Property and Equipment, net

3 Months Ended

Mar. 31, 2026

Property and Equipment, net [Abstract]

Property and Equipment, net

Note 6 – Property and Equipment, net

The Company’s property and equipment, net consisted of the following for the periods presented:

	March 31, 2026			December 31, 2025
	(In thousands)
Unproved oil and natural gas properties	$	35,540		$	32,796
Properties in development		80,073			25,101
Proved oil and natural gas properties		797,002			794,835
Less: Accumulated depletion		(64,122	)		(48,653	)
Proved oil and natural gas properties, net		732,880			746,182
Oil and natural gas properties, net		848,493			804,079
Other property and equipment (1)		21,349			21,067
Less: Accumulated depreciation		(988	)		(690	)
Other property and equipment, net		20,361			20,377
Total property and equipment, net	$	868,854		$	824,456

⁽¹⁾ Other property and equipment includes several salt–water disposal wells and the associated facilities, equipment, and pipelines acquired in the Bayswater Acquisition in March 2025, refer to Note 3 – Acquisitions for a discussion of the Bayswater Acquisition.