NORTHERN OIL & GAS, INC. 10-K

Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures We maintain a system of disclosure controls and procedures that is designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. As of December 31, 2025, our management, including our principal executive officer and principal financial officer, had evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) pursuant to Rule 13a-15(b) under the Exchange Act. Based upon and as of the date of the evaluation, our principal executive officer and principal financial officer concluded that information required to be disclosed is recorded, processed, summarized and reported within the specified periods and is accumulated and communicated to management, including our principal executive officer and principal financial officer, to allow for timely decisions regarding required disclosure of material information required to be included in our periodic SEC reports. Based on the foregoing, our management determined that our disclosure controls and procedures were effective as of December 31, 2025. Changes in Internal Control over Financial Reporting No change in our Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Management’s Annual Report on Internal Control over Financial Reporting The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed by or under the supervision of the Company's principal executive officer and principal financial officer and effected by the board of directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on our evaluation under the framework in Internal Control-Integrated Framework, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2025. The effectiveness of our Company’s internal control over financial reporting as of December 31, 2025, has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. 67 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Northern Oil & Gas, Inc. Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Northern Oil & Gas, Inc. (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 26, 2026, expressed an unqualified opinion on those financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Minneapolis, Minnesota February 26, 2026 68 Table of Contents Item 9B. Other Information (a) None. (b) During the quarter ended December 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. PART III Certain information required by this Part III is incorporated by reference from our definitive Proxy Statement for the Annual Meeting of Stockholders to be held in 2026, which we intend to file with the SEC pursuant to Regulation 14A within 120 days after December 31, 2025. Except for those portions specifically incorporated into this Annual Report on Form 10-K by reference to the Proxy Statement, no other portions of the Proxy Statement are deemed to be filed as part of this Annual Report on Form 10-K. Item 10. Directors, Executive Officers and Corporate Governance The information appearing under the headings “Proposal 1: Election of Directors,” “Corporate Governance” and “Delinquent Section 16(a) Reports” in the Proxy Statement is incorporated herein by reference. We have adopted a Code of Business Conduct and Ethics that applies to our chief executive officer, chief financial officer and persons performing similar functions. A copy is available on our website at www.noginc.com. We intend to post on our website any amendments to, or waivers from, our Code of Business Conduct and Ethics pursuant to the rules of the SEC and New York Stock Exchange. We have adopted an Insider Trading Policy governing the purchase, sale and/or other dispositions of our securities by our directors, officers and employees. A copy of the Insider Trading Policy is filed as an exhibit to this Annual Report on Form 10-K. Information About Our Executive Officers Our executive officers, their ages and offices held are as follows: Name Age Positions Nicholas O’Grady 47 Chief Executive Officer Chad Allen 44 Chief Financial Officer Adam Dirlam 42 President Erik Romslo 48 Chief Legal Officer & Secretary James Evans 42 Chief Technical Officer Nicholas O’Grady has served as our Chief Executive Officer since January 2020 and has served as a member of the Company’s board of directors since December 2024. Prior to that, he served as our Chief Financial Officer from June 2018 to September 2019, and as our Chief Financial Officer & President from September 2019 to December 2019. Mr. O’Grady has approximately two decades of finance experience, both as an investment banker and as a principal investor. Mr. O’Grady began his career in the Natural Resources investment banking group at Bank of America. Later moving to the hedge fund industry, he worked at firms such as Highbridge Capital Management. Prior to joining our company, he worked as a senior credit analyst and portfolio manager at Hudson Bay Capital Management from September 2014 to May 2018, where he focused on energy-related equities, public credit, private and direct investments. Previously, he worked as a portfolio manager at Bluecrest Capital Management from November 2013 to June 2014, and at Sigma Capital Management from April 2012 to October 2013. Mr. O’Grady holds a bachelor’s degree in both history and economics from Bowdoin College. 69 Table of Contents Chad Allen has served as our as our Chief Financial Officer since January 2020. Prior to that, he served as our Chief Accounting Officer from August 2016 to December 2019, prior to which he served as the company’s Corporate Controller since joining NOG in August of 2013. Mr. Allen served as the company’s Interim Chief Financial Officer from January-May 2018. Prior to joining our company, Mr. Allen was in the audit practice with Grant Thornton LLP from 2010 to 2013, and in the audit practice at RSM US LLP (formerly McGladrey & Pullen, LLP) from 2004 to 2010. Mr. Allen holds a bachelor’s degree in accounting from Minnesota State University, Mankato and is a Certified Public Accountant. Adam Dirlam has served as our President since December 2021 prior to which he served as our Chief Operating Officer since January 2020. Prior to that, he served as our Executive Vice President – Land & Operations since June 2018, prior to which he served as the company’s Senior Vice President of Land & Operations since 2013 and other various roles with the company since 2009. Prior to joining our company, Mr. Dirlam served in various finance and accounting roles for Honeywell International. Mr. Dirlam holds a bachelor’s degree from the University of St. Thomas and a master’s degree from the University of Minnesota - Carlson School of Management. Erik Romslo has served as our Chief Legal Officer and Secretary since January 2020. Prior to that, he served as our General Counsel and Secretary from October 2011 to December 2019 and as an Executive Vice President from January 2013 to December 2019. Prior to joining our company, Mr. Romslo practiced law in the Minneapolis office of Faegre Drinker Biddle & Reath LLP (formerly Faegre & Benson LLP), from 2005 until 2011, where he was a member of the Corporate group. Prior to joining Faegre, Mr. Romslo practiced law in the New York City office of Fried, Frank, Harris, Shriver & Jacobson LLP. Mr. Romslo holds a bachelor’s degree from St. Olaf College and a law degree from the New York University School of Law. James Evans has served as our Chief Technical Officer since April 2023. Prior to that, he served as our Executive Vice President and Chief Engineer since February 2021, our Senior Vice President of Engineering since January 2020 and as Vice President of Engineering since June 2018, prior to which he had served as the company’s Reservoir Engineering Manager since 2015. Mr. Evans began his career as a Reservoir Engineer with Cabot Oil & Gas, and also worked for Cornerstone Natural Resources and Fidelity Exploration before joining our company. Mr. Evans holds a bachelor’s degree in Petroleum Engineering from Montana Tech. Item 11. Executive Compensation The information appearing under the headings “Executive Compensation” and “Compensation Committee Report,” and the information regarding compensation committee interlocks and insider participation under the heading “Corporate Governance,” in the Proxy Statement is incorporated herein by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Securities Authorized for Issuance under Equity Compensation Plans The following table provides information with respect to our common shares issuable under our equity compensation plans as of December 31, 2025: Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans Equity compensation plans approved by security holders Amended and Restated 2018 Equity Incentive Plan 700,852 (1) — 1,897,358 Equity compensation plans not approved by security holders — — — Total 700,852 $ — 1,897,358 _____________ 70 Table of Contents (1) Represents shares issuable pursuant to performance-based restricted stock units (“RSUs”) granted under the Company’s Amended and Restated 2018 Equity Incentive Plan (the “2018 Plan”), assuming actual or maximum performance under the terms of the RSUs. This figure does not include the shares potentially issuable in settlement of appreciation rights (“SARs”) issued pursuant to the 2018 Plan, as the awards are not denominated in securities and the number of securities that may be issued in settlement of the SARs is not known. See Note 6 to our financial statements for additional information on these awards. The information appearing under the heading “Security Ownership of Certain Beneficial Owners and Management” in the Proxy Statement is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence The information appearing under the headings “Certain Relationships and Related Transactions” and “Corporate Governance” in the Proxy Statement is incorporated herein by reference. Item 14. Principal Accountant Fees and Services The information appearing under the headings “Registered Public Accountant Fees” and “Pre-Approval Policies and Procedures of Audit Committee” in the Proxy Statement is incorporated herein by reference. 71 Table of Contents PART IV Item 15. Exhibits and Financial Statement Schedules (a) Documents filed as part of this Report: 1 Financial Statements See Index to Financial Statements on page F-1. 2 Financial Statement Schedules All schedules have been omitted because they are either not applicable, not required or the information called for therein appears in the financial statements or notes thereto. (b) Exhibits: Exhibit No. Description Reference 2.1* Acquisition and Cooperation Agreement, dated as of June 27, 2024, by and between SM Energy Company and Northern Oil and Gas, Inc. Incorporated by reference to Exhibit 10.2 to SM Energy Company’s Current Report on Form 8-K (File No. 001-31539) filed with the SEC on June 28, 2024 2.2* Purchase and Sale Agreement, dated as of June 27, 2024, by and among XCL AssetCo, LLC, XCL Marketing, LLC, Wasatch Water Logistics, LLC, XCL Resources, LLC and XCL SandCo, LLC, as seller, SM Energy Company, as purchaser, and Northern Oil and Gas, Inc. (solely for the purposes of ratifying certain provisions therein) Incorporated by reference to Exhibit 10.1 to SM Energy Company’s Current Report on Form 8-K (File No. 001-31539) filed with the SEC on June 28, 2024 2.3* Purchase and Sale Agreement, dated as of December 5, 2025, by and among Antero Resources Corporation, Antero Minerals LLC and Monroe Pipeline LLC, as sellers, and Infinity Natural Resources, LLC and Northern Oil and Gas, Inc., as buyers Incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 8, 2025 2.4* Purchase and Sale Agreement, dated as of December 5, 2025, by and among Antero Midstream LLC, Antero Water LLC and Antero Treatment LLC, as sellers, and Infinity Natural Resources, LLC and Northern Oil and Gas, Inc., as buyers Incorporated by reference to Exhibit 2.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 8, 2025 3.1 Restated Certificate of Incorporation of Northern Oil and Gas, Inc. dated August 24, 2018 Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 27, 2018 3.2 Certificate of Amendment to the Restated Certificate of Incorporation of Northern Oil and Gas, Inc. dated September 18, 2020 Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 24, 2020 3.3 Certificate of Amendment to the Restated Certificate of Incorporation of Northern Oil and Gas, Inc. dated May 23, 2024 Incorporated by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on July 31, 2024 3.4 Amended and Restated Bylaws of Northern Oil and Gas, Inc. Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 20, 2023 4.1 Description of Northern Oil and Gas, Inc. Capital Stock Filed herewith 4.2 Indenture, dated February 18, 2021, between Northern Oil and Gas, Inc. and Wilmington Trust, National Association, as trustee (including Form of 8.125% Senior Note due 2028) Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on February 23, 2021 4.3 First Supplemental Indenture, dated November 15, 2021, between Northern Oil and Gas, Inc. and Wilmington Trust, National Association, as trustee Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on November 15, 2021 4.4 Indenture, dated October 14, 2022, between Northern Oil and Gas, Inc. and Wilmington Trust, National Association, as trustee (including Form of 3.625% Convertible Senior Note due 2029) Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 17, 2022 4.5 First Supplemental Indenture, dated June 17, 2025, between Northern Oil and Gas, Inc. and Wilmington Trust, National Association, as trustee Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 18, 2025 72 Table of Contents 4.6 Indenture, dated May 15, 2023, between Northern Oil and Gas, Inc. and Wilmington Trust, National Association, as trustee (including Form of 8.750% Senior Note due 2031) Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 19, 2023 4.7 Indenture, dated October 1, 2025, between Northern Oil and Gas, Inc. and Wilmington Trust, National Association, as trustee (including Form of 7.875% Senior Note due 2033) Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 1, 2025 10.1 Letter Agreement, dated July 21, 2017, by and between Northern Oil and Gas, Inc. and Bahram Akradi Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 24, 2017 10.2 Registration Rights Agreement, dated as of May 15, 2018, among Northern Oil and Gas, Inc. and the holders party thereto Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 18, 2018 10.3 Registration Rights Agreement, dated September 17, 2018, between Pivotal Williston Basin, LP, Pivotal Williston Basin II, LP, and Northern Oil and Gas, Inc. Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 18, 2018 10.4 Registration Rights Agreement, dated October 1, 2018, by and between WR Operating LLC and Northern Oil and Gas, Inc. Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 1, 2018 10.5# Amended and Restated Employment Agreement, dated December 29, 2023, between Northern Oil and Gas, Inc. and Nicholas O’Grady Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 5, 2024 10.6# Second Amended and Restated Employment Agreement, dated December 29, 2023, between Northern Oil and Gas, Inc. and Adam Dirlam Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 5, 2024 10.7# Second Amended and Restated Employment Agreement, dated December 29, 2023, between Northern Oil and Gas, Inc. and Erik Romslo Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 5, 2024 10.8# Second Amended and Restated Employment Agreement, dated December 29, 2023, between Northern Oil and Gas, Inc. and Chad Allen Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 5, 2024 10.9# Second Amended and Restated Employment Agreement, dated December 29, 2023, between Northern Oil and Gas, Inc. and James Evans Incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 5, 2024 10.10# Northern Oil and Gas, Inc. Amended and Restated 2018 Equity Incentive Plan Incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 26, 2023 10.11# Form of Restricted Stock Award Agreement (Time-Based Single Trigger) under the Northern Oil and Gas, Inc. 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.34 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 18, 2019 10.12# Form of Restricted Stock Award Agreement (Time-Based Double Trigger) under the Northern Oil and Gas, Inc. 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.35 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 18, 2019 10.13# Form of Restricted Stock Award Agreement (Performance-Based Employees) under the Northern Oil and Gas, Inc. 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.36 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 18, 2019 10.14# Form of Restricted Stock Award Agreement (Performance-Based Directors) under the Northern Oil and Gas, Inc. 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.37 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 18, 2019 10.15# Form of 2022 Performance Equity Award Agreement under the Northern Oil and Gas, Inc. 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.23 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 24, 2023 10.16# Form of December 2023 Performance-Based Restricted Stock Unit Award Agreement (Compound Annualized TSR) under the Northern Oil and Gas, Inc. Amended and Restated 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.18 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 23, 2024 73 Table of Contents 10.17# Form of December 2023 Performance-Based Share Appreciation Award Agreement under the Northern Oil and Gas, Inc. Amended and Restated 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.19 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 23, 2024 10.18# Form of December 2023 Time-Based Restricted Stock Award Agreement under the Northern Oil and Gas, Inc. Amended and Restated 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.20 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 23, 2024 10.19# Form of December 2023 Performance-Based Restricted Stock Unit Award Agreement (Relative TSR) under the Northern Oil and Gas, Inc. Amended and Restated 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2024 10.20# Form of August 2024 Performance-Based Restricted Stock Unit Award Agreement (Compound Annualized TSR) under the Northern Oil and Gas, Inc. Amended and Restated 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 6, 2024 10.21# Form of August 2024 Performance-Based Restricted Stock Unit Award Agreement (Relative TSR) under the Northern Oil and Gas, Inc. Amended and Restated 2018 Equity Incentive Plan Incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 6, 2024 10.22 Purchase Agreement, dated June 12, 2025, by and between Northern Oil and Gas, Inc. and Morgan Stanley & Co. LLC, as representative of the several other initial purchasers named in Schedule 1 thereto. Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 18, 2025 10.23 Fourth Amended and Restated Credit Agreement, dated as of November 5, 2025, among Northern Oil and Gas, Inc., Wells Fargo Bank, National Association, as administrative agent and collateral agent, and the lenders from time to time party thereto Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on November 10, 2025 10.24 Form of Capped Call Confirmation Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 17, 2022 10.25 Form of Capped Call Confirmation Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 18, 2025 19.1 Northern Oil and Gas, Inc. Insider Trading Policy Incorporated by reference to Exhibit 19.1 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 20, 2025 23.1 Consent of Independent Registered Public Accounting Firm Deloitte & Touche LLP Filed herewith 23.2 Consent of Cawley, Gillespie & Associates, Inc. Filed herewith 24.1 Powers of Attorney Filed herewith 31.1 Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Filed herewith 31.2 Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Filed herewith 32.1 Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Furnished herewith 97 Northern Oil and Gas, Inc. Clawback Policy Incorporated by reference to Exhibit 97 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 23, 2024 74 Table of Contents 99.1 Report of Cawley, Gillespie & Associates Filed herewith 101.INS XBRL Instance Document Filed herewith 101.SCH XBRL Taxonomy Extension Schema Document Filed herewith 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document Filed herewith 101.DEF XBRL Taxonomy Extension Definition Linkbase Document Filed herewith 101.LAB XBRL Taxonomy Extension Label Linkbase Document Filed herewith 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document Filed herewith 104 The cover page from Northern Oil and Gas, Inc. Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL Filed herewith * Certain annexes, schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company undertakes to furnish supplemental copies of any of the omitted annexes, schedules and exhibits to the SEC upon its request. # Management contract or compensatory plan or arrangement required to be filed as an exhibit to this report. Item 16. Form 10-K Summary None. 75 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NORTHERN OIL AND GAS, INC. Date: February 26, 2026 By: /s/ Nicholas O’Grady Nicholas O’Grady, Chief Executive Officer; Principal Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated: Signature Title Date /s/ Nicholas O’Grady Chief Executive Officer, Principal Executive Officer & Director February 26, 2026 Nicholas O’Grady /s/ Chad Allen Chief Financial Officer, Principal Financial & Accounting Officer February 26, 2026 Chad Allen * Director February 26, 2026 Bahram Akradi * Director February 26, 2026 Lisa Bromiley * Director February 26, 2026 Ernie Easley * Director February 26, 2026 Michael Frantz * Director February 26, 2026 William Kimble * Director February 26, 2026 Stuart Lasher * Director February 26, 2026 Jennifer Pomerantz * Nicholas O’Grady, by signing his name hereto, does hereby sign this document on behalf of each of the above-named directors of the registrant pursuant to Powers of Attorney duly executed by such persons. By /s/ Nicholas O’Grady Nicholas O’Grady Attorney-in-fact 76 Table of Contents NORTHERN OIL AND GAS, INC. INDEX TO FINANCIAL STATEMENTS Page Report of Deloitte & Touche LLP, Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) F- 2 Balance Sheets as of December 31, 2025 and 2024 F- 4 Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 F- 5 Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 F- 6 Statements of Stockholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023 F- 7 Notes to the Financial Statements F- 8 F-1 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Northern Oil & Gas, Inc. Opinion on the Financial Statements We have audited the accompanying balance sheets of Northern Oil & Gas, Inc. (the “Company”) as of December 31, 2025 and 2024, the related statements of operations, stockholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Proved Oil and Natural Gas Properties – Oil and Natural Gas Reserves and the Impact to Full Cost Ceiling Test Impairment Calculation (“Ceiling Test”) – Refer to Note 2 to the financial statements Critical Audit Matter Description The Company follows the full cost method of accounting for crude oil and natural gas operations. Therefore, the Company’s proved oil and natural gas properties are depleted using the units-of-production method based upon production. The Company's proved oil and natural gas properties are evaluated for impairment at least quarterly in accordance with accounting principles generally accepted in the United States of America and SEC guidelines. The ceiling test involves a comparison of net capitalized costs to the sum of the present value of the estimated future net cash flows from the Company’s oil and natural gas properties using a discount rate of 10%. The estimation of the Company’s oil and natural gas reserves quantities and the related future net cash flows requires management to make significant estimates and assumptions since, as a non-operator, the Company has limited visibility into the timing of future production quantities associated with the five-year development plan. The Company’s oil and natural gas reserve quantities and the related future net cash flows are audited by its third-party independent reserve engineers. Changes in these estimates, assumptions, or engineering data could have a significant impact on the depletion calculation and proved oil and natural gas properties impairment. F-2 Table of Contents Given the significant judgments made by management relating to the estimates and assumptions required within the five-year development plan due to limited visibility as a non-operator regarding future production quantities, performing audit procedures to evaluate the Company’s oil and natural gas reserve quantities and the related future net cash flows required a high degree of auditor judgment and an increased extent of effort. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to management’s significant judgments and assumptions regarding oil and natural gas reserve quantities and the related future net cash flows associated with the five-year development plan included the following, among others: • We tested the operating effectiveness of controls related to the Company’s estimation of oil and natural gas reserve quantities and the related future net cash flows, including controls related to the five-year development plan. • We evaluated the reasonableness of the future production quantities and the related future net cash flows associated with management’s five-year development plan by comparing to: ◦ Historical conversions of proved undeveloped oil and natural gas reserves into proved developed oil and natural gas reserves. ◦ Internal communications to management and the Board of Directors. ◦ Authorization and approval for expenditures. ◦ External information regarding the ability of the operators of the oil and natural gas properties to develop proved undeveloped reserves considering current and forecasted liquidity of the operators obtained from publicly available information, level of drilling activity by operators in areas where the Company holds leasehold interests, and length of time required to drill and complete wells. ◦ Company’s expected availability of capital relative to the five-year development plan. • We evaluated the Company’s estimates of future production volumes by completing a retrospective comparison to historical production. • We evaluated the estimate of operating costs used in the forecast at year-end and compared to historical operating costs. • We evaluated the experience, qualifications, and objectivity of the Company’s engineers responsible for the auditing of the reserve estimates and assumptions and engineering data. We made inquiries of those reserve engineers regarding the process utilized and judgments made to audit the Company’s estimates of oil and natural gas reserves. /s/ Deloitte & Touche LLP Minneapolis, Minnesota February 26, 2026 We have served as the Company’s auditor since 2018. F-3 Table of Contents NORTHERN OIL AND GAS, INC. BALANCE SHEETS (In thousands, except par value and share data) December 31, 2025 December 31, 2024 Assets Current Assets: Cash and Cash Equivalents $ 14,299 $ 8,933 Accounts Receivable, Net 349,927 389,673 Advances to Operators 29,996 12,291 Prepaid Expenses and Other 7,065 5,271 Derivative Instruments 166,678 46,525 Income Tax Receivable 18,066 38,050 Total Current Assets 586,031 500,743 Property and Equipment: Oil and Natural Gas Properties, Full Cost Method of Accounting Proved 11,441,786 10,307,376 Unproved 86,034 42,702 Less – Accumulated Depletion and Impairment ( 6,784,649 ) ( 5,271,807 ) Total Oil and Natural Gas Properties, Net 4,743,171 5,078,271 Other Property and Equipment, Net 3,196 3,899 Total Property and Equipment, Net 4,746,367 5,082,170 Derivative Instruments 3,036 9,832 Other Noncurrent Assets 73,941 11,077 Total Assets $ 5,409,375 $ 5,603,822 Liabilities and Stockholders’ Equity Current Liabilities: Accounts Payable $ 218,620 $ 202,866 Accrued Liabilities 293,779 290,792 Accrued Interest 23,018 25,992 Derivative Instruments — 19,915 Other Current Liabilities 3,876 4,705 Total Current Liabilities 539,293 544,270 Long-term Debt, Net 2,395,393 2,369,294 Derivative Instruments 48,102 93,606 Deferred Tax Liability 247,645 228,038 Asset Retirement Obligations 50,831 45,907 Other Noncurrent Liabilities 1,770 2,272 Total Liabilities $ 3,283,034 $ 3,283,387 Commitments and Contingencies Common Stock, par value $ 0.001 ; 270,000,000 authorized; 97,265,559 shares outstanding at 12/31/2025 270,000,000 authorized; 99,113,645 shares outstanding at 12/31/2024 499 501 Additional Paid-In Capital 1,644,563 1,877,416 Retained Earnings 481,279 442,518 Total Stockholders’ Equity 2,126,341 2,320,435 Total Liabilities and Stockholders’ Equity $ 5,409,375 $ 5,603,822 ___________ The accompanying notes are an integral part of these financial statements. F-4 Table of Contents NORTHERN OIL AND GAS, INC. STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, AND 2023 December 31, (In thousands, except share and per share data) 2025 2024 2023 Revenues Oil and Gas Sales $ 2,081,288 $ 2,152,079 $ 1,897,779 Gain on Commodity Derivatives, Net 380,664 61,967 259,250 Other Revenue 13,771 11,682 9,230 Total Revenues 2,475,723 2,225,728 2,166,259 Operating Expenses Production Expenses 473,666 429,792 347,006 Production Taxes 131,334 157,091 160,118 General and Administrative Expenses 61,332 50,463 46,801 Depletion, Depreciation, Amortization and Accretion 814,859 740,901 486,024 Impairment of Oil and Gas Assets 702,747 — — Legal Settlement Expenses 33,090 — — Other Expenses 12,848 9,650 4,448 Total Operating Expenses 2,229,876 1,387,897 1,044,397 Income From Operations 245,847 837,831 1,121,862 Other Income (Expense) Interest Expense ( 172,380 ) ( 157,717 ) ( 135,664 ) Gain (Loss) on Unsettled Interest Rate Derivatives, Net ( 566 ) 263 ( 1,017 ) Gain (Loss) on the Extinguishment of Debt, Net ( 10,833 ) — 659 Contingent Consideration Gain — — 10,107 Other Income 637 440 4,795 Total Other Expense ( 183,142 ) ( 157,014 ) ( 121,120 ) Income Before Income Taxes 62,705 680,817 1,000,742 Income Tax Expense 23,944 160,509 77,773 Net Income Attributable to Common Stockholders $ 38,761 $ 520,308 $ 922,969 Net Income Per Common Share – Basic $ 0.40 $ 5.21 $ 10.09 Net Income Per Common Share – Diluted $ 0.39 $ 5.14 $ 10.03 Weighted Average Common Shares Outstanding – Basic 97,711,444 99,852,539 91,483,687 Weighted Average Common Shares Outstanding – Diluted 99,314,382 101,267,625 92,060,947 _________ The accompanying notes are an integral part of these financial statements. F-5 Table of Contents NORTHERN OIL AND GAS, INC. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, AND 2023 December 31, (In thousands) 2025 2024 2023 Cash Flows From Operating Activities Net Income $ 38,761 $ 520,308 $ 922,969 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depletion, Depreciation, Amortization and Accretion 814,859 740,901 486,024 Impairment of Oil and Gas Assets 702,747 — — Amortization of Debt Issuance Costs 10,595 9,411 8,096 Loss (Gain) on Extinguishment of Debt 10,833 — ( 659 ) Amortization of Bond Premium on Long-term Debt ( 2,218 ) ( 1,143 ) ( 1,475 ) Deferred Income Taxes 23,570 159,550 76,858 Unrealized (Gain) Loss on Derivative Instruments ( 178,777 ) 20,995 ( 200,314 ) Gain on Contingent Consideration — — ( 10,107 ) Share-Based Compensation Expense 15,363 11,969 5,660 Other ( 508 ) 558 2,404 Changes in Working Capital and Other Items: Accounts Receivable, Net 39,746 ( 17,367 ) ( 101,317 ) Prepaid and Other Expenses ( 1,571 ) ( 1,498 ) ( 474 ) Accounts Payable and Accrued Liabilities 14,878 3,759 ( 6,081 ) Accrued Interest ( 2,974 ) ( 227 ) 1,738 Settlement Difference for Asset Retirement Obligations — ( 3,752 ) — Income Tax Receivable 19,984 ( 34,801 ) — Net Cash Provided By Operating Activities 1,505,288 1,408,663 1,183,321 Cash Flows From Investing Activities Acquisitions of and Capital Expenditures on Oil and Natural Gas Properties ( 1,251,703 ) ( 1,674,626 ) ( 1,861,134 ) Purchases of Other Property and Equipment ( 759 ) ( 128 ) ( 1,212 ) Net Cash Used For Investing Activities ( 1,252,462 ) ( 1,674,754 ) ( 1,862,346 ) Cash Flows From Financing Activities Advances on Revolving Credit Facility 388,000 984,000 998,224 Repayments on Revolving Credit Facility ( 600,000 ) ( 455,000 ) ( 1,156,224 ) Purchase of Capped Call ( 16,947 ) — — Premium Received on Convertible Notes 11,194 — — Issuance of Convertible Notes 200,000 — — Issuance of Senior Notes due 2033 725,000 — 492,840 Repurchase of Senior Notes due 2028 ( 684,943 ) — ( 18,436 ) Debt Issuance Costs Paid ( 26,146 ) ( 1,917 ) ( 11,896 ) Tender Premium Paid on Repurchase of Senior Notes due 2028 ( 10,274 ) — — Issuance of Common Stock — — 514,749 Common Stock Dividends Paid ( 173,404 ) ( 161,969 ) ( 123,945 ) Repurchases of Common Stock ( 57,012 ) ( 94,497 ) ( 8,004 ) Excise Tax on Repurchases of Common Stock ( 788 ) — — Restricted Stock Surrenders - Tax Obligations ( 2,140 ) ( 3,788 ) ( 2,616 ) Net Cash Provided By (Used In) Financing Activities ( 247,460 ) 266,829 684,692 Net Increase in Cash and Cash Equivalents 5,366 738 5,667 Cash and Cash Equivalents – Beginning of Period 8,933 8,195 2,528 Cash and Cash Equivalents – End of Period $ 14,299 $ 8,933 $ 8,195 ______________ The accompanying notes are an integral part of these financial statements. F-6 Table of Contents NORTHERN OIL AND GAS, INC. STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, AND 2023 (In thousands, except share data) Common Stock Additional Paid-In Retained Earnings Total Stockholders’ Shares Amount Capital (Deficit) Equity December 31, 2022 85,165,807 $ 487 $ 1,745,532 $ ( 1,000,759 ) $ 745,260 Share Based Compensation 468,268 — 5,994 — 5,994 Equity Offerings, net of Issuance Costs 15,122,500 15 514,734 — 514,749 Restricted Stock Surrenders - Tax Obligations ( 98,052 ) — ( 2,616 ) — ( 2,616 ) Repurchases of Common Stock ( 287,751 ) — ( 8,004 ) — ( 8,004 ) Restricted Stock Forfeitures ( 13,404 ) — ( 54 ) ( 54 ) Common Stock Warrant Exchange Agreement - Veritas Warrants 403,780 — — — — Deferred Taxes Related to Capped Calls — — 8,370 — 8,370 Common Stock Dividends Declared — — ( 138,992 ) — ( 138,992 ) Net Income — — — 922,969 922,969 December 31, 2023 100,761,148 $ 503 $ 2,124,963 $ ( 77,790 ) $ 2,047,676 Restricted Stock Forfeitures ( 424 ) — ( 2 ) — ( 2 ) Share Based Compensation 225,773 — 11,971 — 11,972 Restricted Stock Surrenders - Tax Obligations ( 101,415 ) — ( 3,788 ) — ( 3,788 ) Acquisitions of Oil and Natural Gas Properties 107,657 — 3,737 — 3,737 Issuance of Common Stock in Exchange for Warrants 656,297 — — — — Repurchases of Common Stock ( 2,535,391 ) ( 2 ) ( 95,439 ) — ( 95,441 ) Common Stock Dividends Declared — — ( 164,026 ) — ( 164,026 ) Net Income — — — 520,308 520,308 December 31, 2024 99,113,645 $ 501 $ 1,877,416 $ 442,518 $ 2,320,435 Restricted Stock Forfeitures ( 9,246 ) — ( 59 ) — ( 59 ) Share Based Compensation 190,403 — 15,633 — 15,633 Restricted Stock Surrenders - Tax Obligations ( 80,247 ) — ( 2,140 ) — ( 2,140 ) Entry into Additional Capped Call Transactions, Net of Deferred Tax Impact — — ( 12,985 ) — ( 12,985 ) Repurchases of Common Stock ( 1,948,996 ) ( 2 ) ( 57,268 ) — ( 57,270 ) Common Stock Dividends Declared — — ( 176,034 ) — ( 176,034 ) Net Income — — — 38,761 38,761 December 31, 2025 97,265,559 $ 499 $ 1,644,563 $ 481,279 $ 2,126,341 ___________ The accompanying notes are an integral part of these financial statements. F-7 Table of Contents NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 NOTE 1 ORGANIZATION AND NATURE OF BUSINESS Northern Oil and Gas, Inc. (the “Company,” “NOG,” “our” and words of similar import), a Delaware corporation, is an independent energy company engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin, and the Uinta Basin. The Company’s common stock trades