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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (128,362) $ (14,056)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation, depletion, and amortization 21,258 15,555
Amortization of debt issuance costs 527 477
Share-based compensation expense 126,895 0
Loss on derivative instruments 37,218 23,455
Realized gain (loss) on derivative instruments (3,585) 13,263
Non-cash lease expense 80 (5)
Deferred income tax 35 0
Changes in operating assets and liabilities:    
Accounts receivable 22,013 15,240
Prepaid expenses and other assets (1,151) 33
Accounts payable (978) (21,598)
Royalties payable 3,319 (3,382)
Accrued and other expenses (4,707) 1,046
Other assets and liabilities 1,667 127
Net cash provided by operating activities 74,229 30,155
Cash flows from investing activities:    
Additions to oil and gas properties (105,665) (36,327)
Additions to midstream and other property and equipment (2,766) (1,856)
Net cash used in investing activities (108,431) (38,183)
Cash flows from financing activities:    
Proceeds from capital contributions 0 500
Borrowings under revolving credit facility 56,000 43,500
Payments on revolving credit facility (304,000) (34,000)
Proceeds issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 286,465 0
Payments of debt issuance costs (645) 0
Payments of initial public offering costs (925) 0
Payments on notes payable (37) (33)
Net cash provided by financing activities 36,858 9,967
Net increase in cash and cash equivalents 2,656 1,939
Cash and cash equivalents at beginning of period 2,203 1,504
Cash and cash equivalents at end of period $ 4,859 $ 3,443