W&T Offshore (WTI) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-32414
Entity Registrant Name	W&T OFFSHORE, INC.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	72-1121985
Entity Address, Address Line One	5718 Westheimer Road, Suite 700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77057-5745
City Area Code	713
Local Phone Number	626-8525
Title of 12(b) Security	Common Stock, par value $0.00001
Trading Symbol	WTI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		147,357,587
Entity Central Index Key	0001288403
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2024

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 126,544	$ 173,338
Restricted cash	4,417	4,417
Accounts receivable:
Oil, natural gas liquids and natural gas sales	52,025	52,080
Joint interest, net of allowance for credit losses of $10,986 and $11,130, respectively	19,753	15,480
Other	557	2,218
Prepaid expenses and other current assets (Note 12)	23,116	17,447
Total current assets	226,412	264,980
Oil and natural gas properties and other, net of accumulated depreciation, depletion and amortization of $8,318,568 and $8,213,781, respectively	798,705	749,056
Restricted deposits for asset retirement obligations	22,625	22,272
Deferred income taxes	46,910	38,774
Other assets	32,624	38,923
Total assets	1,127,276	1,114,005
Current liabilities:
Accounts payable	86,866	78,857
Accrued liabilities (Note 12)	21,629	31,978
Undistributed oil and natural gas proceeds	54,461	42,134
Advances from joint interest partners	2,489	2,962
Current portion of asset retirement obligations (Note 5)	45,139	31,553
Current portion of long-term debt, net (Note 3)	20,968	29,368
Total current liabilities	231,552	216,852
Asset retirement obligations (Note 5)	509,888	467,262
Long-term debt, net (Note 3)	371,596	361,236
Other liabilities	16,665	19,420
Commitments and contingencies (Note 6)	29,085	18,043
Shareholders' (deficit) equity:
Preferred stock: $0.00001 par value; 20,000 shares authorized; no shares issued
Common stock: $0.00001 par value; 400,000 shares authorized; 150,214 shares and 149,450 shares issued, respectively	2	1
Additional paid-in capital	591,602	586,014
Retained deficit	(598,947)	(530,656)
Treasury stock: 2,869 shares, at cost	(24,167)	(24,167)
Total shareholders' (deficit) equity	(31,510)	31,192
Total liabilities and shareholders' (deficit) equity	$ 1,127,276	$ 1,114,005

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Joint interest, allowance for credit loss	$ 10,986	$ 11,130
Oil and natural gas properties and other, accumulated depreciation, depletion and amortization	$ 8,318,568	$ 8,213,781
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	400,000	400,000
Common stock, shares issued (in shares)	150,214	149,450
Treasury stock, shares (in shares)	2,869	2,869

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 121,372	$ 142,411	$ 404,916	$ 400,316
Operating expenses:
Lease operating expenses	72,412	61,826	217,229	193,033
Gathering, transportation and production taxes	6,147	6,692	22,265	19,630
Depreciation, depletion, and amortization	34,206	30,218	104,817	81,019
Asset retirement obligations accretion	7,848	6,414	24,217	21,641
General and administrative expenses	19,723	19,978	61,592	57,290
Total operating expenses	140,336	125,128	430,120	372,613
Operating (loss) income	(18,964)	17,283	(25,204)	27,703
Interest expense, net	9,992	9,925	30,228	34,960
Derivative gain, net	(3,199)	(1,491)	(5,702)	(41,560)
Other expense, net	15,709	1,927	22,189	1,849
(Loss) income before income taxes	(41,466)	6,922	(71,919)	32,454
Income tax (benefit) expense	(4,545)	4,777	(8,136)	16,413
Net (loss) income	$ (36,921)	$ 2,145	$ (63,783)	$ 16,041
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.25)	$ 0.01	$ (0.43)	$ 0.11
Diluted (in dollars per share)	$ (0.25)	$ 0.01	$ (0.43)	$ 0.11
Weighted average common shares outstanding:
Basic (in shares)	147,206	146,483	147,002	146,451
Diluted (in shares)	147,206	151,459	147,002	149,856
Oil
Revenues:
Total revenues	$ 90,862	$ 100,331	$ 308,842	$ 287,313
NGLs
Revenues:
Total revenues	5,636	7,415	21,265	25,595
Natural gas
Revenues:
Total revenues	23,148	32,515	66,674	80,757
Other
Revenues:
Total revenues	$ 1,726	$ 2,150	$ 8,135	$ 6,651

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Deficit	Treasury Stock	Total
Balances beginning at Dec. 31, 2022	$ 1	$ 576,588	$ (544,788)	$ (24,167)	$ 7,634
Balances beginning (in shares) at Dec. 31, 2022	146,133
Balances beginning (in shares) at Dec. 31, 2022				2,869
Share-based compensation		7,259			7,259
Stock issued (in shares)	442
Shares withheld related to net settlement of equity awards		(947)			(947)
Net (loss) income			16,041		16,041
Balances Ending at Sep. 30, 2023	$ 1	582,900	(528,747)	$ (24,167)	29,987
Balances Ending (in shares) at Sep. 30, 2023	146,575
Balances Ending (in shares) at Sep. 30, 2023				2,869
Balances beginning at Jun. 30, 2023	$ 1	579,849	(530,892)	$ (24,167)	24,791
Balances beginning (in shares) at Jun. 30, 2023	146,481
Balances beginning (in shares) at Jun. 30, 2023				2,869
Share-based compensation		3,250			3,250
Stock issued (in shares)	94
Shares withheld related to net settlement of equity awards		(199)			(199)
Net (loss) income			2,145		2,145
Balances Ending at Sep. 30, 2023	$ 1	582,900	(528,747)	$ (24,167)	29,987
Balances Ending (in shares) at Sep. 30, 2023	146,575
Balances Ending (in shares) at Sep. 30, 2023				2,869
Balances beginning at Dec. 31, 2023	$ 1	586,014	(530,656)	$ (24,167)	$ 31,192
Balances beginning (in shares) at Dec. 31, 2023	146,581
Balances beginning (in shares) at Dec. 31, 2023				2,869	2,869
Cash dividends			(4,508)		$ (4,508)
Share-based compensation		6,374			6,374
Stock issued	$ 1				1
Stock issued (in shares)	764
Shares withheld related to net settlement of equity awards		(786)			(786)
Net (loss) income			(63,783)		(63,783)
Balances Ending at Sep. 30, 2024	$ 2	591,602	(598,947)	$ (24,167)	$ (31,510)
Balances Ending (in shares) at Sep. 30, 2024	147,345
Balances Ending (in shares) at Sep. 30, 2024				2,869	2,869
Balances beginning at Jun. 30, 2024	$ 2	589,678	(560,508)	$ (24,167)	$ 5,005
Balances beginning (in shares) at Jun. 30, 2024	147,162
Balances beginning (in shares) at Jun. 30, 2024				2,869
Cash dividends			(1,518)		(1,518)
Share-based compensation		1,956			1,956
Stock issued (in shares)	183
Shares withheld related to net settlement of equity awards		(32)			(32)
Net (loss) income			(36,921)		(36,921)
Balances Ending at Sep. 30, 2024	$ 2	$ 591,602	$ (598,947)	$ (24,167)	$ (31,510)
Balances Ending (in shares) at Sep. 30, 2024	147,345
Balances Ending (in shares) at Sep. 30, 2024				2,869	2,869

