Brigham Merger (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Schedule of Consideration for Merger

The following table summarizes the consideration for the Brigham Merger:

Brigham Common Stock — issued and outstanding as of December 29, 2022:	71,290,265
Class A Common Stock price on December 29, 2022	$	30.15
Total consideration and fair value	$	2,149,401,490

The following table summarizes the consideration for the Falcon Merger:

Falcon Common Stock — issued and outstanding as of June 7, 2022:	21,935,492
Class A Common Stock price on June 7, 2022	$	29.12
Total consideration and fair value	$	638,761,527

Schedule of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed on December 29, 2022, including measurement period adjustments (in thousands):

Brigham fair values:	December 29, 2022		Adjustments		December 31, 2023
Cash	$	11,054	$	—	$	11,054
Accrued revenue and accounts receivable	61,745		3,637		65,382
Prepaid expenses	11,339		20,753		32,092
Unproved oil and gas properties	1,783,162		(41,083)		1,742,079
Proved oil and gas properties	873,050		—		873,050
Property and equipment	200		—		200
Right-of-use asset	3,209		—		3,209
Other assets	1,064		(1,064)		—
Current liabilities	(83,425)		(617)		(84,042)
Long-term debt	(193,000)		—		(193,000)
Long-term operating lease liability	(2,387)		—		(2,387)
Deferred tax liability	(316,571)		19,474		(297,097)
Other long-term liability	(39)		(1,100)		(1,139)
Total consideration and fair value	$	2,149,401	$	—	$	2,149,401

The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed (in thousands):

	June 7, 2022		Adjustments		December 31, 2022
Falcon fair values:
Cash	$	4,484	$	—	$	4,484
Accrued revenue and accounts receivable	12,054		6,696		18,750
Unproved oil and gas properties	495,803		(4,572)		491,231
Proved oil and gas properties	200,773		—		200,773
Property and equipment	278		—		278
Current liabilities	(22,315)		(1,106)		(23,421)
Long-term debt	(43,105)		—		(43,105)
Deferred tax liability	(2,598)		(1,018)		(3,616)
Warrant liability	(6,612)		—		(6,612)
Total consideration and fair value	$	638,762	$	—	$	638,762

Schedule of Unaudited Pro Forma Financial Information

The unaudited pro forma financial information for the year ended December 31, 2022, gives effect to the Falcon Merger and Brigham Merger as if they had both occurred on January 1, 2021 (in thousands, except per share amounts):

	Year Ended December 31,
	2022
Total revenues	$	756,590
Pro forma income (loss) available to Class A stockholders	121,110
Net income (loss) per share:
Basic	$	1.50
Diluted	$	1.50