Pay vs Performance Disclosure - USD ($)

2 Months Ended

10 Months Ended

12 Months Ended

Mar. 05, 2024

Dec. 31, 2024

Dec. 31, 2024

Dec. 31, 2023

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last two completed fiscal years since we became public. We completed our IPO on March 8, 2023, therefore the information for the 2023 year relates solely to the period of time in which we were publicly trading our securities. The table below summarizes compensation values both previously reported in our Summary Compensation Table (SCT), as well as the adjusted values required in this section for the applicable years such as Compensation Actually Paid (CAP). Note that for our NEOs other than our CEO, compensation is reported as an average.

Year			SCT Total for PEO1(1)($)			SCT Total for PEO2(1) ($)			CAP to PEO1(1)(2) ($)			CAP to PEO2(1)(2) ($)			Average SCT Total for Non-PEO NEOs(1) ($)			Average CAP to Non-PEO NEOs(1)(2) ($)			Value of Initial Fixed $100 Investment Based On:						Net Income ($)(MM)			Adjusted Free Cash Flow(4) ($)(MM)
																					Company TSR ($)			Peer Group TSR(3) ($)
(a)			(b)			(b)			(c)			(c)			(d)			(e)			(f)			(g)			(h)			(i)
2024			6,759,695			5,904,989			10,141,460			6,362,061			2,596,915			3,530,113			123.22			85.53			59,944			251,340
2023			6,106,025			n/a			6,712,280			n/a			4,531,499			4,674,888			95.57			96.83			226,493			291,131

(1)
The principal executive officer (“PEO”) and the non-PEO NEOs for each year are as follows:

a.
2024: Our PEO1 was Mr. Brigham for a portion of the year and PEO2 was Mr. Turner for a portion of the year. The non-PEO NEOs were Messrs. McCarthy, Scholla and Voelter.

b.
2023: Our PEO1 was Mr. Brigham for the entire year and our non-PEO NEOs were Mr. Turner and Mr. Voelter.

(2)
See the tables below for a reconciliation of SCT Compensation and CAP.

(3)
The Peer Group TSR is calculated based on the PHLX Oil Service Index, which is the same index peer group that we have used in our performance graph pursuant to Item 201(e) of Regulation S-K.

(4)
Adjusted Free Cash Flow is defined as Adjusted EBITDA less Maintenance Capital Expenditures. We define Adjusted EBITDA as net income before depreciation, depletion and accretion expense, amortization expense of acquired intangible assets, interest expense, income tax expense, stock and unit-based compensation, loss on extinguishment of debt, loss on disposal of assets, insurance recovery (gain), unrealized commodity derivative (gain) loss, other acquisition related costs, and other non-recurring costs.

			PEO1 2023 ($)			PEO1 2024 ($)			PEO2 2024 ($)
PEO Summary Compensation Table Totals			6,106,025			6,759,695			5,904,989
Add (Subtract):
Fair value of equity awards granted during the year from the Summary Compensation Table			(5,608,333)			(6,290,464)			(4,496,415)
Fair value at year end of equity awards granted during the year			6,214,588			5,064,587			3,977,664
Change in fair value of equity awards granted in prior years that were unvested as of the end of the year			0			4,607,643			911,813
Change in fair value of equity awards granted in prior years that vested during the year			0			0			64,011
Equity awards granted in prior years that were forfeited during the year			0			0			0
Dividends or other earnings paid on equity awards during the year(1)			0			0			0
Total Equity Award Related Adjustments			606,255			3,381,766			457,073
Compensation Actually Paid Totals			6,712,280			10,141,460			6,362,061

(1)
Dividend equivalent rights are paid upon vesting of the applicable award and are included in “Other Compensation” in the Summary Compensation Table.

			2023 ($)			2024 ($)
Non-PEO NEOs Summary Compensation Table Totals			4,531,499			2,596,915
Add (Subtract):
Fair value of equity awards granted during the year from the Summary Compensation Table			(3,609,439)			(1,842,890)
Fair value at year end of equity awards granted during the year			3,752,828			1,652,835
Change in fair value of equity awards granted in prior years that were unvested as of the end of the year			0			894,983
Change in fair value of equity awards granted in prior years that vested during the year			0			228,269
Equity awards granted in prior years that were forfeited during the year			0			0
Dividends or other earnings paid on equity awards during the year(1)			0			0
Total Equity Award Related Adjustments			143,389			933,918
Average Compensation Actually Paid Totals			4,674,888			3,530,113

(1)
Dividend equivalent rights are paid upon vesting of the applicable award and are included in “Other Compensation” in the Summary Compensation Table.

Company Selected Measure Name

Adjusted Free Cash Flow

Named Executive Officers, Footnote

(1)
The principal executive officer (“PEO”) and the non-PEO NEOs for each year are as follows:

a.
2024: Our PEO1 was Mr. Brigham for a portion of the year and PEO2 was Mr. Turner for a portion of the year. The non-PEO NEOs were Messrs. McCarthy, Scholla and Voelter.

b.
2023: Our PEO1 was Mr. Brigham for the entire year and our non-PEO NEOs were Mr. Turner and Mr. Voelter.