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net (loss) income	$ (63,783)	$ 16,041
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	129,034	102,660
Share-based compensation	6,374	7,259
Amortization and write-off of debt issuance costs	3,445	5,714
Derivative gain, net	(5,702)	(41,560)
Derivative cash receipts (settlements), net	6,165	(6,123)
Deferred income (benefit) taxes	(8,136)	14,647
Changes in operating assets and liabilities:
Accounts receivable	(2,557)	15,575
Prepaid expenses and other current assets	(3,242)	25,550
Accounts payable, accrued liabilities and other	22,602	(35,183)
Asset retirement obligation settlements	(20,344)	(24,918)
Net cash provided by operating activities	63,856	79,662
Investing activities:
Investment in oil and natural gas properties and equipment	(23,233)	(29,674)
Acquisition of property interests	(80,635)	(28,863)
Deposit related to acquisition of property interests		(8,850)
Purchase of corporate aircraft		(8,983)
Purchases of furniture, fixtures and other	(166)	(3,081)
Net cash used in investing activities	(104,034)	(79,451)
Financing activities:
Proceeds from issuance of 11.75% Notes Senior Second Lien Notes		275,000
Repayment of 9.75% Second Senior Lien Notes		(552,460)
Repayments of Term Loan		(26,329)
Repayments of TVPX Loan	(825)	(458)
Debt issuance costs	(579)	(7,380)
Payment of dividends	(4,427)
Other	(785)	(948)
Net cash used in financing activities	(6,616)	(312,575)
Change in cash, cash equivalents and restricted cash	(46,794)	(312,364)
Cash, cash equivalents and restricted cash, beginning of year	177,755	465,774
Cash, cash equivalents and restricted cash, end of period	$ 130,961	$ 153,410

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parentheticals)	Sep. 30, 2024	Sep. 30, 2023
11.75% Senior Second Lien Notes due 2026
Debt instrument, interest rate, stated percentage	11.75%	11.75%
9.75% Second Senior Lien Notes
Debt instrument, interest rate, stated percentage	9.75%	9.75%

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NOTE 1 — NATURE OF OPERATIONS AND Nature of Operations W&T Offshore, Inc. (with subsidiaries referred to herein as the “Company”) is an independent oil and natural gas producer with substantially all of its operations offshore in the Gulf of Mexico. The Company is active in the exploration, development and acquisition of oil and natural gas properties. The Company operates in one reportable segment. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and an interest in Monza Energy LLC (“Monza”), which is accounted for under the proportional consolidation method. All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Part II, Item 8. Financial Statements and Supplementary Data Certain reclassifications have been made to the prior year’s condensed consolidated financial statements to conform to the current year’s presentation. On the Condensed Consolidated Balance Sheets, the Company has combined Income tax payable Accrued liabilities Deferred income taxes Other liabilities. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

ACQUISITION

ACQUISITION	9 Months Ended
	Sep. 30, 2024
ACQUISITION
ACQUISITION	NOTE 2 — On December 13, 2023, the Company entered into a purchase and sale agreement to acquire rights, titles and interest in and to certain leases, wells and personal property in the central shelf region of the Gulf of Mexico, among other assets, for $72.0 million. The transaction closed on January 16, 2024 for $77.3 million (including closing fees and other transaction costs) and was funded using cash on hand. The Company also assumed the related asset retirement obligations (“AROs”) associated with these assets. The acquisition was accounted for as an asset acquisition, which requires that the total purchase price, including transaction costs, be allocated to the assets acquired and the liabilities assumed based on their relative fair values. The fair value measurements of the oil and natural gas properties acquired and ARO assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows and appropriate discount rates. These inputs required significant judgments and estimates by the Company’s management at the time of the valuation. The following table presents the Company’s allocation of total purchase consideration to the identifiable assets acquired and liabilities assumed based on the fair values on the date of acquisition (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2024 Oil and natural gas properties and other, net ​ ​ ​ ​ ​ ​ ​ $ 94,970 Asset retirement obligations ​ ​ ​ ​ ​ ​ ​ (17,647) Allocated purchase price ​ ​ ​ ​ ​ ​ ​ $ 77,323 ​ In February 2024, the Company received a final settlement statement for its September 2023 acquisition of working interest in certain oil and natural gas producing properties in the central and eastern shelf region of the Gulf of Mexico and recorded an additional $3.3 million of oil and natural gas properties.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
DEBT	NOTE 3 — The components comprising the Company’s debt are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Term Loan: ​ ​ ​ ​ ​ ​ Principal ​ $ 114,159 ​ $ 114,159 Unamortized debt issuance costs ​ ​ (2,263) ​ ​ (3,052) Total ​ 111,896 ​ 111,107 ​ ​ ​ ​ ​ ​ ​ 11.75% Senior Second Lien Notes due 2026: ​ ​ ​ Principal ​ 275,000 ​ 275,000 Unamortized debt issuance costs ​ (3,471) ​ (5,090) Total ​ 271,529 ​ 269,910 ​ ​ ​ ​ ​ ​ ​ TVPX Loan: ​ ​ ​ ​ ​ ​ Principal ​ ​ 10,200 ​ ​ 11,025 Unamortized discount ​ ​ (897) ​ ​ (1,294) Unamortized debt issuance costs ​ (164) ​ ​ (144) Total ​ 9,139 ​ ​ 9,587 ​ ​ ​ ​ ​ ​ ​ Total debt, net ​ ​ 392,564 ​ ​ 390,604 Less current portion, net ​ ​ (20,968) ​ ​ (29,368) Long-term debt, net ​ $ 371,596 ​ $ 361,236 ​ ​ ​ ​ ​ On March 17, 2024, the term loan provided for by the credit agreement entered into by Aquasition LLC and Aquasition II LLC (the “Term Loan”) was amended to provide for (i) the deferral of $30.1 million of principal repayments during 2024; (ii) the resumption of principal repayments in the first quarter of 2025 with the option, but not obligation, to catch up on deferred amortization through excess cash flow sweep; (iii) the payment of cash interest each quarter on the remaining principal balance; (iv) the payment of an amendment fee of $0.2 million to be paid in four quarterly installments of $50,000 each, starting in the first quarter of 2024; and (v) the modification of the optional prepayment schedule as follows: redemption at 103% of par from May 2024 to May 2026, redemption at 102% of par from May 2026 up to May 2027, and 101% of par from May 2027 up to maturity in May 2028. The premium will be applicable to the aggregate principal amount outstanding at the time of any optional redemption. As of September 30, 2024, the maturity date of the Sixth Amended and Restated Credit Agreement (the “Credit Agreement”) is December 31, 2024, and the borrowing base under the Credit Agreement was $50.0 million. In addition, no borrowings had been incurred under the Credit Agreement during the nine months ended September 30, 2024. As of both September 30, 2024 and December 31, 2023, the Company had $4.4 million outstanding in letters of credit which have been cash collateralized. As of September 30, 2024, the Company was in compliance with all applicable covenants.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
FINANCIAL INSTRUMENTS	NOTE 4 — The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities, derivative instruments and debt. Except for derivative instruments and debt, the carrying amount of the Company’s financial instruments approximates fair value due to the short-term, highly liquid nature of these instruments. Derivative Instruments The following table reflects the contracted volumes and weighted average prices under the terms of the Company’s open derivative contracts as of September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ Daily ​ Total ​ Weighted ​ Weighted ​ Weighted Production Period Type Volumes Volumes Strike Price Put Price Call Price Natural Gas - Henry Hub (NYMEX) ​ ​ ​ (Mmbtu) (1) ​ (Mmbtu) (1) ​ ​ ($/Mmbtu) ​ ​ ($/Mmbtu) ​ ​ ($/Mmbtu) November 2024 - Dec 2024 ​ calls ​ 65,000 ​ 3,965,000 ​ $ — ​ $ — ​ $ 6.13 Jan 2025 - Mar 2025 ​ calls ​ 62,000 ​ 5,580,000 ​ $ — ​ $ — ​ $ 5.50 November 2024 - Dec 2024 ​ swaps ​ 65,574 ​ 4,000,000 ​ $ 2.58 ​ $ — ​ $ — Jan 2025 - Mar 2025 ​ swaps ​ 63,333 ​ 5,700,000 ​ $ 2.72 ​ $ — ​ $ — Apr 2025 - Dec 2025 ​ puts ​ 62,182 ​ 17,100,000 ​ $ — ​ $ 2.27 ​ $ — Jan 2026 - Dec 2026 ​ puts ​ 55,890 ​ 20,400,000 ​ $ — ​ $ 2.35 ​ $ — Jan 2027 - Dec 2027 ​ puts ​ 52,603 ​ 19,200,000 ​ $ — ​ $ 2.37 ​ $ — Jan 2028 - Apr 2028 ​ puts ​ 49,587 ​ 6,000,000 ​ $ — ​ $ 2.50 ​ $ — ​ ​ ​ ​ ​ ​ (1) MMbtu – Million British Thermal Units The Company has elected not to designate its derivative instruments contracts for hedge accounting. Accordingly, commodity derivatives are recorded on the Condensed Consolidated Balance Sheets at fair value with settlements of such contracts, and changes in the unrealized fair value, recorded as Derivative loss (gain), net on the Condensed Consolidated Statements of Operations in each period presented. The fair value of the Company’s derivative financial instruments was recorded in the Condensed Consolidated Balance Sheets as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Prepaid expenses and other current assets ​ $ 1,564 ​ $ 1,180 Other assets ​ 6,259 ​ 10,068 Accrued liabilities ​ 6,061 ​ 6,267 Other liabilities ​ ​ — ​ ​ 2,756 ​ ​ The Company measures the fair value of its derivative instruments by applying the income approach, using models with inputs that are classified within Level 2 of the valuation hierarchy. The income approach converts expected future cash flows to a present value amount based on market expectations. The inputs used for the fair value measurement of derivative financial instruments are the exercise price, the expiration date, the settlement date, notional quantities, the implied volatility, the discount curve with spreads and published commodity future prices. Although the Company has master netting arrangements with its counterparties, t The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 2023 2024 2023 Realized (gain) loss ​ $ (1,370) ​ $ 1,971 ​ $ (5,489) ​ $ 2,501 ​ Unrealized gain ​ ​ (1,829) ​ ​ (3,462) ​ ​ (213) ​ ​ (44,061) ​ Derivative gain, net ​ $ (3,199) ​ $ (1,491) ​ $ (5,702) ​ $ (41,560) ​ ​ ​ ​ ​ ​ Debt The following table presents the net values and estimated fair values of the Company’s debt (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ Net Value Fair Value Net Value Fair Value Term Loan ​ $ 111,896 ​ $ 110,931 ​ $ 111,107 ​ $ 108,467 11.75% Notes ​ ​ 271,529 ​ 280,789 ​ 269,910 ​ 283,443 TVPX Loan ​ ​ 9,139 ​ ​ 9,586 ​ ​ 9,587 ​ ​ 10,156 Total ​ $ 392,564 ​ $ 401,306 ​ $ 390,604 ​ $ 402,066 ​ ​ ​ The fair value of the TVPX Loan and the Term Loan were measured using a discounted cash flows model and current market rates. The fair value of the 11.75% Notes was measured using quoted prices, although the market is not a highly liquid market. The fair value of debt was classified as Level 2 within the valuation hierarchy.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
ASSET RETIREMENT OBLIGATIONS	NOTE 5 — AROs represent the estimated present value of the amount incurred to plug, abandon and remediate the Company’s properties at the end of their productive lives. A summary of the changes to ARO is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2024 2023 Asset retirement obligations, beginning of period ​ $ 498,815 ​ $ 466,430 Liabilities settled ​ (20,342) ​ (24,918) Accretion expense ​ 24,217 ​ 21,641 Liabilities acquired ​ 17,647 ​ 16,352 Liabilities incurred ​ ​ — ​ ​ 113 Revisions of estimated liabilities ​ 34,690 ​ 18,796 Asset retirement obligations, end of period ​ ​ 555,027 ​ ​ 498,414 Less: Current portion ​ (45,139) ​ (33,169) Long-term ​ $ 509,888 ​ $ 465,245 ​

