Segment Reporting

6 Months Ended

Jun. 30, 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 June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Total operating revenues and other income	$	792,943	$	634,555	$	1,637,487	$	1,194,425
Less:
Lease operating expense	105,001		69,538		213,864		142,643
Transportation costs	78,542		28,035		148,097		55,352
Production taxes	30,240		27,209		67,082		52,354
Ad valorem tax expense	10,225		11,840		20,038		23,648
Depletion, depreciation, and amortization	292,990		179,651		562,890		345,839
Exploration	15,355		17,094		27,118		35,675
General and administrative	42,097		31,112		81,436		61,290
Net derivative (gain) loss	(78,308)		(12,118)		(61,092)		16,027
Other operating expense, net	1,893		2,814		6,858		3,822
Interest expense	42,561		21,807		86,934		43,680
Interest income	(182)		(6,333)		(295)		(13,103)
Other non-operating expense	27		23		54		47
Income tax expense	50,837		53,590		100,569		85,659
E&P Segment net income	$	201,665	$	210,293	$	383,934	$	341,492

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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.