Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,921 $ 1,813
Accounts receivable—oil, natural gas, and natural gas liquids sales 128,987 184,649
Accounts receivable—joint interest and other 9,566 9,282
Prepaid expenses and other current assets 8,221 7,952
Short-term derivative instruments 75,086 45,155
Total current assets 224,781 248,851
Property and equipment:    
Proved oil and natural gas properties 4,054,885 3,902,539
Unproved properties 251,020 232,959
Other property and equipment 13,565 13,008
Total property and equipment 4,319,470 4,148,506
Less: accumulated depletion, depreciation and amortization (1,943,856) (1,868,481)
Total property and equipment, net 2,375,614 2,280,025
Other assets:    
Long-term derivative instruments 36,209 15,303
Deferred tax asset 422,125 465,738
Operating lease assets 358 561
Other assets 16,324 19,062
Total other assets 475,016 500,664
Total assets 3,075,411 3,029,540
Current liabilities:    
Accounts payable and accrued liabilities 369,294 342,382
Short-term derivative instruments 32,822 21,865
Current portion of operating lease liabilities 351 550
Total current liabilities 402,467 364,797
Non-current liabilities:    
Long-term derivative instruments 7,856 8,916
Asset retirement obligation 33,679 32,912
Non-current operating lease liabilities 7 10
Long-term debt 823,717 788,187
Total non-current liabilities 865,259 830,025
Total liabilities 1,267,726 1,194,822
Commitments and contingencies (Note 9)
Mezzanine equity:    
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 0.0 thousand issued and outstanding at March 31, 2026, and 0.0 thousand issued and outstanding at December 31, 2025 0 0
Stockholders’ equity:    
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.1 million issued and outstanding at March 31, 2026, and 18.8 million issued and outstanding at December 31, 2025 2 2
Additional paid-in capital 0 0
Retained earnings 1,810,707 1,834,716
Treasury stock, at cost - 14.1 thousand shares at March 31, 2026 and 0 shares at December 31, 2025 (3,024) 0
Total stockholders’ equity 1,807,685 1,834,718
Total liabilities, mezzanine equity and stockholders’ equity $ 3,075,411 $ 3,029,540