gas and NGL sales are presented net of gathering, processing and transportation costs. The costs, related to natural gas and NGLs, at times exceed the price received and result in negative average realized prices.

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