v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 2 Months Ended 4 Months Ended 6 Months Ended
Mar. 03, 2026
Jun. 30, 2026
Jun. 30, 2025
Successor      
Cash flows from operating activities:      
Net (loss) income   $ (11,487)  
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depletion, oil and gas properties   19,535  
Depreciation and amortization, other property and equipment   1,122  
Accretion of asset retirement obligation   1,518  
Settlement of asset retirement obligation liabilities   (385)  
Deferred tax benefit   (3,083)  
Amortization of debt issuance costs   295  
Amortization of debt premiums   (1,116)  
Loss on early extinguishment of debt   4,475  
Loss (gain) on commodity derivatives   8,342  
Net settlements of commodity derivatives   619  
Cash paid for modification of derivative contracts, net of realized loss   (92,816)  
Stock compensation expense   2,653  
Change in fair value of earnout liability   2,876  
Reduction of operating lease liabilities   61  
Gain on sale of assets   (188)  
Changes in operating assets and liabilities, net of effects from acquisition:      
Accounts receivable   8,933  
Hedge receivable   (6,586)  
Hedge payable   (570)  
Prepaid expenses and other current assets   (792)  
Other noncurrent assets   (4,002)  
Accounts payable   7,575  
Related party payable   (1,383)  
Other current liabilities   (33,512)  
Net cash provided by (used in) operating activities   (97,916)  
Cash flows from investing activities:      
Capital expenditures for oil and natural gas properties   (749)  
Purchases of other property and equipment   (444)  
Proceeds from sale of assets   7,214  
Acquisition, net of cash acquired   (145,527)  
Net cash provided by (used in) investing activities   (139,506)  
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  
Payments of dividends   (3,359)  
Payments of dividend equivalents   (219)  
Proceeds from long-term debt   387,000  
Repayments of long-term debt   (322,453)  
Payments of debt issuance costs   (11,205)  
Payments on finance lease liabilities   (167)  
Cash settlement of PIH share-based compensation liability   (265)  
Member distributions    
Net cash provided by (used in) financing activities   275,927  
Net increase (decrease) in cash, cash equivalents, and restricted cash   38,505  
Cash, cash equivalents, and restricted cash at beginning of period   15,090  
Cash, cash equivalents, and restricted cash at end of period $ 15,090 53,595  
Supplemental cash flow information:      
Cash paid for interest   7,105  
Stock issued for acquisitions   67,850  
Satisfaction of liability-classified share-based payment awards   46,982  
Right-of-use assets obtained in exchange for new operating lease liabilities   3,546  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases   83  
Predecessor      
Cash flows from operating activities:      
Net (loss) income (71,339)   $ 6,920
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depletion, oil and gas properties 4,276   14,564
Depreciation and amortization, other property and equipment 673   1,549
Accretion of asset retirement obligation 643   2,035
Settlement of asset retirement obligation liabilities   (448)
Deferred tax benefit  
Amortization of debt issuance costs 273   877
Amortization of debt premiums  
Loss on early extinguishment of debt  
Loss (gain) on commodity derivatives 27,905   (4,056)
Net settlements of commodity derivatives (10,621)   (17,335)
Cash paid for modification of derivative contracts, net of realized loss  
Stock compensation expense 46,982  
Change in fair value of earnout liability  
Reduction of operating lease liabilities   (3)
Gain on sale of assets (816)   (5,793)
Changes in operating assets and liabilities, net of effects from acquisition:      
Accounts receivable (5,573)   1,657
Hedge receivable  
Hedge payable 6,090   (2,659)
Prepaid expenses and other current assets 38   (514)
Other noncurrent assets 22   (233)
Accounts payable (6,657)   1,871
Related party payable  
Other current liabilities 13,306   252
Net cash provided by (used in) operating activities 5,202   (1,316)
Cash flows from investing activities:      
Capital expenditures for oil and natural gas properties (553)   (1,323)
Purchases of other property and equipment (431)   (521)
Proceeds from sale of assets 816   5,793
Acquisition, net of cash acquired  
Net cash provided by (used in) investing activities (168)   3,949
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  
Payments of dividends  
Payments of dividend equivalents  
Proceeds from long-term debt 4,000   213
Repayments of long-term debt (5,191)   (24,228)
Payments of debt issuance costs (9)  
Payments on finance lease liabilities (198)   (745)
Cash settlement of PIH share-based compensation liability  
Member distributions   (60,000)
Net cash provided by (used in) financing activities (1,398)   (84,760)
Net increase (decrease) in cash, cash equivalents, and restricted cash 3,636   (82,127)
Cash, cash equivalents, and restricted cash at beginning of period 15,341 $ 18,977 102,287
Cash, cash equivalents, and restricted cash at end of period 18,977   20,160
Supplemental cash flow information:      
Cash paid for interest 3,721   12,382
Stock issued for acquisitions  
Satisfaction of liability-classified share-based payment awards  
Right-of-use assets obtained in exchange for new operating lease liabilities  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 42   $ 122

Source

10-Q XBRL Zip