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Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Schedule of Subsequent Events
Subsequent Events. We have evaluated subsequent events requiring potential accrual or disclosure in our condensed consolidated financial statements.

In April 2024, the Company entered into a non-cash exchange agreement with a third party to receive approximately 7,700 net acres and working interest in multiple wells in La Salle and McMullen counties. The Company will transfer approximately 5,100 net acres and working interest in 13 wells in DeWitt, Lavaca and McMullen counties. The exchange is subject to customary purchase price adjustments.
Through April 30, 2024, the Company entered into additional derivative contracts. The following tables summarize the weighted-average prices as well as future production volumes for our future derivative contracts entered into after March 31, 2024:
Oil Derivative Contracts
(NYMEX WTI Settlements)		Total Volumes
(Bbls)		Weighted-Average Price
Swap Contracts
2024 Contracts
3Q2492,000 $80.47 
4Q2492,000 $80.47 
2025 Contracts
1Q25180,000 $76.00 
2Q25182,000 $75.18 
3Q25184,000 $74.46 
4Q25184,000 $73.85 
Oil Basis Swaps
(Argus Cushing (WTI) and Magellan East Houston)		Total Volumes
(MMBtu)		Weighted-Average Price
2025 Contracts
1Q25180,000 $1.80 
2Q25182,000 $1.80 
3Q25184,000 $1.80 
4Q25184,000 $1.80 
Calendar Monthly Roll Differential Swaps
2025 Contracts
1Q25180,000 $0.50 
2Q25182,000 $0.50 
3Q25184,000 $0.50 
4Q25184,000 $0.50 
Natural Gas Derivative Contracts
(NYMEX Henry Hub Settlements)		Total Volumes
(MMBtu)		Weighted-Average Collar Floor Price Weighted-Average Collar Call Price
Collar Contracts
2025 Contracts
4Q25920,000 $3.50 $4.38 
Natural Gas Basis Derivative Swaps
(East Texas Houston Ship Channel vs. NYMEX Settlements)		Total Volumes
(MMBtu)		Weighted-Average Price
2024 Contracts
4Q24920,000 $(0.49)
2025 Contracts
1Q253,600,000 $(0.30)
2Q253,640,000 $(0.30)
3Q253,680,000 $(0.30)
4Q253,680,000 $(0.30)

There were no other material subsequent events requiring additional disclosure in these condensed consolidated financial statements.
Property and Equipment
The “Property and Equipment” balances on the accompanying condensed consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances (in thousands):
March 31, 2024December 31, 2023
Property and Equipment  
Proved oil and gas properties$3,671,913 $3,562,268 
Unproved oil and gas properties30,899 28,375 
Furniture, fixtures and other equipment6,657 6,517 
Less – Accumulated depreciation, depletion, amortization & impairment(1,315,364)(1,223,241)
Property and Equipment, Net$2,394,105 $2,373,919 
Disaggregation of Revenue
The following table provides information regarding our revenues, including oil and gas sales, by product, reported on the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Revenues:
Oil$166,704 $74,655 
Natural gas53,123 52,922 
NGLs36,218 12,377 
Marketing635 — 
Total$256,680 $139,954 
Accounts Payable and Accrued Liabilities The “Accounts payable and accrued liabilities” balances on the accompanying condensed consolidated balance sheets are summarized below (in thousands):
 March 31, 2024December 31, 2023
Trade accounts payable$52,924 $32,225 
Accrued operating expenses26,183 23,104 
Accrued compensation costs7,281 10,208 
Asset retirement obligations – current portion1,597 1,576 
Accrued non-income based taxes10,447 3,870 
Accrued corporate and legal fees119 208 
WTI contingency payouts - current portion26,759 14,282 
Payable for settled derivatives2,828 967 
Other payables(1)
15,546 12,376 
Total accounts payable and accrued liabilities$143,684 $98,816 
(1) At March 31, 2024 and December 31, 2023 included in Other Payables is $7.8 million in payables related to advances from joint interest owners in connection with our South Texas Acquisition.
Schedule of Cash and Cash Equivalents
The following table is a reconciliation of the total cash and cash equivalents and restricted cash in the accompanying consolidated statements of cash flows and their corresponding balance sheet presentation (in thousands):
March 31, 2024December 31, 2023
Cash and cash equivalents$1,446 $969 
Current restricted cash (1)
2,200 2,200 
Long-term restricted cash (2)
5,560 5,560 
Total cash, cash equivalents and restricted cash$9,206 $8,729 
(1) Current restricted cash is included in “Other Current Assets on the accompanying condensed consolidated balance sheets.
(2) Long-term restricted cash is included in “Other Long-Term Assets” on the accompanying condensed consolidated balance sheets