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
CONTINGENCIES	NOTE 6 — Appeal with the Office of Natural Resources Revenue In 2009 , , The Company has continued to pursue its legal rights and, at present, the case is in front of the U.S. District Court for the Eastern District of Louisiana where both parties have filed cross-motions for summary judgment and opposition briefs. The Company has filed a Reply in support of its Motion for Summary Judgment, and the government has in turn filed its Reply brief. With briefing now completed, the Company is waiting for the district court’s ruling on the merits. ONRR Audit of Historical Refund Claims In 2023, the Company received notification from the ONRR regarding results of an audit performed on the Company’s historical refund claims taken on various properties for alleged royalties owed to the ONRR. The review process is ongoing, and the Company does not believe any accrual is necessary at this time. Bonding Disputes On August 14, 2024, the Company filed a complaint seeking declaratory relief (the “Complaint”) in the U.S. District Court for the Southern District of Texas against Endurance Assurance Corporation and Lexon Insurance Company (the “Sompo Sureties”), providers of government-required surety bonds that secure decommissioning obligations the Company may have with respect to certain oil and gas assets of the Company. As described in the Complaint, the Company has paid all premiums associated with the bonds issued by the Sompo Sureties prior to the Complaint and has not suffered a material change to its financial status. Notwithstanding, the Sompo Sureties have issued written demands to the Company requesting the Company provide certain collateral to the Sompo Sureties, which are inconsistent with the requests of other surety entities who are not party to the Complaint. On October 9, 2024, the Sompo Sureties filed an answer and counterclaim alleging breach of contract due to the Company’s failure to provide the collateral demanded by the Sompo Sureties. The Sompo Sureties have issued approximately $55.0 million in surety bonds on behalf of the Company and have requested $7.5 million in cash collateral. On October 21, 2024, a separate surety entity, U.S. Specialty Insurance Company (“USSIC”) filed a petition in the District Court of Harris County, Texas, alleging, among other things, breach of the indemnity agreement between the Company and USSIC and seeking to compel the Company to provide the collateral demanded by USSIC. On October 25, 2024, the Company filed a notice of removal with the District Court of Harris County, Texas, seeking to remove the case to U.S. District Court for the Southern District of Texas as a result of the existing Complaint. USSIC has issued approximately $111.0 million in surety bonds on behalf of the Company and has requested $23.0 million in cash collateral. In each of the above cases, the Company believes that compliance with the collateral demands of the applicable surety entity would be contrary to the demands of other entities that provide government-required surety bonds to the Company. In addition, the Company believes compliance with these collateral demands could prompt escalating collateral requirements. As a result of the foregoing litigation, the Company may be required to provide the collateral demanded by the surety entities, or the Company may be required to or choose to replace the surety bonds provided by the applicable surety with surety bonds from different surety entities. The Company is seeking to negotiate a reasonable resolution with respect to collateral provision amongst the surety entities and other surety entities with conflicting or different collateral requests. To the extent that the Company is required to fulfil the collateral demands made by the surety entities, or in the event that other surety entities make additional collateral demands, the fulfilment of such demands could be significant and could impact the Company’s liquidity. Please see Part I, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Known Trends and Uncertainties – Surety Bond Collateral Contingent Decommissioning Obligations The Company may be subject to retained liabilities with respect to certain divested property interests by operation of law. Certain counterparties in past divestiture transactions or third parties in existing leases that have filed for bankruptcy protection or undergone associated reorganizations may not be able to perform required abandonment obligations. Due to operation of law, the Company may be required to assume decommissioning obligations for those interests. The Company may be held jointly and severally liable for the decommissioning of various facilities and related wells. The Company no longer owns these assets, nor are they related to current operations. During the nine months ended September 30, 2024, the Company incurred $12.6 million in costs related to these decommissioning obligations and reassessed the existing decommissioning obligations, recording an additional $23.7 million. As of September 30, 2024, the remaining loss contingency recorded related to the anticipated decommissioning obligations was $29.1 million. Although it is reasonably possible that the Company could receive state or federal decommissioning orders in the future or be notified of defaulting third parties in existing leases, the Company cannot predict with certainty, if, how or when such orders or notices will be resolved or estimate a possible loss or range of loss that may result from such orders. However, the Company could incur judgments, enter into settlements or revise the Company’s opinion regarding the outcome of certain notices or matters, and such developments could have a material adverse effect on the Company’s results of operations in the period in which the amounts are accrued and the Company’s cash flows in the period in which the amounts are paid. To the extent the Company does incur costs associated with these properties in future periods, the Company intends to seek contribution from other parties that owned an interest in the facilities. Other Claims In the ordinary course of business, the Company is a party to various pending or threatened claims and complaints seeking damages or other remedies concerning commercial operations and other matters. In addition, claims or contingencies may arise related to matters occurring prior to the Company’s acquisition of properties or related to matters occurring subsequent to the Company’s sale of properties. In certain cases, the Company has indemnified the sellers of properties acquired, and in other cases, has indemnified the buyers of properties sold. The Company is also subject to federal and state administrative proceedings conducted in the ordinary course of business including matters related to alleged royalty underpayments on certain federal-owned properties. Although the Company can give no assurance about the outcome of pending legal and federal or state administrative proceedings and the effect such an outcome may have, the Company believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.