Peer Group Issuers, Footnote

(3)
The Peer Group TSR is calculated based on the PHLX Oil Service Index, which is the same index peer group that we have used in our performance graph pursuant to Item 201(e) of Regulation S-K.

Adjustment To PEO Compensation, Footnote

(2)
See the tables below for a reconciliation of SCT Compensation and CAP.

			PEO1 2023 ($)			PEO1 2024 ($)			PEO2 2024 ($)
PEO Summary Compensation Table Totals			6,106,025			6,759,695			5,904,989
Add (Subtract):
Fair value of equity awards granted during the year from the Summary Compensation Table			(5,608,333)			(6,290,464)			(4,496,415)
Fair value at year end of equity awards granted during the year			6,214,588			5,064,587			3,977,664
Change in fair value of equity awards granted in prior years that were unvested as of the end of the year			0			4,607,643			911,813
Change in fair value of equity awards granted in prior years that vested during the year			0			0			64,011
Equity awards granted in prior years that were forfeited during the year			0			0			0
Dividends or other earnings paid on equity awards during the year(1)			0			0			0
Total Equity Award Related Adjustments			606,255			3,381,766			457,073
Compensation Actually Paid Totals			6,712,280			10,141,460			6,362,061

(1)
Dividend equivalent rights are paid upon vesting of the applicable award and are included in “Other Compensation” in the Summary Compensation Table.

Non-PEO NEO Average Total Compensation Amount

$ 2,596,915

$ 4,531,499

Non-PEO NEO Average Compensation Actually Paid Amount

$ 3,530,113

4,674,888

Adjustment to Non-PEO NEO Compensation Footnote

(2)
See the tables below for a reconciliation of SCT Compensation and CAP.

			2023 ($)			2024 ($)
Non-PEO NEOs Summary Compensation Table Totals			4,531,499			2,596,915
Add (Subtract):
Fair value of equity awards granted during the year from the Summary Compensation Table			(3,609,439)			(1,842,890)
Fair value at year end of equity awards granted during the year			3,752,828			1,652,835
Change in fair value of equity awards granted in prior years that were unvested as of the end of the year			0			894,983
Change in fair value of equity awards granted in prior years that vested during the year			0			228,269
Equity awards granted in prior years that were forfeited during the year			0			0
Dividends or other earnings paid on equity awards during the year(1)			0			0
Total Equity Award Related Adjustments			143,389			933,918
Average Compensation Actually Paid Totals			4,674,888			3,530,113

(1)
Dividend equivalent rights are paid upon vesting of the applicable award and are included in “Other Compensation” in the Summary Compensation Table.

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

Disclosure of Most Important Performance Measures for Fiscal Year 2024

The following table identifies the four most important financial performance measures used by our Compensation Committee to link the compensation actually paid (“CAP”) to our CEO and other NEOs in 2024.

 

Adjusted Free Cash Flow

Adjusted EBITDA

Relative TSR

Return on Capital Employed (“ROCE”*)

 

*
ROCE means (i) income from operations (defined as earnings before interest and tax with adjustment for extraordinary items within the discretion of the Board) dividend by (ii) capital employed (based on the average of the beginning and ending balances of each calendar year, or a portion of a calendar year).

Total Shareholder Return Amount

$ 123.22

95.57

Peer Group Total Shareholder Return Amount

$ 85.53

$ 96.83

Company Selected Measure Amount

251,340,000,000

291,131,000,000

PEO Name

Mr. Brigham

Mr. Turner

Mr. Brigham

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

$ 59,944,000,000

$ 226,493,000,000

Measure:: 1

Pay vs Performance Disclosure

Name

Adjusted Free Cash Flow

Measure:: 2

Pay vs Performance Disclosure

Name

Adjusted EBITDA

Measure:: 3

Pay vs Performance Disclosure

Name

Relative TSR

Measure:: 4

Pay vs Performance Disclosure

Name

Return on Capital Employed (“ROCE”*)

Mr. Brigham [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 6,759,695

6,106,025

PEO Actually Paid Compensation Amount

10,141,460

6,712,280

Mr. Turner [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

5,904,989

PEO Actually Paid Compensation Amount

6,362,061

PEO | Mr. Brigham [Member] | Equity Awards Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,381,766

606,255

PEO | Mr. Brigham [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(6,290,464)

(5,608,333)

PEO | Mr. Brigham [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

5,064,587

6,214,588

PEO | Mr. Brigham [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,607,643

0

PEO | Mr. Brigham [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

PEO | Mr. Brigham [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

PEO | Mr. Brigham [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

PEO | Mr. Turner [Member] | Equity Awards Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

457,073

PEO | Mr. Turner [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,496,415)

PEO | Mr. Turner [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,977,664

PEO | Mr. Turner [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

911,813

PEO | Mr. Turner [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

64,011

PEO | Mr. Turner [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Mr. Turner [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Equity Awards Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

933,918

143,389

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,842,890)

(3,609,439)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,652,835

3,752,828

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

894,983

0

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

228,269

0

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 0

$ 0