v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended
Mar. 31, 2026
Mar. 03, 2026
Mar. 31, 2025
Successor      
Cash flows from operating activities:      
Net loss $ (26,966)    
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depletion, oil and gas properties 4,406    
Depreciation and amortization, other property and equipment 263    
Accretion of asset retirement obligation 368    
Settlement of asset retirement obligation liabilities (95)    
Deferred tax benefit (6,953)    
Amortization of debt issuance costs 47    
Amortization of debt premiums (431)    
Loss on commodity derivatives 33,165    
Net settlements of commodity derivatives (6,243)    
Cash paid for modification of derivative contracts, net of realized loss (57,816)    
Stock compensation expense 434    
Change in fair value of earnout liability (96)    
Gain on sale of assets (30)    
Changes in operating assets and liabilities, net of effects from acquisition:      
Accounts receivable 4,776    
Prepaid expenses and other current assets (656)    
Other noncurrent assets 8    
Accounts payable 5,674    
Related party payable (1,383)    
Other current liabilities (35,610)    
Net cash provided by (used in) operating activities (87,138)    
Cash flows from investing activities:      
Capital expenditures for oil and natural gas properties (165)    
Purchases of other property and equipment (15)    
Proceeds from sale of assets 1,225    
Acquisition, net of cash acquired (145,527)    
Net cash used in investing activities (144,482)    
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock in connection with PIPE financing, net of issuance costs 82,251    
Proceeds from issuance of Series A redeemable preferred stock and warrants, net of issuance costs and discounts 119,643    
Proceeds from issuance of Series B convertible redeemable preferred stock, net of issuance costs and discounts 24,701    
Proceeds from long-term debt 37,000    
Repayments of long-term debt (12,597)    
Payments of debt issuance costs (2,606)    
Payments on finance lease liabilities (85)    
Cash settlement of PIH share-based compensation liability (265)    
Member distributions    
Net cash provided by (used in) financing activities 248,042    
Net increase (decrease) in cash, cash equivalents, and restricted cash 16,422    
Cash, cash equivalents, and restricted cash at beginning of period 15,090    
Cash, cash equivalents, and restricted cash at end of period 31,512 $ 15,090  
Supplemental cash flow information:      
Cash paid for interest 1,733    
Stock issued for acquisitions 67,850    
Satisfaction of liability-classified share-based payment awards 46,982    
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases 21    
Predecessor      
Cash flows from operating activities:      
Net loss   (71,339) $ (17,552)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depletion, oil and gas properties   4,276 7,281
Depreciation and amortization, other property and equipment   673 790
Accretion of asset retirement obligation   643 1,008
Settlement of asset retirement obligation liabilities   (228)
Deferred tax benefit  
Amortization of debt issuance costs   273 450
Amortization of debt premiums  
Loss on commodity derivatives   27,905 18,524
Net settlements of commodity derivatives   (10,621) (10,205)
Cash paid for modification of derivative contracts, net of realized loss  
Stock compensation expense   46,982
Change in fair value of earnout liability  
Gain on sale of assets   (816) (4,899)
Changes in operating assets and liabilities, net of effects from acquisition:      
Accounts receivable   (5,573) (2,404)
Prepaid expenses and other current assets   38 518
Other noncurrent assets   22 (40)
Accounts payable   (567) (2,020)
Related party payable  
Other current liabilities   13,306 (1,533)
Net cash provided by (used in) operating activities   5,202 (10,310)
Cash flows from investing activities:      
Capital expenditures for oil and natural gas properties   (553) (650)
Purchases of other property and equipment   (431) (581)
Proceeds from sale of assets   816 4,899
Acquisition, net of cash acquired  
Net cash used in investing activities   (168) 3,668
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock in connection with PIPE financing, net of issuance costs  
Proceeds from issuance of Series A redeemable preferred stock and warrants, net of issuance costs and discounts  
Proceeds from issuance of Series B convertible redeemable preferred stock, net of issuance costs and discounts  
Proceeds from long-term debt   4,000 146
Repayments of long-term debt   (5,191) (10,361)
Payments of debt issuance costs   (9)
Payments on finance lease liabilities   (198) (230)
Cash settlement of PIH share-based compensation liability  
Member distributions   (60,000)
Net cash provided by (used in) financing activities   (1,398) (70,445)
Net increase (decrease) in cash, cash equivalents, and restricted cash   3,636 (77,087)
Cash, cash equivalents, and restricted cash at beginning of period $ 18,977 15,341 102,287
Cash, cash equivalents, and restricted cash at end of period   18,977 25,200
Supplemental cash flow information:      
Cash paid for interest   3,721 6,299
Stock issued for acquisitions  
Satisfaction of liability-classified share-based payment awards  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases   $ 42 $ 61

Source

10-Q XBRL Zip