Quarterly report [Sections 13 or 15(d)]

SEGMENT INFORMATION

v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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.
The Company's Chief Executive Officer (“CEO”) is the CODM and is responsible for assessing performance and allocating resources on an entity-wide basis. From January 1, 2026 through March 6, 2026, the Company's former President and CEO was the CODM. Following his departure on March 6, 2026, the Board of Directors established the Office of the Chairman, consisting of the Chairman of the Board, Chief Financial Officer, Chief Operating Officer and Chief Legal and Administrative Officer. The Office of the Chairman was the CODM until Domenic J. Dell'Osso, Jr. was named President, CEO and Director on May 28, 2026. Upon his appointment, the Office of the Chairman was discontinued and the Company's CODM transitioned to the CEO.
The CODM evaluates performance and allocates resources based on net income, 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 tables present selected financial information with respect to the Company's one operating segment (in thousands):
Three Months Ended June 30, 2026 Three Months Ended June 30, 2025
Total revenues $ 323,228  $ 447,616 
Significant segment expenses
Lease operating expenses 19,831  17,628 
Taxes other than income 7,374  7,556 
Transportation, gathering, processing and compression 84,626  86,508 
Depreciation, depletion and amortization 73,053  73,643 
General and administrative 10,661  10,926 
Interest expense 15,792  13,731 
Other segment expenses(1)
773  1,488 
Income tax expense 24,016  51,670 
Total significant segment expenses 236,126  263,150 
Net income $ 87,102  $ 184,466 
Capital expenditures(2)
$ 198,514  $ 139,543 
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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.

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025
Total revenues $ 760,760  $ 644,650 
Significant segment expenses
Lease operating expenses 44,287  37,911 
Taxes other than income 16,558  14,182 
Transportation, gathering, processing and compression 175,193  169,378 
Depreciation, depletion and amortization 148,483  139,265 
General and administrative 20,369  19,927 
Interest expense 31,178  27,087 
Other segment expenses(1)
3,069  1,404 
Income tax expense 68,699  51,494 
Total significant segment expenses 507,836  460,648 
Net income $ 252,924  $ 184,002 
Capital expenditures(2)
$ 367,433  $ 309,568 
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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.