Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,813 $ 1,473
Accounts receivable—oil, natural gas, and natural gas liquids sales 184,649 155,942
Accounts receivable—joint interest and other 9,282 8,727
Prepaid expenses and other current assets 7,952 7,086
Short-term derivative instruments 45,155 58,085
Total current assets 248,851 231,313
Property and equipment:    
Proved oil and natural gas properties 3,902,539 3,349,805
Unproved properties 232,959 221,650
Other property and equipment 13,008 11,291
Total property and equipment 4,148,506 3,582,746
Less: accumulated depletion, depreciation, amortization and impairment (1,868,481) (1,564,475)
Total property and equipment, net 2,280,025 2,018,271
Other assets:    
Long-term derivative instruments 15,303 6,003
Deferred tax asset 465,738 581,233
Operating lease assets 561 6,099
Other assets 19,062 22,778
Total other assets 500,664 616,113
Total assets 3,029,540 2,865,697
Current liabilities:    
Accounts payable and accrued liabilities 342,382 298,081
Short-term derivative instruments 21,865 41,889
Current portion of operating lease liabilities 550 5,538
Total current liabilities 364,797 345,508
Non-current liabilities:    
Long-term derivative instruments 8,916 35,081
Asset retirement obligation 32,912 32,949
Non-current operating lease liabilities 10 561
Long-term debt 788,187 702,857
Total non-current liabilities 830,025 771,448
Total liabilities 1,194,822 1,116,956
Commitments and contingencies (Notes 17 and 18)
Mezzanine equity:    
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 0 issued and outstanding at December 31, 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, 18.8 million issued and outstanding at December 31, 2025, and 17.8 million issued and outstanding at December 31, 2024 2 2
Additional paid-in capital 0 129,059
Retained earnings 1,834,716 1,582,332
Total stockholders’ equity 1,834,718 1,711,393
Total liabilities, mezzanine equity and stockholders’ equity $ 3,029,540 $ 2,865,697