INVESTMENT IN MONZA

INVESTMENT IN MONZA	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
INVESTMENT IN MONZA	NOTE 7 — INVESTMENT IN MONZA In March 2018, the Company and other members formed and funded Monza, which jointly participates with the Company in the exploration, drilling and development of certain drilling projects (“Joint Venture Drilling Program”) in the Gulf of Mexico. The total commitments by all members, including the Company’s commitment to fund its retained interest in Monza projects held outside of Monza, was $361.4 million. The Company contributed 88.94% of its working interest in certain undeveloped drilling projects to Monza and retained 11.06% of its working interest. The Joint Venture Drilling Program is structured so that the Company initially received an aggregate of 30.0% of the revenues less expenses, through the direct ownership from the retained working interest in the Monza projects and the Company’s indirect interest through its interest in Monza, for contributing 20.0% of the estimated total well costs plus associated leases and providing access to available infrastructure at agreed-upon rates. The members of Monza are third-party investors, the Company and an entity owned and controlled by the Company’s Chief Executive Officer (“CEO”). The entity affiliated with the Company’s CEO invested as a minority investor on the same terms and conditions as the third-party investors. The Company’s interest in Monza is considered to be a variable interest that is proportionally consolidated. The Company does not fully consolidate Monza because the Company is not considered the primary beneficiary of Monza. The following table presents the amounts recorded by the Company on the Condensed Consolidated Balance Sheets related to the consolidation of the proportional interest in Monza’s operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 Working capital ​ $ 937 ​ $ 1,159 Oil and natural gas properties and other, net ​ 28,964 ​ 31,805 Other assets ​ ​ 12,125 ​ ​ 11,694 Asset retirement obligations ​ ​ 667 ​ ​ 593 ​ The following table presents the amounts recorded by the Company in the Condensed (i ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 Total revenues ​ $ 8,546 ​ $ 9,635 Total operating expenses ​ 5,540 ​ 7,046 Interest income ​ 165 ​ 147 ​ As required, the Company may call on Monza to provide cash to fund its portion of certain projects in advance of capital expenditure spending. As of September 30, 2024 and December 31, 2023, the unused advances were $2.5 million and $2.7 million, respectively, which are included in Advances from joint interest partners . During the nine months ended September 30, 2024, Monza paid cash distributions of $28.0 million, of which $5.9 million was paid to the Company.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity
STOCKHOLDERS' EQUITY	NOTE 8 — On March 5, 2024, the Company’s board of directors declared a regular quarterly dividend of $0.01 per share of common stock for the first quarter of 2024. The dividend of $1.5 million was paid on March 25, 2024 to stockholders of record at the close of business on March 18, 2024. On May 10, 2024, the Company’s board of directors declared a regular quarterly dividend of $0.01 per share of common stock for the second quarter of 2024. The dividend of $1.5 million was paid on May 31, 2024 to stockholders of record at the close of business on May 24, 2024. On August 6, 2024, the Company’s board of directors declared a regular quarterly dividend of $0.01 per share of common stock for the third quarter of 2024. The dividend of $1.5 million was paid on August 29, 2024 to stockholders of record at the close of business on August 21, 2024. On November 7, 2024, the Company’s board of directors declared a regular quarterly dividend of $0.01 per share of common stock for the fourth quarter of 2024. The dividend is to be paid on November 29, 2024 to stockholders of record at the close of business on November 21, 2024.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
SHARE-BASED COMPENSATION	NOTE 9 — In August 2024, the Company granted share-based compensation to its employees The RSUs were valued as of the grant date and vest 1/3 The PSUs are subject to performance criteria of total shareholder return and relative shareholder return (collectively, the “TSR PSUs”) and cash return on capital employed (the “CROCE PSUs”). The performance period for the measurement of the performance goal began on January 1, 2024 and ends on December 31, 2026. To be eligible to receive the earned PSUs, employees must be employed from the grant date through December 31, 2026. Different levels of achievement across these metrics will affect the percentage of PSUs that the employee receives upon the satisfaction of the service requirement. The percentage of PSUs received upon vesting ranges from 0% to 200%. The TSR PSUs will account for 60% of the target PSUs granted to employees. The TSR PSUs contain both a service condition and a market condition. The grant date fair value of the TSR PSUs was $2.2 million and was calculated using a Monte Carlo simulation. This amount will be expensed on a straight-line basis over the service period. The CROCE PSUs will account for 40% of the target PSUS granted to employees. The CROCE PSUs contain both a service condition and a performance condition. The grant date fair value of the CROCE PSUs was $1.3 million. The cumulative compensation cost that will be recognized will be equal to the grant date fair value of the awards deemed probable of vesting multiplied by the percentage of the requisite service period that has been rendered. Unlike the TSR PSUs, if the performance condition is not satisfied, any previously recognized compensation expense is not reversed.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
INCOME TAXES	NOTE 10 — The Company records income taxes for interim periods based on an estimated annual effective tax rate. The estimated annual effective rate is recomputed on a quarterly basis and may fluctuate due to changes in forecasted annual operating income, positive or negative changes to the valuation allowance for net deferred tax assets and changes to actual or forecasted permanent book to tax differences. The Company’s effective tax rate for the three and nine months ended September 30, 2024 was 11.0% and 11.3%, respectively. These effective tax rates differ from the federal statutory rate primarily due to the impact of nondeductible compensation and adjustments to the Company’s valuation allowance. The Company’s effective tax rate for the three months ended September 30, 2023 was not meaningful primarily as a result of changes in the valuation allowance against the Company’s deferred tax assets. The Company’s effective tax rate for the nine months ended September 30, 2023 was 50.6%. The effective tax rate differed from the federal statutory rate was primarily due to the impact of state income taxes, nondeductible compensation, and adjustments to the Company’s valuation allowance. As of September 30, 2024 and December 31, 2023, the Company had a valuation allowance of $29.0 million and $23.2 million, respectively, primarily related to state net operating losses and the disallowed interest expense limitation carryover. At each reporting date, the Company considers all available positive and negative evidence to evaluate whether its deferred tax assets are more likely than not to be realized.

