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Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Schedule of Accounts Receivable, net
Accounts receivable is summarized below:
September 30, 2024December 31, 2023
(In thousands)
Oil, natural gas and NGL sales$32,097 $31,135 
Joint interest accounts receivable3,990 1,630 
Allowance for credit losses(45)— 
Other accounts receivable4,992 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, 2024December 31, 2023
(In thousands)
Deferred financing costs, net (1)
$2,674 $3,844 
Right of use assets1,686 1,890 
Other2,482 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, 2024December 31, 2023
(In thousands)
Accrued capital expenditures$7,564 $15,851 
Accrued lease operating expenses6,470 6,038 
Accrued general and administrative costs5,491 4,655 
Accrued ad valorem tax3,852 5,269 
Other accrued expenditures2,339 1,346 
Total accrued liabilities$25,716 $33,159 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following:
September 30, 2024December 31, 2023
(In thousands)
Advances from joint interest owners$8,324 $259 
Income taxes payable1,177 561 
Current ARO liabilities2,996 3,789 
Other1,073 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, 2024December 31, 2023
(In thousands)
ARO, beginning balance$23,044 $3,038 
Liabilities incurred27 45 
Liabilities assumed in acquisitions9,727 19,359 
Liability settlements and disposals(416)(1,039)
Accretion2,020 1,641 
ARO, ending balance34,402 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,
2024202320242023
(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.