Net Loss per Share/Unit

6 Months Ended

Jun. 30, 2024

NOTE 10 — Net Loss per Share/Unit

Successor Period

Based on the amounts outstanding at June 30, 2024 (Successor) and June 30, 2023 (Successor), the Company excluded the following financial instruments from the computation of diluted net loss per unit because their inclusion would be anti-dilutive:


Anti-Dilutive Instrument	June 30, 2024 (Successor)	June 30, 2023 (Successor)
Public Warrants	8,621,535	8,624,974
Private Placement Warrants	10,900,000	10,900,000
Earnout Shares	328,925	986,775
BHES Bonus Shares	2,068,416	2,068,416
Unvested Class A OpCo Units	241,670	1,119,198
Vested Class A OpCo Units	142,476,116	136,392,072
Unvested RSUs	933,590	—
Unvested PSUs	127,710	—
Make-Whole Awards	1,257,467	—
Stock Options	2,459,893	—
Class B OpCo Units	—	6,638,125
Total	169,415,322	166,729,560

In the Successor Period, only shares of Class A Common Stock participate in the Company's undistributed earnings. As such, the Company's undistributed earnings are allocated entirely to the Class A Common Stock based on the weighted-average number of shares of Class A Common Stock outstanding for the period from April 1, 2024 through June 30, 2024 (Successor) and the period from January 1, 2024 through June 30, 2024 (Successor).

The following table sets forth the computation of the Company's basic and diluted net loss per share for the following periods:


	Period from
	April 1 - June 30, 2024 (Successor)		June 8 - June 30, 2023 (Successor)		January 1 - June 30, 2024 (Successor)
Numerator
Net loss after income tax	$	(17,217)	$	(110,586)	$	(58,849)
Net loss attributable to shareholders	$	(4,268)	$	(35,001)	$	(15,689)
Denominator
Weighted-average number shares outstanding, basic and diluted	72,177,137		67,404,794		72,035,845
Net loss per share attributable to shareholders, basic and diluted	$	(0.06)	$	(0.52)	$	(0.22)

Predecessor Period

During the Predecessor periods, the Company's anti-dilutive securities were profits interests, member loan share options and share options. Based on the amounts outstanding as of June 7, 2023 (Predecessor), the Company excluded the following positions from the computation of diluted net loss per unit because their inclusion would be anti-dilutive:


Anti-Dilutive Instrument						June 7, 2023 (Predecessor)
Unvested profit interests						119,076
Member loan share options						—
Occidental Petroleum share options						—
Total						119,076

The following table sets forth the computation of the Company's basic and diluted net loss per unit for the following periods:


	Period from
	April 1 - June 7, 2023 (Predecessor)		January 1 - June 7, 2023 (Predecessor)
Numerator
Net loss after income tax	$	(17,109)	$	(34,176)
Net loss attributable to membership interest holders	$	(17,109)	$	(34,176)
Denominator
Weighted-average number membership interests outstanding, basic and diluted	3,791,634		3,766,871
Net loss per unit attributable to membership interest holders, basic and diluted	$	(4.51)	$	(9.07)