NET (LOSS) INCOME PER SHARE

NET (LOSS) INCOME PER SHARE	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
NET (LOSS) INCOME PER SHARE	NOTE 11 — NET (LOSS) INCOME PER SHARE The following table presents the calculation of basic and diluted net (loss) income per common share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2024 2023 2024 2023 Net (loss) income ​ $ (36,921) ​ $ 2,145 ​ $ (63,783) ​ $ 16,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 147,206 ​ 146,483 ​ 147,002 ​ 146,451 Dilutive effect of securities ​ ​ — ​ ​ 4,976 ​ ​ — ​ ​ 3,405 Weighted average common shares outstanding - diluted ​ ​ 147,206 ​ ​ 151,459 ​ ​ 147,002 ​ ​ 149,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.25) ​ $ 0.01 ​ $ (0.43) ​ $ 0.11 Diluted ​ ​ (0.25) ​ ​ 0.01 ​ ​ (0.43) ​ ​ 0.11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares excluded due to being anti-dilutive ​ ​ 3,531 ​ ​ — ​ ​ 3,531 ​ ​ — ​

OTHER SUPPLEMENTAL INFORMATION

OTHER SUPPLEMENTAL INFORMATION	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
OTHER SUPPLEMENTAL INFORMATION	NOTE 12 — OTHER SUPPLEMENTAL INFORMATION Condensed Consolidated Balance Sheet Details Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 Derivatives ​ $ 1,564 ​ $ 1,180 Insurance/bond premiums ​ 10,248 ​ 6,631 Prepaid deposits related to royalties ​ 8,562 ​ 7,872 Prepayments to vendors ​ 2,133 ​ 1,492 Other ​ 609 ​ 272 Prepaid expenses and other current assets ​ $ 23,116 ​ $ 17,447 ​ Accrued liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Accrued interest ​ $ 5,395 ​ $ 13,479 Accrued salaries/payroll taxes/benefits ​ 8,457 ​ 9,473 Operating lease liabilities ​ 1,493 ​ 1,455 Derivatives ​ 6,061 ​ 6,267 Other ​ 223 ​ 1,304 Total accrued liabilities ​ $ 21,629 ​ $ 31,978 ​ Condensed Consolidated Statements of Cash Flows Information Supplemental statements of cash flows information consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 Cash and cash equivalents ​ $ 126,544 ​ $ 173,338 Restricted cash ​ ​ 4,417 ​ ​ 4,417 Cash, cash equivalents and restricted cash ​ ​ 130,961 ​ ​ 177,755 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2024 2023 Non-cash investing activities: ​ ​ ​ Accruals of property and equipment ​ 5,258 ​ 7,921 Dividends declared but not paid on unvested share-based awards ​ ​ 82 ​ ​ — ARO - acquisitions, additions and revisions, net ​ 52,337 ​ 35,261 ​

SUBSIDIARY BORROWERS

SUBSIDIARY BORROWERS	9 Months Ended
	Sep. 30, 2024
SUBSIDIARY BORROWERS
SUBSIDIARY BORROWERS	NOTE 13 — SUBSIDIARY BORROWERS Aquasition LLC and Aquasition II, LLC (collectively, the “Subsidiary Borrowers”) are indirect, wholly-owned subsidiaries of the Company. Note 3 – Debt The assets of the Subsidiary Borrowers are not available to satisfy the debt or contractual obligations of any other entities, including debt securities or other contractual obligations of the Company, and the Subsidiary Borrowers do not bear any liability for the indebtedness or other contractual obligations of any other entities, and vice versa. The following table presents the amounts recorded by the Company on the Condensed Consolidated Balance Sheets related to the consolidation of Aquasition Energy LLC, the parent of the Subsidiary Borrowers (the “Subsidiary Parent”), and the Subsidiary Borrowers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 Assets: ​ ​ Cash and cash equivalents ​ $ 3,671 ​ $ 600 Receivables: ​ ​ Oil and natural gas sales ​ 7,594 ​ 19,171 Joint interest, net ​ (12,280) ​ (33,151) Prepaid expenses and other current assets ​ 1,401 ​ 612 Oil and natural gas properties and other, net ​ 291,741 ​ 287,313 Other assets ​ 5,173 ​ 8,097 Liabilities: ​ ​ Accounts payable ​ ​ 2,498 ​ ​ 4,473 Accrued liabilities ​ 6,945 ​ 7,152 Undistributed oil and natural gas proceeds ​ 7,085 ​ 4,359 Current portion of asset retirement obligations ​ ​ 8,069 ​ ​ 44 Current portion of long-term debt, net ​ ​ 20,429 ​ ​ 28,872 Asset retirement obligations ​ 72,336 ​ 67,771 Long-term debt, net ​ 91,467 ​ 82,317 Other liabilities ​ 4,401 ​ 6,749 ​ The following table presents the amounts recorded by the Company in the Condensed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Total revenues ​ $ 19,300 ​ $ 28,865 ​ $ 60,265 ​ $ 75,425 Total operating expenses ​ 18,122 ​ 18,807 ​ 57,381 ​ 69,297 Interest expense, net ​ 2,225 ​ 2,536 ​ 6,676 ​ 7,947 Derivative gain, net ​ (3,828) ​ (2,652) ​ (6,957) ​ (55,041) ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (36,921)	$ 2,145	$ (63,783)	$ 16,041

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2024
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and an interest in Monza Energy LLC (“Monza”), which is accounted for under the proportional consolidation method. All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Part II, Item 8. Financial Statements and Supplementary Data Certain reclassifications have been made to the prior year’s condensed consolidated financial statements to conform to the current year’s presentation. On the Condensed Consolidated Balance Sheets, the Company has combined Income tax payable Accrued liabilities Deferred income taxes Other liabilities.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

ACQUISITION (Tables)

ACQUISITION (Tables)	9 Months Ended
	Sep. 30, 2024
ACQUISITION
Schedule of the preliminary allocation of total purchase consideration	The following table presents the Company’s allocation of total purchase consideration to the identifiable assets acquired and liabilities assumed based on the fair values on the date of acquisition (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2024 Oil and natural gas properties and other, net ​ ​ ​ ​ ​ ​ ​ $ 94,970 Asset retirement obligations ​ ​ ​ ​ ​ ​ ​ (17,647) Allocated purchase price ​ ​ ​ ​ ​ ​ ​ $ 77,323

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Debt Instruments	The components comprising the Company’s debt are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Term Loan: ​ ​ ​ ​ ​ ​ Principal ​ $ 114,159 ​ $ 114,159 Unamortized debt issuance costs ​ ​ (2,263) ​ ​ (3,052) Total ​ 111,896 ​ 111,107 ​ ​ ​ ​ ​ ​ ​ 11.75% Senior Second Lien Notes due 2026: ​ ​ ​ Principal ​ 275,000 ​ 275,000 Unamortized debt issuance costs ​ (3,471) ​ (5,090) Total ​ 271,529 ​ 269,910 ​ ​ ​ ​ ​ ​ ​ TVPX Loan: ​ ​ ​ ​ ​ ​ Principal ​ ​ 10,200 ​ ​ 11,025 Unamortized discount ​ ​ (897) ​ ​ (1,294) Unamortized debt issuance costs ​ (164) ​ ​ (144) Total ​ 9,139 ​ ​ 9,587 ​ ​ ​ ​ ​ ​ ​ Total debt, net ​ ​ 392,564 ​ ​ 390,604 Less current portion, net ​ ​ (20,968) ​ ​ (29,368) Long-term debt, net ​ $ 371,596 ​ $ 361,236