on the New York Stock Exchange under the symbol “NOG”. The Company’s principal business is crude oil and natural gas exploration, development, and production in the United States. The Company’s primary strategy is investing in non-operated minority working and mineral interests in oil and natural gas properties, with a core area of focus in four premier basins within the United States. NOTE 2 SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Out-of-Period Adjustments During the year ended December 31, 2024, the Company identified certain errors in its previously issued financial statements that have been corrected through cumulative out-of-period adjustments in the financial statements as of and for the year ended December 31, 2024. The errors related, primarily, to improper classifications of income taxes withheld by the state of New Mexico, from January 2021 through June 2024, that were recorded as production tax expense. As a result, the Company recorded an out-of-period adjustment of approximately $ 32.1 million in the year ended December 31, 2024 to record an income tax receivable, offset by a reduction in production taxes. Further, in the year ended December 31, 2024, the Company recorded an out-of-period adjustment of approximately $ 6.7 million to income tax expense, offset by an increase in deferred tax liabilities. These errors understated net income for the fiscal years ended December 31, 2023, 2022, and 2021, by approximately $ 9.3 million, $ 11.2 million, and $ 0.5 million, respectively. Management considered qualitative and quantitative factors and concluded the out-of-period adjustments were immaterial to 2024 and each of the applicable periods. Use of Estimates The preparation of financial statements under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to proved crude oil and natural gas reserves, which include limited control over future development plans as a non-operator, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of derivative instruments, acquisition date fair values of assets acquired and liabilities assumed, impairment of crude oil and natural gas properties, asset retirement obligations at initial recognition, and deferred income taxes. Management’s estimates and assumptions were based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, actual results may differ from the estimates and assumptions used, and conditions may change, which could materially affect amounts reported in the financial statements. Reclassifications Certain prior period balances in the balance sheets, statements of cash flows, and statements of stockholders equity have been reclassified to conform to the current year presentation. Such reclassifications had no impact on net income, cash flows or stockholders’ equity previously reported. Cash and Cash Equivalents The Company considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest-bearing bank accounts. The F-8 Table of Contents Company’s cash positions represent assets held in checking and money market accounts. Cash and cash equivalents are generally available on a daily or weekly basis and are highly liquid in nature. Accounts Receivable Accounts receivables are carried on a gross basis, with no discounting. The Company’s accounts receivable consists, primarily, of accrued receivables from crude oil, natural gas and NGL sales, as well as receivables from settled derivative instruments. Advances to Operators The Company participates in the drilling of crude oil and natural gas wells with other working interest partners. Due to the capital intensive nature of crude oil and natural gas drilling activities, the working interest partners responsible for conducting the drilling operations may request advance payments from other working interest partners for their share of the costs. The Company expects such advances to be applied by working interest partners against joint interest billings for its share of drilling operations within 90 days from when the advance is paid. Other Property and Equipment Property and equipment that are not crude oil and natural gas properties are recorded at cost and depreciated using the straight-line method over their estimated useful lives, ranging from three to seven years . Expenditures for replacements, renewals, and betterment are capitalized. Maintenance and repairs are charged to expense as incurred. Long-lived assets, other than crude oil and natural gas properties, are evaluated for impairment to determine if current circumstances and market conditions indicate the carrying amount may not be recoverable. The accumulated depreciation related to Other Property and Equipment, Net was $ 5.3 million and $ 4.3 million as of December 31, 2025 and 2024, respectively. The Company has no t recognized any impairment losses on non-crude oil and natural gas long-lived assets. Oil and Natural Gas Properties The Company follows the full cost method of accounting for its crude oil and natural gas operations whereby all costs related to the exploration and development of crude oil and natural gas properties are capitalized into a single cost center (“full cost pool”). Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling directly related to acquisition, and exploration activities. Internal costs that are capitalized are directly attributable to acquisition, exploration and development activities and do not include costs related to production, general corporate overhead or similar activities. Costs associated with production and general corporate activities are expensed in the period incurred. Capitalized internal costs are summarized as follows for the years ended December 31, 2025, 2024 and 2023, respectively: December 31, (In thousands) 2025 2024 2023 Capitalized Certain Payroll and Other Internal Costs $ 934 $ 788 $ 1,036 Capitalized Interest Costs 3,298 2,383 2,999 Total $ 4,232 $ 3,172 $ 4,036 As of December 31, 2025, the Company held leasehold and other oil and gas interests in the United States in the Williston Basin, Permian Basin, Appalachian Basin and Uinta Basin. Proceeds from property sales are generally credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25 % or more of the proved reserves related to a single full cost pool. In the years ended December 31, 2025, 2024 and 2023, there were no property sales that resulted in a significant alteration. Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the net book value of the oil and natural gas properties. Net capitalized costs are limited to the lower of unamortized cost net of deferred income taxes, or the cost center ceiling. The oil and natural gas properties, net balance was $ 4.7 billion and $ 5.1 billion as of December 31, 2025 and 2024, respectively. The cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10 % per annum, from proved reserves, based on the trailing twelve-month unweighted average of the first-day-of-the-month price, adjusted for any contract provisions or financial derivatives designated as hedges for accounting purposes, if any, that hedge the Company’s oil and natural gas revenue, and excluding the estimated F-9 Table of Contents abandonment costs for properties with asset retirement obligations recorded in the balance sheet, (b) the cost of properties not being amortized, if any, (c) the lower of cost or market value of unproved properties included in the cost being amortized, and (d) deferred taxes for differences between the book and tax basis of the oil and natural gas properties. If the net book value, including related deferred taxes, exceeds the ceiling, a non-cash ceiling impairment is required. As a result of its ceiling test, the Company recorded a non-cash impairment charge of $ 702.7 million in the year ended December 31, 2025. The Company did not have any ceiling test impairment charges for the years ended December 31, 2024 and 2023. Impairment charges affect the Company’s reported net income but do not reduce the Company’s cash flows. Average commodity prices have declined in recent months. If this downward trend continues, and/or if our proved reserves decrease significantly in future months, the present value of the Company’s future net revenues could decline significantly, which could trigger the need for the Company to record additional non-cash ceiling test impairment charges of its proved oil and gas property costs in future periods. The Company computes the provision for depletion of oil and natural gas properties using the unit-of-production method based upon production and estimates of proved reserve quantities. Unproved costs and related carrying costs are excluded from the depletion base until the properties associated with these costs are evaluated for reserves. The following table presents depletion and depletion per BOE sold of the Company’s proved oil and natural gas properties for the periods presented: Year Ended December 31, (In thousands) 2025 2024 2023 Depletion of Proved Oil and Natural Gas Properties $ 810,095 $ 736,600 $ 482,306 Depletion per BOE Produced $ 16.43 $ 16.22 $ 13.37 The Company believes that the majority of its unproved costs will become subject to depletion within the next five years by proving up reserves relating to the acreage through exploration and development activities, by impairing the acreage that will expire before the Company can explore or develop it further or by determining that further exploration and development activity will not occur. The timing by which all other properties will become subject to depletion will be dependent upon the timing of future drilling activities and delineation of its reserves. Capitalized costs associated with impaired unproved properties, which includes leases that have expired or have been deemed uneconomic, and capitalized costs related to properties having proved reserves, plus the estimated future development costs and asset retirement costs, are included in the depletion calculation. Under this method, depletion is calculated at the end of each period by multiplying total production for the period by a depletion rate. The depletion rate is determined by dividing the total unamortized cost base plus future development costs by net equivalent proved reserves at the beginning of the period. The costs of unproved properties are withheld from the depletion base until such time as they are evaluated for reserves. When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion and full cost ceiling calculations. For the years ended December 31, 2025, 2024 and 2023, unproved properties of $ 7.8 million, $ 3.8 million, and $ 5.2 million, respectively, were impaired. Asset Retirement Obligations The Company records a liability equal to the fair value of the estimated cost to retire an asset upon initial recognition. The asset retirement liability is recorded in the period in which the obligation meets the definition of a liability. When the liability is initially recorded, the Company increases the carrying amount of oil and natural gas properties by an amount equal to the original liability. The liability is accreted to its present value each period, and the capitalized cost is added to the full cost pool and is subject to depletion. Upon settlement of the liability or the sale of the well, the liability is relieved. These liability amounts may change because of changes in asset lives, estimated costs of abandonment or legal or statutory remediation requirements. Any variances between the liabilities recorded and the actual cost incurred to retire the assets is recorded as an adjustment to accumulated amortization of the full cost pool. Business Combinations The Company accounts for its acquisitions that qualify as a business using the acquisition method. Under the acquisition method, assets acquired and liabilities assumed are recognized and measured at their fair values. The use of fair value accounting requires the use of significant judgment since some transaction components do not have fair values that are readily determinable. The excess, if any, of the purchase price over the net fair value amounts assigned to assets acquired and liabilities F-10 Table of Contents assumed is recognized as goodwill. Conversely, if the fair value of assets acquired exceeds the purchase price, including liabilities assumed, the excess is immediately recognized in earnings as a gain on bargain purchase. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, commodity derivative assets and liabilities, contingent consideration, and long-term debt. The carrying amounts of cash and cash equivalents, receivables and payables approximate fair value due to the highly liquid or short-term nature of these instruments. The fair values of the Company’s derivative instruments assets and liabilities are based on a third-party industry-standard pricing model using contract terms and prices and assumptions and inputs that are substantially observable in active markets throughout the full term of the instruments, including forward oil price curves, discount rates, volatility factors and credit risk adjustments. The carrying amount of long-term debt associated with borrowings outstanding under the Company’s Revolving Credit Facility approximates fair value as borrowings bear interest at variable rates. The carrying amounts of the Company’s Senior Notes and Convertible Notes (see Note 4 below) may not approximate fair value because carrying amounts are net of unamortized premiums and debt issuance costs, and the Senior Notes and Convertible Notes bear interest at fixed rates. See Note 11 for additional discussion. Debt Issuance Costs Debt issuance costs related to our Senior Notes and Convertible Notes are included as a deduction from the carrying amount of long-term debt in the balance sheets and are amortized to interest expense using the effective interest method over the term of the related debt. Debt issuance costs related to the Revolving Credit Facility are included in other noncurrent assets and are amortized to interest expense on a straight-line basis over the term of the credit agreement. Debt Premiums and Discounts Debt premiums and discounts related to the Company’s Senior Notes are included as an addition to the carrying amount of the long-term debt in the balance sheets and are amortized to interest expense using the effective interest method over the term of the related notes. Revenue Recognition The Company’s revenues are primarily derived from its interests in the sales of oil and natural gas production. The Company recognizes revenue from its interests in the sales of crude oil and natural gas in the period that its performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the product, when the Company has no further obligations to perform related to the sale, when the transaction price has been determined and when collectability is probable. The sales of oil and natural gas are made under contracts which the third-party operators of the wells have negotiated with customers, which typically include variable consideration that is based on pricing tied to local indices and volumes delivered in the current month. The Company receives payment from the sale of oil and natural gas production from one to three months after delivery. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in accounts receivable, net in the balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received. Historically, differences have been insignificant. Accordingly, the variable consideration is not constrained. