0001528129-24-000195 | 10-Q | XBRL Viewer

Fair value measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair value measurements

See the beginning of Note 12 in the 2023 Annual Report for information about the fair value hierarchy levels.

Fair value measurement on a recurring basis

See Note 8 for further discussion of the Company's derivatives.

Balance sheet presentation

The following tables present the Company's derivatives by (i) balance sheet classification, (ii) derivative type and (iii) fair value hierarchy level, and provide a total, on a gross basis and a net basis reflected in "Derivatives" on the consolidated balance sheets as of the dates presented:


	September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the consolidated balance sheets
Assets:
Current:
Commodity	$	—	$	147,720	$	—	$	147,720	$	(2,461)	$	145,259


Contingent consideration	—		—		815		815		—		815
Noncurrent:
Commodity	—		54,514		—		54,514		(531)		53,983


Contingent consideration	—		—		21,662		21,662		—		21,662
Liabilities:
Current:
Commodity	—		(2,461)		—		(2,461)		2,461		—



Noncurrent:
Commodity	—		(531)		—		(531)		531		—




Net derivative asset positions	$	—	$	199,242	$	22,477	$	221,719	$	—	$	221,719


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the consolidated balance sheets
Assets:
Current:
Commodity	$	—	$	106,067	$	—	$	106,067	$	(9,032)	$	97,035



Contingent consideration	—		—		2,301		2,301		—		2,301
Noncurrent:
Commodity	—		22,266		—		22,266		—		22,266
Contingent consideration	—		—		28,805		28,805		—		28,805
Liabilities:
Current:
Commodity	—		(9,032)		—		(9,032)		9,032		—










Net derivative asset positions	$	—	$	119,301	$	31,106	$	150,407	$	—	$	150,407

See Note 12 in the 2023 Annual Report for discussion of the significant Level 2 inputs used in the fair value mark-to-market analysis of commodity and contingent consideration derivatives. The Company reviewed the third-party specialist's valuations

of commodity and contingent consideration derivatives, including the related inputs, and analyzed changes in fair values between reporting dates.

The Sixth Street Contingent Consideration was categorized as Level 3 of the fair value hierarchy, as the Company utilized its own cash flow projections along with a risk-adjusted discount rate generated by a third-party valuation specialist to determine the valuation. The Company reviewed the third-party specialist's valuation, including the related inputs, and analyzed changes in fair values between the divestiture closing date and the reporting dates. The fair value of the Sixth Street Contingent Consideration was recorded as part of the basis in the oil and natural gas properties divested and as a contingent consideration asset. At each quarterly reporting period, the Company remeasures contingent consideration with the change in fair values recognized in "Gain (loss) on derivatives, net" under "Non-operating income (expense)" on the consolidated statement of operations. See Note 8 for additional discussion of the Sixth Street Contingent Consideration.

The following table summarizes the changes in contingent consideration derivatives classified as Level 3 measurements for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Balance of Level 3 at beginning of period	$	33,027	$	26,239	$	31,106	$	26,640
Change in Sixth Street Contingent Consideration fair value	(10,550)		3,625		(8,629)		4,679
Settlements realized(1)	—		(47)		—		(1,502)
Balance of Level 3 at end of period	$	22,477	$	29,817	$	22,477	$	29,817

_____________________________________________________________________________

(1)For the nine months ended September 30, 2024 and 2023, any settlements are included in "Other, net" in cash flows from investing activities on the consolidated statements of cash flows.

Items not accounted for at fair value

The carrying amounts reported on the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued capital expenditures, undistributed revenue and royalties and other accrued assets and liabilities approximate their fair values.

The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:


	September 30, 2024				December 31, 2023
(in thousands)	Carrying amount(1)		Fair value(2)		Carrying amount(1)		Fair value(2)
Debt	$	2,460,578	$	2,446,473	$	1,633,523	$	1,658,686

______________________________________________________________________________

(1)Amounts presented do not include issuance premiums or discounts.

(2)The fair values of the outstanding notes were determined using the Level 2 fair value hierarchy quoted market prices for each respective instrument as of September 30, 2024 and December 31, 2023. The fair values of the outstanding debt under the Senior Secured Credit Facility approximated their carrying value based on short-term floating interest rates available to the Company at the time.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt, Net

The following table presents the Company's long-term debt and unamortized debt issuance costs, discounts and premiums included in "Long-term debt, net" on the consolidated balance sheets as of the dates presented:


(in thousands)	September 30, 2024		December 31, 2023
10.125% senior unsecured notes due 2028	$	—	$	700,309
7.750% senior unsecured notes due 2029	298,214		298,214
9.750% senior unsecured notes due 2030	302,364		500,000
7.875% senior unsecured notes due 2032	1,000,000		—
Senior Secured Credit Facility	860,000		135,000
Total long-term debt	2,460,578		1,633,523
Unamortized debt issuance costs(1)	(25,463)		(21,800)
Unamortized discounts	(3,267)		(6,068)
Unamortized premiums	1,423		3,769
Total long-term debt, net	$	2,433,271	$	1,609,424

______________________________________________________________________________

(1)Unamortized debt issuance costs related to the Senior Secured Credit Facility of $13.3 million and $14.1 million as of September 30, 2024 and December 31, 2023, respectively, are included in "Other noncurrent assets, net" on the consolidated balance sheets.

Schedule of Loss on Extinguishment of Debt

The following table presents the components of the Company's loss on extinguishment of debt during the period presented:


(in thousands)	Nine months ended September 30, 2024
Principal amount tendered or redeemed	$	897,945
Extinguishment of debt(1)	(952,214)
Early tender or redemption premiums	(54,269)
Write-off of debt issuance costs	(13,121)
Write-off of issuance discount	(2,311)
Write-off of issuance premium	3,586
Loss on extinguishment of debt, net(2)	$	(66,115)

______________________________________________________________________________

(1)Amounts are included in "Extinguishment of debt" in cash flows from financing activities on the consolidated statements of cash flows.

(2)Amounts are included in "Loss on extinguishment of debt, net" on the consolidated statements of operations.

Related parties (Details) - USD ($) $ in Thousands	9 Months Ended
Related parties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 633,279	$ 455,046
Halliburton \| Affiliated entity
Related Party Transaction [Line Items]
Operating lease liability	38,400		$ 59,700
Capital expenditures for oil and natural gas properties	$ 61,176	$ 91,751

Consolidated statements of cash flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 185,871	$ 413,644
Adjustments to reconcile net income to net cash provided by operating activities:
Share-settled equity-based compensation, net	11,248	8,402
Depletion, depreciation and amortization	527,468	310,618
Mark-to-market on derivatives:
(Gain) loss on derivatives, net	(82,064)	132,875
Settlements received (paid) for matured derivatives, net	10,751	(14,320)
Loss on extinguishment of debt, net	66,115	0
Deferred income tax (benefit) expense	52,278	(220,149)
Other, net	19,608	8,311
Changes in operating assets and liabilities:
Accounts receivable, net	13,815	(38,807)
Other current assets	(7,667)	(9,589)
Other noncurrent assets, net	(836)	1,266
Accounts payable and accrued liabilities	(21,281)	4,243
Undistributed revenue and royalties	(19,593)	199
Other current liabilities	(1,432)	(12,846)
Other noncurrent liabilities	(11,125)	(4,625)
Net cash provided by operating activities	743,156	579,222
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net	(831,225)	(540,129)
Capital expenditures:
Oil and natural gas properties	(633,279)	(455,046)
Midstream and other fixed assets	(16,630)	(10,692)
Proceeds from dispositions of capital assets, net of selling costs	2,741	2,343
Other, net	(1,776)	2,082
Net cash used in investing activities	(1,480,169)	(1,001,442)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	1,440,000	630,000
Payments on Senior Secured Credit Facility	(715,000)	(700,000)
Issuance of senior unsecured notes	1,001,500	897,710
Extinguishment of debt	(952,214)	0
Proceeds from issuance of common stock, net of offering costs	0	161,003
Stock exchanged for tax withholding	(3,533)	(3,056)
Payments for debt issuance costs	(21,738)	(16,331)
Other, net	(3,871)	(1,846)
Net cash provided by financing activities	745,144	967,480
Net increase in cash and cash equivalents	8,131	545,260
Cash and cash equivalents, beginning of period	14,061	44,435
Cash and cash equivalents, end of period	$ 22,192	$ 589,695

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 215,300	$ 36,702	$ (66,131)	$ 4,893	$ 294,811	$ 113,940	$ 185,871	$ 413,644

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Subsequent events - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
Subsequent events - Narrative (Details) - USD ($)	Nov. 05, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Borrowings on Senior Secured Credit Facility		$ 1,440,000,000	$ 630,000,000
Line of Credit \| Secured Debt
Subsequent Event [Line Items]
Amount of debt outstanding		$ 860,000,000.0
Line of Credit \| Secured Debt \| Subsequent Event
Subsequent Event [Line Items]
Borrowings on Senior Secured Credit Facility	$ 190,000,000
Repayments of lines of credit	100,000,000
Amount of debt outstanding	$ 950,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Acquisitions - Narrative (Details) $ / shares in Units, $ in Millions					3 Months Ended
	Sep. 20, 2024 USD ($) a	Feb. 02, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) a	Apr. 03, 2023 USD ($) a shares	Jun. 30, 2023 USD ($) a	Sep. 30, 2024 $ / shares	Jun. 04, 2024 shares	May 23, 2024 shares	Dec. 31, 2023 $ / shares
Asset Acquisition [Line Items]
Common stock par value (in dollars per share) \| $ / shares						$ 0.01			$ 0.01
Preferred stock par value (in dollars per share) \| $ / shares						$ 0.01			$ 0.01
Shares issued upon conversion of convertible preferred stock (in shares) \| shares							1,575,376
Point Acquisition
Asset Acquisition [Line Items]
Consideration transferred in acquisition	$ 833.8
Asset acquisition, ownership interest (as a percent)	80.00%
Area of land (in acres) \| a	16,300
Payments to acquire productive assets	$ 816.1
Transaction related expenses	17.7
Evaluated properties acquired	791.7
Unevaluated properties acquired	52.7
Revenue suspense liabilities assumed	5.2
Asset retirement obligation liabilities assumed	2.9
Property tax liabilities assumed	2.5
Point Acquisition \| Vital Energy, Inc. and Northern Oil and Gas, Inc.
Asset Acquisition [Line Items]
Consideration transferred in acquisition	$ 1,000.0
Point Acquisition \| Northern Oil and Gas, Inc.
Asset Acquisition [Line Items]
Asset acquisition, ownership interest (as a percent)	20.00%
PEP Acquisition
Asset Acquisition [Line Items]
Consideration transferred in acquisition		$ 77.6
Transaction related expenses		0.6
Cash consideration received for closing adjustments		$ 1.8
PEP Acquisition \| Preferred stock
Asset Acquisition [Line Items]
Asset acquisition, stock issued (in shares) \| shares		980,272
PEP Acquisition \| Series A Preferred Stock
Asset Acquisition [Line Items]
Cumulative percentage		2.00%
Preferred stock par value (in dollars per share) \| $ / shares		$ 0.01
Shares issued upon conversion of convertible preferred stock (in shares) \| shares								980,272
PEP Acquisition \| Common stock
Asset Acquisition [Line Items]
Asset acquisition, stock issued (in shares) \| shares		878,690
Common stock par value (in dollars per share) \| $ / shares		$ 0.01
Forge Acquisition
Asset Acquisition [Line Items]
Consideration transferred in acquisition			$ 397.5
Area of land (in acres) \| a			24,000		24,000
Payments to acquire productive assets			$ 389.9
Transaction related expenses			$ 7.6
Driftwood Acquisition
Asset Acquisition [Line Items]
Consideration transferred in acquisition				$ 201.7
Area of land (in acres) \| a				11,200
Payments to acquire productive assets				$ 117.4
Transaction related expenses				$ 4.2
Driftwood Acquisition \| Common stock
Asset Acquisition [Line Items]
Asset acquisition, stock issued (in shares) \| shares				1,578,948
Driftwood Acquisition, additional "tag-along" interests
Asset Acquisition [Line Items]
Payments to acquire productive assets					$ 8.6

