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Oil and Natural Gas Properties
3 Months Ended
Mar. 31, 2026
Extractive Industries [Abstract]  
Oil and Natural Gas Properties Oil and Natural Gas Properties
Oil and natural gas properties, net are summarized below:
March 31, 2026December 31, 2025
(In thousands)
Proved$1,184,748 $1,153,126 
Unproved155,532 155,979 
Work-in-progress41,569 25,668 
Oil and natural gas properties
$1,381,849 $1,334,773 
Accumulated depletion, amortization and impairment(363,681)(339,234)
Total oil and natural gas properties, net$1,018,168 $995,539 
Depletion expense for proved oil and natural gas properties was $24.8 million and $17.5 million, respectively, for the three months ended March 31, 2026, and 2025.
Exploration costs were $1 million and nominal for the three months ended March 31, 2026, and 2025, respectively, and were primarily attributable to the expiration of oil and natural gas leases.