Annual report pursuant to Section 13 and 15(d)

Acquisitions and Divestitures (Tables)

v3.24.0.1
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table sets forth the Company’s preliminary allocation of the total estimated consideration of $457.3 million to the assets acquired and liabilities assumed as of the acquisition date.
Preliminary Purchase
Price Allocation
(In thousands)
Assets:
Accounts receivable, net
 $30,135 
Proved properties, net
 490,330 
Unproved properties
 52,475 
Total assets acquired $572,940 
Liabilities:
Accounts payable and accrued liabilities
 $42,585 
Fair value of derivatives - current
 20,660 
Other current liabilities 11,471 
Asset retirement obligations
 2,323 
Fair value of derivatives - long-term
 27,979 
Other long-term liabilities 10,619 
Total liabilities assumed $115,637 
Total consideration $457,303 
The following table sets forth the Company’s final allocation of the purchase price of $908.9 million to the assets acquired and liabilities assumed as of the acquisition date.
Final Purchase
Price Allocation
(In thousands)
Assets:
Other current assets $8,174 
Proved properties, net
 695,838 
Unproved properties
 278,370 
Total assets acquired $982,382 
Liabilities:
Suspense payable $16,447 
Other current liabilities 45,745 
Asset retirement obligation 1,898 
Other long-term liabilities 9,425 
Total liabilities assumed $73,515 
Total consideration $908,867 
Schedule of Unaudited Summary Pro Forma Financial Information
The pro forma consolidated statements of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Percussion Acquisition taken place on January 1, 2022 and is not intended to be a projection of future results.
Year ended December 31,
2023 2022*
(In thousands, except per share amounts)
Revenues $2,480,799  $3,603,315 
Income from operations 434,369  1,840,018 
Net income 529,869  1,123,754 
Basic earnings per common share $8.19  $16.56 
Diluted earnings per common share $8.17  $16.49 
*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.
The pro forma consolidated statements of operations data has been included for comparative purposes only, is not necessarily indicative of the results that might have occurred had the Primexx Acquisition taken place on January 1, 2020 and is not intended to be a projection of future results.
Year Ended December 31, 2021
(In thousands, except per share amounts)
Revenues $2,294,893 
Income (loss) from operations 1,151,493 
Net income (loss) 482,690 
Basic earnings per common share $8.37 
Diluted earnings per common share $8.13