Income taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income taxes

The following table presents income tax benefit (expense) for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Current	$	(469)	$	(464)	$	(2,706)	$	(2,298)
Deferred	(59,855)		(1,909)		(52,278)		220,149
Income tax benefit (expense)	$	(60,324)	$	(2,373)	$	(54,984)	$	217,851

The Company estimates its annual effective tax rate (“AETR”) in recording its interim quarterly income tax provision for the various jurisdictions in which it operates. The tax effects of statutory rate changes, significant unusual or infrequently occurring items, and certain changes in the assessment of the realizability of deferred tax assets are excluded from the determination of its estimated AETR and are recognized as discrete items in the quarter in which they occur. The Company's effective tax rate during the three and nine months ended September 30, 2024 was 21.89% and 22.83%, respectively, and is the result of projecting current and deferred U.S. income and Texas Franchise taxes, including the impact of discrete items and permanent differences. Current income tax expense is primarily attributable to Texas Franchise tax.

During the nine months ended September 30, 2023, the Company determined there was sufficient positive evidence to conclude that it is more likely than not its federal deferred tax assets are realizable. Therefore, the Company reduced its valuation allowance accordingly and recorded a discrete quarterly benefit of $222.2 million during the second quarter of 2023. The balance of the valuation allowance reversal was reflected as part of the Company's estimated annualized effective tax rate with respect to prior year projected earnings.

The Company’s deferred tax assets are primarily the result of U.S. net operating loss carryforwards. As of September 30, 2024, the Company had U.S. net operating loss carryforwards totaling $843.4 million, of which $476.6 million will begin to expire in 2035 and $366.8 million will not expire but may be limited in future periods, and state of Oklahoma net operating loss carryforwards totaling $507.9 million, of which $18.8 million is subject to expiration beginning in 2033. As of September 30, 2024, the Company continues to maintain a full valuation allowance against its state of Oklahoma deferred tax assets.

If the Company were to experience an "ownership change," as determined under Section 382 of the Internal Revenue Code, the Company's ability to offset taxable income, arising after the ownership change with net operating losses and interest expense carryforwards arising prior to the ownership change, could be significantly limited. Based on information available as of September 30, 2024, no such ownership change has occurred.

The Company has closed two acquisitions during 2024. For income tax purposes, both the PEP Acquisition and the Point Acquisition will be treated as asset purchases. As such, the tax basis in the assets and liabilities will generally reflect the allocated fair value at closing. Therefore, the Company does not anticipate recording any deferred income taxes as part of the purchase consideration. See Note 3 for additional information regarding the Company's acquisitions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Equity Incentive Plan - Schedule of Equity-based Compensation Awards (Details) - $ / shares	9 Months Ended	36 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Mar. 08, 2024
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance, outstanding (in shares)	472,000
Granted (in shares)	470,000
Forfeited (in shares)	(18,000)
Vested (in shares)	(222,000)
Ending balance, outstanding (in shares)	702,000	472,000
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance, outstanding (in shares)	48,000
Ending balance, outstanding (in shares)	48,000	48,000
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance, outstanding (in shares)	158,000
Granted (in shares)	141,000
Vested (in shares)	(83,000)
Ending balance, outstanding (in shares)	216,000	158,000
Performance Unit Awards \| March 9, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Overall payout (as a percent)		145.83%
Performance share conversion (in shares)		120,297
Settlement/payment, per share			$ 50.38
Performance Unit Awards \| February 20, 2023 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Overall payout (as a percent)	0.00%
Performance Unit Awards \| February 20, 2023 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Overall payout (as a percent)	225.00%

Derivatives

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company has two types of derivative instruments as of September 30, 2024: (i) commodity derivatives and (ii) a contingent consideration derivative. See Note 9 for discussion of fair value measurement of derivatives on a recurring basis and Note 14 for discussion of derivatives subsequent events. The Company's derivatives were not designated as hedges for accounting purposes, and the Company does not enter into such instruments for speculative trading purposes. Accordingly, the changes in derivative fair values are recognized in "Gain (loss) on derivatives, net" under "Non-operating income (expense)" on the consolidated statements of operations.

The following table summarizes components of the Company's gain (loss) on derivatives, net by type of derivative instrument for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Commodity	$	237,103	$	(138,946)	$	90,693	$	(137,554)
Contingent consideration	(10,550)		3,625		(8,629)		4,679

Gain (loss) on derivatives, net	$	226,553	$	(135,321)	$	82,064	$	(132,875)

Commodity

Due to the inherent volatility in oil, NGL and natural gas prices and the sometimes wide pricing differentials between where the Company produces and where the Company sells such commodities, the Company engages in commodity derivative transactions, such as puts, swaps, collars and basis swaps, to hedge price risk associated with a portion of the Company's anticipated sales volumes. By removing a portion of the price volatility associated with future sales volumes, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations. During the nine months ended September 30, 2024, the Company’s derivatives were settled based on reported prices on commodity exchanges, with (i) oil derivatives settled based on WTI NYMEX, Argus WTI Midland and Argus WTI Formula Basis pricing, (ii) NGL derivatives settled based on Mont Belvieu OPIS pricing and (iii) natural gas derivatives settled based on Henry Hub NYMEX and Waha Inside FERC pricing.

The following table summarizes open commodity derivative positions as of September 30, 2024, for commodity derivatives that were entered into through September 30, 2024, for the settlement periods presented:


	Remaining Year 2024		Year 2025		Year 2026
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	4,957,200		15,410,000		4,005,000
Weighted-average price ($/Bbl)	$	76.71	$	74.85	$	71.42




WTI NYMEX - Three-way Collars:
Volume (Bbl)	48,500		—		—
Weighted-average sold put price ($/Bbl)	$	50.00	$	—	$	—
Weighted-average floor price ($/Bbl)	$	66.45	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.05	$	—	$	—
Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	65,700		—		—
Weighted-average differential ($/Bbl)	$	0.12	$	—	$	—










































Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	6,558,250		—		—
Weighted-average price ($/MMBtu)	$	3.47	$	—	$	—
Waha Inside FERC - Swaps:
Volume (MMBtu)	—		35,405,000		33,580,000
Weighted-average price ($/MMBtu)	$	—	$	2.34	$	2.53
Henry Hub NYMEX - Collars:
Volume (MMBtu)	149,511		—		—
Weighted-average floor price ($/MMBtu)	$	3.40	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	6.12	$	—	$	—










Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	6,707,761		—		—
Weighted-average differential ($/MMBtu)	$	(0.74)	$	—	$	—

Contingent consideration

On May 7, 2021, the Company entered into a purchase and sale agreement (the "Sixth Street PSA"), to sell 37.5% of the Company's working interest in certain producing wellbores and the related properties primarily located within Glasscock and Reagan Counties, Texas. The Sixth Street PSA provides for potential contingent payments to be paid to the Company if certain cash flow targets are met related to divested oil and natural gas property operations (the "Sixth Street Contingent Consideration"). The Sixth Street Contingent Consideration provides the Company with the right to receive up to a maximum of $93.7 million in additional cash consideration, comprised of potential quarterly payments through June 2027 totaling up to $38.7 million and a potential balloon payment of $55.0 million in June 2027. As of September 30, 2024, the Company had received life-to-date contingent consideration payments of $4.3 million, with maximum remaining potential cash consideration totaling $80.4 million. The estimated fair value of the Sixth Street Contingent Consideration was $22.5 million as of September 30, 2024 and $31.1 million as of December 31, 2023.

Income taxes - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Income taxes - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) acquistion
Operating loss carry-forward
Effective tax rate (as a percent)	21.89%		22.83%
Decrease in valuation allowance		$ 222.2
Number of closed acquisitions \| acquistion			2
Federal
Operating loss carry-forward
Operating loss carryforwards	$ 843.4		$ 843.4
Operating loss carryforwards subject to expiration	476.6		476.6
Operating loss carryforwards not subject to expiration	366.8		366.8
State \| Oklahoma
Operating loss carry-forward
Operating loss carryforwards	507.9		507.9
Operating loss carryforwards subject to expiration	$ 18.8		$ 18.8

Income taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit (Expense)

The following table presents income tax benefit (expense) for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Current	$	(469)	$	(464)	$	(2,706)	$	(2,298)
Deferred	(59,855)		(1,909)		(52,278)		220,149
Income tax benefit (expense)	$	(60,324)	$	(2,373)	$	(54,984)	$	217,851

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gain (Loss) on Derivatives

The following table summarizes components of the Company's gain (loss) on derivatives, net by type of derivative instrument for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Commodity	$	237,103	$	(138,946)	$	90,693	$	(137,554)
Contingent consideration	(10,550)		3,625		(8,629)		4,679

Gain (loss) on derivatives, net	$	226,553	$	(135,321)	$	82,064	$	(132,875)

Schedule of Open Commodity Derivative Positions


	Remaining Year 2024		Year 2025		Year 2026
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	4,957,200		15,410,000		4,005,000
Weighted-average price ($/Bbl)	$	76.71	$	74.85	$	71.42




WTI NYMEX - Three-way Collars:
Volume (Bbl)	48,500		—		—
Weighted-average sold put price ($/Bbl)	$	50.00	$	—	$	—
Weighted-average floor price ($/Bbl)	$	66.45	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.05	$	—	$	—
Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	65,700		—		—
Weighted-average differential ($/Bbl)	$	0.12	$	—	$	—










































Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	6,558,250		—		—
Weighted-average price ($/MMBtu)	$	3.47	$	—	$	—
Waha Inside FERC - Swaps:
Volume (MMBtu)	—		35,405,000		33,580,000
Weighted-average price ($/MMBtu)	$	—	$	2.34	$	2.53
Henry Hub NYMEX - Collars:
Volume (MMBtu)	149,511		—		—
Weighted-average floor price ($/MMBtu)	$	3.40	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	6.12	$	—	$	—










Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	6,707,761		—		—
Weighted-average differential ($/MMBtu)	$	(0.74)	$	—	$	—

The following table summarizes the Company's open oil and natural gas derivative positions as of September 30, 2024, updated for the derivative transactions entered into from September 30, 2024 through November 5, 2024, for the settlement periods presented:


	Remaining Year 2024		Year 2025		Year 2026		Year 2027
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	5,490,200		16,074,000		4,005,000		—
Weighted-average price ($/Bbl)	$	76.49	$	74.79	$	71.42	$	—




WTI NYMEX - Three-way Collars:
Volume (Bbl)	48,500		—		—		—
Weighted-average sold put price ($/Bbl)	$	50.00	$	—	$	—	$	—
Weighted-average floor price ($/Bbl)	$	66.45	$	—	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.05	$	—	$	—	$	—







Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	65,700		—		—		—
Weighted-average differential ($/Bbl)	$	0.12	$	—	$	—	$	—
Natural gas:
Henry Hub NYMEX - Swaps:
Volume (MMBtu)	6,558,250		—		—		—
Weighted-average price ($/MMBtu)	$	3.47	$	—	$	—	$	—
Waha Inside FERC - Swaps:
Volume (MMBtu)	—		35,405,000		33,580,000		7,300,000
Weighted-average price ($/MMBtu)	$	—	$	2.34	$	2.53	$	2.79
Henry Hub NYMEX - Collars:
Volume (MMBtu)	149,511		—		—		—
Weighted-average floor price ($/MMBtu)	$	3.40	$	—	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	6.12	$	—	$	—	$	—
Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	6,707,761		—		—		—
Weighted-average differential ($/MMBtu)	$	(0.74)	$	—	$	—	$	—

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions 2024 acquisitions Point Acquisition On September 20, 2024 (the "Point Closing Date"), the Company, together with Northern Oil and Gas, Inc. ("NOG"), purchased certain oil and natural gas properties located in the Delaware Basin with an effective date of April 1, 2024 from Point Energy Partners Petroleum, LLC, Point Energy Partners Operating, LLC, Point Energy Partners Water, LLC and Point Energy Partners Royalty, LLC (collectively, “Point”) for an aggregate purchase price of $1.0 billion in cash, including closing adjustments (the "Point Acquisition"). The Company agreed to purchase 80% of the acquired assets, consisting of approximately 16,300 net acres in Ward and Winkler Counties, and will operate the assets, and NOG agreed to purchase the remaining 20% of the assets. The Company's portion of the aggregate preliminary purchase price was $833.8 million, which consisted of (i) $816.1 million in cash and (ii) $17.7 million of estimated transaction-related expenses. The purchase price is subject to additional post-closing adjustments. Based on the relative fair values on the Point Closing Date, the acquired assets and liabilities assumed were allocated as follows: (i) $791.7 million to evaluated properties, (ii) $52.7 million to unevaluated properties, (iii) $5.2 million to revenue suspense liabilities, (iv) $2.9 million to asset retirement obligation liabilities and (v) $2.5 million to property tax liabilities. The Point Acquisition was accounted for as an asset acquisition, as substantially all the gross assets acquired are concentrated in a group of similar identifiable assets. PEP Acquisition On February 2, 2024 (the "PEP Closing Date"), the Company purchased additional working interests in producing properties associated with the Henry Acquisition (as defined herein), with an effective date of August 1, 2023 (the "PEP Acquisition") through PEP Henry Production Partners LP, PEP HPP Jubilee SPV LP, PEP PEOF Dropkick SPV, LLC, PEP HPP Dropkick SPV LP and HPP Acorn SPV LP. The aggregate purchase price of $77.6 million consisted of (i) 878,690 shares of the Company's common stock, par value $0.01 per share ("Common Stock") based upon the share price as of the PEP Closing Date, (ii) 980,272 shares of the Company's 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock, par value $0.01 per share ("Preferred Stock") based upon the share price as of the PEP Closing Date, (iii) $1.8 million cash consideration received for closing adjustments and (iv) $0.6 million in transaction-related expenses, inclusive of post-closing adjustments. The PEP Acquisition was accounted for as an asset acquisition, as substantially all the gross assets acquired are concentrated in a group of similar identifiable assets. The 980,272 shares of Preferred Stock were subsequently converted to an equal number of shares of Common Stock on May 23, 2024. See Note 5 for further discussion of the Preferred Stock conversion. The "Henry Acquisition," which closed on November 5, 2023, consisted of the purchase of certain oil and natural gas properties in the Midland and Delaware basins, and was accounted for as a business combination. See Note 4 in the 2023 Annual Report for additional discussion of the Henry Acquisition and the Company's 2023 asset acquisitions. 2023 acquisitions Forge Acquisition On June 30, 2023, the Company purchased certain oil and natural gas properties located in the Delaware Basin, including approximately 24,000 net acres in Pecos, Reeves and Ward Counties, and related assets and contracts, with an effective date of March 1, 2023 from Forge Energy II Delaware, LLC. The aggregate purchase price of $397.5 million consisted of (i) $389.9 million in cash and (ii) $7.6 million in transaction-related expenses. Driftwood Acquisition On April 3, 2023 (the "Driftwood Closing Date"), the Company purchased certain oil and natural gas properties in the Midland Basin, including approximately 11,200 net acres located in Upton and Reagan Counties and related assets and contracts, inclusive of derivatives, with an effective date of January 1, 2023 (the "Driftwood Acquisition") from Driftwood Energy Operating, LLC. The aggregate purchase price of $201.7 million consisted of (i) $117.4 million of cash, (ii) 1,578,948 shares of Common Stock based upon the share price as of the Driftwood Closing Date and (iii) $4.2 million in transaction-related expenses. During the second quarter of 2023, the Company acquired additional interests in producing properties associated with the Driftwood Acquisition through additional sellers that exercised their "tag-along" sales rights, for total cash consideration of $8.6 million, excluding customary purchase price adjustments.

Derivatives - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Derivatives - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) derivative	Sep. 30, 2023	Sep. 30, 2024 USD ($) derivative	Sep. 30, 2023	Dec. 31, 2023 USD ($)	May 07, 2021 USD ($)
Derivative [Line Items]
Number of types of derivative instruments \| derivative	2		2
Derivative, gain (loss), statement of income or comprehensive income [extensible enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sixth Street PSA
Derivative [Line Items]
Average working interest (as a percent)						37.50%
Life-to-date contingent consideration payments received	$ 4.3		$ 4.3
Notional amount of derivative	80.4		80.4
Fair value of contingent consideration	$ 22.5		$ 22.5		$ 31.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sixth Street PSA \| Maximum
Derivative [Line Items]
Additional cash contingent consideration						$ 93.7
Aggregate quarterly payments of additional cash contingent consideration						38.7
Balloon payment of additional cash contingent consideration						$ 55.0

Debt - Long-term Debt, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 03, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 2,460,578		$ 1,633,523
Unamortized debt issuance costs	(25,463)		(21,800)
Unamortized discounts	(3,267)		(6,068)
Unamortized premiums	1,423		3,769
Total long-term debt, net	2,433,271		1,609,424
Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Total long-term debt	860,000		135,000
Secured Debt \| Line of Credit \| Other Noncurrent Assets
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	$ 13,300		14,100
10.125% senior unsecured notes due 2028
Debt Instrument [Line Items]
Interest rate (as a percent)	10.125%
10.125% senior unsecured notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 0		700,309
7.750% senior unsecured notes due 2029
Debt Instrument [Line Items]
Interest rate (as a percent)	7.75%
7.750% senior unsecured notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 298,214		298,214
9.750% senior unsecured notes due 2030
Debt Instrument [Line Items]
Interest rate (as a percent)	9.75%
9.750% senior unsecured notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 302,364		500,000
7.875% senior unsecured notes due 2032
Debt Instrument [Line Items]
Interest rate (as a percent)	7.875%
7.875% senior unsecured notes due 2032 \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 1,000,000		$ 0
Interest rate (as a percent)		7.875%

Equity Incentive Plan - Schedule of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, net	$ 3,402	$ 5,444	$ 13,050	$ 12,684
Share-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-settled equity-based compensation, gross	4,756	3,807	13,969	10,659
Less amounts capitalized	(943)	(870)	(2,721)	(2,257)
Total equity-based compensation, net	3,813	2,937	11,248	8,402
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-settled equity-based compensation, gross	4,421	3,272	12,615	9,311
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-settled equity-based compensation, gross	335	535	1,354	1,348
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-settled equity-based compensation, gross	(411)	2,507	1,816	4,332
Less amounts capitalized	0	0	(14)	(50)
Total equity-based compensation, net	(411)	2,507	1,802	4,282
Performance unit awards and phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-settled equity-based compensation, gross	$ (411)	$ 2,507	$ 1,816	$ 4,332

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis


	September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the consolidated balance sheets
Assets:
Current:
Commodity	$	—	$	147,720	$	—	$	147,720	$	(2,461)	$	145,259


Contingent consideration	—		—		815		815		—		815
Noncurrent:
Commodity	—		54,514		—		54,514		(531)		53,983


Contingent consideration	—		—		21,662		21,662		—		21,662
Liabilities:
Current:
Commodity	—		(2,461)		—		(2,461)		2,461		—



Noncurrent:
Commodity	—		(531)		—		(531)		531		—




Net derivative asset positions	$	—	$	199,242	$	22,477	$	221,719	$	—	$	221,719


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the consolidated balance sheets
Assets:
Current:
Commodity	$	—	$	106,067	$	—	$	106,067	$	(9,032)	$	97,035



Contingent consideration	—		—		2,301		2,301		—		2,301
Noncurrent:
Commodity	—		22,266		—		22,266		—		22,266
Contingent consideration	—		—		28,805		28,805		—		28,805
Liabilities:
Current:
Commodity	—		(9,032)		—		(9,032)		9,032		—










Net derivative asset positions	$	—	$	119,301	$	31,106	$	150,407	$	—	$	150,407

Schedule of Changes in Contingent Consideration Derivatives

The following table summarizes the changes in contingent consideration derivatives classified as Level 3 measurements for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Balance of Level 3 at beginning of period	$	33,027	$	26,239	$	31,106	$	26,640
Change in Sixth Street Contingent Consideration fair value	(10,550)		3,625		(8,629)		4,679
Settlements realized(1)	—		(47)		—		(1,502)
Balance of Level 3 at end of period	$	22,477	$	29,817	$	22,477	$	29,817

_____________________________________________________________________________

(1)For the nine months ended September 30, 2024 and 2023, any settlements are included in "Other, net" in cash flows from investing activities on the consolidated statements of cash flows.

Schedule of Carrying Amount and Fair Value of Debt Instruments

The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:


	September 30, 2024				December 31, 2023
(in thousands)	Carrying amount(1)		Fair value(2)		Carrying amount(1)		Fair value(2)
Debt	$	2,460,578	$	2,446,473	$	1,633,523	$	1,658,686

______________________________________________________________________________

(1)Amounts presented do not include issuance premiums or discounts.

Equity Incentive Plan

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity Incentive Plan

The Vital Energy, Inc. Omnibus Equity Incentive Plan (the "Equity Incentive Plan") provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, performance unit awards, phantom unit awards and other awards. On May 23, 2024, the Company's stockholders approved an amendment and restatement to the Equity Incentive Plan, which increased the maximum number of shares of the Company's common stock issuable under the Equity Incentive Plan from 2,432,500 to 3,332,500 shares.

See Note 9 in the 2023 Annual Report for additional discussion of the Company's equity-based compensation awards.

The following table presents activity for equity-based compensation awards for the nine months ended September 30, 2024:


	Equity Awards	Liability Awards
(in thousands)	Restricted Stock Awards	Performance Share Awards	Performance Unit Awards(1)(2)
Outstanding as of December 31, 2023	472	48	158
Granted	470	—	141
Forfeited	(18)	—	—
Vested	(222)	—	(83)


Outstanding as of September 30, 2024	702	48	216

_____________________________________________________________________________

(1)The performance unit awards granted on March 9, 2021 had a performance period of January 1, 2021 to December 31, 2023 and, as their market and performance criteria were satisfied, resulted in a 145.83% payout, or 120,297 units. As such, the granted awards vested and were paid out in cash on March 8, 2024 at $50.38 per unit based on the Company's closing stock price on the vesting date.

