| OTHER SUPPLEMENTAL INFORMATION |
NOTE 15 — OTHER SUPPLEMENTAL INFORMATION
Consolidated Balance Sheet Details
Prepaid expenses and other current assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2025 |
|
2024 |
Derivatives |
|
$ |
318 |
|
$ |
868 |
Insurance/bond premiums |
|
|
5,630 |
|
|
6,988 |
Prepaid deposits related to royalties |
|
|
6,382 |
|
|
8,562 |
Prepayments to vendors |
|
|
1,636 |
|
|
1,586 |
Other |
|
|
577 |
|
|
500 |
Prepaid expenses and other current assets |
|
$ |
14,543 |
|
$ |
18,504 |
Oil and natural gas properties and other, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2025 |
|
2024 |
Oil and natural gas properties and related equipment (1) |
|
$ |
9,091,553 |
|
$ |
9,090,928 |
Other property |
|
|
43,710 |
|
|
43,589 |
Total property and equipment |
|
|
9,135,263 |
|
|
9,134,517 |
Less: Accumulated depreciation, depletion, amortization and impairment |
|
|
(8,473,181) |
|
|
(8,356,776) |
Oil and natural gas properties and other, net |
|
$ |
662,082 |
|
$ |
777,741 |
| (1) |
In January 2025, the Company received $58.5 million from an insurance claim related to the Mobile Bay plant turnaround in February 2023. As the Company uses the full cost method of accounting for its oil and natural gas properties, the proceeds were accounted for as an adjustment to its capitalized costs.
|
Accrued liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2025 |
|
2024 |
Accrued interest |
|
$ |
15,768 |
|
$ |
13,472 |
Accrued salaries/payroll taxes/benefits |
|
|
12,513 |
|
|
11,623 |
Contingent P&A liability |
|
|
8,717 |
|
|
1,751 |
Derivatives |
|
|
— |
|
|
3,731 |
Operating lease liabilities |
|
|
1,765 |
|
|
1,522 |
Income taxes payable |
|
|
202 |
|
|
— |
Other |
|
|
844 |
|
|
1,172 |
Total accrued liabilities |
|
$ |
39,809 |
|
$ |
33,271 |
Consolidated Statement of Cash Flows Information
Supplemental cash flows information was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2025 |
|
2024 |
|
2023 |
Cash and cash equivalents |
|
$ |
140,558 |
|
$ |
109,003 |
|
$ |
173,338 |
Restricted cash |
|
|
62 |
|
|
1,552 |
|
|
4,417 |
Cash, cash equivalents and restricted cash |
|
|
140,620 |
|
|
110,555 |
|
|
177,755 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flows information: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
|
35,875 |
|
|
40,566 |
|
|
42,132 |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2025 |
|
2024 |
|
2023 |
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
Accrual for investment in oil and natural gas properties |
|
|
9,490 |
|
|
3,363 |
|
|
7,165 |
ARO - acquisitions, additions, dispositions and revisions, net |
|
|
16,403 |
|
|
57,335 |
|
|
37,337 |
Share-based compensation expense related to liability awards |
|
|
2,134 |
|
|
— |
|
|
— |
Government securities transferred to trustee in connection with legal defeasance |
|
|
5,348 |
|
|
— |
|
|
— |
Legal defeasance of 11.75% Notes |
|
|
5,170 |
|
|
— |
|
|
— |
Change in accrual for dividends declared but not paid on unvested share-based awards |
|
|
432 |
|
|
116 |
|
|
— |
|