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Acquisitions of Oil and Natural Gas Properties (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the preliminary allocation of the Silverback Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the closing date of the acquisition:
Preliminary purchase price allocation as of September 30, 2025 (in thousands): |
Consideration: |  |
Cash consideration paid to sellers upon closing |  | $ | 119,684 |
Preliminary estimated fair value of earnout payments |  | 3,100 |
Total consideration transferred |  | $ | 122,784 |
Fair value of assets acquired: |  |
Cash |  | $ | 1,857 |
Accounts receivable |  | 8,234 |
Prepaid expenses |  | 313 |
Inventory |  | 5,371 |
Current derivative assets |  | 1,029 |
Oil and natural gas properties (successful efforts) |  | 139,996 |
Other property and equipment |  | 602 |
Other non-current assets |  | 1,416 |
Amount attributable to assets acquired |  | $ | 158,818 |
Fair value of liabilities assumed: |  |
Accounts payable |  | $ | 554 |
Accrued liabilities |  | 1,825 |
Revenue payable |  | 14,371 |
Asset retirement obligations |  | 19,284 |
Amount attributable to liabilities assumed |  | $ | 36,034 |
Net assets acquired |  | $ | 122,784 |
Schedule of Business Acquisition, Pro Forma Information | The following supplemental, unaudited pro forma combined financial information for the three and nine months ended September 30, 2025, and 2024, reflect the consolidated results of operations of the Company as if the Silverback Acquisition had occurred on January 1, 2024. The information below reflects pro forma adjustments based on available information and certain assumptions that the Company believes are factual and supportable. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2024 instead of being recorded in the three and nine months ended September 30, 2025, (ii) depletion, depreciation and amortization expense and (iii) interest expense related to the financing for the Silverback Acquisition. In addition, the pro forma information has been effected for income taxes with a blended statutory rate of 25.7% for the three and nine months ended September 30, 2025 and 2024.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
|  | (In thousands, except per share amounts)
Total revenues, net |  | $ | 106,852 |  |  | $ | 118,582 |  |  |  | $ | 331,297 |  |  | $ | 364,335 |  |
Net income |  | $ | 17,515 |  |  | $ | 26,585 |  |  |  | $ | 82,755 |  |  | $ | 80,730 |  |
Basic net income per common share |  | $ | 0.83 |  |  | $ | 1.27 |  |  |  | $ | 3.91 |  |  | $ | 3.92 |  |
Diluted net income per common share |  | $ | 0.82 |  |  | $ | 1.25 |  |  |  | $ | 3.91 |  |  | $ | 3.89 |  |

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