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Acquisitions of Oil and Natural Gas Properties (Tables)
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following presents the preliminary allocation of the total purchase price of the New Mexico Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the Closing Date:    
Preliminary purchase price allocation as of September 30, 2023 (in thousands):
Total cash consideration$324,686 
Assets acquired:
Inventory$2,980 
Oil and natural gas properties342,457 
Amount attributable to assets acquired$345,437 
Fair value of liabilities assumed:
Revenue payable$1,475 
Asset retirement obligations19,276 
Amount attributable to liabilities assumed$20,751 
Net assets acquired$324,686 
Schedule of Business Acquisition, Pro Forma Information
The following unaudited pro forma combined results for the three and nine months ended September 30, 2023 and 2022 reflect the consolidated results of operations of the Company as if the New Mexico Acquisition had occurred on January 1, 2022. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2022 instead of being recorded in the three and nine months ended September 30, 2023 (ii) amortization for the discount and deferred financing costs and interest expense related to the Senior Notes, (iii) depletion, depreciation and amortization expense, and (iv) interest expense related to Pecos that would not have been recognized had the Company acquired the assets. In addition, the pro forma information has been effected for taxes with a 23% tax rate.
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands, except per share amounts)
Total revenues$108,294 $117,256 $305,813 $331,910 
Net income$10,745 $66,421 $87,545 $108,845 
Basic net income per common share$0.55 $3.40 $4.45 $5.57 
Diluted net income per common share$0.54 $3.39 $4.39 $5.54