(2)On February 20, 2024 and April 1, 2024, the Company granted performance unit awards with a performance period of January 1, 2024 through December 31, 2026. The market criteria consists of: (i) relative total shareholder return comparing the Company's shareholder return to the shareholder return of the exploration and production companies listed in the Russell 2000 Index and (ii) absolute shareholder return. The performance criteria for these awards consists of: (i) earnings before interest, taxes, depreciation, amortization and exploration expense and three-year total debt reduction, (ii) growth in inventory and (iii) emissions reductions. Any units earned are expected to be paid in cash during the first quarter following the completion of the requisite service period, based on the achievement of market and performance criteria, and the payout can range from 0% to 225%.

As of September 30, 2024, total unrecognized cost related to equity-based compensation awards was $28.5 million, of which $4.0 million was attributable to liability awards which will be settled in cash rather than shares. Such cost will be recognized on a straight-line basis over an expected weighted-average period of 1.95 years.

Equity-based compensation

The following table reflects equity-based compensation expense for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Equity awards:
Restricted stock awards	$	4,421	$	3,272	$	12,615	$	9,311
Performance share awards	335		535		1,354		1,348

Total share-settled equity-based compensation, gross	4,756		3,807		13,969		10,659
Less amounts capitalized	(943)		(870)		(2,721)		(2,257)
Total share-settled equity-based compensation, net	3,813		2,937		11,248		8,402
Liability awards:
Performance unit awards and phantom unit awards	(411)		2,507		1,816		4,332

Total cash-settled equity-based compensation, gross	(411)		2,507		1,816		4,332
Less amounts capitalized	—		—		(14)		(50)
Total cash-settled equity-based compensation, net	(411)		2,507		1,802		4,282
Total equity-based compensation, net	$	3,402	$	5,444	$	13,050	$	12,684

Related parties (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Capital Expenditures

The following table presents the capital expenditures for oil and natural gas properties paid to Halliburton included in the consolidated statements of cash flows for the periods presented:


	Nine months ended September 30,
(in thousands)	2024		2023

Capital expenditures for oil and natural gas properties	$	61,176	$	91,751

Fair value measurements - Schedule of Changes in Contingent Consideration (Details) - Contingent Consideration Derivative - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Change in Amount of Contingent Consideration, Liability [Roll Forward]
Balance of Level 3 at beginning of period	$ 33,027	$ 26,239	$ 31,106	$ 26,640
Change in Sixth Street Contingent Consideration fair value	(10,550)	3,625	(8,629)	4,679
Settlements realized	0	(47)	0	(1,502)
Balance of Level 3 at end of period	$ 22,477	$ 29,817	$ 22,477	$ 29,817

Insider Trading Arrangements - shares

3 Months Ended

9 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table includes a correction to one of the previously disclosed arrangements adopted during the three months ended June 30, 2024. Previous disclosure of other arrangements remains accurate and unchanged.

Name and title of
director or officer

Type of change

Date of adoption

Date of termination

Duration of trading arrangement

Potential aggregate number of securities to be purchased (sold) pursuant to the trading arrangement(1)

Katie Hill

Senior Vice President and Chief Operating Officer

Adoption

June 11, 2024

N/A

October 9, 2024

(2,362)

_____________________________________________________________________________

(1)Our Quarterly Report on Form 10-Q for the three months ended June 30, 2024 previously disclosed 1,502 potential aggregate securities to be sold pursuant to the trading arrangement.

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

Katie Hill [Member]

Trading Arrangements, by Individual

Name

Katie Hill

Title

Senior Vice President and Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

June 11, 2024

October 9, 2024

120 days

(2,362)

Consolidated balance sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	595,104
Preferred Stock, Shares Outstanding	0	595,104
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	80,000,000	80,000,000
Common stock issued (in shares)	38,168,725	35,413,551
Common stock outstanding (in shares)	38,168,725	35,413,551

Supplemental cash flow and non-cash information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flow information:
Cash paid for interest, net of $1,181 and $1,827 of capitalized interest, respectively	$ 111,798	$ 109,795
Capitalized interest	1,181	1,827
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities	47,693	125,940
Supplemental non-cash investing information:
Change in accrued capital expenditures	17,040	25,771
Equity issued for acquisition of oil and natural gas properties	74,928	80,068
Liabilities assumed in acquisitions of oil and natural gas properties	$ 27,861	$ 11,411

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	$ 459,234	$ 435,514	$ 1,417,944	$ 1,103,083
Costs and expenses:
Lease operating expenses	107,686	66,040	327,156	173,939
Production and ad valorem taxes	27,244	27,360	84,937	69,498
General and administrative	22,005	28,641	74,934	73,053
Depletion, depreciation and amortization	187,063	120,499	527,468	310,618
Other operating expenses, net	1,754	1,703	5,365	4,538
Total costs and expenses	372,130	255,510	1,075,734	679,264
Gain on disposal of assets, net	839	149	1,005	540
Operating income	$ 87,943	$ 180,153	$ 343,215	$ 424,359
Non-operating income (expense):
Derivative, gain (loss), statement of income or comprehensive income [extensible enumeration]	Total non-operating income (expense), net	Total non-operating income (expense), net	Total non-operating income (expense), net	Total non-operating income (expense), net
Gain (loss) on derivatives, net	$ 226,553	$ (135,321)	$ 82,064	$ (132,875)
Interest expense	(40,119)	(39,305)	(124,230)	(99,388)
Loss on extinguishment of debt, net	0	0	(66,115)	0
Other income, net	1,247	1,739	5,921	3,697
Total non-operating income (expense), net	187,681	(172,887)	(102,360)	(228,566)
Income before income taxes	275,624	7,266	240,855	195,793
Income tax benefit (expense)	(60,324)	(2,373)	(54,984)	217,851
Net income	215,300	4,893	185,871	413,644
Preferred stock dividends	0	0	(652)	0
Net income available to common stockholders	$ 215,300	$ 4,893	$ 185,219	$ 413,644
Net income per common share:
Basic (in dollars per share)	$ 5.75	$ 0.27	$ 5.08	$ 23.44
Diluted (in dollars per share)	$ 5.73	$ 0.26	$ 4.97	$ 23.32
Weighted-average common shares outstanding:
Basic (in shares)	37,459	18,455	36,472	17,646
Diluted (in shares)	37,580	18,569	37,370	17,740
Oil sales
Revenues:
Total revenues	$ 416,668	$ 375,166	$ 1,274,119	$ 940,982
NGL sales
Revenues:
Total revenues	41,807	38,303	128,752	97,196
Natural gas sales
Revenues:
Total revenues	(9,724)	21,234	3,150	48,260
Sales/Costs of purchased oil
Revenues:
Total revenues	8,986	3	8,986	14,192
Costs and expenses:
Cost of goods and services sold	9,331	101	9,331	14,856
Other operating revenues
Revenues:
Total revenues	1,497	808	2,937	2,453
Oil transportation and marketing expenses
Costs and expenses:
Cost of goods and services sold	12,445	10,795	34,477	32,391
Gas gathering, processing and transportation expenses
Costs and expenses:
Cost of goods and services sold	$ 4,602	$ 371	$ 12,066	$ 371

Fair value measurements - Schedule of Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Total gross fair value	$ 221,719	$ 150,407
Net fair value presented on the consolidated balance sheets	146,074	99,336
Net fair value presented on the consolidated balance sheets	75,645	51,071
Liabilities:
Amounts offset	0	0
Net derivative asset positions	221,719	150,407
Level 1
Liabilities:
Net derivative asset positions	0	0
Level 2
Liabilities:
Net derivative asset positions	199,242	119,301
Level 3
Liabilities:
Net derivative asset positions	22,477	31,106
Commodity
Assets:
Net fair value presented on the consolidated balance sheets	145,259	97,035
Net fair value presented on the consolidated balance sheets	53,983	22,266
Liabilities:
Net fair value presented on the consolidated balance sheets	0	0
Net fair value presented on the consolidated balance sheets	0
Contingent consideration
Assets:
Net fair value presented on the consolidated balance sheets	815	2,301
Net fair value presented on the consolidated balance sheets	21,662	28,805
Current Assets \| Commodity
Assets:
Total gross fair value	147,720	106,067
Amounts offset	(2,461)	(9,032)
Current Assets \| Commodity \| Level 1
Assets:
Total gross fair value	0	0
Current Assets \| Commodity \| Level 2
Assets:
Total gross fair value	147,720	106,067
Current Assets \| Commodity \| Level 3
Assets:
Total gross fair value	0	0
Current Assets \| Contingent consideration
Assets:
Total gross fair value	815	2,301
Amounts offset	0	0
Current Assets \| Contingent consideration \| Level 1
Assets:
Total gross fair value	0	0
Current Assets \| Contingent consideration \| Level 2
Assets:
Total gross fair value	0	0
Current Assets \| Contingent consideration \| Level 3
Assets:
Total gross fair value	815	2,301
Noncurrent Assets \| Commodity
Assets:
Total gross fair value	54,514	22,266
Amounts offset		0
Amounts offset	(531)
Noncurrent Assets \| Commodity \| Level 1
Assets:
Total gross fair value	0	0
Noncurrent Assets \| Commodity \| Level 2
Assets:
Total gross fair value	54,514	22,266
Noncurrent Assets \| Commodity \| Level 3
Assets:
Total gross fair value	0	0
Noncurrent Assets \| Contingent consideration
Assets:
Total gross fair value	21,662	28,805
Amounts offset	0	0
Noncurrent Assets \| Contingent consideration \| Level 1
Assets:
Total gross fair value	0	0
Noncurrent Assets \| Contingent consideration \| Level 2
Assets:
Total gross fair value	0	0
Noncurrent Assets \| Contingent consideration \| Level 3
Assets:
Total gross fair value	21,662	28,805
Current Liabilities \| Commodity
Liabilities:
Total gross fair value, Current	(2,461)	(9,032)
Amounts offset, Current	2,461	9,032
Current Liabilities \| Commodity \| Level 1
Liabilities:
Total gross fair value, Current	0	0
Current Liabilities \| Commodity \| Level 2
Liabilities:
Total gross fair value, Current	(2,461)	(9,032)
Current Liabilities \| Commodity \| Level 3
Liabilities:
Total gross fair value, Current	0	$ 0
Noncurrent Liabilities \| Commodity
Liabilities:
Total gross fair value, Noncurrent	(531)
Amounts offset, Noncurrent	531
Noncurrent Liabilities \| Commodity \| Level 1
Liabilities:
Total gross fair value, Noncurrent	0
Noncurrent Liabilities \| Commodity \| Level 2
Liabilities:
Total gross fair value, Noncurrent	(531)
Noncurrent Liabilities \| Commodity \| Level 3
Liabilities:
Total gross fair value, Noncurrent	$ 0

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Schedule of Open Positions and Derivatives in Place


	Remaining Year 2024		Year 2025		Year 2026
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	4,957,200		15,410,000		4,005,000
Weighted-average price ($/Bbl)	$	76.71	$	74.85	$	71.42




WTI NYMEX - Three-way Collars:
Volume (Bbl)	48,500		—		—
Weighted-average sold put price ($/Bbl)	$	50.00	$	—	$	—
Weighted-average floor price ($/Bbl)	$	66.45	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.05	$	—	$	—
Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	65,700		—		—
Weighted-average differential ($/Bbl)	$	0.12	$	—	$	—










































Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	6,558,250		—		—
Weighted-average price ($/MMBtu)	$	3.47	$	—	$	—
Waha Inside FERC - Swaps:
Volume (MMBtu)	—		35,405,000		33,580,000
Weighted-average price ($/MMBtu)	$	—	$	2.34	$	2.53
Henry Hub NYMEX - Collars:
Volume (MMBtu)	149,511		—		—
Weighted-average floor price ($/MMBtu)	$	3.40	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	6.12	$	—	$	—










Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	6,707,761		—		—
Weighted-average differential ($/MMBtu)	$	(0.74)	$	—	$	—


	Remaining Year 2024		Year 2025		Year 2026		Year 2027
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	5,490,200		16,074,000		4,005,000		—
Weighted-average price ($/Bbl)	$	76.49	$	74.79	$	71.42	$	—




WTI NYMEX - Three-way Collars:
Volume (Bbl)	48,500		—		—		—
Weighted-average sold put price ($/Bbl)	$	50.00	$	—	$	—	$	—
Weighted-average floor price ($/Bbl)	$	66.45	$	—	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.05	$	—	$	—	$	—







Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	65,700		—		—		—
Weighted-average differential ($/Bbl)	$	0.12	$	—	$	—	$	—
Natural gas:
Henry Hub NYMEX - Swaps:
Volume (MMBtu)	6,558,250		—		—		—
Weighted-average price ($/MMBtu)	$	3.47	$	—	$	—	$	—
Waha Inside FERC - Swaps:
Volume (MMBtu)	—		35,405,000		33,580,000		7,300,000
Weighted-average price ($/MMBtu)	$	—	$	2.34	$	2.53	$	2.79
Henry Hub NYMEX - Collars:
Volume (MMBtu)	149,511		—		—		—
Weighted-average floor price ($/MMBtu)	$	3.40	$	—	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	6.12	$	—	$	—	$	—
Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	6,707,761		—		—		—
Weighted-average differential ($/MMBtu)	$	(0.74)	$	—	$	—	$	—

Debt - March 2032 Notes (Details) - USD ($)					9 Months Ended
Debt - March 2032 Notes (Details) - USD ($)	Apr. 29, 2024	Apr. 03, 2024	Mar. 29, 2024	Mar. 28, 2024	Sep. 30, 2024
Senior Notes
Debt Instrument [Line Items]
Principal amount tendered or redeemed					$ 897,945,000
7.875% senior unsecured notes due 2032
Debt Instrument [Line Items]
Interest rate (as a percent)				7.875%
7.875% senior unsecured notes due 2032 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt				$ 800,000,000
Proceeds from senior notes				$ 784,800,000
10.125% senior unsecured notes due 2028
Debt Instrument [Line Items]
Interest rate (as a percent)					10.125%
10.125% senior unsecured notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal amount tendered or redeemed	$ 269,200,000		$ 431,200,000
Debt redemption price (as a percent)	105.063%
9.750% senior unsecured notes due 2030
Debt Instrument [Line Items]
Interest rate (as a percent)					9.75%
9.750% senior unsecured notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal amount tendered or redeemed		$ 197,600,000
7.875% senior unsecured notes due 2032
Debt Instrument [Line Items]
Interest rate (as a percent)					7.875%
7.875% senior unsecured notes due 2032 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt		$ 200,000,000
Interest rate (as a percent)		7.875%
Proceeds from senior notes		$ 198,700,000
Debt instruments, premium issue rate (as a percent)		100.75%

Commitments and contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Firm Sale and Transportation Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Future commitments	$ 99.3
Purchase Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase Obligation	$ 42.3

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 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	001-35380
Entity Registrant Name	Vital Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3007926
Entity Address, Address Line One	521 E. Second Street
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74120
City Area Code	918
Local Phone Number	513-4570
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	VTLE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,152,944
Entity Central Index Key	0001528129
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Subsequent events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent events

Senior Secured Credit Facility

Subsequent to September 30, 2024, the Company borrowed $190.0 million and repaid $100.0 million on the Senior Secured Credit Facility. As a result, the outstanding balance under the Senior Secured Credit Facility was $950.0 million as of November 5, 2024.

Commodity derivatives


	Remaining Year 2024		Year 2025		Year 2026		Year 2027
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	5,490,200		16,074,000		4,005,000		—
Weighted-average price ($/Bbl)	$	76.49	$	74.79	$	71.42	$	—




WTI NYMEX - Three-way Collars:
Volume (Bbl)	48,500		—		—		—
Weighted-average sold put price ($/Bbl)	$	50.00	$	—	$	—	$	—
Weighted-average floor price ($/Bbl)	$	66.45	$	—	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.05	$	—	$	—	$	—







Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	65,700		—		—		—
Weighted-average differential ($/Bbl)	$	0.12	$	—	$	—	$	—
Natural gas:
Henry Hub NYMEX - Swaps:
Volume (MMBtu)	6,558,250		—		—		—
Weighted-average price ($/MMBtu)	$	3.47	$	—	$	—	$	—
Waha Inside FERC - Swaps:
Volume (MMBtu)	—		35,405,000		33,580,000		7,300,000
Weighted-average price ($/MMBtu)	$	—	$	2.34	$	2.53	$	2.79
Henry Hub NYMEX - Collars:
Volume (MMBtu)	149,511		—		—		—
Weighted-average floor price ($/MMBtu)	$	3.40	$	—	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	6.12	$	—	$	—	$	—
Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	6,707,761		—		—		—
Weighted-average differential ($/MMBtu)	$	(0.74)	$	—	$	—	$	—

See Note 8 for additional discussion regarding the Company's derivatives. There has been no other derivative activity subsequent to September 30, 2024.

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including those that arise from interpretation of federal, state and local laws and regulations affecting the oil and natural gas industry, personal injury claims, title disputes, royalty disputes, contract claims, contamination claims relating to oil and natural gas exploration and development and environmental claims, including claims involving assets previously sold to third parties and no longer part of the Company's current operations. The Company may not have insurance coverage for some of these proceedings and failure to comply with applicable laws and regulations can result in substantial penalties. While many of these matters involve inherent uncertainty, as of the date hereof, the Company believes that any such legal proceedings, if ultimately decided adversely, will not have a material adverse effect on the Company's business, financial position, results of operations or liquidity. The Company has committed to deliver, for sale or transportation, fixed volumes of product under certain contractual arrangements that specify the delivery of a fixed and determinable quantity. If not fulfilled, the Company is subject to firm transportation payments on excess pipeline capacity and other contractual penalties. These commitments are normal and customary for the Company's business. In certain instances, the Company has used spot market purchases to meet its commitments in certain locations or due to favorable pricing. As of September 30, 2024, future firm sale and transportation commitments of $99.3 million are expected to be satisfied and, as such, are not recorded as a liability on the consolidated balance sheet. The Company has committed to take delivery of processed sand, which is utilized in the Company's completions activities, at specified prices through 2026. As of September 30, 2024, future purchase commitments under the terms of these agreements are estimated to be $42.3 million,

Organization and basis of presentation (Policies)	9 Months Ended
Organization and basis of presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The unaudited consolidated financial statements have been prepared in accordance with GAAP. All material intercompany transactions and account balances have been eliminated in the consolidation of accounts. The unaudited consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2023 is derived from the Company's audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's interim financial position, results of operations and cash flows. All adjustments are of a recurring nature unless otherwise disclosed herein. Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2023 Annual Report.
Use of estimates	Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions 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 period. Although management believes these estimates are reasonable, actual results could differ. See Note 2 in the 2023 Annual Report for further information regarding the use of estimates and assumptions.
Accounting pronouncements not yet adopted	Accounting pronouncements not yet adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 "Segment Reporting," including clarifying that entities with a single reportable segment are subject to both new and existing segment reporting requirements. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. Adoption of this ASU will result in additional disclosure, but will not impact the Company’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires more detailed tax disclosures, including disaggregated information about an entity's effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption is permitted. Adoption of this ASU will result in additional disclosure, but will not impact the Company’s consolidated financial position, results of operations or cash flows.
Net income (loss) per common share	Net income per common shareBasic net income per common share is computed by first subtracting preferred stock dividends from net income to arrive at net income available to common stockholders, and then dividing net income available to common stockholders by the basic weighted-average common shares outstanding for the period. Diluted net income per common share is computed by dividing net income by the diluted weighted average common shares outstanding for the period, which reflects the potential dilution of preferred stock and non-vested equity-based compensation awards.

Subsequent events - Commodity Derivatives (Details) - Forecast - Not Designated as Hedges	3 Months Ended	12 Months Ended
	Dec. 31, 2024 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2027 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2026 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2025 MMBTU $ / bbl $ / MMBTU bbl
WTI NYMEX \| Crude Oil \| Swap
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	5,490,200	0	4,005,000	16,074,000
Weighted-average price/differential (in dollars per unit) \| $ / bbl	76.49	0	71.42	74.79
WTI NYMEX \| Crude Oil \| Three-way Collar
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	48,500	0	0	0
Weighted-average price/differential (in dollars per unit) \| $ / bbl	50.00	0	0	0
WTI NYMEX \| Crude Oil \| Three-way Collar \| Minimum
Subsequent Event [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / bbl	66.45	0	0	0
WTI NYMEX \| Crude Oil \| Three-way Collar \| Maximum
Subsequent Event [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / bbl	87.05	0	0	0
Argus WTI Midland to Argus WTI \| Crude Oil \| Basis Swap
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	65,700	0	0	0
Weighted-average price/differential (in dollars per unit) \| $ / bbl	0.12	0	0	0
Henry Hub NYMEX \| Natural Gas \| Swap
Subsequent Event [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	3.47	0	0	0
Volume (MMBtu) \| MMBTU	6,558,250	0	0	0
Henry Hub NYMEX \| Natural Gas \| Collar
Subsequent Event [Line Items]
Volume (MMBtu) \| MMBTU	149,511	0	0	0
Henry Hub NYMEX \| Natural Gas \| Collar \| Minimum
Subsequent Event [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	3.40	0	0	0
Henry Hub NYMEX \| Natural Gas \| Collar \| Maximum
Subsequent Event [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	6.12	0	0	0
Waha Inside FERC \| Natural Gas \| Swap
Subsequent Event [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	0	2.79	2.53	2.34
Volume (MMBtu) \| MMBTU	0	7,300,000	33,580,000	35,405,000
Waha Inside FERC to Henry Hub NYMEX \| Natural Gas \| Basis Swap
Subsequent Event [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	(0.74)	0	0	0
Volume (MMBtu) \| MMBTU	6,707,761	0	0	0

