CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2024

Oil and Gas Disclosure [Abstract]

Schedule of Fair Values of the Net Assets and Liabilities as of the Date of Acquisition

The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	151,912
Total assets acquired	151,912
Asset retirement obligations	(380)
Net assets acquired	$	151,531
Fair value of consideration paid for net assets:
Cash consideration	$	147,794
Non-cash consideration	$	3,737
Total fair value of consideration transferred	$	151,531

The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	320,395
Total assets acquired	320,395
Asset retirement obligations	(451)
Net assets acquired	$	319,944
Fair value of consideration paid for net assets:
Cash consideration	$	319,944
Total fair value of consideration transferred	$	319,944

The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	164,925
Unproved oil and natural gas properties	3,892
Total assets acquired	168,817
Asset retirement obligations	(889)
Net assets acquired	$	167,928
Fair value of consideration paid for net assets:
Cash consideration	$	167,928
Total fair value of consideration transferred	$	167,928

The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	474,417
Total assets acquired	474,417
Asset retirement obligations	(813)
Accrued Liabilities	(5,168)
Net assets acquired	$	468,436
Fair value of consideration paid for net assets:
Cash consideration	$	468,436
Total fair value of consideration transferred	$	468,436

Schedule of Unaudited Pro Forma Information

The summarized unaudited pro forma information may not be indicative of the results that would have occurred had the Company completed the acquisitions as of January 1, 2023, or that would be attained in the future.

	Year Ended December 31,		Year Ended December 31,
(In thousands)	2024		2023
Total Revenues	$	2,228,937	$	2,518,537
Net Income	$	520,816	$	1,240,032

Schedule of Capitalized Costs Excluded from Depletion

The following is a summary of capitalized costs excluded from depletion at December 31, 2024 by year incurred.

	December 31,
(In thousands)	2024		2023		2022		Prior Years
Property Acquisition	$	23,563	$	1,217	$	8,828	$	9,094
Total	$	23,563	$	1,217	$	8,828	$	9,094