Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 130,919 $ 140,558
Restricted cash   62
Accounts receivable:    
Oil, natural gas liquids and natural gas sales 72,400 59,633
Joint interest, net of allowance for credit losses of $10,606 and $10,529, respectively 27,592 24,473
Prepaid expenses and other current assets 18,449 14,543
Total current assets 249,360 239,269
Oil and natural gas properties and other, net of accumulated depreciation, depletion and amortization of $8,500,446 and $8,473,181, respectively 655,086 662,082
Restricted deposits for asset retirement obligations 24,351 24,026
Deferred income taxes 63 35
Other assets 30,292 30,395
Total assets 959,152 955,807
Current liabilities:    
Accounts payable 90,637 98,406
Accrued liabilities 62,362 39,809
Undistributed oil and natural gas proceeds 61,590 59,065
Advances from joint interest partners 2,275 2,394
Current portion of asset retirement obligations 25,471 26,147
Current portion of long-term debt, net 8,309 8,458
Total current liabilities 250,644 234,279
Asset retirement obligations 540,568 535,704
Long-term debt, net 342,879 342,355
Other liabilities 21,070 15,781
Commitments and contingencies 25,745 27,440
Shareholders' deficit:    
Preferred stock: $0.00001 par value; 20,000 shares authorized; no shares issued
Common stock: $0.00001 par value; 400,000 shares authorized; 151,647 shares issued 2 2
Additional paid-in capital 606,888 604,732
Retained deficit (804,477) (780,319)
Treasury stock: 2,869 shares, at cost (24,167) (24,167)
Total shareholders' deficit (221,754) (199,752)
Total liabilities and shareholders' deficit $ 959,152 $ 955,807