Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Accounts Receivable

Accounts receivable is summarized below:

	December 31,
	2023		2022
	(In thousands)
Oil, natural gas and NGL sales	$	31,135	$	24,136
Joint interest accounts receivable	1,630		793
Other accounts receivable	2,361		622
Total accounts receivable	$	35,126	$	25,551

Schedule of Other Non-current Assets, Net

Other non-current assets consisted of the following:

	December 31,
	2023		2022
	(In thousands)
Deferred financing costs, net	$	3,844	$	2,556
Right of use assets	1,890		1,370
Equity method investment	5,620		—
Other	1,247		249
Total other non-current assets, net	$	12,601	$	4,175

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:

	December 31,
	2023		2022
	(In thousands)
Accrued capital expenditures	$	15,851	$	16,744
Accrued lease operating expenses	6,038		4,607
Accrued general and administrative costs	4,655		2,286
Accrued inventory	—		6,235
Accrued ad valorem tax	5,269		3,789
Other accrued expenditures	1,346		1,921
Total accrued liabilities	$	33,159	$	35,582

Schedule of Asset Retirement Obligations

Components of the changes in ARO consisted of the following and is shown below:

	December 31,
	2023		2022
	(In thousands)
ARO, beginning balance	$	3,038	$	2,453
Liabilities incurred	45		358
Liabilities assumed in acquisitions(1)	19,359		—
Revision of estimated obligations	—		326
Liability settlements and disposals	(1,039)		(178)
Accretion	1,641		79
ARO, ending balance	23,044		3,038
Less: current ARO(2)	(3,789)		(314)
ARO, long-term	$	19,255	$	2,724

_____________________

(1)Primarily relates to ARO assumed in the New Mexico Acquisition.

(2)Current ARO is included within other current liabilities on the accompanying consolidated balance sheets.

Summary of Disaggregation of Revenue

The following table presents oil and natural gas sales disaggregated by product:

	Year Ended December 31,
	2023		2022
	(In thousands)
Oil and natural gas sales:
Oil	$	363,125	$	298,723
Natural gas	2,612		10,755
NGLs	6,910		9,865
Total oil and natural gas sales, net	$	372,647	$	319,343

Schedule of Assets And Liabilities, Lessee

	December 31,
	2023		2022
	(In thousands)
ROU asset	$	1,890	$	1,370
Current lease liability	$	985	$	539
Long-term lease liability	$	938	$	838