Organization and basis of presentation	9 Months Ended
Organization and basis of presentation	Sep. 30, 2024
Accounting Policies [Abstract]
Organization and basis of presentation	Organization and basis of presentation Organization Vital Energy, Inc. ("Vital Energy" or the "Company"), together with its wholly-owned subsidiaries, is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas. The Company has identified one operating segment: exploration and production. In these notes, the "Company" refers to Vital Energy and its subsidiaries collectively, unless the context indicates otherwise. All amounts, dollars and percentages presented in these unaudited consolidated financial statements and the related notes are rounded and, therefore, approximate. Basis of presentation The unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The unaudited consolidated financial statements have been prepared in accordance with GAAP. All material intercompany transactions and account balances have been eliminated in the consolidation of accounts. The unaudited consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2023 is derived from the Company's audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's interim financial position, results of operations and cash flows. All adjustments are of a recurring nature unless otherwise disclosed herein. Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2023 Annual Report. Significant accounting policies There have been no material changes in the Company's significant accounting policies during the nine months ended September 30, 2024. As discussed in Note 2 in the 2023 Annual Report, the Company uses the full cost method of accounting for its oil and natural gas properties. This accounting method requires a quarterly full cost ceiling test. The full cost ceiling is based principally on the estimated future net cash flows from proved oil, NGL and natural gas reserves, which exclude the effect of the Company's commodity derivative transactions, discounted at 10%. The SEC guidelines require companies to use the unweighted arithmetic average first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, which are then adjusted for quality, certain transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point without giving effect to the Company's commodity derivative transactions. These prices are utilized to calculate the estimated future net cash flows in the full cost ceiling calculation. Additional significant inputs included in the calculation of discounted cash flows used in the full cost ceiling calculation include the Company's estimate of operating and development costs, anticipated production of proved reserves and other relevant data. In the event the unamortized cost of evaluated oil and natural gas properties being depleted exceeds the full cost ceiling, as defined by the SEC, the excess is expensed in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible. The unamortized cost of evaluated oil and natural gas properties being depleted did not exceed the full cost ceiling as of September 30, 2024 or September 30, 2023. As such, no full cost ceiling impairments were recorded during the nine months ending September 30, 2024 and September 30, 2023. There are numerous uncertainties inherent in the estimation of proved reserves and accounting for oil and natural gas properties in future periods. In addition to commodity prices, our production rates, levels of proved reserves, future development costs, changes in oilfield service costs, potential recognition of additional proved undeveloped reserves, transfers of unevaluated properties and other factors will determine the Company's actual ceiling test calculation and impairment analysis in future periods. As a result, the Company could incur a material non-cash full cost ceiling impairment in future quarters, which would have an adverse effect on its statement of operations. See Note 2 in the 2023 Annual Report for further discussion of significant accounting policies. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions 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 period. Although management believes these estimates are reasonable, actual results could differ. See Note 2 in the 2023 Annual Report for further information regarding the use of estimates and assumptions.

Fair value measurements - Schedule of Carrying Amount of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,460,578	$ 1,633,523
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,446,473	$ 1,658,686

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Derivatives - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Gain (loss) on derivatives, net	$ 226,553	$ (135,321)	$ 82,064	$ (132,875)
Derivative, gain (loss), statement of income or comprehensive income [extensible enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Commodity
Derivative [Line Items]
Gain (loss) on derivatives, net	$ 237,103	$ (138,946)	$ 90,693	$ (137,554)
Contingent consideration
Derivative [Line Items]
Gain (loss) on derivatives, net	$ (10,550)	$ 3,625	$ (8,629)	$ 4,679

Debt - Senior Secured Credit Facility (Details) - Secured Debt - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Line of Credit
Debt Instrument [Line Items]
Maximum credit amount	$ 3,000,000,000.0
Amount of debt outstanding	$ 860,000,000.0
Credit facility, weighted-average interest rate (as a percent)	8.093%
Line of Credit \| Borrowing Base
Debt Instrument [Line Items]
Maximum credit amount	$ 1,500,000,000
Line of Credit \| Aggregate Elected Commitment
Debt Instrument [Line Items]
Maximum credit amount	1,500,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum credit amount	80,000,000.0
Letters of credit outstanding	$ 0	$ 0

Organization and basis of presentation (Details)	9 Months Ended
Organization and basis of presentation (Details)	Sep. 30, 2024 operating_segment
Accounting Policies [Abstract]
Number of operating segments	1
Discount rate, full cost ceiling (as a percent)	10.00%

Consolidated balance sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 22,192	$ 14,061
Accounts receivable, net	224,958	238,773
Derivatives	146,074	99,336
Other current assets	26,038	18,749
Total current assets	419,262	370,919
Oil and natural gas properties, full cost method:
Evaluated properties	13,352,711	11,799,155
Unevaluated properties not being depleted	241,410	195,457
Less: accumulated depletion and impairment	(8,276,433)	(7,764,697)
Oil and natural gas properties, net	5,317,688	4,229,915
Midstream and other fixed assets, net	133,784	130,293
Property and equipment, net	5,451,472	4,360,208
Derivatives	75,645	51,071
Operating lease right-of-use assets	132,132	144,900
Deferred income taxes	137,277	188,836
Other noncurrent assets, net	35,223	33,647
Total assets	6,251,011	5,149,581
Current liabilities:
Accounts payable and accrued liabilities	164,540	159,892
Accrued capital expenditures	108,977	91,937
Undistributed revenue and royalties	188,611	194,307
Operating lease liabilities	86,795	70,651
Other current liabilities	77,409	78,802
Total current liabilities	626,332	595,589
Long-term debt, net	2,433,271	1,609,424
Asset retirement obligations	87,995	81,680
Operating lease liabilities	41,566	71,343
Other noncurrent liabilities	6,006	6,288
Total liabilities	3,195,170	2,364,324
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, and zero and 595,104 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	6
Common stock, $0.01 par value, 80,000,000 shares authorized, and 38,168,725 and 35,413,551 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	382	354
Additional paid-in capital	3,819,118	3,733,775
Accumulated deficit	(763,659)	(948,878)
Total stockholders' equity	3,055,841	2,785,257
Total liabilities and stockholders' equity	$ 6,251,011	$ 5,149,581

Net income per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 215,300	$ 36,702	$ (66,131)	$ 4,893	$ 294,811	$ 113,940	$ 185,871	$ 413,644
Less: Preferred Stock dividends	0			0			(652)	0
Net income available to common stockholders	$ 215,300			$ 4,893			$ 185,219	$ 413,644
Weighted-average common shares outstanding:
Basic (in shares)	37,459			18,455			36,472	17,646
Dilutive preferred stock (in shares)	0			0			777	0
Diluted (in shares)	37,580			18,569			37,370	17,740
Net income per common share:
Basic (in dollars per share)	$ 5.75			$ 0.27			$ 5.08	$ 23.44
Diluted (in dollars per share)	$ 5.73			$ 0.26			$ 4.97	$ 23.32
Restricted stock awards
Weighted-average common shares outstanding:
Dilutive non-vested stock and performance share awards (in shares)	102			112			108	93
Net income per common share:
Anti-dilutive weighted-average common shares outstanding	396			270			104	268
Performance share awards
Weighted-average common shares outstanding:
Dilutive non-vested stock and performance share awards (in shares)	19			2			13	1

Debt - Loss On Extinguishment of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt, net	$ 0	$ 0	$ (66,115)	$ 0
Senior Notes
Debt Instrument [Line Items]
Principal amount tendered or redeemed			897,945
Extinguishment of debt			(952,214)
Early tender or redemption premiums			(54,269)
Write-off of debt issuance costs			(13,121)
Write-off of issuance discount			(2,311)
Write-off of issuance premium			3,586
Loss on extinguishment of debt, net	$ 0		$ (66,115)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Section 55
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives - Schedule of Open Commodity Derivative Positions (Details) - Forecast - Not Designated as Hedges	3 Months Ended	12 Months Ended
	Dec. 31, 2024 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2027 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2026 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2025 MMBTU $ / bbl $ / MMBTU bbl
WTI NYMEX \| Crude Oil \| Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	5,490,200	0	4,005,000	16,074,000
Weighted-average price/differential (in dollars per unit) \| $ / bbl	76.49	0	71.42	74.79
WTI NYMEX \| Crude Oil \| Three-way Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	48,500	0	0	0
Weighted-average price/differential (in dollars per unit) \| $ / bbl	50.00	0	0	0
WTI NYMEX \| Crude Oil \| Three-way Collar \| Minimum
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / bbl	66.45	0	0	0
WTI NYMEX \| Crude Oil \| Three-way Collar \| Maximum
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / bbl	87.05	0	0	0
WTI NYMEX \| Entered through end of quarter \| Crude Oil \| Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	4,957,200		4,005,000	15,410,000
Weighted-average price/differential (in dollars per unit) \| $ / bbl	76.71		71.42	74.85
WTI NYMEX \| Entered through end of quarter \| Crude Oil \| Three-way Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	48,500		0	0
Weighted-average price/differential (in dollars per unit) \| $ / bbl	50.00		0	0
WTI NYMEX \| Entered through end of quarter \| Crude Oil \| Three-way Collar \| Minimum
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / bbl	66.45		0	0
WTI NYMEX \| Entered through end of quarter \| Crude Oil \| Three-way Collar \| Maximum
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / bbl	87.05		0	0
Argus WTI Midland to Argus WTI \| Crude Oil \| Basis Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	65,700	0	0	0
Weighted-average price/differential (in dollars per unit) \| $ / bbl	0.12	0	0	0
Argus WTI Midland to Argus WTI \| Entered through end of quarter \| Crude Oil \| Basis Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	65,700		0	0
Weighted-average price/differential (in dollars per unit) \| $ / bbl	0.12		0	0
Henry Hub NYMEX \| Natural Gas \| Swap
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	3.47	0	0	0
Volume (MMBtu) \| MMBTU	6,558,250	0	0	0
Henry Hub NYMEX \| Natural Gas \| Collar
Derivative [Line Items]
Volume (MMBtu) \| MMBTU	149,511	0	0	0
Henry Hub NYMEX \| Natural Gas \| Collar \| Minimum
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	3.40	0	0	0
Henry Hub NYMEX \| Natural Gas \| Collar \| Maximum
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	6.12	0	0	0
Henry Hub NYMEX \| Entered through end of quarter \| Natural Gas \| Swap
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	3.47		0	0
Volume (MMBtu) \| MMBTU	6,558,250		0	0
Henry Hub NYMEX \| Entered through end of quarter \| Natural Gas \| Collar
Derivative [Line Items]
Volume (MMBtu) \| MMBTU	149,511		0	0
Henry Hub NYMEX \| Entered through end of quarter \| Natural Gas \| Collar \| Minimum
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	3.40		0	0
Henry Hub NYMEX \| Entered through end of quarter \| Natural Gas \| Collar \| Maximum
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	6.12		0	0
Waha Inside FERC \| Natural Gas \| Swap
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	0	2.79	2.53	2.34
Volume (MMBtu) \| MMBTU	0	7,300,000	33,580,000	35,405,000
Waha Inside FERC \| Entered through end of quarter \| Natural Gas \| Swap
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	0		2.53	2.34
Volume (MMBtu) \| MMBTU	0		33,580,000	35,405,000
Waha Inside FERC to Henry Hub NYMEX \| Natural Gas \| Basis Swap
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	(0.74)	0	0	0
Volume (MMBtu) \| MMBTU	6,707,761	0	0	0
Waha Inside FERC to Henry Hub NYMEX \| Entered through end of quarter \| Natural Gas \| Basis Swap
Derivative [Line Items]
Weighted-average price/differential (in dollars per unit) \| $ / MMBTU	(0.74)		0	0
Volume (MMBtu) \| MMBTU	6,707,761		0	0

Net income per common share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net income per common share

Basic net income per common share is computed by first subtracting preferred stock dividends from net income to arrive at net income available to common stockholders, and then dividing net income available to common stockholders by the basic weighted-average common shares outstanding for the period. Diluted net income per common share is computed by dividing net income by the diluted weighted average common shares outstanding for the period, which reflects the potential dilution of preferred stock and non-vested equity-based compensation awards. See Notes 8 and 9 in the 2023 Annual Report for additional discussion of the Company's preferred stock and equity-based compensation awards, respectively.