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient exemption, which applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. The Company’s oil is typically sold at delivery points under contract terms that are common in our industry. The Company’s natural gas produced is delivered by the well operators to various purchasers at agreed upon delivery points under a limited number of contract types that are also common in our industry. Regardless of the contract type, the terms of these contracts compensate the well operators for the value of the oil and natural gas at specified prices, and then the well operators will remit payment to the Company for its share in the value of the oil and natural gas sold. In June 2025, the Company entered into a settlement and mutual release agreement (the “Settlement Agreement”) with an operator in North Dakota (the “Operator”). Pursuant to the Settlement Agreement, the Operator and the Company have settled and permanently released certain claims of the Company relating to certain post-production costs previously deducted from F-11 Table of Contents revenues. Pursuant to the settlement, the Company received approximately $ 81.7 million, recorded within Oil and Gas Sales in the accompanying statements of operations. The Company received a net cash settlement of $ 48.6 million after deducting approximately $ 33.1 million in legal settlement expenses. The Company reports volumes and revenues on a two -stream basis. Accordingly, the Company’s disaggregated revenue has two primary sources: (i) oil sales and (ii) natural gas and NGL sales. Substantially all of the Company’s sales come from four operating areas in the United States: the Williston Basin, the Permian Basin, the Appalachian Basin, and the Uinta Basin. The following tables presents the disaggregation of the Company’s oil revenues and natural gas and NGL revenues for the years ended December 31, 2025, 2024 and 2023. Twelve Months Ended December 31, (In thousands) 2025 2024 2023 Oil Sales $ 1,627,493 $ 1,897,857 $ 1,646,096 Natural Gas and NGL Sales (1) 453,795 254,222 251,683 Total $ 2,081,288 $ 2,152,079 $ 1,897,779 ___________ (1) Balances for the year ended December 31, 2025 include $ 81.7 million in legal settlement from an Operator in North Dakota. Concentrations of Market, Credit Risk and Other Risks The future results of the Company’s crude oil and natural gas operations will be affected by the market prices of crude oil and natural gas. The availability of a ready market for crude oil and natural gas products in the future will depend on numerous factors beyond the control of the Company, including weather, imports, marketing of competitive fuels, proximity and capacity of crude oil and natural gas pipelines and other transportation facilities, any oversupply or undersupply of crude oil, natural gas and liquid products, the regulatory environment, the economic environment, and other regional and political events, none of which can be predicted with certainty. The Company operates in the exploration, development and production sector of the crude oil and natural gas industry. The Company’s receivables include amounts due, indirectly via the third-party operators of the wells, from purchasers of its crude oil and natural gas production. While certain of these customers, as well as third-party operators of the wells, are affected by periodic downturns in the economy in general or in their specific segment of the crude oil or natural gas industry, the Company believes that its level of credit-related losses due to such economic fluctuations have been immaterial. As a non-operator, 100% of the Company’s wells are operated by third-party operating partners. As a result, the Company is highly dependent on the success of these third-party operators. If they are not successful in the exploration, development and production activities relating to the Company’s leasehold interests, or are unable or unwilling to perform, the Company’s financial condition and results of operations could be adversely affected. These risks are heightened in a low commodity price environment, which may present significant challenges to these third-party operators. The Company’s third-party operators will make decisions in connection with their operations that may not be in the Company’s best interests, and the Company may have little or no ability to exercise influence over the operational decisions of its third-party operators. For the years ended December 31, 2025, 2024 and 2023, the Company’s top six operators made up 53 %, 53 % and 55 %, respectively, of total oil and natural gas sales. The Company faces concentration risk due to the fact that substantially all of its oil and natural gas revenue is sourced from a limited number of geographic areas of operations. As a result, the Company is disproportionately exposed to risks that affect one or more of those areas in the Williston Basin, the Permian Basin, the Appalachian Basin, and the Uinta Basin. The Company manages and controls market and counterparty credit risk. In the normal course of business, collateral is not required for financial instruments with credit risk. Financial instruments which potentially subject the Company to credit risk consist principally of cash balances and derivative financial instruments. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments. The Company attempts to limit the amount of credit exposure to any one financial institution or company. The Company believes the credit quality of its counterparties is generally high. In the normal course of business, letters of credit or parent guarantees may be required for counterparties which management perceives to have a higher credit risk. F-12 Table of Contents Reportable Segment Information The Company has one reportable segment, which is engaged in the acquisition, exploration, development and production of crude oil and natural gas in the United States. All of the Company’s oil and natural gas sales come from customers in the United States. The segment’s revenues are primarily derived from our interests in the sales of crude oil and natural gas production. The Company’s chief operating decision maker (“CODM”) is our chief executive officer, who manages the Company’s business activities as a single operating and reporting segment. The accounting policies of the one reportable segment are the same as those described in the summary of significant accounting policies. The CODM uses net income, as reported in our statement of operations, to measure segment profit or loss, assess performance, and make strategic capital resources allocations. The measure of segment assets is reported on our balance sheet as total assets. The significant expense categories regularly provided to the CODM are the expenses as noted on the face of the statements of operations. Stock-Based Compensation The Company records expense associated with the fair value of stock-based compensation. For fully vested stock and restricted stock grants, the Company calculates the stock-based compensation expense based upon estimated fair value on the date of grant. In determining the fair value of performance-based share awards subject to market conditions, the Company utilizes a Monte Carlo simulation prepared by an independent third-party. Treasury Stock Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result of share repurchases under the share repurchase program or from the withholding of shares of stock to satisfy employee tax withholding obligations that arise upon the lapse of restrictions on their stock-based awards at the employees’ election. Income Taxes The Company’s income tax expense, deferred tax assets and deferred tax liabilities reflect management’s best assessment of estimated current and future taxes to be paid. The Company estimates for each interim reporting period the effective tax rate expected for the full fiscal year and uses that estimated rate in providing for income taxes on a current year-to-date basis. The Company’s only taxing jurisdictions are the United States and the states in which we operate. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, the Company begins with historical results and incorporates assumptions about the amount of future state and federal pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates the Company is using to manage its businesses. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some components or all of the benefits of deferred tax assets will not be realized. As of December 31, 2025 and 2024, the Company recorded valuation allowances of $ 1.4 million and $ 1.8 million, respectively, against certain of the Company’s deferred tax assets. Derivative Instruments and Price Risk Management The Company uses derivative instruments to manage market risks resulting from fluctuations in the prices of crude oil and natural gas commodities. The Company enters into derivative contracts, including price swaps, caps and floors, which require payments to (or receipts from) counterparties based on the differential between a fixed price and a variable price for a fixed quantity of the applicable commodity without the exchange of underlying volumes. The notional amounts of these financial instruments are based on expected production from existing wells. The Company may also use exchange traded futures contracts and option contracts to hedge the delivery price of commodities at a future date. The Company recognizes derivative instruments as assets or liabilities in the balance sheets, measured at fair value and marked-to-market at the end of each period. Any realized gains and losses on settled derivatives, as well as mark-to-market gains or F-13 Table of Contents losses, are aggregated and recorded to gain (loss) on derivative instruments, net in the statements of operations. See Note 12 for a description of the open derivative contracts into which the Company has entered. Employee Benefit Plans The Company sponsors a 401(k) defined contribution plan for the benefit of substantially all employees upon hire. The plan allows eligible employees to make pre-tax contributions up to 100 % of their annual compensation, not to exceed annual limits established by the federal government. The Company offers matching contributions to its employees’ retirement funds. Employees are 100 % vested in the employer contributions upon receipt. Net Income Per Common Share Basic earnings per share (“EPS”) are computed by dividing net income attributable to common stockholders (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include shares issuable upon exercise of stock warrants and vesting of restricted stock awards, and shares issuable upon conversion of the Convertible Notes (see Note 4). The number of potential common shares outstanding are calculated using the treasury stock or if-converted method. In those reporting periods in which the Company has reported net income available to common stockholders, anti-dilutive shares generally are comprised of the restricted stock that has average unrecognized stock compensation expense greater than the average stock price. In those reporting periods in which the Company has a net loss, anti-dilutive shares are comprised of the impact of those number of shares that would have been dilutive had the Company had net income plus the number of common stock equivalents that would be anti-dilutive had the company had net income. Restricted stock awards are excluded from the calculation of basic weighted average common shares outstanding until they vest. For restricted stock awards that vest based on achievement of performance and/or market conditions, the number of contingently issuable common shares included in diluted weighted-average common shares outstanding is based on the number of common shares, if any, that would be issuable under the terms of the arrangement if the performance and/or market conditions were met at the end of the reporting period, assuming the result would be dilutive. F-14 Table of Contents Supplemental Cash Flow Information The following table reflects the Company’s supplemental cash flow information for the years ended December 31, 2025, 2024 and 2023: December 31, (In thousands) 2025 2024 2023 Supplemental Cash Items: Cash Paid During the Period for Interest, Net of Amount Capitalized $ 170,862 $ 152,061 $ 128,943 Cash Paid (refund received) During the Period for Income Taxes, Net U.S. Federal ( 1,484 ) — 1,950 U.S. State and Local New Mexico — — 1,010 Pennsylvania ( 383 ) ( 26 ) * Texas 550 357 777 Utah 132 — * Other 13 1 89 Subtotal U.S. State and Local 312 332 1,876 Total Income Taxes Paid (Refunded), Net ( 1,172 ) 332 3,826 *The amount of income taxes paid during the year ended December 31, 2023 does not meet the 5% disaggregation threshold. Non-cash Investing Activities: Capital Expenditures on Oil and Natural Gas Properties Included in Accounts Payable and Accrued Liabilities 328,856 330,977 236,314 Capitalized Asset Retirement Obligations 5,456 8,028 5,413 Compensation Capitalized on Oil and Natural Gas Properties 934 786 280 Accrued Liabilities From Acquisitions of Oil and Natural Gas Properties — — 5,168 Issuance of Common Stock - Acquisitions of Oil and Natural Gas Properties — 3,737 — Non-cash Financing Activities: Common Stock Dividends Declared, but not paid 43,914 42,156 40,496 Issuance of Common Stock in Exchange for Warrants — 23,338 13,328 Repurchases of Common Stock - Excise Tax, Net 258 944 — Recently Adopted and Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date, as applicable. If not discussed, management believes that the impact of recently issued accounting standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. Recently Adopted Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires the Company to disclose disaggregated jurisdictional and categorical information for the tax rate reconciliation, income taxes paid and other income tax related amounts. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 as of December 31, 2025, on a F-15 Table of Contents retrospective basis, with no significant impact on its financial statements. However, the adoption of ASU 2023-09 resulted in more detailed and enhanced footnote disclosures (see Note 2 and Note 10 to the financial statements). Recently Issued Accounting Pronouncements: In November 2024, the FASB issued ASU 2024-04 Debt - Debt With Conversion and Other Options (Subtopic 470-20): Induced Conversion of Convertible Debt Instruments. The objective of the standard is to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20, Debt with Conversion and Other Options. This standard will affect entities that settle convertible debt instruments for which the conversion privileges are changed to induce conversion. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company does not expect the adoption of this standard to have a material impact on its financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The objective of the standard is to provide disaggregated information about a public business entity’s expenses to help investors better understand the components of an entity’s expenses, which should enable investors to better assess an entity’s prospects for future cash flows. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its financial statements and related disclosures. NOTE 3 CRUDE OIL AND NATURAL GAS PROPERTIES The book value of the Company’s crude oil and natural gas properties consists of all acquisition costs (including cash expenditures and the value of stock consideration), drilling costs and other associated capitalized costs. Acquisitions are accounted for as purchases and, accordingly, the results of operations are included in the accompanying statements of operations from the closing date of the acquisition. Acquired assets and liabilities assumed are recorded based on their estimated fair value at the time of the acquisition. 2025 Acquisitions During 2025, the Company acquired oil and natural gas properties through a number of smaller independent transactions. Total expenditures for these properties, inclusive of acquisition and related development costs, were approximately $ 173.5 million. In April 2025, the Company completed its acquisition of certain oil and natural gas properties, interests and related assets in the Midland Permian basin from a private seller, effective June 1, 2024. The total consideration paid to the seller at closing, net to the Company, was approximately $ 61.7 million in cash, a portion of which was funded by a $ 4.0 million acquisition deposit paid in February 2025. In August 2025, the Company completed its acquisition of certain oil and natural gas properties, interests and related assets in the Uinta basin from a private seller, effective July 1, 2025. The total consideration paid to the seller at closing, net to the Company, was approximately $ 98.3 million in cash, a portion of which was funded by a $ 9.8 million acquisition deposit paid in June 2025. Utica Acquisition Subsequent to December 31, 2025, in February 2026, the Company completed its acquisition of certain upstream and midstream assets in the state of Ohio from Antero Resources Corporation and certain affiliated entities (collectively, “Antero”), effective as of July 1, 2025 (together, the “Utica Acquisition”). At closing, the Company acquired a 40 % undivided working interest in the assets sold by Antero, with Infinity Natural Resources, LLC, an unaffiliated third party, acquiring the other 60 % and becoming the operator of the acquired assets. The total consideration paid to the seller at closing, net of customary purchase price adjustments, and net to the Company, was $ 464.6 million in cash, a portion of which was funded by a $ 58.8 million acquisition deposit paid in December 2025 and recorded in Other Noncurrent Assets, Net. In addition, the Company incurred approximately $ 5.5 million in transaction costs as a result of the Utica Acquisition. The Company has not yet completed its evaluation of its accounting methodology for the Utica Acquisition. F-16 Table of Contents 2024 Acquisitions In addition to the closing of the Delaware Acquisition, the Point Acquisition and the XCL Acquisition (each as defined below), during 2024, the Company acquired oil and natural gas properties through a number of smaller independent transactions for a total of $ 53.1 million. Delaware Acquisition In January 2024, the Company completed its acquisition of certain oil and natural gas properties, interests and related assets in the Delaware Basin from a private seller, effective as of November 1, 2023 (the “Delaware Acquisition”). The total consideration paid to the seller at closing included 107,657 shares of common stock and $ 147.8 million in cash, a portion of which was funded by a $ 17.1 million deposit paid at signing in November 2023. The results of operations from the date of the Delaware Acquisition through December 31, 2024 represented approximately $ 43.4 million of revenue and $ 17.6 million of income from operations. The Company accounted for the Delaware Acquisition as a business combination. Accordingly, transaction costs of approximately $ 0.6 million were included in general and administrative expense in the Company’s statements of operations. The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition: (In thousands) Fair value of net assets: Proved oil and natural gas properties $ 151,912 Total assets acquired 151,912 Asset retirement obligations ( 380 ) Net assets acquired $ 151,531 Fair value of consideration paid for net assets: Cash consideration $ 147,794 Non-cash consideration $ 3,737 Total fair value of consideration transferred $ 151,531 Point Acquisition In September 2024, the Company completed its acquisition of certain oil and natural gas properties located in the Delaware Basin from Point Energy Partners, LLC (“Point”), effective as of April 1, 2024 (the “Point Acquisition”). At closing, the Company acquired a 20 % undivided working interest in the assets sold by Point, with Vital Energy, Inc., an unaffiliated third party, acquiring the other 80 % and becoming the operator of the acquired assets. The total consideration paid to the seller at closing, net to the Company, was $ 205.1 million in cash, a portion of which was funded by a $ 22.0 million acquisition deposit paid in July 2024. As a result of customary post-closing adjustments, the Company reduced its proved oil and natural gas properties and total consideration by $ 7.2 