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Contracted Volumes and Weighted Average Prices of Open Derivative Contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ Daily ​ Total ​ Weighted ​ Weighted ​ Weighted Production Period Type Volumes Volumes Strike Price Put Price Call Price Natural Gas - Henry Hub (NYMEX) ​ ​ ​ (Mmbtu) (1) ​ (Mmbtu) (1) ​ ​ ($/Mmbtu) ​ ​ ($/Mmbtu) ​ ​ ($/Mmbtu) November 2024 - Dec 2024 ​ calls ​ 65,000 ​ 3,965,000 ​ $ — ​ $ — ​ $ 6.13 Jan 2025 - Mar 2025 ​ calls ​ 62,000 ​ 5,580,000 ​ $ — ​ $ — ​ $ 5.50 November 2024 - Dec 2024 ​ swaps ​ 65,574 ​ 4,000,000 ​ $ 2.58 ​ $ — ​ $ — Jan 2025 - Mar 2025 ​ swaps ​ 63,333 ​ 5,700,000 ​ $ 2.72 ​ $ — ​ $ — Apr 2025 - Dec 2025 ​ puts ​ 62,182 ​ 17,100,000 ​ $ — ​ $ 2.27 ​ $ — Jan 2026 - Dec 2026 ​ puts ​ 55,890 ​ 20,400,000 ​ $ — ​ $ 2.35 ​ $ — Jan 2027 - Dec 2027 ​ puts ​ 52,603 ​ 19,200,000 ​ $ — ​ $ 2.37 ​ $ — Jan 2028 - Apr 2028 ​ puts ​ 49,587 ​ 6,000,000 ​ $ — ​ $ 2.50 ​ $ — ​ ​ ​ ​ ​ ​ (1) MMbtu – Million British Thermal Units
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The fair value of the Company’s derivative financial instruments was recorded in the Condensed Consolidated Balance Sheets as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Prepaid expenses and other current assets ​ $ 1,564 ​ $ 1,180 Other assets ​ 6,259 ​ 10,068 Accrued liabilities ​ 6,061 ​ 6,267 Other liabilities ​ ​ — ​ ​ 2,756 The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 2023 2024 2023 Realized (gain) loss ​ $ (1,370) ​ $ 1,971 ​ $ (5,489) ​ $ 2,501 ​ Unrealized gain ​ ​ (1,829) ​ ​ (3,462) ​ ​ (213) ​ ​ (44,061) ​ Derivative gain, net ​ $ (3,199) ​ $ (1,491) ​ $ (5,702) ​ $ (41,560) ​
Schedule of Net Values and Estimated Fair Values of Debt Instruments	The following table presents the net values and estimated fair values of the Company’s debt (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ Net Value Fair Value Net Value Fair Value Term Loan ​ $ 111,896 ​ $ 110,931 ​ $ 111,107 ​ $ 108,467 11.75% Notes ​ ​ 271,529 ​ 280,789 ​ 269,910 ​ 283,443 TVPX Loan ​ ​ 9,139 ​ ​ 9,586 ​ ​ 9,587 ​ ​ 10,156 Total ​ $ 392,564 ​ $ 401,306 ​ $ 390,604 ​ $ 402,066

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Changes in Asset Retirement Obligations	A summary of the changes to ARO is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2024 2023 Asset retirement obligations, beginning of period ​ $ 498,815 ​ $ 466,430 Liabilities settled ​ (20,342) ​ (24,918) Accretion expense ​ 24,217 ​ 21,641 Liabilities acquired ​ 17,647 ​ 16,352 Liabilities incurred ​ ​ — ​ ​ 113 Revisions of estimated liabilities ​ 34,690 ​ 18,796 Asset retirement obligations, end of period ​ ​ 555,027 ​ ​ 498,414 Less: Current portion ​ (45,139) ​ (33,169) Long-term ​ $ 509,888 ​ $ 465,245 ​

INVESTMENT IN MONZA (Tables)

INVESTMENT IN MONZA (Tables)	9 Months Ended
	Sep. 30, 2024
INVESTMENT IN MONZA
Schedule of Condensed Consolidated Balance Sheet related to the consolidation of the proportional interest in Monza's operations	The following table presents the amounts recorded by the Company on the Condensed Consolidated Balance Sheets related to the consolidation of the proportional interest in Monza’s operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 Working capital ​ $ 937 ​ $ 1,159 Oil and natural gas properties and other, net ​ 28,964 ​ 31,805 Other assets ​ ​ 12,125 ​ ​ 11,694 Asset retirement obligations ​ ​ 667 ​ ​ 593
Schedule of Condensed Consolidated Statement of Operations related to the consolidation of the proportional interest in Monza's operations	The following table presents the amounts recorded by the Company in the Condensed (i ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 Total revenues ​ $ 8,546 ​ $ 9,635 Total operating expenses ​ 5,540 ​ 7,046 Interest income ​ 165 ​ 147

NET (LOSS) INCOME PER SHARE (Ta

NET (LOSS) INCOME PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculation of basic and diluted net (loss) income per common share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2024 2023 2024 2023 Net (loss) income ​ $ (36,921) ​ $ 2,145 ​ $ (63,783) ​ $ 16,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 147,206 ​ 146,483 ​ 147,002 ​ 146,451 Dilutive effect of securities ​ ​ — ​ ​ 4,976 ​ ​ — ​ ​ 3,405 Weighted average common shares outstanding - diluted ​ ​ 147,206 ​ ​ 151,459 ​ ​ 147,002 ​ ​ 149,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.25) ​ $ 0.01 ​ $ (0.43) ​ $ 0.11 Diluted ​ ​ (0.25) ​ ​ 0.01 ​ ​ (0.43) ​ ​ 0.11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares excluded due to being anti-dilutive ​ ​ 3,531 ​ ​ — ​ ​ 3,531 ​ ​ — ​

OTHER SUPPLEMENTAL INFORMATION

OTHER SUPPLEMENTAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 Derivatives ​ $ 1,564 ​ $ 1,180 Insurance/bond premiums ​ 10,248 ​ 6,631 Prepaid deposits related to royalties ​ 8,562 ​ 7,872 Prepayments to vendors ​ 2,133 ​ 1,492 Other ​ 609 ​ 272 Prepaid expenses and other current assets ​ $ 23,116 ​ $ 17,447
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Accrued interest ​ $ 5,395 ​ $ 13,479 Accrued salaries/payroll taxes/benefits ​ 8,457 ​ 9,473 Operating lease liabilities ​ 1,493 ​ 1,455 Derivatives ​ 6,061 ​ 6,267 Other ​ 223 ​ 1,304 Total accrued liabilities ​ $ 21,629 ​ $ 31,978
Schedule of other Supplemental Disclosures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 Cash and cash equivalents ​ $ 126,544 ​ $ 173,338 Restricted cash ​ ​ 4,417 ​ ​ 4,417 Cash, cash equivalents and restricted cash ​ ​ 130,961 ​ ​ 177,755 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2024 2023 Non-cash investing activities: ​ ​ ​ Accruals of property and equipment ​ 5,258 ​ 7,921 Dividends declared but not paid on unvested share-based awards ​ ​ 82 ​ ​ — ARO - acquisitions, additions and revisions, net ​ 52,337 ​ 35,261 ​

SUBSIDIARY BORROWERS (Tables)

SUBSIDIARY BORROWERS (Tables)	9 Months Ended
	Sep. 30, 2024
SUBSIDIARY BORROWERS
Schedule of Consolidation of Subsidiary Borrowers	The following table presents the amounts recorded by the Company on the Condensed Consolidated Balance Sheets related to the consolidation of Aquasition Energy LLC, the parent of the Subsidiary Borrowers (the “Subsidiary Parent”), and the Subsidiary Borrowers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 Assets: ​ ​ Cash and cash equivalents ​ $ 3,671 ​ $ 600 Receivables: ​ ​ Oil and natural gas sales ​ 7,594 ​ 19,171 Joint interest, net ​ (12,280) ​ (33,151) Prepaid expenses and other current assets ​ 1,401 ​ 612 Oil and natural gas properties and other, net ​ 291,741 ​ 287,313 Other assets ​ 5,173 ​ 8,097 Liabilities: ​ ​ Accounts payable ​ ​ 2,498 ​ ​ 4,473 Accrued liabilities ​ 6,945 ​ 7,152 Undistributed oil and natural gas proceeds ​ 7,085 ​ 4,359 Current portion of asset retirement obligations ​ ​ 8,069 ​ ​ 44 Current portion of long-term debt, net ​ ​ 20,429 ​ ​ 28,872 Asset retirement obligations ​ 72,336 ​ 67,771 Long-term debt, net ​ 91,467 ​ 82,317 Other liabilities ​ 4,401 ​ 6,749
Schedule of Subsidiary Borrowers and the subsidiary that owns the equity	The following table presents the amounts recorded by the Company in the Condensed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Total revenues ​ $ 19,300 ​ $ 28,865 ​ $ 60,265 ​ $ 75,425 Total operating expenses ​ 18,122 ​ 18,807 ​ 57,381 ​ 69,297 Interest expense, net ​ 2,225 ​ 2,536 ​ 6,676 ​ 7,947 Derivative gain, net ​ (3,828) ​ (2,652) ​ (6,957) ​ (55,041) ​

NATURE OF OPERATIONS AND BASI_3

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2024 segment
Note To Financial Statement Details Textual
Number of reportable segment	1

ACQUISITION (Details)