The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net income per common share for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except for per share data)	2024		2023		2024		2023
Net income	$	215,300	$	4,893	$	185,871	$	413,644
Less: Preferred Stock dividends	—		—		(652)		—
Net income available to common stockholders	$	215,300	$	4,893	$	185,219	$	413,644
Weighted-average common shares outstanding:
Basic	37,459		18,455		36,472		17,646
Dilutive non-vested restricted stock awards	102		112		108		93

Dilutive non-vested performance share awards(1)	19		2		13		1

Dilutive preferred stock	—		—		777		—
Diluted	37,580		18,569		37,370		17,740
Net income per common share:
Basic	$	5.75	$	0.27	$	5.08	$	23.44
Diluted	$	5.73	$	0.26	$	4.97	$	23.32

Anti-dilutive weighted-average common shares outstanding(2):
Non-vested restricted stock awards	396		270		104		268

_____________________________________________________________________________

(1)The dilutive effect of the non-vested performance shares for the three and nine months ended September 30, 2023 and 2024 were calculated assuming each respective performance period ended on September 30, 2023 and 2024.

(2)Shares excluded from the diluted net income per common share calculation because their effect would be anti-dilutive.

Income taxes - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Current	$ (469)	$ (464)	$ (2,706)	$ (2,298)
Deferred	(59,855)	(1,909)	(52,278)	220,149
Income tax benefit (expense)	$ (60,324)	$ (2,373)	$ (54,984)	$ 217,851

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net income per common share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Weighted-average Common Shares Outstanding and Net Income (Loss) Per Common Share

The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net income per common share for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except for per share data)	2024		2023		2024		2023
Net income	$	215,300	$	4,893	$	185,871	$	413,644
Less: Preferred Stock dividends	—		—		(652)		—
Net income available to common stockholders	$	215,300	$	4,893	$	185,219	$	413,644
Weighted-average common shares outstanding:
Basic	37,459		18,455		36,472		17,646
Dilutive non-vested restricted stock awards	102		112		108		93

Dilutive non-vested performance share awards(1)	19		2		13		1

Dilutive preferred stock	—		—		777		—
Diluted	37,580		18,569		37,370		17,740
Net income per common share:
Basic	$	5.75	$	0.27	$	5.08	$	23.44
Diluted	$	5.73	$	0.26	$	4.97	$	23.32

Anti-dilutive weighted-average common shares outstanding(2):
Non-vested restricted stock awards	396		270		104		268

_____________________________________________________________________________

(2)Shares excluded from the diluted net income per common share calculation because their effect would be anti-dilutive.

Stockholders' equity - Narrative (Details) - USD ($) $ in Millions				3 Months Ended	9 Months Ended
	May 22, 2024	Sep. 29, 2023	Sep. 19, 2023	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 04, 2024	May 23, 2024	May 31, 2022
Class of Stock [Line Items]
Shares issued upon conversion of convertible preferred stock (in shares)							1,575,376
Preferred dividends				$ 0.3
Share repurchase program, authorized amount								$ 237.3	$ 200.0
Treasury stock (at cost)
Class of Stock [Line Items]
Shares repurchased (in shares)					0	0
Common stock \| Equity Offering
Class of Stock [Line Items]
Consideration received from sale of stock			$ 140.0
Stock issued in sale (in shares)			2,750,000
Common stock \| Underwriter Option
Class of Stock [Line Items]
Consideration received from sale of stock		$ 21.0
Stock issued in sale (in shares)		412,500
Maple Acquisition
Class of Stock [Line Items]
Stock cancelled and returned in asset acquisition (in shares)	76,166

Equity Incentive Plan - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	May 23, 2024	May 22, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 28.5
Stock-based compensation, amount expected to be settled in cash	$ 4.0
Recognition period for costs not yet recognized (in years)	1 year 11 months 12 days
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for issuance (in shares)		3,332,500	2,432,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

New accounting standards	9 Months Ended
New accounting standards	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting standards	New accounting standards The Company considered the applicability and impact of all Accounting Standards Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") to the Accounting Standards Codification. ASUs not discussed were assessed and determined to be either not applicable, the effects of adoption are not expected to be material or are clarifications of ASUs previously disclosed. There were no new material ASUs adopted during the nine months ended September 30, 2024. See below for discussion of ASUs not yet adopted. Accounting pronouncements not yet adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 "Segment Reporting," including clarifying that entities with a single reportable segment are subject to both new and existing segment reporting requirements. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. Adoption of this ASU will result in additional disclosure, but will not impact the Company’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires more detailed tax disclosures, including disaggregated information about an entity's effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption is permitted. Adoption of this ASU will result in additional disclosure, but will not impact the Company’s consolidated financial position, results of operations or cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Equity-based Compensation Awards

The following table presents activity for equity-based compensation awards for the nine months ended September 30, 2024:


	Equity Awards	Liability Awards
(in thousands)	Restricted Stock Awards	Performance Share Awards	Performance Unit Awards(1)(2)
Outstanding as of December 31, 2023	472	48	158
Granted	470	—	141
Forfeited	(18)	—	—
Vested	(222)	—	(83)


Outstanding as of September 30, 2024	702	48	216

_____________________________________________________________________________

Schedule of Equity-based Compensation Expense

The following table reflects equity-based compensation expense for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Equity awards:
Restricted stock awards	$	4,421	$	3,272	$	12,615	$	9,311
Performance share awards	335		535		1,354		1,348

Total share-settled equity-based compensation, gross	4,756		3,807		13,969		10,659
Less amounts capitalized	(943)		(870)		(2,721)		(2,257)
Total share-settled equity-based compensation, net	3,813		2,937		11,248		8,402
Liability awards:
Performance unit awards and phantom unit awards	(411)		2,507		1,816		4,332

Total cash-settled equity-based compensation, gross	(411)		2,507		1,816		4,332
Less amounts capitalized	—		—		(14)		(50)
Total cash-settled equity-based compensation, net	(411)		2,507		1,802		4,282
Total equity-based compensation, net	$	3,402	$	5,444	$	13,050	$	12,684

Related parties

9 Months Ended

Sep. 30, 2024

Related parties

Halliburton

The Chairman of the Company's board of directors is on the board of directors of Halliburton Company ("Halliburton"). The Company has a lease agreement with Halliburton, which extends through 2025, to provide an electric fracture stimulation crew and the related services. Under the agreement, the Company had a lease liability of $38.4 million as of September 30, 2024 and $59.7 million as of December 31, 2023, which is included in both current and noncurrent "Operating lease liabilities" on the consolidated balance sheets. Payments to Halliburton are included in capital expenditures for oil and natural gas properties in cash flows from investing activities on the consolidated statements of cash flows.

The following table presents the capital expenditures for oil and natural gas properties paid to Halliburton included in the consolidated statements of cash flows for the periods presented:


	Nine months ended September 30,
(in thousands)	2024		2023

Capital expenditures for oil and natural gas properties	$	61,176	$	91,751

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Supplemental cash flow and non-cash information (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow and Non-Cash Information

The following table presents supplemental cash flow and non-cash information for the periods presented:


	Nine months ended September 30,
(in thousands)	2024		2023
Supplemental cash flow information:
Cash paid for interest, net of $1,181 and $1,827 of capitalized interest, respectively	$	111,798	$	109,795
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	47,693	$	125,940
Supplemental non-cash investing information:
Change in accrued capital expenditures	$	17,040	$	25,771
Equity issued for acquisition of oil and natural gas properties(2)	$	74,928	$	80,068
Liabilities assumed in acquisitions of oil and natural gas properties(2)	$	27,861	$	11,411

_____________________________________________________________________________

(1)See Note 5 in the 2023 Annual Report for additional discussion of the Company's leases.

(2)See Note 3 for additional discussion of the Company's acquisitions.

Consolidated statements of stockholders' equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common stock	Additional paid-in capital	Treasury stock (at cost)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2022		0	16,762
Beginning balance at Dec. 31, 2022	$ 1,110,746	$ 0	$ 168	$ 2,754,085	$ 0	$ (1,643,507)
Beginning balance (in shares) at Dec. 31, 2022					0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)			315
Restricted stock awards	0		$ 3	(3)
Restricted stock forfeitures (in shares)			(3)
Stock exchanged for tax withholding (in shares)			(49)		49
Stock exchanged for tax withholding	0		$ (1)	(2,458)	$ 2,459
Retirement of treasury stock (in shares)					(49)
Retirement of treasury stock	(2,459)				$ (2,459)
Share-settled equity-based compensation	3,141			3,141
Net income	113,940					113,940
Ending balance (in shares) at Mar. 31, 2023		0	17,025
Ending balance at Mar. 31, 2023	1,225,368	$ 0	$ 170	2,754,765	$ 0	(1,529,567)
Ending balance (in shares) at Mar. 31, 2023					0
Beginning balance (in shares) at Dec. 31, 2022		0	16,762
Beginning balance at Dec. 31, 2022	1,110,746	$ 0	$ 168	2,754,085	$ 0	(1,643,507)
Beginning balance (in shares) at Dec. 31, 2022					0
Increase (Decrease) in Stockholders' Equity
Net income	413,644
Ending balance (in shares) at Sep. 30, 2023		0	21,752
Ending balance at Sep. 30, 2023	1,773,064	$ 0	$ 218	3,002,709	$ 0	(1,229,863)
Ending balance (in shares) at Sep. 30, 2023					0
Beginning balance (in shares) at Mar. 31, 2023		0	17,025
Beginning balance at Mar. 31, 2023	1,225,368	$ 0	$ 170	2,754,765	$ 0	(1,529,567)
Beginning balance (in shares) at Mar. 31, 2023					0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)			6
Restricted stock forfeitures (in shares)			(9)
Stock exchanged for tax withholding (in shares)			(7)		7
Stock exchanged for tax withholding	0			(385)	$ 385
Retirement of treasury stock (in shares)					(7)
Retirement of treasury stock	(385)				$ (385)
Share-settled equity-based compensation	3,711			3,711
Equity issued for acquisitions of oil and natural gas properties (in shares)			1,579
Equity issued for acquisition of oil and natural gas properties	80,068		$ 16	80,052
Net income	294,811					294,811
Ending balance (in shares) at Jun. 30, 2023		0	18,594
Ending balance at Jun. 30, 2023	1,603,573	$ 0	$ 186	2,838,143	$ 0	(1,234,756)
Ending balance (in shares) at Jun. 30, 2023					0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)			6
Restricted stock awards	0
Restricted stock forfeitures (in shares)			(7)
Restricted stock forfeitures	0
Stock exchanged for tax withholding (in shares)			(4)		(4)
Stock exchanged for tax withholding	0			(212)	$ 212
Retirement of treasury stock (in shares)					(4)
Retirement of treasury stock	(212)				$ (212)
Share-settled equity-based compensation	3,807			3,807
Issuance of common stock, net of costs (in shares)			3,163
Issuance of common stock, net of costs	161,003		$ 32	160,971
Net income	4,893					4,893
Ending balance (in shares) at Sep. 30, 2023		0	21,752
Ending balance at Sep. 30, 2023	1,773,064	$ 0	$ 218	3,002,709	$ 0	(1,229,863)
Ending balance (in shares) at Sep. 30, 2023					0
Beginning balance (in shares) at Dec. 31, 2023		595	35,414
Beginning balance at Dec. 31, 2023	2,785,257	$ 6	$ 354	3,733,775	$ 0	(948,878)
Beginning balance (in shares) at Dec. 31, 2023					0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)			445
Restricted stock awards	5		$ 5
Restricted stock forfeitures (in shares)			(5)
Restricted stock forfeitures	(4)			(4)
Stock exchanged for tax withholding (in shares)			(72)		72
Stock exchanged for tax withholding	0		$ (1)	(3,410)	$ 3,411
Retirement of treasury stock (in shares)					(72)
Retirement of treasury stock	(3,411)				$ (3,411)
Share-settled equity-based compensation	4,348			4,348
Equity issued for acquisitions of oil and natural gas properties (in shares)		980	879
Equity issued for acquisition of oil and natural gas properties	78,740	$ 10	$ 9	78,721
Net income	(66,131)					(66,131)
Ending balance (in shares) at Mar. 31, 2024		1,575	36,661
Ending balance at Mar. 31, 2024	2,798,804	$ 16	$ 367	3,813,430	$ 0	(1,015,009)
Ending balance (in shares) at Mar. 31, 2024					0
Beginning balance (in shares) at Dec. 31, 2023		595	35,414
Beginning balance at Dec. 31, 2023	2,785,257	$ 6	$ 354	3,733,775	$ 0	(948,878)
Beginning balance (in shares) at Dec. 31, 2023					0
Increase (Decrease) in Stockholders' Equity
Net income	185,871
Ending balance (in shares) at Sep. 30, 2024		0	38,169
Ending balance at Sep. 30, 2024	3,055,841	$ 0	$ 382	3,819,118	$ 0	(763,659)
Ending balance (in shares) at Sep. 30, 2024					0
Beginning balance (in shares) at Mar. 31, 2024		1,575	36,661
Beginning balance at Mar. 31, 2024	2,798,804	$ 16	$ 367	3,813,430	$ 0	(1,015,009)
Beginning balance (in shares) at Mar. 31, 2024					0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)			13
Restricted stock forfeitures (in shares)			(8)
Stock exchanged for tax withholding	0			(9)	$ 9
Retirement of treasury stock	(9)				(9)
Share-settled equity-based compensation	4,865			4,865
Equity issued for acquisitions of oil and natural gas properties (in shares)			76
Equity issued for acquisition of oil and natural gas properties	3,812		$ 1	3,811
Preferred stock conversion (in shares)		(1,575)	1,575
Preferred stock conversion	0	$ (16)	$ 16
Preferred stock dividend paid	(652)					(652)
Net income	36,702					36,702
Ending balance (in shares) at Jun. 30, 2024		0	38,165
Ending balance at Jun. 30, 2024	2,835,898	$ 0	$ 382	3,814,475	$ 0	(978,959)
Ending balance (in shares) at Jun. 30, 2024					0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)			12
Restricted stock awards	0
Restricted stock forfeitures (in shares)			(5)
Restricted stock forfeitures	0
Stock exchanged for tax withholding (in shares)			(3)		3
Stock exchanged for tax withholding	0			(113)	$ 113
Retirement of treasury stock (in shares)					(3)
Retirement of treasury stock	(113)				$ (113)
Share-settled equity-based compensation	4,756			4,756
Net income	215,300					215,300
Ending balance (in shares) at Sep. 30, 2024		0	38,169
Ending balance at Sep. 30, 2024	$ 3,055,841	$ 0	$ 382	$ 3,819,118	$ 0	$ (763,659)
Ending balance (in shares) at Sep. 30, 2024					0

