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Summary of Significant Accounting Policies (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Accounting Policies [Abstract] |
Schedule of Accounts Receivable | Accounts receivable, net is summarized below:
| March 31, 2025 |  | December 31, 2024
| (In thousands)
Oil, natural gas and NGL sales | $ | 31,858 |  |  | $ | 33,632 |
Joint interest accounts receivable | 4,271 |  |  | 9,626 |
Allowance for credit losses | (62) |  |  | (62) |
Other accounts receivable | 1,451 |  |  | 1,215 |
Total accounts receivable, net | $ | 37,518 |  |  | $ | 44,411 |
Schedule of Other Property and Equipment | Other property and equipment, net is summarized below:
| March 31, 2025 |  | December 31, 2024
| (In thousands)
Midstream property and equipment | $ | 15,863 |  |  | $ | 11,297 |
Furniture, fixtures and other | 5,839 |  |  | 5,882 |
Land | 16,673 |  |  | 16,673 |
| $ | 38,375 |  |  | $ | 33,852 |
Accumulated depreciation and amortization | (3,407) |  |  | (3,375) |
Total other property and equipment, net | $ | 34,968 |  |  | $ | 30,477 |
Schedule of Other Non-Current Assets, Net | Other non-current assets, net consisted of the following:
| March 31, 2025 |  | December 31, 2024
| (In thousands)
Deferred financing costs, net (1) | $ | 4,778 |  |  | $ | 4,949 |
Right of use assets | 1,394 |  |  | 1,398 |
Prepaid capital expenditures | 3,210 |  |  | 2,124 |
Deposits | 2,386 |  |  | 2,168 |
Other | 763 |  |  | 67 |
Total other non-current assets, net | $ | 12,531 |  |  | $ | 10,706 |
_____________________ (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:
| March 31, 2025 |  | December 31, 2024
| (In thousands)
Accrued capital expenditures | $ | 14,530 |  |  | $ | 10,441 |
Accrued lease operating expenses | 5,149 |  |  | 7,676 |
Accrued general and administrative costs | 9,774 |  |  | 8,123 |
Accrued inventory | 145 |  |  | 1,709 |
Accrued ad valorem tax | 1,362 |  |  | 5,396 |
Other accrued expenditures | 628 |  |  | 573 |
Total accrued liabilities | $ | 31,588 |  |  | $ | 33,918 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following:
| March 31, 2025 |  | December 31, 2024
| (In thousands)
Advances from joint interest owners | $ | 5,708 |  |  | $ | 11,278 |
Income taxes payable | 6,298 |  |  | 5,233 |
Current ARO liabilities | 2,241 |  |  | 2,562 |
Other | 1,045 |  |  | 1,050 |
Total other current liabilities | $ | 15,292 |  |  | $ | 20,123 |
Schedule of Asset Retirement Obligations | Components of the changes in ARO for the three months ended March 31, 2025, and the year ended December 31, 2024, are shown below:
| March 31, 2025 |  | December 31, 2024
| (In thousands)
ARO, beginning balance | $ | 35,268 |  |  | $ | 23,044 |
Liabilities incurred | 1 |  |  | 78 |
Liabilities assumed in acquisitions | — |  |  | 9,727 |
Revision of estimated obligations | — |  |  | 1,856 |
Liability settlements and disposals | (489) |  |  | (2,291) |
Accretion | 801 |  |  | 2,854 |
ARO, ending balance | $ | 35,581 |  |  | $ | 35,268 |
Less: current ARO (1) | (2,241) |  |  | (2,562) |
ARO, long-term | $ | 33,340 |  |  | $ | 32,706 |
_____________________ (1)Current ARO is included within other current liabilities in our 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 March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In thousands)
Oil and natural gas sales: |  |  |  |  |  |  |
Oil | $ | 98,592 |  |  | $ | 96,992 |  |  |  |  |
Natural gas | 1,584 |  |  | 683 |  |  |  |  |
NGLs | 2,281 |  |  | 1,749 |  |  |  |  |
Total oil and natural gas sales, net (1) | $ | 102,457 |  |  | $ | 99,424 |  |  |  |  |
_____________________ (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 exceeded the price received and resulted in negative average realized prices.

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