ACQUISITION (Details) - USD ($) $ in Thousands	Jan. 16, 2024	Dec. 13, 2023	Sep. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Acquisition
Oil and natural gas properties and other, net			$ 798,705		$ 749,056
Interests in and Operatorship of Certain Oil and Natural Gas Producing Properties
Acquisition
Acquisition price, expected		$ 72,000
Consideration	$ 77,323
Oil and natural gas properties and other, net	$ 94,970
September 2023 acquisition
Acquisition
Oil and natural gas properties and other, net				$ 3,300

ACQUISITION - Allocation of Tot

ACQUISITION - Allocation of Total Purchase Consideration (Details) - USD ($) $ in Thousands	Jan. 16, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Acquisition
Oil and natural gas properties and other, net		$ 798,705	$ 749,056
Asset retirement obligations		$ (555,027)	$ (498,815)	$ (498,414)	$ (466,430)
Interests in and Operatorship of Certain Oil and Natural Gas Producing Properties
Acquisition
Oil and natural gas properties and other, net	$ 94,970
Asset retirement obligations	(17,647)
Allocated purchase price	$ 77,323

DEBT - Components of Long-term

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Total	$ 392,564	$ 390,604
Less current portion, net	(20,968)	(29,368)
Long-term debt, net	371,596	361,236
Term Loan
Principal	114,159	114,159
Unamortized debt issuance costs	(2,263)	(3,052)
Total	111,896	111,107
11.75% Senior Second Lien Notes due 2026
Principal	275,000	275,000
Unamortized debt issuance costs	(3,471)	(5,090)
Total	$ 271,529	$ 269,910
Debt instrument, interest rate, stated percentage	11.75%	11.75%	11.75%
TVPX Loan
Principal	$ 10,200	$ 11,025
Unamortized discount	(897)	(1,294)
Unamortized debt issuance costs	(164)	(144)
Total	$ 9,139	$ 9,587

DEBT (Details)

DEBT (Details)	Mar. 17, 2024 USD ($) installment	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Term Loan
Deferral of principal	$ 30,100,000
Amendment fee	$ 200,000
Number of quarterly installments | installment	4
Amendment fee installment amount	$ 50,000
Term Loan | Redemption from May 2024 to May 2026
Redemption price, percentage	103%
Term Loan | Redemption from May 2026 to May 2027
Redemption price, percentage	102%
Term Loan | Redemption from May 2027 up to maturity in May 2028
Redemption price, percentage	101%
Credit Agreement
Borrowings outstanding		$ 0
Line of Credit Facility, Maximum Borrowing Capacity		50,000,000
Letters of Credit Outstanding, Amount		$ 4,400,000	$ 4,400,000

FINANCIAL INSTRUMENTS - Summary

FINANCIAL INSTRUMENTS - Summary of Open Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2024 MMBTU $ / MMBTU
Jan 2025 - Mar 2025
Average Daily Volumes	62,000
Total Volumes	5,580,000
Jan 2025 - Mar 2025 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	5.50
Jan 2025 - Mar 2025
Average Daily Volumes	63,333
Total Volumes	5,700,000
Weighted Price (in dollars per share) | $ / MMBTU	2.72
November 2024 - Dec 2024
Average Daily Volumes	65,000
Total Volumes	3,965,000
November 2024 - Dec 2024 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	6.13
November 2024 to Dec 2024
Average Daily Volumes	65,574
Total Volumes	4,000,000
Weighted Price (in dollars per share) | $ / MMBTU	2.58
Apr 2025 - Dec 2025
Average Daily Volumes	62,182
Total Volumes	17,100,000
Apr 2025 - Dec 2025 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.27
Jan 2026 - Dec 2026
Average Daily Volumes	55,890
Total Volumes	20,400,000
Jan 2026 - Dec 2026 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.35
Jan 2027 - Dec 2027
Average Daily Volumes	52,603
Total Volumes	19,200,000
Jan 2027 - Dec 2027 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.37
Jan 2028 - Apr 2028
Average Daily Volumes	49,587
Total Volumes	6,000,000
Jan 2028 - Apr 2028 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.50

FINANCIAL INSTRUMENTS - Financi

FINANCIAL INSTRUMENTS - Financial Statement Presentation - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives	$ 1,564	$ 1,180
Derivative liabilities, current	6,061	6,267
Open Contracts and Closed Contracts Which Had Not Yet Been Settled
Derivatives	$ 1,564	$ 1,180
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets (Note 1)	Prepaid expenses and other assets (Note 1)
Derivatives	$ 6,259	$ 10,068
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other assets (Note 1)	Other assets (Note 1)
Derivative liabilities, current	$ 6,061	$ 6,267
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Derivative liabilities, non-current		$ 2,756
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities (Note 1)	Other liabilities (Note 1)

FINANCIAL INSTRUMENTS - Finan_2

FINANCIAL INSTRUMENTS - Financial Statement Presentation - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financial Instruments.
Realized (gain) loss	$ (1,370)	$ 1,971	$ (5,489)	$ 2,501
Unrealized gain	(1,829)	(3,462)	(213)	(44,061)
Derivative gain, net	$ (3,199)	$ (1,491)	$ (5,702)	$ (41,560)

FINANCIAL INSTRUMENTS - Net Val

FINANCIAL INSTRUMENTS - Net Value and Fair value of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Long-term debt, net value	$ 392,564	$ 390,604
Long-term debt, fair value	401,306	402,066
Term Loan
Long-term debt, net value	111,896	111,107
Long-term debt, fair value	110,931	108,467
11.75% Notes
Long-term debt, net value	271,529	269,910
Long-term debt, fair value	$ 280,789	$ 283,443
Debt instrument, interest rate, stated percentage	11.75%	11.75%	11.75%
TVPX Loan
Long-term debt, net value	$ 9,139	$ 9,587
Long-term debt, fair value	$ 9,586	$ 10,156

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details)
Asset retirement obligations, beginning of period			$ 498,815	$ 466,430
Liabilities settled			(20,342)	(24,918)
Accretion expense	$ 7,848	$ 6,414	24,217	21,641
Liabilities acquired			17,647	16,352
Liabilities incurred				113
Revisions of estimated liabilities			34,690	18,796
Asset retirement obligations, end of period	555,027	498,414	555,027	498,414
Less: Current portion	(45,139)	(33,169)	(45,139)	(33,169)	$ (31,553)
Asset retirement obligations	$ 509,888	$ 465,245	$ 509,888	$ 465,245	$ 467,262

CONTINGENCIES (Details)

CONTINGENCIES (Details) - USD ($) $ in Millions			9 Months Ended
	Oct. 21, 2024	Oct. 09, 2024	Sep. 30, 2024	Dec. 31, 2010
Additional royalty due to disallowed deductions			$ 4.7	$ 4.7
Accrued royalties			5
Estimated penalties			0.3
Decommissioning obligations			12.6
Additional decommissioning obligations			23.7
Loss of decommissioning obligations			$ 29.1
Surety Bonds | Subsequent event
Surety entities have issued in surety bonds	$ 111	$ 55
Cash collateral	$ 23	$ 7.5

INVESTMENT IN MONZA (Details)

INVESTMENT IN MONZA (Details) - Monza Energy, LLC $ in Millions	1 Months Ended
	Mar. 31, 2018 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash call balance		$ 2.5	$ 2.7
Cash distribution payment from related party		28
Cash distribution paid		$ 5.9
JV Drilling Program [Member]
Amount committed by investors	$ 361.4
Joint Venture Working Interest Percentage Contributed to Related Party	88.94%
Joint Venture Working Interest Percent	11.06
Oil And Gas Revenue Percent	30
Well Cost Percent	20

INVESTMENT IN MONZA - Consolida

INVESTMENT IN MONZA - Consolidation and Carrying Amounts - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Oil and natural gas properties and other, net	$ 798,705	$ 749,056
Other assets	32,624	38,923
Asset retirement obligations	45,139	31,553	$ 33,169
Monza Energy, LLC [Member]
Working capital	937	1,159
Oil and natural gas properties and other, net	28,964	31,805
Other assets	12,125	11,694
Asset retirement obligations	$ 667	$ 593

