Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting

Segment Reporting

Note 15. Segment Reporting

The Company’s operations are all related to the exploration, development and production of oil and natural gas in the United States, from which the Company derives all of its revenues. The Company manages its business as a single reportable segment, as its operations are focused on assets with similar economic characteristics, production processes, types of purchasers, regulatory environment and customers which are consistent across the Company. Therefore, the Company aggregates its operating regions into one reportable segment.

The CODM uses consolidated net income to assess financial performance, allocating capital and other resources. The CODM uses consolidated net income in the annual budgeting and monthly forecasting process. Additionally, the CODM is regularly provided information on lease operating expense, gathering, processing and transportation and taxes other than income. Other segment items primarily consist of DD&A, accretion expense, general and administrative expense, pipeline incident loss, loss (gain) on commodity derivative, interest expense and income tax expense (benefit). Our significant segment expenses and other segment items are derived from and can be found within the Unaudited Consolidated Statement of Operations.

	For the Three Months Ended
	March 31,
	2025		2024
	(In thousands)
Revenue	$	72,050	$	76,299
Less:
Lease operating expense		37,417		38,284
Gathering, processing and transportation		4,286		4,774
Taxes other than income		4,384		4,911
Other segment items		31,824		37,726
Net income (loss)	$	(5,861)	$	(9,396)