Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 3,367 $ 1,473
Accounts receivable—oil, natural gas, and natural gas liquids sales 121,990 155,942
Accounts receivable—joint interest and other 7,910 8,727
Prepaid expenses and other current assets 8,804 7,086
Short-term derivative instruments 44,556 58,085
Total current assets 186,627 231,313
Property and equipment:    
Proved oil and natural gas properties 3,779,424 3,349,805
Unproved properties 208,050 221,650
Other property and equipment 12,779 11,291
Total property and equipment 4,000,253 3,582,746
Less: accumulated depletion, depreciation and amortization (1,786,883) (1,564,475)
Total property and equipment, net 2,213,370 2,018,271
Other assets:    
Long-term derivative instruments 16,378 6,003
Deferred tax asset 498,329 581,233
Operating lease assets 760 6,099
Other assets 19,531 22,778
Total other assets 534,998 616,113
Total assets 2,934,995 2,865,697
Current liabilities:    
Accounts payable and accrued liabilities 313,900 298,081
Short-term derivative instruments 30,898 41,889
Current portion of operating lease liabilities 747 5,538
Total current liabilities 345,545 345,508
Non-current liabilities:    
Long-term derivative instruments 29,864 35,081
Asset retirement obligation 33,598 32,949
Non-current operating lease liabilities 13 561
Long-term debt 691,666 702,857
Total non-current liabilities 755,141 771,448
Total liabilities 1,100,686 1,116,956
Commitments and contingencies (Note 9)
Mezzanine equity:    
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 0 issued and outstanding at September 30, 2025, and 37.3 thousand issued and outstanding at December 31, 2024 0 37,348
Stockholders’ equity:    
Common stock - $0.0001 par value, 42.0 million shares authorized, 19.5 million issued and outstanding at September 30, 2025, and 17.8 million issued and outstanding at December 31, 2024 2 2
Additional paid-in capital 3,101 129,059
Retained earnings 1,833,145 1,582,332
Treasury stock, at cost - 10.7 thousand shares at September 30, 2025 and 0 shares at December 31, 2024 (1,939) 0
Total stockholders’ equity 1,834,309 1,711,393
Total liabilities, mezzanine equity and stockholders’ equity $ 2,934,995 $ 2,865,697