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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid ("CAP") and certain financial performance of the Company. For further information concerning the Company’s pay for performance philosophy and how the Company’s aligns executive compensation with the Company’s performance, refer to “Executive Compensation – Compensation Discussion and Analysis” above.


					Value of Initial Fixed $100 Investment Based On:
Year	Summary Compensation Table Total for PEO	Compensation Actually Paid to PEO (1)	Average Summary Compensation Table Total for Non-PEO NEOs (2)	Average Compensation Actually Paid to Non-PEO NEOs (3)	Cumulative Total Shareholder Return (4)	Peer Group Cumulative Total Shareholder Return (5)	Net Income (in Thousands) (6)	Adjusted EBITDA (in thousands) (7)
2023	$4,081,744	$2,610,879	$1,231,595	$998,404	$64.87	$114.12	$126,844	$346,822
2022	$2,900,188	$2,901,965	$1,071,120	$1,071,429	$104.57	$114.11	$79,996	$294,864

(1)

The amount reported in this column represents the amount of “compensation actually paid” to Mr. Kobos as computed in accordance with Item 402(v) of Regulation S-K. The amount does not reflect the actual amount of compensation earned by or paid during the applicable fiscal year. In accordance with SEC rules, these amounts reflect “Total Compensation” as set forth in the Summary Compensation Table for 2023, adjusted as shown below. Equity values are calculated consistent with the methodology used to determine the grant date value of the awards under FASB ASC Topic 718.


Compensation Actually Paid to PEO	2023
Summary Compensation Table Total	$	4,081,744
Less, value of “Stock Awards” reported in Summary Compensation Table	$	(2,335,210	)
Plus, year-end fair value of outstanding and unvested equity awards granted in the year	$	1,359,462
Plus (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years	$	(479,295	)
Plus (less), change in fair value from last day of prior fiscal year to vesting date for equity awards granted in prior years that vested in the year	$	(15,822	)
Compensation Actually Paid to Mr. Kobos	$	2,610,879

(2)

The dollar amounts reported represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Kobos) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs included for these purposes in each applicable year are as follows: (i) for 2023, Dana Armstrong, Alisa Newman Hood, David Liner, Amy Thompson Broussard and Daniel Bustos, and (ii) for 2022, Dana Armstrong, Calvin Bancroft, Daniel Bustos and Alisa Newman Hood.

(3)

The amounts reported represent the average amount of “compensation actually paid” to the NEOs as a group (excluding our chief executive officer), as computed in accordance with Item 402(v) of Regulation S-K. The amount does not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding our chief executive officer) during the applicable year. In accordance with the SEC rules, the following adjustments were made to average total compensation for the NEOs as a group (excluding our chief executive officer) to determine the compensation actually paid for 2023, using the same methodology described above in Note 1.


Average Compensation Actually Paid to Non-PEO NEOs	2023
Average Summary Compensation Table Total	$	1,231,595
Less, average value of "Stock Awards" reported in Summary Compensation Table	$	(383,894	)
Plus, average year-end fair value of outstanding and unvested equity awards granted in the year	$	223,488
Plus (less), average year over year change in fair value of outstanding and unvested equity awards granted in prior years	$	(70,459	)
Plus (less), average change in fair value from last day of prior fiscal year to vesting date for equity awards granted in prior years that vested in the year	$	(2,326	)
Average Compensation Actually Paid to Non-PEO NEOs	$	998,404

(4)

Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end of each fiscal year shown, and April 13, 2022, the date of our IPO.

(5)

The peer group used for this purpose is the Vanguard Energy ETF market index.

(6)

The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year. Net income attributable to stockholders was $30.4 million for 2023 and $13.3 million for 2022.

(7)

Adjusted EBITDA, a non-GAAP measure, is calculated as net income before interest, income taxes, depreciation and amortization, accretion, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. In the first quarter of 2023, we revised how we

calculate Adjusted EBITDA to adjust for the impact of non-cash accretion expense. For a reconciliation of net income to Adjusted EBITDA, see Item 7 in our Annual Report on Form 10-K for the year ended December 31, 2023.

Company Selected Measure Name

Adjusted EBITDA

Named Executive Officers, Footnote

Dana Armstrong, Alisa Newman Hood, David Liner, Amy Thompson Broussard and Daniel Bustos

Dana Armstrong, Calvin Bancroft, Daniel Bustos and Alisa Newman Hood

Peer Group Issuers, Footnote

(5)

The peer group used for this purpose is the Vanguard Energy ETF market index.

PEO Total Compensation Amount

$ 4,081,744

$ 2,900,188

PEO Actually Paid Compensation Amount

$ 2,610,879

2,901,965

Adjustment To PEO Compensation, Footnote

(1)


Compensation Actually Paid to PEO	2023
Summary Compensation Table Total	$	4,081,744
Less, value of “Stock Awards” reported in Summary Compensation Table	$	(2,335,210	)
Plus, year-end fair value of outstanding and unvested equity awards granted in the year	$	1,359,462
Plus (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years	$	(479,295	)
Plus (less), change in fair value from last day of prior fiscal year to vesting date for equity awards granted in prior years that vested in the year	$	(15,822	)
Compensation Actually Paid to Mr. Kobos	$	2,610,879

Non-PEO NEO Average Total Compensation Amount

$ 1,231,595

1,071,120

Non-PEO NEO Average Compensation Actually Paid Amount

$ 998,404

1,071,429

Adjustment to Non-PEO NEO Compensation Footnote

(3)


Average Compensation Actually Paid to Non-PEO NEOs	2023
Average Summary Compensation Table Total	$	1,231,595
Less, average value of "Stock Awards" reported in Summary Compensation Table	$	(383,894	)
Plus, average year-end fair value of outstanding and unvested equity awards granted in the year	$	223,488
Plus (less), average year over year change in fair value of outstanding and unvested equity awards granted in prior years	$	(70,459	)
Plus (less), average change in fair value from last day of prior fiscal year to vesting date for equity awards granted in prior years that vested in the year	$	(2,326	)
Average Compensation Actually Paid to Non-PEO NEOs	$	998,404

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid, Cumulative TSR and Peer Group TSR

Compensation Actually Paid vs. Net Income

Compensation Actually Paid and Net Income

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid and Adjusted EBITDA

Tabular List, Table

Financial Performance Measures

As described in greater detail in the “Compensation Discussion and Analysis” above, the Company’s executive compensation program reflects a pay-for-performance philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our stockholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:

•

Adjusted EBITDA

•

G&A and Operating Expense

•

Total Shareholder Return

Total Shareholder Return Amount

$ 64.87

104.57

Peer Group Total Shareholder Return Amount

114.12

114.11