Property and Equipment, net

6 Months Ended

Jun. 30, 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:

	June 30, 2026			December 31, 2025
	(In thousands)
Unproved oil and natural gas properties	$	40,442		$	32,796
Properties in development		61,057			25,101
Proved oil and natural gas properties		906,486			794,835
Less: Accumulated depletion		(80,823	)		(48,653	)
Proved oil and natural gas properties, net		825,663			746,182
Oil and natural gas properties, net	$	927,162		$	804,079
Other property and equipment (1)	$	21,604		$	21,067
Less: Accumulated depreciation		(1,275	)		(690	)
Other property and equipment, net	$	20,329		$	20,377
Total property and equipment, net	$	947,491		$	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.