XML 35 R24.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable is summarized below:
March 31, 2024December 31, 2023
(In thousands)
Oil, natural gas and NGL sales$36,599 $31,135 
Joint interest accounts receivable1,973 1,630 
Other accounts receivable11 2,361 
Total accounts receivable$38,583 $35,126 
Schedule of Other Non-Current Assets, Net
Other non-current assets consisted of the following:
March 31, 2024December 31, 2023
(In thousands)
Deferred financing costs, net (1)
$3,441 $3,844 
Right of use assets1,666 1,890 
Equity method investment11,406 5,620 
Other3,381 1,247 
Total other non-current assets, net$19,894 $12,601 
_____________________
(1)Deferred financing costs, net reflects costs associated with the Company's Credit Facility which are amortized over the term of the Credit Facility.
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following:
March 31, 2024December 31, 2023
(In thousands)
Accrued capital expenditures$6,766 $15,851 
Accrued lease operating expenses5,952 6,038 
Accrued general and administrative costs5,789 4,655 
Accrued ad valorem tax1,284 5,269 
Other accrued expenditures893 1,346 
Total accrued liabilities$20,684 $33,159 
Schedule of Asset Retirement Obligations
Components of the changes in ARO for the three months ended March 31, 2024 and the year ended December 31, 2023 are shown below:
March 31, 2024December 31, 2023
(In thousands)
ARO, beginning balance$23,044 $3,038 
Liabilities incurred9 45 
Liabilities assumed in acquisitions— 19,359 
Liability settlements and disposals(104)(1,039)
Accretion532 1,641 
ARO, ending balance23,481 23,044 
Less: current ARO (1)
(2,373)(3,789)
ARO, long-term$21,108 $19,255 
_____________________
(1)Current ARO is included within other current liabilities on the accompanying condensed consolidated balance sheets.
Schedule of Disaggregation of Revenue
The following table presents oil and natural gas sales disaggregated by product:
Three Months Ended March 31,
20242023
(In thousands)
Oil and natural gas sales:
Oil$96,992 $64,974 
Natural gas683 523 
NGLs
1,749 915 
Total oil and natural gas sales, net$99,424 $66,412