Divestitures, Assets Held for Sale, and Acquisitions

9 Months Ended

Sep. 30, 2023

Divestitures, Assets Held for Sale, and Acquisitions [Abstract]

Acquisitions, Assets Held for Sale, and Divestitures

Note 11 - Acquisitions

Acquisitions

On June 30, 2023, the Company acquired approximately 20,000 net acres of oil and gas properties located in Dawson and northern Martin Counties, Texas. Total consideration paid after purchase price adjustments was $88.9 million. Under authoritative accounting guidance, this transaction was considered to be an asset acquisition. Therefore, the properties were recorded based on the total consideration paid after purchase price adjustments and the transaction costs were capitalized as a component of the cost of the assets acquired.