million subsequent to closing. The Company accounted for the Point Acquisition as an asset acquisition, as substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. Accordingly, approximately $ 2.8 million transaction costs were capitalized to the full cost pool of the oil and natural gas properties acquired. XCL Acquisition In October 2024, the Company completed its acquisition of certain oil and natural gas properties in the Uinta Basin from XCL Resources, LLC and certain affiliated entities (“XCL”), effective as of May 1, 2024 (the “XCL Acquisition”). At closing, the Company acquired a 20 % undivided working interest in the assets sold by XCL, with SM Energy Company, an unaffiliated third party, acquiring the other 80 % and becoming the operator of the acquired assets. The total consideration paid to the seller at closing, net to the Company, was $ 511.3 million in cash, a portion of which was funded by a $ 25.5 million acquisition deposit paid in June 2024. F-17 Table of Contents The Company accounted for the XCL Acquisition as an asset acquisition, as substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. Accordingly, approximately $ 9.4 million transaction costs were capitalized to the full cost pool of the oil and natural gas properties acquired. Divestitures From time-to-time the Company may divest assets. In addition, the Company may trade leasehold interests with operators to balance working interests in spacing units to facilitate and encourage a more expedited development of the Company’s acreage. Unproved Properties All properties that are not classified as proved properties are considered unproved properties and, thus, the costs associated with such properties are not subject to depletion until the properties are evaluated for reserves. Once a property is evaluated, all associated acreage and drilling costs are subject to depletion. Unproved properties not being amortized comprise approximately 20,208 net acres and 45,388 net acres of undeveloped leasehold interests at December 31, 2025 and 2024, respectively. The Company believes that the majority of its unproved costs will become subject to depletion within the next five years by proving up reserves relating to the acreage through exploration and development activities, by impairing the acreage that will expire before the Company can explore or develop it further or by determining that further exploration and development activity will not occur. The timing by which all other unproved properties will become subject to depletion will be dependent upon the timing of future drilling activities and delineation of its reserves. Excluded costs for unproved properties are accumulated by year. Costs are reflected in the full cost pool as the drilling costs are incurred or as costs are evaluated and deemed impaired and transferred into the full cost pool. The Company anticipates these excluded costs will be included in the depletion computation over the next five years . The Company is unable to predict the future impact on depletion rates. The following is a summary of capitalized costs excluded from depletion at December 31, 2025 by year incurred. December 31, (In thousands) 2025 2024 2023 Prior Years Property Acquisition $ 62,332 $ 17,661 $ 802 $ 5,239 Total $ 62,332 $ 17,661 $ 802 $ 5,239 The Company historically has acquired unproved properties by purchasing individual or small groups of leases directly from mineral owners, landmen or lease brokers, which leases historically have not been subject to specified drilling projects, and by purchasing lease packages in identified project areas controlled by specific operators. The Company generally participates in drilling activities on a heads up basis by electing whether to participate in each well on a well-by-well basis at the time wells are proposed for drilling. The Company assesses all items classified as unproved property on an annual basis, or if certain circumstances exist, more frequently, for possible impairment or reduction in value. The assessment includes consideration of the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves, and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion and amortization. F-18 Table of Contents NOTE 4 LONG-TERM DEBT The Company’s long-term debt consists of the following: December 31, 2025 (In thousands) Principal Balance Premium/ (Discount) Debt Issuance Costs, Net Long-term Debt, Net Revolving Credit Facility (1) $ 478,000 $ — $ — $ 478,000 Senior Notes due 2028 20,165 124 ( 139 ) 20,150 Convertible Notes due 2029 700,000 9,619 ( 15,125 ) 694,494 Senior Notes due 2031 500,000 ( 4,828 ) ( 6,399 ) 488,773 Senior Notes due 2033 725,000 — ( 11,024 ) 713,976 Total $ 2,423,165 $ 4,915 $ ( 32,687 ) $ 2,395,393 December 31, 2024 Principal Balance Premium/ (Discount) Debt Issuance Costs, Net Long-term Debt, Net Revolving Credit Facility (1) 690,000 — — 690,000 Senior Notes due 2028 705,108 6,346 ( 7,097 ) 704,357 Convertible Notes due 2029 500,000 — ( 11,780 ) 488,220 Senior Notes due 2031 500,000 ( 5,712 ) ( 7,571 ) 486,717 Total $ 2,395,108 $ 634 $ ( 26,448 ) $ 2,369,294 _______________ (1) Unamortized debt issuance costs related to the Company’s Revolving Credit Facility of 13.1 million and $ 9.0 million as of December 31, 2025 and 2024, are recorded in “Other Noncurrent Assets, Net” in the balance sheets. Revolving Credit Facility In November 2025, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Revolving Credit Facility”) with Wells Fargo Bank, National Association, as administrative agent and collateral agent (“Agent”), and the lenders from time to time party thereto, which amended and restated the Company’s prior revolving credit facility that was entered into in June 2022. The Revolving Credit Facility matures on November 5, 2030. The Revolving Credit Facility is comprised of revolving loans and letters of credit and is subject to a borrowing base with maximum loan value to be assigned to the proved reserves attributable to the Company and its subsidiaries’ (if any) oil and natural gas properties. The Company’s borrowing availability under the Revolving Credit Facility is set at the lesser of the borrowing base and the elected commitment amount. The borrowing base will be redetermined semiannually on or around April 1 and October 1, with one interim “wildcard” redetermination available to each of the Company and the Agent (acting at the direction of the lenders holding at least two-thirds of commitments and loans outstanding under the Revolving Credit Facility) between scheduled redeterminations. Upon an acquisition of oil and natural gas properties with an aggregate value exceeding 5 % of the borrowing base, the Company may request an additional redetermination. Subsequent to December 31, 2025, in February 2026, the Company completed a wildcard redetermination. In connection therewith, the borrowing base was increased from $ 1.8 billion to $ 1.975 billion, and the aggregate elected commitment amount was increased from $ 1.6 billion to $ 1.8 billion. The Company has the option to seek commitments for term loans, which such term loans (if obtained), together with any other then-outstanding principal amount of term loans, are capped at the least of (i) the borrowing base minus the aggregate elected commitment amount, (ii) the aggregate elected commitment amount and (iii) one-third of the sum of (x) the aggregate elected commitment amount plus (y) the then-outstanding principal amount of term loans plus (z) the term loans being established on a pro forma basis. Such term loans are subject to certain other terms of the Revolving Credit Facility. F-19 Table of Contents At the Company’s option, borrowings under the Revolving Credit Facility shall bear interest at the base rate or SOFR plus an applicable margin. Base rate loans bear interest at a rate per annum equal to the greatest of: (i) the Agent bank’s prime rate; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted SOFR rate for a one-month interest period plus 100 basis points. The applicable margin for base rate loans ranges from 75 to 175 basis points, and the applicable margin for SOFR loans ranges from 175 to 275 basis points, in each case depending on the percentage of the borrowing base utilized. The Revolving Credit Facility contains customary events of default and affirmative and negative covenants. In addition, the Revolving Credit Facility requires that the Company comply with the following financial covenants: (i) the Net Leverage Ratio (as defined in the Revolving Credit Facility) shall be no more than 3.50 to 1.00, and (ii) the Current Ratio (as defined in the Revolving Credit Facility) shall not be less than 1.00 to 1.00. The Company was in compliance with all applicable covenants as of December 31, 2025. The Company’s obligations under the Revolving Credit Facility are secured by mortgages on not less than 85 % of the value of proven reserves associated with the oil and natural gas properties included in the determination of the borrowing base. Additionally, the Company entered into a Guaranty and Collateral Agreement in favor of the Agent for the secured parties, pursuant to which the Company’s obligations under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s assets. Senior Notes due 2028 In February 2021, the Company and Wilmington Trust, National Association, as trustee, entered into an indenture (the “2028 Notes Indenture”), pursuant to which the Company issued $ 550.0 million in aggregate principal amount of 8.125 % senior notes due 2028 (the “Original 2028 Notes”). In November 2021, the Company issued an additional $ 200.0 million aggregate principal amount of 8.125 % senior notes due 2028 (together with the Original 2028 Notes, the “Senior Notes due 2028”). The proceeds of the Senior Notes due 2028 were used primarily to refinance existing indebtedness, and for general corporate purposes. During 2022, the Company repurchased and retired $ 25.8 million in aggregate principal amount of the Senior Notes due 2028 in open market transactions for a total of $ 24.9 million in cash, plus accrued interest. During 2023, the Company repurchased and retired $ 19.1 million in aggregate principal amount of the Senior Notes due 2028 in open market transactions for a total of $ 18.4 million in cash, plus accrued interest. In October 2025, upon successfully completing the issuance of its Senior Notes due 2033, the Company repurchased approximately 97.14 % of its outstanding Senior Notes due 2028, representing approximately $ 684.9 million in aggregate principal amount, for a total amount of $ 699.9 million, inclusive of tender premium and accrued interest due (the “Repurchase Event”). The Repurchase Event resulted in a loss on debt extinguishment of approximately $ 10.8 million, primarily due to the tender premium of $10.3 million paid in conjunction with the cash tender offer to holders of the Senior Notes due 2028 upon the Repurchase Event. As of December 31, 2025, the Company’s liability under the 2028 Notes Indenture was approximately $ 20.2 million. The Senior Notes due 2028 will mature on March 1, 2028. Interest is payable semi-annually in arrears on each March 1 and September 1 to holders of record on the February 15 and August 15 immediately preceding the related interest payment date, at a rate of 8.125 % per annum. The Company may redeem all or a part of the outstanding Senior Notes due 2028 at redemption prices (expressed as percentages of principal amount) equal to 102.031 % through February 28, 2026, and 100 % beginning on March 1, 2026, plus accrued and unpaid interest to, but excluding, the redemption date. Subsequent to December 31, 2025, in February 2026, the Company gave notice to the holders of the Senior Notes due 2028 (the “Notice of Full Redemption”) that it elected to redeem all of the outstanding Senior Notes due 2028, in accordance with the terms of the 2028 Notes Indenture. Pursuant to the Notice of Full Redemption, the Redemption Date is March 4, 2026, and the Redemption Price is 100 %. If a Change of Control Triggering Event (as defined in the 2028 Notes Indenture) occurs, each holder of Senior Notes due 2028 may require the Company to repurchase all or any part of that holder’s Senior Notes due 2028 for cash at a price equal to 101 % of the aggregate principal amount of the Senior Notes due 2028 repurchased, plus any accrued and unpaid interest on the Senior Notes due 2028 repurchased to, but excluding, the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date on or prior to the date of purchase). The 2028 Notes Indenture contains customary events of default and affirmative and negative covenants. As of December 31, 2025, the Company was in compliance with all applicable covenants. F-20 Table of Contents Convertible Notes due 2029 In October 2022, the Company and Wilmington Trust, National Association, as trustee, entered into an indenture (as supplemented, the “Convertible Notes Indenture”), pursuant to which the Company issued $ 500.0 million in aggregate principal amount of 3.625 % convertible senior notes due 2029 (the “ Original Convertible Notes”). In June 2025, the Company issued an additional $ 200.0 million in aggregate principal amount of 3.625 % convertible senior notes due 2029 (the “Additional Convertible Notes” and, together with the Original Convertible Notes, the “Convertible Notes”), at an issue price of 105.597 % of the principal amount thereof. The proceeds of the Convertible Notes were used to refinance existing indebtedness and for other general corporate purposes. The Convertible Notes mature on April 15, 2029, unless earlier repurchased, redeemed or converted. The Convertible Notes accrue interest at a rate of 3.625 % per annum, payable semi-annually in arrears on April 15 and October 15 of each year. Before October 16, 2028, noteholders have the right to convert their Convertible Notes only upon the occurrence of certain events. From and after October 16, 2028, noteholders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will have the right to elect to settle conversions either entirely in cash or in a combination of cash and shares of its common stock. However, upon conversion of any Convertible Notes, the conversion value, which will be determined over a period of 40 trading days, will be paid in cash up to at least the principal amount of the Convertible Notes being converted. The conversion rate and conversion price are subject to customary anti-dilution and other adjustments upon the occurrence of certain events. As of December 31, 2025, the conversion rate was 27.4611 shares of common stock per $1,000 principal amount of Convertible Notes, which represented a conversion price of approximately $ 36.42 per share of common stock. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Convertible Notes Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. The Convertible Notes are redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after April 15, 2026 and on or before the 40 th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130 % of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. In addition, calling any Convertible Note for redemption will constitute a Make-Whole Fundamental Change with respect to that Convertible Note, in which case the conversion rate applicable to the conversion of that Convertible Note will be increased in certain circumstances if it is converted after it is called for redemption. Notwithstanding the foregoing, the Company has agreed not to call any Additional Convertible Notes for redemption until the Additional Convertible Notes are “freely tradeable” (as defined in the Convertible Notes Indenture) pursuant to the provision to the first sentence of the definition thereof. If certain corporate events that constitute a “Fundamental Change” (as defined in the Convertible Notes Indenture) occur, then, subject to a limited exception for certain cash mergers, noteholders may require the Company to repurchase their Convertible Notes at a cash repurchase price equal to the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. The Convertible Notes Indenture contains customary events of default and affirmative and negative covenants. As of December 31, 2025, the Company was in compliance with all applicable covenants. Capped Call Transactions In October 2022, in connection with the Original Convertible Notes offering described above, the Company entered into privately negotiated capped call transactions (the “Original Capped Call Transactions”) with certain of the initial purchasers of the Original Convertible Notes and/or their respective affiliates and/or other financial institutions. The Company paid $ 36.1 million in total consideration to enter into the Original Capped Call Transactions. The Original Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes, the number of shares of common stock initially underlying the Original Convertible Notes. The Original Capped Call Transactions are expected generally to reduce potential dilution to the common stock upon any conversion of Original Convertible Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of such converted Original Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap F-21 Table of Contents price of the Original Capped Call Transactions was initially approximately $ 52.17 per share of common stock, which represents a premium of 75 % over the last reported sale price of the common stock of $ 29.81 per share on October 11, 2022, and is subject to certain customary adjustments under the terms of the Original Capped Call Transactions. In June 2025, in connection with the Additional Convertible Notes offering described above, the Company entered into new privately negotiated capped call transactions (the “Additional Capped Call Transactions”). The Additional Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes, the number of shares of common stock initially underlying the Additional Convertible Notes. The Additional Capped Call Transactions are expected