XML 13 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 72,983 $ 2,849
Oil and natural gas sales, net 72,380 54,836
Joint interest and other, net 13,042 12,912
Short-term deposit on acquisitions 0 61,200
Prepaid expenses and other current assets 8,474 4,002
Commodity derivative assets 10,814 24,838
Total current assets 177,693 160,637
Oil and natural gas properties, full cost method (including $91.8 million and $86.5 million as of June 30, 2025 and December 31, 2024, respectively excluded from amortization) 1,842,791 1,264,212
Midstream and other property and equipment 343,066 57,116
Less: Accumulated depreciation, depletion, and amortization (292,235) (256,712)
Property and equipment, net 1,893,622 1,064,616
Operating lease right-of-use assets, net 1,684 1,147
Deferred tax asset, net 5,211 4,858
Other assets 18,585 6,709
Commodity derivative assets 2,692 2,885
Total assets 2,099,487 1,240,852
Current liabilities:    
Accounts payable 47,586 38,572
Royalties payable 59,205 39,686
Accrued liabilities and other 65,277 23,021
Operating lease liabilities 535 181
Commodity derivative liabilities, short-term 30,931 1,106
Total current liabilities 203,534 102,566
Long-term debt 537,648 150,862
Operating lease liabilities, non-current 1,149 966
Asset retirement obligations 7,424 3,636
Commodity derivative liabilities 6,461 3,361
Tax receivable agreement 3,585 1,537
Total liabilities 759,801 262,928
Redeemable non-controlling interest 822,165 670,785
Stockholders’ equity / members’ equity    
Additional paid-in capital 189,222 310,972
Accumulated deficit (9,415) (4,440)
Total stockholders’ equity 180,441 307,139
Total liabilities, stockholders’ equity, redeemable interest and Series A preferred stock 2,099,487 1,240,852
Series A Convertible Preferred Stock    
Current liabilities:    
Series A preferred stock ($0.01 par value, 350,000 and 0 shares issued and outstanding as of March 31, 2026 and March 31, 2025, respectively) 337,080 0
Class A    
Stockholders’ equity / members’ equity    
Common stock outstanding 187 155
Class B    
Stockholders’ equity / members’ equity    
Common stock outstanding $ 447 $ 452