INVESTMENT IN MONZA - Consoli_2

INVESTMENT IN MONZA - Consolidation and Carrying Amounts - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenues	$ 121,372	$ 142,411	$ 404,916	$ 400,316
Monza Energy, LLC [Member]
Total revenues			8,546	9,635
Total operating expenses			5,540	7,046
Interest income			$ 165	$ 147

STOCKHOLDERS' EQUITY - Cash Div

STOCKHOLDERS' EQUITY - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
STOCKHOLDERS' EQUITY
Cash dividends paid					$ 4,427
Q1 2024 Dividends
STOCKHOLDERS' EQUITY
Dividends Payable, Date Declared				Mar. 05, 2024
Common stock, dividend declared (in dollars per share)				$ 0.01
Cash dividends paid				$ 1,500
Dividends Payable, Date to be Paid				Mar. 25, 2024
Dividends Payable, Date of Record				Mar. 18, 2024
Q2 2024 Dividends
STOCKHOLDERS' EQUITY
Dividends Payable, Date Declared			May 10, 2024
Common stock, dividend declared (in dollars per share)			$ 0.01
Cash dividends paid			$ 1,500
Dividends Payable, Date to be Paid			May 31, 2024
Dividends Payable, Date of Record			May 24, 2024
Q3 2024 Dividends
STOCKHOLDERS' EQUITY
Dividends Payable, Date Declared		Aug. 06, 2024
Common stock, dividend declared (in dollars per share)		$ 0.01
Cash dividends paid		$ 1,500
Dividends Payable, Date to be Paid		Aug. 29, 2024
Dividends Payable, Date of Record		Aug. 21, 2024
Q4 2024 Dividends | Subsequent event
STOCKHOLDERS' EQUITY
Dividends Payable, Date Declared	Nov. 07, 2024
Common stock, dividend declared (in dollars per share)	$ 0.01
Dividends Payable, Date to be Paid	Nov. 29, 2024
Dividends Payable, Date of Record	Nov. 21, 2024

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2024	Sep. 30, 2024
Restricted stock units
Granted (in shares)	2
Stock award vesting rights, percentage	33.33%
Fair value of the RSUs granted on the date of grant	$ 4.6
Performance stock units
Granted (in shares)	1.4
Share-Based Payment Arrangement, Grantee Status [Extensible Enumeration]	us-gaap:ShareBasedPaymentArrangementEmployeeMember
Performance stock units | Minimum
Stock award vesting rights, percentage		0%
Performance stock units | Maximum
Stock award vesting rights, percentage		200%
TSR PSUs
Stock granted, percentage		60%
Fair value of the RSUs granted on the date of grant		$ 2.2
CROCE PSUs
Stock granted, percentage		40%
Fair value of the RSUs granted on the date of grant		$ 1.3

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Note To Financial Statement Details Textual
Effective income tax rate	11%	11.30%	50.60%
Valuation allowance	$ 29	$ 29		$ 23.2

NET (LOSS) INCOME PER SHARE (De

NET (LOSS) INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
EARNINGS PER SHARE - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details)
Net (loss) income	$ (36,921)	$ 2,145	$ (63,783)	$ 16,041
Weighted average common shares outstanding - basic (in shares)	147,206	146,483	147,002	146,451
Dilutive effect of securities (in shares)		4,976		3,405
Weighted average common shares outstanding - diluted (in shares)	147,206	151,459	147,002	149,856
Net (loss) income per common share - Basic (in dollars per share)	$ (0.25)	$ 0.01	$ (0.43)	$ 0.11
Net (loss) income per common share - Diluted (in dollars per share)	$ (0.25)	$ 0.01	$ (0.43)	$ 0.11
Shares excluded due to being anti-dilutive	3,531		3,531

OTHER SUPPLEMENTAL INFORMATIO_2

OTHER SUPPLEMENTAL INFORMATION - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
OTHER SUPPLEMENTAL INFORMATION - Amounts Recorded in Prepaid Expenses and Other Current Assets (Details)
Derivatives	$ 1,564	$ 1,180
Insurance/bond premiums	10,248	6,631
Prepaid deposits related to royalties	8,562	7,872
Prepayments to vendors	2,133	1,492
Other	609	272
Prepaid expenses and other current assets	$ 23,116	$ 17,447

OTHER SUPPLEMENTAL INFORMATIO_3

OTHER SUPPLEMENTAL INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
OTHER SUPPLEMENTAL INFORMATION - Schedule of Accrued Liabilities (Details)
Accrued interest	$ 5,395	$ 13,479
Accrued salaries/payroll taxes/benefits	8,457	9,473
Operating lease liabilities	1,493	1,455
Derivatives	6,061	6,267
Other	223	1,304
Total accrued liabilities	$ 21,629	$ 31,978

OTHER SUPPLEMENTAL INFORMATIO_4

OTHER SUPPLEMENTAL INFORMATION - Consolidated Statement of Cash Flows Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
OTHER SUPPLEMENTAL INFORMATION - Supplemental Cash Flow Information (Details)
Cash and cash equivalents	$ 126,544		$ 173,338
Restricted cash	4,417		4,417
Cash, cash equivalents and restricted cash	130,961		$ 177,755
Non-cash investing activities:
Accruals of property and equipment	5,258	$ 7,921
Dividends declared but not paid on unvested share-based awards	82
ARO - acquisitions, additions and revisions, net	$ 52,337	$ 35,261

SUBSIDIARY BORROWERS - Consolid

SUBSIDIARY BORROWERS - Consolidation of Subsidiary Borrowers - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets:
Cash and cash equivalents	$ 126,544	$ 173,338
Receivables:
Oil and natural gas sales	52,025	52,080
Joint interest, net	(19,753)	(15,480)
Prepaid expenses and other current assets	23,116	17,447
Oil and natural gas properties and other, net	798,705	749,056
Other assets	32,624	38,923
Liabilities:
Accounts payable	86,866	78,857
Accrued liabilities	21,629	31,978
Undistributed oil and natural gas proceeds	54,461	42,134
Asset retirement obligations	45,139	31,553	$ 33,169
Current portion of long-term debt, net	20,968	29,368
Asset retirement obligations	509,888	467,262	$ 465,245
Long-term debt, net	371,596	361,236
Other liabilities	16,665	19,420
Subsidiary Borrowers
Assets:
Cash and cash equivalents	3,671	600
Receivables:
Oil and natural gas sales	7,594	19,171
Joint interest, net	(12,280)	(33,151)
Prepaid expenses and other current assets	1,401	612
Oil and natural gas properties and other, net	291,741	287,313
Other assets	5,173	8,097
Liabilities:
Accounts payable	2,498	4,473
Accrued liabilities	6,945	7,152
Undistributed oil and natural gas proceeds	7,085	4,359
Asset retirement obligations	8,069	44
Current portion of long-term debt, net	20,429	28,872
Asset retirement obligations	72,336	67,771
Long-term debt, net	91,467	82,317
Other liabilities	$ 4,401	$ 6,749

SUBSIDIARY BORROWERS - Consol_2

SUBSIDIARY BORROWERS - Consolidation of Subsidiary Borrowers - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsidiary or Equity Method Investee [Line Items]
Total revenues	$ 121,372	$ 142,411	$ 404,916	$ 400,316
Total operating expenses	140,336	125,128	430,120	372,613
Interest expense, net	9,992	9,925	30,228	34,960
Derivative loss (gain), net	(3,199)	(1,491)	(5,702)	(41,560)
Subsidiary Borrowers
Subsidiary or Equity Method Investee [Line Items]
Total revenues	19,300	28,865	60,265	75,425
Total operating expenses	18,122	18,807	57,381	69,297
Interest expense, net	2,225	2,536	6,676	7,947
Derivative loss (gain), net	$ (3,828)	$ (2,652)	$ (6,957)	$ (55,041)