Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,473 $ 1,929
Accounts receivable—oil, natural gas, and natural gas liquids sales 155,942 122,479
Accounts receivable—joint interest and other 8,727 22,221
Prepaid expenses and other current assets 7,086 16,951
Short-term derivative instruments 58,085 233,226
Total current assets 231,313 396,806
Property and equipment:    
Proved oil and natural gas properties 3,349,805 2,904,519
Unproved properties 221,650 204,233
Other property and equipment 11,291 9,165
Total property and equipment 3,582,746 3,117,917
Less: accumulated depletion, depreciation, amortization and impairment (1,564,475) (865,618)
Total property and equipment, net 2,018,271 2,252,299
Other assets:    
Long-term derivative instruments 6,003 47,566
Deferred tax asset 581,233 525,156
Operating lease assets 6,099 14,299
Other assets 22,778 31,487
Total other assets 616,113 618,508
Total assets 2,865,697 3,267,613
Current liabilities:    
Accounts payable and accrued liabilities 298,081 309,532
Short-term derivative instruments 41,889 21,963
Current portion of operating lease liabilities 5,538 12,959
Total current liabilities 345,508 344,454
Non-current liabilities:    
Long-term derivative instruments 35,081 18,602
Asset retirement obligation 32,949 29,941
Non-current operating lease liabilities 561 1,340
Long-term debt 702,857 667,382
Total non-current liabilities 771,448 717,265
Total liabilities 1,116,956 1,061,719
Commitments and contingencies (Notes 17 and 18)
Mezzanine equity:    
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 37.3 thousand issued and outstanding at December 31, 2024, and 44.2 thousand issued and outstanding at December 31, 2023 37,348 44,214
Stockholders’ equity:    
Common stock - $0.0001 par value, 42.0 million shares authorized, 17.8 million issued and outstanding at December 31, 2024, and 18.3 million issued and outstanding at December 31, 2023 2 2
Additional paid-in capital 129,059 315,726
Common stock held in reserve, 0 shares at December 31, 2024, and 62.0 thousand shares at December 31, 2023 0 (1,996)
Retained earnings 1,582,332 1,847,948
Total stockholders’ equity 1,711,393 2,161,680
Total liabilities, mezzanine equity and stockholders’ equity $ 2,865,697 $ 3,267,613