XML 35 R24.htm IDEA: XBRL DOCUMENT v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Reconciliation of ARO The following is a reconciliation of ARO for the nine months ended September 30, 2024 and 2023 (in thousands):
September 30,
2024		September 30,
2023
Asset retirement obligation at beginning of period$85,094 $52,359 
Liabilities assumed in acquisitions9,115 214 
Liabilities incurred546 284 
Liabilities settled(559)(479)
Liabilities revised— 313 
Accretion expense5,184 3,282 
Asset retirement obligation at end of period$99,380 $55,973 
Concentration Risks The following purchasers each accounted for more than 10% of the Company’s revenues for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Philips 66 Company35.9 %60.2 %32.0 %53.6 %
Shell Oil Company16.5 %*17.0 %*
ONEOK Hydrocarbon L.P.10.9 %**10.7 %
NextEra Energy Marketing LLC***13.2 %
__________
* Purchaser did not account for greater than 10% of oil, natural gas, and NGL sales for the period.
Reconciliation of Revenue Disaggregated to Revenue Reported
The following table displays the revenue disaggregated and reconciles disaggregated revenue to the revenue reported for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues:
Oil$125,970 $112,970 $420,499 $321,056 
Natural gas45,813 36,564 148,748 106,263 
NGL40,912 17,017 135,106 51,561 
Gross oil, natural gas, and NGL sales212,695 166,551 704,353 478,880 
Transportation, gathering and marketing(3,530)155 (8,409)439 
Net oil, natural gas, and NGL sales$209,165 $166,706 $695,944 $479,319 
Supplemental Disclosures to the Statement of Cash Flows
Supplemental disclosures to the statements of cash flows are presented below for the nine months ended September 30, 2024 and 2023 (in thousands):
Nine Months Ended September 30,
20242023
Supplemental disclosure of cash flow information:
Cash paid for interest$75,392 $5,326 
Supplemental disclosure of non-cash transactions:
Change in accrued capital expenditures$7,290 $(13,263)
Asset retirement cost capitalized$546 $284 
Right-of-use assets obtained in exchange for lease liabilities$2,792 $6,449 
Change in accrued distributions$(1,740)$— 
Change in accrued offering costs$822 $—