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Acquisitions of Oil and Natural Gas Properties (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following presents the allocation of the total purchase price of the 2023 New Mexico Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the Closing Date:

Purchase price allocation as of December 31, 2023 (in thousands):
Total cash consideration			$	324,686
Assets acquired:
Inventory			$	2,980
Oil and natural gas properties			342,308
Other			149
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 years ended December 31, 2023, and 2022, reflect the consolidated results of operations of the Company as if the 2023 New Mexico Acquisition had occurred on January 1, 2022. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to 2022 instead of being recorded during the year ended December 31, 2023, (ii) amortization for the discount and deferred financing costs related to the Senior Notes and Credit Facility, (iii) depletion, depreciation and amortization expense, and (iv) interest expense related to the financing for the 2023 New Mexico Acquisition. These adjustments reflect such costs, as described above, that would have been recognized had the Company acquired the assets on January 1, 2022. In addition, the pro forma information has been effected for taxes with a 23% tax rate for the years ended December 31, 2023, and 2022.

						Year Ended December 31,
						2023						2022
						(In thousands, except per share amounts)
Total revenues						$	405,642					$	435,157
Net income						$	121,466					$	129,741
Basic net income per common share						$	6.16					$	6.64
Diluted net income per common share						$	6.07					$	6.59

X

- 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

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- References

No definition available.

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X

- 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

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