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Long-term debt, net


(in thousands)	September 30, 2024		December 31, 2023
10.125% senior unsecured notes due 2028	$	—	$	700,309
7.750% senior unsecured notes due 2029	298,214		298,214
9.750% senior unsecured notes due 2030	302,364		500,000
7.875% senior unsecured notes due 2032	1,000,000		—
Senior Secured Credit Facility	860,000		135,000
Total long-term debt	2,460,578		1,633,523
Unamortized debt issuance costs(1)	(25,463)		(21,800)
Unamortized discounts	(3,267)		(6,068)
Unamortized premiums	1,423		3,769
Total long-term debt, net	$	2,433,271	$	1,609,424

______________________________________________________________________________

Senior Secured Credit Facility

On September 20, 2024, in connection with the closing of the Point Acquisition, the Company entered into the Thirteenth Amendment to the Senior Secured Credit Facility (the "Thirteenth Amendment"). The Thirteenth Amendment, among other things, increased the aggregate elected commitment to $1.5 billion under the Senior Secured Credit Facility. See Note 3 for additional discussion of the Point Acquisition.

As of September 30, 2024, the Senior Secured Credit Facility, which matures on September 13, 2027, had a maximum credit amount of $3.0 billion, a borrowing base and an aggregate elected commitment of $1.5 billion, and an outstanding balance of $860.0 million subject to a weighted-average interest rate of 8.093%. The Senior Secured Credit Facility contains both financial and non-financial covenants, all of which the Company was in compliance with for all periods presented. Additionally, the Senior Secured Credit Facility provides for the issuance of letters of credit, limited to the lesser of total capacity or $80.0 million. As of September 30, 2024 and December 31, 2023, the Company had no letters of credit outstanding under the Senior Secured Credit Facility. For additional information see Note 7 in the 2023 Annual Report. See Note 14 for discussion of additional borrowings and repayments on the Senior Secured Credit Facility subsequent to September 30, 2024.

March 2032 Notes

On March 28, 2024, the Company completed an offering of $800.0 million in aggregate principal amount of 7.875% senior unsecured notes due 2032 (the "Initial March 2032 Notes") for net proceeds of $784.8 million. The net proceeds from this offering and the Tack-On March 2032 Notes (defined below) were used to (i) extinguish in full the Company's outstanding 10.125% senior unsecured notes due 2028 (the "January 2028 Notes"), (ii) reduce the outstanding principal amount of the 9.750% senior unsecured notes due 2030 (the "September 2030 Notes") and (iii) repay a portion of the outstanding borrowings on the Senior Secured Credit Facility. On March 29, 2024, the Company settled a cash tender offer on the January 2028 Notes for an aggregate principal amount outstanding of $431.2 million.

On April 3, 2024, the Company completed an offering of an additional $200.0 million in aggregate principal amount of 7.875% senior unsecured notes due 2032 (the "Tack-On March 2032 Notes," and, together with the Initial March 2032 Notes, the "March 2032 Notes"), at 100.750% of par, under the same indenture dated as of March 28, 2024 for net proceeds of approximately $198.7 million. On April 3, 2024, the Company settled a cash tender offer on the September 2030 Notes of

$197.6 million and on April 29, 2024, the Company redeemed the remaining principal amount outstanding on the January 2028 Notes of $269.2 million at a redemption price of 105.063%.

Interest for the March 2032 Notes is payable semi-annually, in cash in arrears on April 15 and October 15 of each year, commencing October 15, 2024 with interest from closing to that date. The terms of the Company's March 2032 Notes include covenants, which are in addition to covenants in the Senior Secured Credit Facility that limit the Company's ability to incur indebtedness, make restricted payments, grant liens and dispose of assets. The March 2032 Notes are fully and unconditionally guaranteed on a senior unsecured basis by Vital Midstream Services, LLC and certain of the Company's future restricted subsidiaries, subject to certain automatic customary releases, including the sale, disposition or transfer of all of the capital stock or of all or substantially all of the assets of a subsidiary guarantor to one or more persons that are not the Company or a restricted subsidiary, exercise of legal defeasance or covenant defeasance options or satisfaction and discharge of the applicable indenture, designation of a subsidiary guarantor as a non-guarantor restricted subsidiary or as an unrestricted subsidiary in accordance with the applicable indenture, release from guarantee under the Senior Secured Credit Facility, or liquidation or dissolution.

The following table presents the components of the Company's loss on extinguishment of debt during the period presented:


(in thousands)	Nine months ended September 30, 2024
Principal amount tendered or redeemed	$	897,945
Extinguishment of debt(1)	(952,214)
Early tender or redemption premiums	(54,269)
Write-off of debt issuance costs	(13,121)
Write-off of issuance discount	(2,311)
Write-off of issuance premium	3,586
Loss on extinguishment of debt, net(2)	$	(66,115)

______________________________________________________________________________

(1)Amounts are included in "Extinguishment of debt" in cash flows from financing activities on the consolidated statements of cash flows.

(2)Amounts are included in "Loss on extinguishment of debt, net" on the consolidated statements of operations.

No loss on extinguishment of debt was recorded during the three months ended September 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental cash flow and non-cash information

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental cash flow and non-cash information

The following table presents supplemental cash flow and non-cash information for the periods presented:


	Nine months ended September 30,
(in thousands)	2024		2023
Supplemental cash flow information:
Cash paid for interest, net of $1,181 and $1,827 of capitalized interest, respectively	$	111,798	$	109,795
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	47,693	$	125,940
Supplemental non-cash investing information:
Change in accrued capital expenditures	$	17,040	$	25,771
Equity issued for acquisition of oil and natural gas properties(2)	$	74,928	$	80,068
Liabilities assumed in acquisitions of oil and natural gas properties(2)	$	27,861	$	11,411

_____________________________________________________________________________

(1)See Note 5 in the 2023 Annual Report for additional discussion of the Company's leases.

(2)See Note 3 for additional discussion of the Company's acquisitions.

Stockholders' equity	9 Months Ended
Stockholders' equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' equity	Stockholders' equity Equity offering On September 19, 2023, the Company completed the sale of 2,750,000 shares of its common stock for net proceeds of $140.0 million, after underwriting discounts, commissions and offering expenses. On September 29, 2023, the underwriters exercised their option to purchase an additional 412,500 shares of common stock, which resulted in net proceeds to the Company of $21.0 million, after underwriting discounts, commissions and offering expenses. Equity transactions related to acquisitions of oil and natural gas properties On May 22, 2024, in connection with the final settlement of the Maple Acquisition (as defined herein), 76,166 shares of the Company's common stock held in escrow were cancelled and returned to the Company's pool of authorized and unissued common stock. The "Maple Acquisition," which closed on October 31, 2023, consisted of the purchase of certain oil and natural gas properties in the Delaware Basin. See Note 4 in the 2023 Annual Report for additional discussion of the Maple Acquisition. Preferred Stock On May 23, 2024, upon recommendation of the Company's board of directors, stockholders approved the conversion of the remaining 1,575,376 outstanding shares of Preferred Stock to an equal number of shares of common stock. The conversion occurred on June 4, 2024. As a result of the conversion, the Company paid a dividend of $0.3 million for the period the Preferred Stock was outstanding during the second quarter of 2024. Share repurchase program On May 31, 2022, the Company's board of directors authorized a $200.0 million share repurchase program. The repurchase program commenced in May 2022 and was originally set to expire in May 2024. On May 23, 2024, the board of directors approved an amendment to the share repurchase program to (i) increase the shares of Common Stock which the Company may purchase to a total aggregate authorization of $237.3 million, and (ii) extend the expiration date to May 22, 2026. Share repurchases under the program may be made through a variety of methods, which may include open market purchases, including under plans complying with Rule 10b5-1 of the Exchange Act, and privately negotiated transactions. The timing and actual number of share repurchases will depend upon several factors, including market conditions, business conditions, the trading price of the Company's common stock and the nature of other investment opportunities available to the Company. No shares were repurchased during the nine months ended September 30, 2024 and 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details