Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting Disclosure

Note 10 - Segment Reporting

The Company has one reportable segment: the oil, gas, and NGL exploration and production segment (“E&P Segment”), which operates exclusively in the United States. The E&P Segment constitutes all of the consolidated entity and the accompanying condensed consolidated financial statements and the notes to the accompanying condensed consolidated financial statements are representative of such amounts for the E&P Segment. The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer. The CODM uses net income as presented on the accompanying statements of operations to measure E&P Segment profit or loss, and to evaluate income generated from E&P Segment assets in deciding whether to reinvest profits into operational activities or to use profits for other purposes, such as debt reduction, acquisitions, or the Company’s Stock Repurchase Program. Additionally, net income is used in assessing budget versus actual results and in benchmarking to the Company’s competitors.

The following table summarizes the results of the Company’s segment revenue, significant expenses, and net income during the periods presented:

	For the Three Months Ended March 31,
	2025		2024
	(in thousands)
Total operating revenues and other income	$	844,544	$	559,870
Less:
Lease operating expense	108,863		73,105
Transportation costs	69,555		27,317
Production taxes	36,842		25,145
Ad valorem tax expense	9,813		11,808
Depletion, depreciation, and amortization	269,900		166,188
Exploration	11,763		18,581
General and administrative	39,339		30,178
Net derivative loss	17,216		28,145
Other operating expense, net	4,965		1,008
Interest expense	44,373		21,873
Interest income	(113)		(6,770)
Other non-operating expense	27		24
Income tax expense	49,732		32,069
E&P Segment net income	$	182,269	$	131,199

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Note: There are no reconciling items between net income presented on the accompanying statements of operations and E&P Segment net income.