Segment Reporting

9 Months Ended

Sep. 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 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 September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Total operating revenues and other income	$	811,591	$	643,613	$	2,449,078	$	1,838,038
Less:
Lease operating expense	111,515		73,919		325,379		216,562
Transportation costs	74,225		33,299		222,322		88,651
Production taxes	33,220		29,322		100,302		81,676
Ad valorem tax expense	10,076		11,840		30,114		35,488
Depletion, depreciation, and amortization	325,372		202,942		888,262		548,781
Exploration	11,532		12,097		38,650		47,772
General and administrative	39,317		35,141		120,753		96,431
Net derivative gain	(45,479)		(86,283)		(106,571)		(70,256)
Other operating expense, net	5,331		384		12,189		4,206
Interest expense	42,937		50,682		129,871		94,362
Interest income	(828)		(18,017)		(1,123)		(31,120)
Other non-operating expense	80		637		134		684
Income tax expense	49,205		57,127		149,774		142,786
E&P Segment net income	$	155,088	$	240,523	$	539,022	$	582,015

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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.