Quarterly report [Sections 13 or 15(d)]

SEGMENT INFORMATION

v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company's assets and operations consist of one reportable segment with all revenues, operating expenses and assets attributable to this segment reflected in the consolidated financial statements. The Company derives its revenue from the sale of natural gas, oil and condensate and NGL produced from its oil and natural gas properties located in the United States.
Prior to the formation of the Office of the Chairman as discussed below, the CODM of the Company was its Chief Executive Officer. On March 6, 2026, the President, Chief Executive Officer (“CEO”) and Director, elected to depart the Company and resigned from the Board of Directors, effective immediately. Following the departure, the Board of Directors established an Office of the Chairman to assume executive oversight while the Company conducts a search for a permanent CEO. The Office of the Chairman is led by our Chairman of the Board and also includes the Chief Financial Officer, Chief Operating Officer and Chief Legal and Administrative Officer. The Office of the Chairman acts collectively as the CODM. The CODM is responsible for assessing performance and allocating resources on an entity-wide basis. The CODM evaluates performance and allocates resources based on net income (loss), which is reported on the consolidated statement of operations.
The measure of segment assets is reported on the consolidated balance sheets as “total assets”.
The following table presents selected financial information with respect to the Company's one operating segment (in thousands):
Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
Total revenues $ 437,532  $ 197,034 
Significant segment expenses
Lease operating expenses 24,456  20,283 
Taxes other than income 9,184  6,626 
Transportation, gathering, processing and compression 90,567  82,870 
Depreciation, depletion, and amortization 75,430  65,622 
General and administrative 9,708  9,001 
Interest expense 15,386  13,356 
Other segment expenses(1)
2,296  (84)
Income tax expense (benefit) 44,683  (176)
Total significant segment expenses 271,710  197,498 
Net income (loss) $ 165,822  $ (464)
Capital expenditures(2)
$ 168,919  $ 170,025 
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(1)    Other segment expenses include “Accretion expense” and “Other, net” from the consolidated statements of operations.
(2)    Capital expenditures include capitalized general and administrative costs and capitalized interest expense.