generally to reduce potential dilution to the common stock upon any conversion of Additional Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such converted Additional Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the Additional Capped Call Transactions was initially approximately $ 50.61 per share of common stock, which represents a premium of approximately 63 % over the last reported sale price of the common stock of $ 31.15 per share on June 12, 2025, and is subject to certain customary adjustments under the terms of the Additional Capped Call Transactions. As of December 31, 2025, the cap price of the Capped Call Transactions was approximately $ 49.98 per share of common stock for both the Original Capped Call Transactions and the Additional Capped Call Transactions. Senior Notes due 2031 In May 2023, the Company and Wilmington Trust, National Association, as trustee, entered into an indenture (the “2031 Notes Indenture”), pursuant to which the Company issued $ 500.0 million in aggregate principal amount of the Company’s 8.750 % senior notes due 2031 (the “Senior Notes due 2031”). The proceeds of the Senior Notes due 2031 were used primarily to refinance existing indebtedness, and for general corporate purposes. The Senior Notes due 2031 will mature on June 15, 2031. Interest is payable semi-annually in arrears on each June 15 and December 15, to holders of record on the June 1 and December 1 immediately preceding the related interest payment date, at a rate of 8.750 % per annum. Prior to June 15, 2026, the Company may redeem up to 35 % of the aggregate principal amount of Senior Notes due 2031, upon not less than 10 or more than 60 days’ notice, at a redemption price of 108.750 % of the principal amount of the Senior Notes due 2031 redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), in an amount not greater than the net cash proceeds of one or more equity offerings by the Company, provided that (i) at least 65 % of the aggregate principal amount of Senior Notes due 2031 issued under the 2031 Notes Indenture (including any Additional Notes (as defined in the 2031 Notes Indenture) but excluding the Senior Notes due 2031 held by the Company and its Subsidiaries (as defined in the 2031 Notes Indenture)) remains outstanding immediately after the occurrence of such redemption (unless all Senior Notes due 2031 are redeemed substantially concurrently) and (ii) the redemption occurs within 180 days of the date of the closing of each such equity offering. In addition, prior to June 15, 2026, the Company may redeem all or a part of the Senior Notes due 2031, on any one or more occasions, upon not less than 10 or more than 60 days’ notice, at a redemption price equal to 100 % of the principal amount of the Senior Notes due 2031 redeemed, plus an applicable make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). On or after June 15, 2026, the Company may redeem all or a part of the Senior Notes due 2031 at redemption prices (expressed as percentages of principal amount) equal to 104.375 % for the twelve-month period beginning on June 15, 2026, 102.188 % for the twelve-month period beginning on June 15, 2027, and 100 % beginning on June 15, 2028, plus accrued and unpaid interest to, but excluding, the redemption date. If a Change of Control Triggering Event (as defined in the 2031 Notes Indenture) occurs, each holder of Senior Notes due 2031 may require the Company to repurchase all or any part of that holder’s Senior Notes due 2031 for cash at a price equal to 101 % of the aggregate principal amount of the Senior Notes due 2031 repurchased, plus any accrued and unpaid interest on the Senior Notes due 2031 repurchased to, but excluding, the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date on or prior to the date of purchase). The 2031 Notes Indenture contains customary event of default and certain affirmative and negative covenants. As of December 31, 2025, the Company was in compliance with all applicable covenants. F-22 Table of Contents Senior Notes due 2033 In October 2025, the Company and Wilmington Trust, National Association, as trustee, entered into an indenture (the “2033 Notes Indenture”), pursuant to which the Company issued $ 725.0 million in aggregate principal amount of the Company’s 7.875 % senior notes due 2033 (the “Senior Notes due 2033”). The proceeds of the Senior Notes due 2033 were used primarily to fund the purchase of the Senior Notes due 2028 validly tendered and accepted for purchase pursuant to the Tender Offer, and for general corporate purposes. The Senior Notes due 2033 will mature on October 15, 2033. Interest is payable semi-annually in arrears on each April 15 and October 15, to holders of record on the April 1 and October 1 immediately preceding the related interest payment date, at a rate of 7.875 % per annum. Prior to October 15, 2028, the Company may redeem up to 40 % of the aggregate principal amount of Senior Notes due 2033, upon not less than 10 or more than 60 days’ notice, at a redemption price of 107.875 % of the principal amount of the Senior Notes due 2033 redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), in an amount not greater than the net cash proceeds of one or more equity offerings by the Company, provided that (i) at least 60 % of the aggregate principal amount of Senior Notes due 2033 issued under the 2033 Notes Indenture (including any Additional Notes (as defined in the 2033 Notes Indenture) but excluding the Senior Notes due 2033 held by the Company and its Subsidiaries (as defined in the 2033 Notes Indenture)) remains outstanding immediately after the occurrence of such redemption (unless all Senior Notes due 2033 are redeemed substantially concurrently) and (ii) the redemption occurs within 180 days of the date of the closing of each such equity offering. In addition, prior to October 15, 2028, the Company may redeem all or a part of the Senior Notes due 2033, on any one or more occasions, upon not less than 10 or more than 60 days’ notice, at a redemption price equal to 100 % of the principal amount of the Senior Notes due 2033 redeemed, plus an applicable make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). On or after October 15, 2028 the Company may redeem all or a part of the Senior Notes due 2033 at redemption prices (expressed as percentages of principal amount) equal to 103.938 % for the twelve-month period beginning on October 15, 2028, 101.969 % for the twelve-month period beginning on October 15, 2029, and 100 % beginning on October 15, 2030, plus accrued and unpaid interest to, but excluding, the redemption date. If a Change of Control Triggering Event (as defined in the 2033 Notes Indenture) occurs, each holder of Senior Notes due 2033 may require the Company to repurchase all or any part of that holder’s Senior Notes due 2033 for cash at a price equal to 101 % of the aggregate principal amount of the Senior Notes due 2033 repurchased, plus any accrued and unpaid interest on the Senior Notes due 2033 repurchased to, but excluding, the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date on or prior to the date of purchase). The 2033 Notes Indenture contains customary event of default and certain affirmative and negative covenants. As of December 31, 2025, the Company was in compliance with all applicable covenants. NOTE 5 COMMON AND PREFERRED STOCK Common Stock On May 23, 2024, the Company filed an amendment to its certificate of incorporation, which was effective upon filing, to increase the number of authorized shares of common stock, par value $ 0.001 per share, from 135,000,000 to 270,000,000 , as approved by the Company’s stockholders at the 2024 Annual Meeting of Stockholders on May 23, 2024. As of December 31, 2025 and 2024, the Company had 97,265,559 and 99,113,645 shares of common stock issued and outstanding, respectively. Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $ 0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2025 and 2024, the Company had zero shares of preferred stock issued and outstanding. F-23 Table of Contents 2025 Activity Common Stock During the year ended December 31, 2025, 80,247 shares of common stock were surrendered by certain employees of the Company to cover tax obligations in connection with the vesting of their restricted stock awards. The total value of these shares surrendered, based on the market prices on the dates the shares were surrendered, was approximately $ 2.1 million. During the year ended December 31, 2025, 9,246 shares of the Company’s stock, previously issued as stock-based compensation, were forfeited by former employees of the Company upon separation. During the year ended December 31, 2025, the Company issued 190,403 shares of its common stock to executive officers, employees, and directors as stock-based compensation (see Note 6). Dividends In January 2025, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $ 0.45 per share. The dividend was paid on April 30, 2025, to stockholders of record as of the close of business on March 28, 2025. In April 2025, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $ 0.45 per share. The dividend was paid on July 31, 2025, to stockholders of record as of the close of business on June 27, 2025. In July 2025, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $ 0.45 per share. The dividend was paid on October 31, 2025, to stockholders of record as of the close of business on September 29, 2025. In November 2025, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $ 0.45 per share. The dividend was paid on January 30, 2026, to stockholders of record as of the close of business on December 30, 2025. Subsequent to December 31, 2025, in February 2026, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $ 0.45 per share. The dividend is payable on April 30, 2026, to stockholders on record as of the close of business on March 30, 2026. Stock Repurchase Program In May 2022, the Company’s board of directors approved a stock repurchase program to acquire up to $ 150.0 million of the Company’s outstanding common stock. In July 2024, the Company’s board of directors terminated the prior stock repurchase program, which was substantially depleted, and approved a new stock repurchase program to acquire up to $ 150.0 million of the Company’s outstanding common stock. In March 2025, the Company’ s board of directors approved a $ 100.0 million increase to the authorization under this stock repurchase program. The stock repurchase program allows the Company to repurchase its shares from time to time in the open market in block transactions and in negotiated transactions. During the year ended December 31, 2025, the Company repurchased 1,948,996 shares of its common stock for $ 57.3 million (including commissions and $ 0.3 million in excise tax) under the stock repurchase program. During the year ended December 31, 2024, the Company repurchased 2,535,391 shares of its common stock for $ 95.4 million (including commissions and $ 0.9 million in excise tax) under the stock repurchase program. The Company’s accounting policy upon the repurchase of shares is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from Additional Paid-in Capital. All repurchased shares are included in the Company’s pool of authorized but unissued shares. F-24 Table of Contents NOTE 6 STOCK-BASED COMPENSATION AND WARRANTS Stock-Based Compensation The Company maintains the Amended and Restated 2018 Equity Incentive Plan (the “2018 Plan”) for the purpose of making equity-based awards to employees, directors and other eligible persons. As of December 31, 2025, there were 2,598,210 shares available for future awards or settlement of awards under the 2018 Plan. The Company recognizes the fair value of stock-based compensation awards expected to vest over the requisite service period as a charge against earnings, net of amounts capitalized. The Company’s stock-based compensation awards are accounted for as equity instruments and are included in the “General and administrative expenses” line item in the statements of operations. The Company capitalizes a portion of stock-based compensation for employees who are directly involved in the acquisition of oil and natural gas properties into the full cost pool. Capitalized stock-based compensation is included in the “Oil and natural gas properties” line item in the balance sheets. Issuances made pursuant to the 2018 Plan are summarized as follows: The Company issues share-based awards in the form of restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and share appreciation awards (“SARs”), subject to various vesting conditions, as compensation to executive officers, employees and directors of the Company. Typically, RSAs issued to employees and executive officers contain a service condition only and generally vest over three or four years . Typically, RSUs and SARs contain both a service and market condition. Market conditions can be the Company’s absolute total shareholder return (“TSR”), the Company’s TSR ranking among its peer companies or the Company’s market capitalization growth measured over a defined performance period. Grantees’ continued employment through the end of the performance period is required for such RSUs and SARs to vest. RSAs issued to directors generally vest either immediately or over one year , subject to continued service and provided that any performance and/or market conditions are also met. For awards subject to service and/or performance vesting conditions, the grant date fair value is established based on the closing price of the Company’s common stock on such date. Stock-based compensation expense for awards subject to only service conditions is recognized on a straight-line basis over the service period. Stock-based compensation expense for awards subject to both service and performance conditions are recognized on a graded basis if it is probable that the performance condition will be achieved. The Company accounts for forfeitures of awards granted under these plans as they occur in determining stock-based compensation expense. For awards subject to a market condition, the grant date fair value is estimated using a Monte Carlo valuation model. The Company recognizes stock-based compensation expense for awards subject to market-based vesting conditions regardless of whether the market conditions are achieved or not, and stock-based compensation expense for any such awards is reversed only when the implied service requirement is not met. The Monte Carlo model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility is calculated based on the historical volatility and implied volatility of the Company’s common stock, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the three-year vesting period. Service-Based RSAs During 2025, 2024 and 2023, the Company granted 190,403 , 225,773 and 468,268 shares, respectively, of service-based RSAs to executive officers, employees and directors under the 2018 Equity Plan. The weighted average grant date fair value of service-based RSAs was $ 26.98 per share, $ 36.15 per share and $ 35.19 per share for the years ended December 31, 2025, 2024, and 2023, respectively. F-25 Table of Contents The following table reflects the outstanding service-based RSAs and activity related thereto for the year ended December 31, 2025: Service-based Awards Number of Shares Weighted-average Grant Date Fair Value Outstanding at December 31, 2024 457,376 $ 35.36 Shares granted 190,403 26.98 Shares forfeited ( 9,246 ) 31.92 Shares vested ( 236,193 ) 31.80 Outstanding at December 31, 2025 402,340 $ 33.58 At December 31, 2025, there was $ 8.9 million of total unrecognized compensation expense related to unvested RSAs. That cost is expected to be recognized over a weighted average period of 1.0 year. For the years ended December 31, 2025, 2024 and 2023, the total fair value of the Company’s restricted stock awards vested was $ 6.3 million, $ 8.0 million and $ 6.2 million, respectively. For the years ended December 31, 2025, 2024 and 2023, the compensation expenses associated with these awards were $ 8.0 million, $ 7.5 million and $ 6.0 million respectively. Performance Equity Awards The following table reflects the outstanding RSUs that are subject to market conditions linked to TSR (“TSR Awards”) and activity related thereto for the year ended December 31, 2025: TSR Awards Number of Units Weighted-average Grant Date Fair Value Outstanding at December 31, 2024 287,990 $ 38.87 Units granted 223,929 21.78 Outstanding at December 31, 2025 511,919 $ 31.40 For the years ended December 31, 2025, 2024 and 2023, the compensation expenses associated with these awards were $ 6.1 million, $ 3.0 million, and $ 0.0 million, respectively. As of December 31, 2025, the unrecognized compensation expenses for these awards were $ 6.9 million, which will be amortized over the remaining performance period. In December 2023, the Company also granted performance equity awards, in the form of SARs. The final payout (if any) will be a dollar amount, which may be settled in cash, shares or a combination of both at the Company’s option. The Company plans to settle the SARs Awards that were granted in 2023 with shares. For the years ended December 31, 2025 and 2024, the compensation expenses associated with these awards were $ 1.5 million and $ 1.5 million. As of December 31, 2025, the unrecognized compensation expenses for these awards were $ 3.0 million, which will be amortized over the remaining performance period. The Company used Monte Carlo simulation models, described above, to estimate (i) the fair value of the TSR Awards that were granted in 2023 and 2024 based on the expected outcome of the Company’s absolute TSR as well as TSR relative to the defined peer group and (ii) the fair value of the SARs that were granted in 2023 based on the expected outcome of the Company’s market capitalization appreciation rate. The Company used the following key assumptions in its Monte Carlo simulation models: (a) risk-free rates ranging from 1.7 % to 4.2 %, (b) dividend yield ranging from nil to 4.3 %, and (c) expected volatility ranging from 56.4 % to 72.3 %. Warrants In January 2022, as partial consideration for the purchase of certain oil and natural gas properties, the Company issued warrants to purchase 1,939,998 shares of the Company’s common stock at an exercise price equal to $ 28.30 per share (subject to certain anti-dilution adjustments) (the “Warrants”) . In March 2023, the Company issued 403,780 shares of common stock in exchange for the surrender and cancellation of a portion of the Warrants. Immediately prior to their cancellation, such Warrants that were surrendered were exercisable for an F-26 Table of Contents aggregate of approximately 824,602 shares of common stock at an exercise price of $ 27.4946 per share. Neither the Company nor the holders paid any cash consideration in the transaction. In March 2024, the Company issued 656,297 shares of common stock in exchange for the surrender and cancellation of all of the remaining Warrants. Immediately prior to their cancellation, such Warrants that were surrendered were exercisable for an aggregate of approximately 1,223,963 shares of common stock at an exercise price of $ 26.3324 per share. Neither the Company nor the holders paid any cash consideration in the transaction. There were no outstanding warrants or activity related thereto for the year ended December 31, 2025. NOTE 7 RELATED PARTY TRANSACTIONS There were no material related party transactions as of December 31, 2025. The Company’s Audit Committee is responsible for approving all transactions involving related parties. NOTE 8 COMMITMENTS & CONTINGENCIES Litigation The Company is engaged in various proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including, but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, it is the Company’s opinion that the outcome of the various legal actions and claims that are incidental to its business will not have a material impact on the Company’s financial position, results of operations or cash flows. Such matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable with assurance. NOTE 9 ASSET RETIREMENT OBLIGATIONS The Company has asset retirement obligations associated with the future plugging and abandonment of proved properties and related facilities. Initially, the fair value of a liability for an asset retirement obligation (“ARO”) is recorded in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is included in the full cost pool, subject to depletion. If the liability is settled for an amount other than the recorded amount, an adjustment to the full cost pool is recognized. The Company has no assets that are legally restricted for purposes of settling asset retirement obligations. Inherent in the fair value calculation are numerous assumptions and judgments including the ultimate retirement costs, inflation factors, credit-adjusted risk-free discount rates, timing of retirement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the existing ARO, a corresponding adjustment is made to the oil and gas property balance. For example, as the Company analyzes actual plugging and abandonment information, the Company may revise its estimate of current costs, the assumed annual inflation of the costs and/or the assumed productive lives of its wells. The following table summarizes the Company’s asset retirement obligation transactions recorded during the years ended December 31, 2025 and 2024. December 31, (in thousands) 2025 2024 Beginning Asset Retirement Obligations $ 49,197 $ 39,889 Liabilities Incurred During the Period 5,456 8,342 Revision of Estimates 8 3,672 Accretion of Discount on Asset Retirement Obligations 3,303 2,852 Liabilities Settled During the Period ( 4,237 ) ( 5,558 ) Ending Asset Retirement Obligations $ 53,727 $ 49,197 F-27 Table of Contents The table below sets forth the short term and long term asset retirement obligation balances as of the years ended December 31, 2025 and 2024. December 31, (in thousands) 2025 2024 Asset Retirement Obligations - Current Liabilities $ 2,896 $ 3,290 Asset Retirement Obligations - Noncurrent Liabilities 50,831 45,907 Ending Asset Retirement Obligations $ 53,727 $ 49,197 The short term asset retirement obligation balance is reported in Other Current Liabilities in the Company’s balance sheets. NOTE 10 INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses and tax credit carry-forwards. Under this method, deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. The One Big Beautiful Bill, which was enacted in July 2025, primarily makes permanent the tax implications of the Tax Cuts and Jobs Act from 2017. The income tax provisions include the reinstatement of the 100% additional first-year “bonus” depreciation deduction, updates to the calculation of disallowed interest, and updates to the determination of whether the Company is subject to the Corporate Alternative Minimum Tax. The income tax provisions for the years ended December 31, 2025, 2024, and 2023 consist of the following: (In thousands) 2025 2024 2023 Current Federal $ — $ — $ — State 374 959 915 Total Current Tax Expense (Benefit) $ 374 $ 959 $ 915 Deferred Federal 16,435 145,224 209,168 State 7,499 14,402 22,035 Valuation Allowance ( 364 ) ( 76 ) ( 154,345 ) Total Deferred Tax Expense (Benefit) $ 23,570 $ 159,550 $ 76,858 Total Tax Expense $ 23,944 $ 160,509 $ 77,773 The following is a reconciliation of the reported amount of income tax expense for the years ended December 31, 2025, 2024, and 2023 to the amount of income tax expenses that would result from applying the statutory rate to pretax income. F-28 Table of Contents (In thousands) 2025 2024 2023 Income Before Income Taxes $ 62,705 $ 680,817 $ 1,000,742 Tax Provision at the U.S. Federal Statutory Rate 13,168 21.0 % 143,026 21.0 % 210,156 21.0 % State Income Taxes, Net of Federal Income Tax Benefit (1) 7,400 11.8 % 15,027 2.2 % ( 3,382 ) ( 0.3 ) % Nontaxable and Nondeductible Items: Nondeductible Compensation 1,218 1.9 % 1,638 0.2 % 1,175 0.1 % Reclassification of Productions Taxes (2) — — % ( 3,123 ) ( 0.5 ) % — — % Federal True-Up Adjustments 3 — % 3,108 0.5 % ( 1,532 ) ( 0.2 ) % Other Nontaxable or Nondeductible Items 2,155 3.4 % 834 0.1 % ( 455 ) — % Change in Valuation Allowance (3) — — % — — % ( 128,189 ) ( 12.8 ) % Reported Tax Expense $ 23,944 38.2 % $ 160,509 23.6 % $ 77,773 7.8 % __________________ (1) The jurisdictions that make up the majority of the state income taxes are North Dakota, New Mexico and Texas, inclusive of changes in valuation allowances ($26M release in 2023). (2) Refer to Note 2 Out-of-Period Adjustments in the 2024 Form 10-K. (3) The valuation allowance balances presented are only for federal taxes. Valuation allowances for state taxes are netted with the state tax items. Acquisitions, divestitures, and the prices received for crude oil, natural gas and NGL impact the apportionment of taxable income to the states where we own crude oil and natural gas properties. As these factors change, our state income tax rate changes. This change, when applied to our total temporary differences, impacts the total state income tax expense or benefit reported in the current year. A valuation allowance is established to reduce deferred tax assets if it is determined that it is more likely than not that the related tax benefit will not be realized. On a quarterly basis, management evaluates the need for and adequacy of valuation allowances based on the expected realizability of the deferred tax assets and adjusts the amount of such allowances, if necessary. During 2025, in evaluating whether it was more likely than not that the Company’s net deferred tax assets were realized through future net income, management considered all available positive and negative evidence, including (i) its earnings history, (ii) its ability to recover net operating loss carry-forwards, (iii) the projected future income and results of operations, and (iv) its ability to use tax planning strategies. Based on all the evidence available, at December 31, 2025 and December 31, 2024 the Company recorded valuation allowances of $ 1.4 million and $ 1.8 million, respectively. At December 31, 2025, the Company had a NOL carryforward for federal income tax purposes of $ 532.8 million, of which $ 121.7 million are limited by IRC Section 382, and gross state NOL carryforwards of $ 690.5 million. The determination of the state NOL carryforwards is dependent upon apportionment percentages, state income tax rates, and state laws that can change from year to year and that can thereby impact the amount of the deferred tax asset related to such carryforwards. Our $ 121.7 million IRC Section 382 limited federal NOLs expire in 2037, and the remaining $ 411.0 million of federal NOLs have an indefinite life. If unutilized, all of the state net operating losses will expire from 2025 to 2045, except for $ 194.9 million of state net operating losses that have an indefinite life. F-29 Table of Contents The significant components of the Company’s deferred tax assets (liabilities) were as follows: Year Ended December 31, (in thousands) 2025 2024 NOLs and Tax Credit Carryforwards $ 136,682 $ 117,035 Share Based Compensation 358 477 Accrued Interest 1,022 1,005 Crude Oil and Natural Gas Properties and Other Properties ( 412,647 ) ( 434,486 ) Interest Carryforwards 47,118 68,926 Derivative Instruments ( 28,647 ) 13,181 Other 9,911 7,630 Total Net Deferred Tax Liabilities Before Valuation Allowance ( 246,203 ) ( 226,232 ) Valuation Allowance ( 1,442 ) ( 1,806 ) Total Net Deferred Tax Liabilities $ ( 247,645 ) $ ( 228,038 ) Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. The Company has no liabilities for unrecognized tax benefits. The Company’s policy is to recognize potential interest and penalties accrued related to unrecognized tax benefits within income tax expense. For the years ended December 31, 2025, 2024 and 2023, the Company did no t recognize any interest or penalties in its statements of operations, no r did it have any interest or penalties accrued in its balance sheet at December 31, 2025 and 2024 relating to unrecognized benefits. The tax years 2025, 2024, 2023 and 2022 remain open to examination for federal income tax purposes and by the other major taxing jurisdictions to which the Company is subject. Additionally, NOLs from 2011-2025 could be adjusted in the future when such NOLs are utilized. NOTE 11 FAIR VALUE Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial Assets and Liabilities As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following F-30 Table of Contents tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024. Fair Value Measurements at December 31, 2025 Using (In thousands) (Level 1) (Level 2) (Level 3) Effect of Counterparty Netting Total Commodity Derivatives – Current Assets $ — $ 224,726 $ — $ ( 58,100 ) $ 166,626 Commodity Derivatives – Noncurrent Assets — 30,986 — ( 27,950 ) 3,036 Commodity Derivatives – Current Liabilities — ( 58,100 ) — 58,100 — Commodity Derivatives – Noncurrent Liabilities — ( 75,697 ) — 27,950 ( 47,747 ) Interest Rate Derivatives – Current Assets — 52 — — 52 Interest Rate Derivatives – Noncurrent Liabilities — ( 355 ) — — ( 355 ) Total $ — $ 121,612 $ — $ — $ 121,612 Fair Value Measurements at December 31, 2024 Using (In thousands) (Level 1) (Level 2) (Level 3) Effect of Counterparty Netting Total Commodity Derivatives – Current Assets $ — $ 124,977 $ — $ ( 78,612 ) $ 46,365 Commodity Derivatives – Noncurrent Assets — 60,874 — ( 51,145 ) 9,729 Commodity Derivatives – Current Liabilities — ( 98,527 ) — 78,612 ( 19,915 ) Commodity Derivatives – Noncurrent Liabilities — ( 144,751 ) — 51,145 ( 93,606 ) Interest Rate Derivatives – Current Assets — 160 — — 160 Interest Rate Derivatives – Noncurrent Assets — 103 — — 103 Total $ — $ ( 57,164 ) $ — $ — $ ( 57,164 ) Commodity Derivatives. The Level 2 instruments presented in the tables above include commodity derivative instruments (see Note 12). The fair value of the Company’s commodity derivative instruments is determined based upon future prices, volatility and time to maturity, among other things. Counterparty statements are utilized to determine the value of the commodity derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The Company’s and the counterparties’ nonperformance risk is evaluated. The fair value of commodity derivative contracts is reflected in the balance sheets. The current derivative asset and liability amounts represent the fair values expected to be settled in the subsequent twelve months. Interest Rate Derivatives. The Level 2 instruments presented in the tables above include interest rate derivative instruments (see Note 12). The fair value of the Company’s interest rate derivative instruments is determined based upon contracted notional amounts, active market-quoted interest yield curves, and time to maturity, among other things. Counterparty statements are utilized to determine the value of the interest rate derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The Company’s and the counterparties’ nonperformance risk is evaluated. The fair value of interest rate derivative contracts is reflected in the balance sheets. The current interest rate derivative asset balances represent the fair values expected to be settled in the subsequent twelve months. Fair Value of Other Financial Instruments The carrying amounts of cash equivalents, receivables and payables approximate fair value due to the highly liquid or short-term nature of these instruments. Long-term debt is not presented at fair value in the balance sheets, as it is recorded at carrying value, net of unamortized debt issuance costs and unamortized premium (see Note 4). The fair value of the Company’s Senior Notes due 2028, Convertible F-31 Table of Contents Notes due 2029, Senior Notes due 2031 and Senior Notes due 2033 was $ 20.3 million, $ 675.4 million, $ 505.0 million, and $724.1 million respectively, at December 31, 2025. These fair values are based on market quotes that represent Level 2 inputs. There is no active market for the Revolving Credit Facility. The recorded value of the Revolving Credit Facility approximates its fair value because of its floating rate structure based on the SOFR spread, secured interest, and the Company’s borrowing base utilization. The fair value measurement for the Revolving Credit Facility represents Level 2 inputs. Non-Financial Assets and Liabilities The Company estimates asset retirement obligations pursuant to the relevant accounting standards. The initial measurement of AROs at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and natural gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the AROs liability is deemed to use Level 3 inputs. AROs incurred and acquired during the year ended December 31, 2025 were approximately $ 5.5 million. The Company issued common stock warrants in January 2022 as a part of the purchase consideration for certain oil and natural gas properties acquired by the Company. Upon issuance, the Warrants granted holders the right to purchase 1,939,998 shares of the Company’s common stock at an exercise price equal to $ 28.30 per share (subject to certain adjustments), generally exercisable from April 27, 2022 until January 27, 2029. A portion of the Warrants were surrendered and cancelled in March 2023, and the remaining Warrants were surrendered and cancelled in March 2024, in each case in exchange for shares of common stock. See Note 6. The fair value of the Warrants consideration was determined by utilizing an Option Pricing Model. These non-recurring fair value measurements are primarily determined using inputs that are observable or can be corroborated by observable market data (Level 2 inputs). For all transactions accounted for as business combinations, the Company uses the acquisition method of accounting. In those instances, the Company conducts assessments of net assets acquired and recognizes amounts for identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values, while transaction costs associated with the acquisitions are expensed as incurred. The Company makes various assumptions in estimating the fair values of assets acquired and liabilities assumed. The most significant assumptions relate to the estimated fair value of oil and natural gas properties. The fair value of these properties is measured using a discounted cash flow model that converts future cash flows to a single discounted amount. These assumptions represent Level 3 inputs under the fair value hierarchy. See Note 3 for additional discussion of the Company’s acquisitions of oil and natural gas properties accounted for under the business combination method of accounting during the years ended December 31, 2025 and 2024, and discussion of the significant inputs to the valuations. Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value. There were no transfers of financial assets or liabilities between Level 1, Level 2 or Level 3 inputs for the years ended December 31, 2025 and 2024. NOTE 12 DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT The Company utilizes various commodity price derivative instruments to (i) reduce the effects of volatility in price changes on the crude oil and natural gas commodities it produces and sells, (ii) reduce commodity price risk and (iii) provide a base level of cash flow in order to assure it can execute at least a portion of its capital spending. In addition, from time to time the Company utilizes interest rate swaps to mitigate exposure to changes in interest rates on the Company’s variable-rate indebtedness. All derivative instruments are recorded in the Company’s balance sheets as either assets or liabilities measured at their fair value (see Note 11). The Company has not designated any derivative instruments as hedges for accounting purposes and does not enter into such instruments for speculative trading purposes. If a derivative does not qualify as a hedge or is not designated as a hedge, the changes in the fair value are recognized in the Company’s statements of operations as a gain or loss on derivative instruments. Mark-to-market gains and losses represent changes in fair values of derivative instruments that have not been settled. The Company’s cash flow is only impacted when the actual settlements under the derivative contracts result in making or receiving a payment to or from the counterparty. These cash settlements represent the cumulative gains and losses on the Company’s derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled. The Company has master netting agreements on individual derivative instruments with certain counterparties and therefore the current asset and liability are netted in the balance sheet and the non-current asset and liability are netted in the balance sheet for contracts with these counterparties. F-32 Table of Contents Commodity Derivative Instruments The following table presents settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented which is recorded in the revenue section of our statements of operations: Year Ended December 31, (In thousands) 2025 2024 2023 Cash Received on Settled Derivatives $ 201,321 $ 83,225 $ 57,919 Non-Cash Mark-to-Market Gain (Loss) on Derivatives 179,343 ( 21,258 ) 201,331 Gain on Commodity Derivatives, Net $ 380,664 $ 61,967 $ 259,250 F-33 Table of Contents The following table summarizes open commodity derivative positions as of December 31, 2025, for commodity derivatives that were entered into through December 31, 2025, for the settlement periods presented: 2026 2027 2028 2029 Oil: NYMEX WTI - Swaps: Volume (Bbl) 7,211,966 — — — Weighted Average Price ($/Bbl) $ 68.07 $ — $ — $ — NYMEX WTI - Short Swaptions (1) : Volume (Bbl) 24,192,400 3,001,200 — — Weighted Average Price ($/Bbl) $ 69.34 $ 70.77 $ — $ — NYMEX WTI - Long Swaptions (1) : Volume (Bbl) 803,000 — — — Weighted Average Price ($/Bbl) $ 65.75 $ — $ — $ — Argus WTI Midland CMA DIFF - Basis Swaps: Volume (Bbl) 9,285,791 3,467,500 732,000 — Weighted Average Price ($/Bbl) $ 0.96 $ 0.80 $ 0.79 $ — NYMEX WTI - Short Call Options (1) : Volume (Bbl) 2,701,365 4,420,515 2,602,300 — Weighted Average Price ($/Bbl) $ 73.18 $ 79.17 $ 71.39 $ — NYMEX WTI - Long Call Options (1) : Volume (Bbl) 204,424 — — — Weighted Average Price ($/Bbl) $ 67.50 $ — $ — $ — ICE Brent - Call Options (1) : Volume (Bbl) — — 316,590 — Weighted Average Price ($/Bbl) $ — $ — $ 80.00 $ — NYMEX WTI CMA - Collars: Collar Put Volume (Bbl) 6,803,092 — — — Collar Call Volume (Bbl) 9,263,307 — — — Weighted Average Floor Price ($/Bbl) $ 63.12 $ — $ — $ — Weighted Average Ceiling Price ($/Bbl) $ 72.24 $ — $ — $ — Natural Gas: NYMEX Henry Hub - Swaps: Volume (MMBtu) 48,560,000 34,330,000 7,610,000 — Weighted Average Price ($/MMBtu) $ 4.09 $ 4.06 $ 3.85 $ — Waha Gas Daily - Swaps: Volume (MMBtu) 1,825,000 1,825,000 155,000 — Weighted Average Price ($/MMBtu) $ 3.20 $ 2.98 $ 2.96 $ — NYMEX Henry Hub - Short Swaptions (1) : Volume (MMBtu) 32,515,000 31,110,000 17,360,000 — Weighted Average Price ($/MMBtu) $ 4.34 $ 4.06 $ 4.01 $ — NYMEX Henry Hub - Long Swaptions (1) : Volume (MMBtu) — 7,320,000 — — Weighted-Average Price ($/MMBtu) $ — $ 4.00 $ — $ — Waha Basis - Swaps: Volume (MMBtu) 18,250,000 7,300,000 — — F-34 Table of Contents Weighted Average Price ($/MMBtu) $ ( 0.84 ) $ ( 0.87 ) $ — $ — Waha Gas Daily Average vs Henry Hub Last Day Volume (MMBtu) — 10,020,000 930,000 — Weighted Average Price ($/MMBtu) $ — $ ( 1.01 ) $ ( 1.01 ) $ — Waha Index - Swaps: Volume (MMBtu) 18,560,000 4,890,000 310,000 — Weighted Average Price ($/MMBtu) $ — $ ( 0.01 ) $ ( 0.02 ) $ — TETCO M2 Basis - Swaps: Volume (MMBtu) 29,045,000 15,065,000 8,560,000 7,300,000 Weighted Average Price ($/MMBtu) $ ( 0.97 ) $ ( 0.93 ) $ ( 0.87 ) $ ( 0.75 ) TCO Basis - Swaps: Volume (MMBtu) — — — — Weighted Average Price ($/MMBtu) $ — $ — $ — $ — REX Zone 3 Basis - Swap: Volume (MMBtu) 14,615,000 12,775,000 7,320,000 3,650,000 Weighted Average Price ($/MMBtu) $ ( 0.27 ) $ ( 0.19 ) $ ( 0.18 ) $ ( 0.16 ) NYMEX Henry Hub - Short Call Options (1) : Volume (MMBtu) 5,379,500 35,523,000 6,700,000 — Weighted Average Price ($/MMBtu) $ 5.60 $ 5.97 $ 4.50 $ — NYMEX Henry Hub - Long Call Options (1) : Volume (MMBtu) — — — — Weighted Average Price ($/MMBtu) $ — $ — $ — $ — NYMEX Henry Hub - Collars: Collar Put Volume (MMBtu) 50,942,303 23,200,000 3,660,000 3,340,000 Collar Call Volume (MMBtu) 50,942,303 23,200,000 3,660,000 3,340,000 Weighted Average Floor Price ($/MMBtu) $ 3.43 $ 3.45 $ 3.50 $ 3.50 Weighted Average Ceiling Price ($/MMBtu) $ 4.98 $ 4.53 $ 4.15 $ 3.88 NGL: OPIS - Swaps: Volume (Bbl) 376,275 234,800 — — Weighted-Average Price ($/Bbl) $ 33.90 $ 31.19 $ — $ — ______________ (1) Swaptions are crude oil and natural gas derivative contracts that give counterparties the option to extend certain derivative contracts for additional periods. Call Options are crude oil and natural gas derivative contracts sold by the Company that give counterparties the option to exercise certain derivative contracts. The volumes and prices reflected as Swaptions and Call Options in this table will only be effective if the options are exercised by the applicable counterparties. Interest Rate Derivative Instruments At times, the Company uses interest rate swaps to effectively convert a portion of its variable rate indebtedness to fixed rate indebtedness. The settlement of derivative instruments is recognized as a component of interest expense in the statements of operations. The mark-to-market component of these derivative instruments is recognized in gain (loss) on unsettled interest rate derivatives, net in the statements of operations. The following table summarizes our open interest rate derivative contracts as of December 31, 2025. F-35 Table of Contents Fixed Rate Swap Agreements (in thousands) Swaps Contract Period Notional Amount Fixed Rate Floating Benchmark October 1, 2024 - October 1, 2026 $ 25,000 3.423 % USD-SOFR CME May 1, 2025 - May 1, 2027 $ 50,000 3.423 % USD-SOFR CME September 19, 2025 - October 1, 2027 $ 50,000 3.300 % USD-SOFR CME October 20, 2025 - November 1, 2027 $ 100,000 3.187 % USD-SOFR CME December 10, 2025 - December 1, 2027 $ 50,000 3.393 % USD-SOFR CME December 10, 2025 - December 1, 2028 $ 50,000 3.392 % USD-SOFR CME Other Information Regarding Derivative Instruments The following table sets forth the amounts, on a gross basis, and classification of the Company’s outstanding derivative financial instruments at December 31, 2025 and 2024, respectively. Certain amounts may be presented on a net basis in the financial statements when such amounts are with the same counterparty and subject to a master netting arrangement: F-36 Table of Contents (In thousands) December 31, Estimated Fair Value Type of Commodity Balance Sheet Location 2025 2024 Derivative Assets: Commodity Price Swap Contracts Current Assets $ 103,943 $ 49,031 Commodity Basis Swap Contracts Current Assets 41,142 21,419 Commodity Price Swaptions Contracts Current Assets 1,428 5,398 Commodity Price Collar Contracts Current Assets 71,571 46,839 Commodity Price Call Option Contracts Current Assets 413 2,289 Commodity Price Index Swap Contracts Current Assets 6,230 — Interest Rate Swap Contracts Current Assets 52 160 Commodity Price Swap Contracts Noncurrent Assets 12,975 8,710 Commodity Basis Swap Contracts Noncurrent Assets 5,330 16,513 Commodity Price Collar Contracts Noncurrent Assets 12,680 35,652 Interest Rate Swap Contracts Noncurrent Assets — 103 Total Derivative Assets $ 255,764 $ 186,114 Derivative Liabilities: Commodity Price Swap Contracts Current Liabilities $ ( 4,596 ) $ ( 3,667 ) Commodity Basis Swap Contracts Current Liabilities ( 6,137 ) ( 5,150 ) Commodity Price Swaptions Contracts Current Liabilities ( 25,987 ) ( 44,174 ) Interest Rate Swap Contracts Current Liabilities — — Commodity Price Collar Contracts Current Liabilities ( 17,229 ) ( 29,668 ) Commodity Price Call Option Contracts Current Liabilities ( 3,973 ) ( 15,867 ) Commodity Price Index Swap Contracts Current Liabilities ( 178 ) — Commodity Price Swap Contracts Noncurrent Liabilities ( 4,097 ) ( 3,852 ) Commodity Basis Swap Contracts Noncurrent Liabilities ( 10,177 ) ( 2,564 ) Commodity Price Swaptions Contracts Noncurrent Liabilities ( 25,111 ) ( 44,315 ) Commodity Price Collar Contracts Noncurrent Liabilities ( 11,332 ) ( 36,327 ) Commodity Price Call Option Contracts Noncurrent Liabilities ( 24,627 ) ( 57,693 ) Commodity Price Index Swap Contracts Noncurrent Liabilities ( 354 ) — Interest Rate Swaptions Contracts Noncurrent Liabilities ( 355 ) — Total Derivative Liabilities $ ( 134,152 ) $ ( 243,278 ) The use of derivative transactions involves the risk that the counterparties will be unable to meet the financial terms of such transactions. When the Company has netting arrangements with its counterparties that provide for offsetting payables against receivables from separate derivative instruments these assets and liabilities are netted in the balance sheet. The tables presented below provide a reconciliation between the gross assets and liabilities and the amounts reflected in the balance sheets. The amounts presented exclude derivative settlement receivables and payables as of the balance sheet dates. F-37 Table of Contents Estimated Fair Value at December 31, 2025 (In thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) Presented on the Balance Sheet Offsetting of Derivative Assets: Current Assets $ 224,778 $ ( 58,100 ) $ 166,678 Non-Current Assets 30,986 ( 27,950 ) 3,036 Total Derivative Assets $ 255,764 $ ( 86,050 ) $ 169,714 Offsetting of Derivative Liabilities: Current Liabilities $ ( 58,100 ) $ 58,100 $ — Non-Current Liabilities ( 76,052 ) 27,950 ( 48,102 ) Total Derivative Liabilities $ ( 134,152 ) $ 86,050 $ ( 48,102 ) Estimated Fair Value at December 31, 2024 (In thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) Presented on the Balance Sheet Offsetting of Derivative Assets: Current Assets $ 125,137 $ ( 78,612 ) $ 46,525 Non-Current Assets 60,977 ( 51,145 ) 9,832 Total Derivative Assets $ 186,114 $ ( 129,757 ) $ 56,357 Offsetting of Derivative Liabilities: Current Liabilities $ ( 98,527 ) $ 78,612 $ ( 19,915 ) Non-Current Liabilities ( 144,751 ) 51,145 ( 93,606 ) Total Derivative Liabilities $ ( 243,278 ) $ 129,757 $ ( 113,521 ) All of the Company’s outstanding derivative instruments are covered by International Swap Dealers Association Master Agreements (“ISDAs”) entered into with parties that are also lenders under the Company’s Revolving Credit Facility. The Company’s obligations under the derivative instruments are secured pursuant to the Revolving Credit Facility, and no additional collateral had been posted by the Company as of December 31, 2025. The ISDAs may provide that as a result of certain circumstances, such as cross-defaults, a counterparty may require all outstanding derivative instruments under an ISDA to be settled immediately. See Note 11 for the aggregate fair value of all derivative instruments at December 31, 2025 and 2024. F-38 Table of Contents NOTE 13 EARNINGS PER SHARE The reconciliation of the numerators and denominators used to calculate basic EPS and diluted EPS for the years ended December 31, 2025, 2024 and 2023 are as follows: December 31, (In thousands, except share and per share data) 2025 2024 2023 Net Income Attributable to Common Stock $ 38,761 $ 520,308 $ 922,969 Weighted Average Common Shares Outstanding: Weighted Average Common Shares Outstanding – Basic 97,711,444 99,852,539 91,483,687 Plus: Dilutive Effect of Restricted Stock, Preferred Stock, Convertible Notes, and Common Stock Warrants 1,602,938 1,415,086 577,260 Weighted Average Common Shares Outstanding – Diluted 99,314,382 101,267,625 92,060,947 Net Income per Common Share: Basic $ 0.40 $ 5.21 $ 10.09 Diluted $ 0.39 $ 5.14 $ 10.03 F-39 Table of Contents SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) Oil and Natural Gas Exploration and Production Activities Oil and natural gas sales reflect the market prices of net production sold or transferred with appropriate adjustments for royalties, net profits interest, and other contractual provisions. Production expenses include lifting costs incurred to operate and maintain productive wells and related equipment including such costs as operating labor, repairs and maintenance, materials, supplies and fuel consumed. Production taxes include production and severance taxes. Depletion of crude oil and natural gas properties relates to capitalized costs incurred in acquisition, exploration, and development activities. Results of operations do not include interest expense and general corporate amounts. The results of operations for the Company’s crude oil and natural gas production activities are provided in the Company’s related statements of income. Costs Incurred and Capitalized Costs The costs incurred in crude oil and natural gas acquisition, exploration and development activities are highlighted in the table below. December 31, (In thousands) 2025 2024 2023 Costs Incurred for the Year: Proved Property Acquisition and Other $ 206,897 $ 924,454 $ 1,288,437 Unproved Property Acquisition 69,263 $ 23,363 $ 3,414 Development 901,581 936,959 639,203 Total $ 1,177,741 $ 1,884,776 $ 1,931,054 Excluded costs for unproved properties are accumulated by year. Costs are reflected in the full cost pool as the drilling costs are incurred or as costs are evaluated and deemed impaired. The Company anticipates these excluded costs will be included in the depletion computation over the next five years. The Company is unable to predict the future impact on depletion rates. The following is a summary of capitalized costs excluded from depletion at December 31, 2025 by year incurred. December 31, (In thousands) 2025 2024 2023 Prior Years Property Acquisition $ 62,332 $ 17,661 $ 802 $ 5,239 Development — — — — Total $ 62,332 $ 17,661 $ 802 $ 5,239 Oil and Natural Gas Reserves and Related Financial Data Information with respect to the Company’s crude oil and natural gas producing activities is presented in the following tables. Reserve quantities, as well as certain information regarding future production and discounted cash flows, were determined by the Company and audited by Cawley, our third-party independent reserve engineers. F-40 Table of Contents Oil and Natural Gas Reserve Data The following tables present the Company’s estimates of its proved crude oil and natural gas reserves. The Company emphasizes that reserves are approximations and are expected to change as additional information becomes available. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and natural gas that cannot be measured in an exact way, and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. (In thousands) Natural Gas (MMCF) Oil (MBBLS) MBOE Proved Developed and Undeveloped Reserves at December 31, 2022 1,008,407 162,741 330,808 Revisions of Previous Estimates ( 166,121 ) ( 33,954 ) ( 61,641 ) Extensions, Discoveries and Other Additions 67,796 28,123 39,422 Purchases of Minerals in Place 190,376 35,446 67,176 Production ( 84,342 ) ( 22,013 ) ( 36,070 ) Proved Developed and Undeveloped Reserves at December 31, 2023 1,016,116 170,342 339,695 Revisions of Previous Estimates 48,519 ( 5,116 ) 2,970 Extensions, Discoveries and Other Additions 98,001 20,465 36,798 Purchases of Minerals in Place 51,078 35,932 44,444 Production ( 113,476 ) ( 26,511 ) ( 45,423 ) Proved Developed and Undeveloped Reserves at December 31, 2024 1,100,238 195,112 378,484 Revisions of Previous Estimates ( 26,797 ) ( 7,055 ) ( 11,519 ) Extensions, Discoveries and Other Additions 246,393 17,770 58,836 Purchases of Minerals in Place 5,487 6,645 7,559 Production ( 130,084 ) ( 27,611 ) ( 49,292 ) Proved Developed and Undeveloped Reserves at December 31, 2025 1,195,237 184,861 384,068 Proved Developed Reserves: December 31, 2023 677,979 121,865 234,861 December 31, 2024 855,560 135,557 278,151 December 31, 2025 934,404 127,054 282,789 Proved Undeveloped Reserves: December 31, 2023 338,138 48,477 104,833 December 31, 2024 244,677 59,554 100,333 December 31, 2025 260,833 57,807 101,279 Proved reserves are estimated quantities of crude oil and natural gas, which geological and engineering data indicate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Proved undeveloped reserves are included for reserves for which there is a high degree of confidence in their recoverability and they are scheduled to be drilled within the next five years. F-41 Table of Contents Notable changes in proved reserves for the year ended December 31, 2025 included the following: • Extensions and discoveries . In 2025, total extensions and discoveries of 58.8 MMBoe were primarily attributable to successful drilling operations as well as the addition of proved undeveloped locations. Included in these extensions and discoveries were 31.4 MMBoe as a result of successful drilling operations and 27.4 MMBoe as a result of additional proved undeveloped locations. • Purchases of minerals in place . In 2025, total purchases of minerals in place of 7.6 MMBoe were primarily attributable to acquisitions of oil and natural gas properties (see Note 3). • Revisions to previous estimates . In 2025, revisions to previous estimates decreased proved developed and undeveloped reserves by a net amount of 11.5 MMBoe. Included in these revisions were 1.5 MMBoe of downward adjustments caused by lower crude oil and natural gas prices, 8.8 MMBoe of downward adjustments attributable to increased operating costs, 14.4 MMBoe of upward adjustments due to additions in proven areas, 4.7 MMBoe of upward adjustments attributable to well performance when comparing the Company’s reserve estimates at December 31, 2025 to December 31, 2024 and 20.3 MMBoe of downward adjustments related to the removal of undeveloped drilling locations and other adjustments. Notable changes in proved reserves for the year ended December 31, 2024 included the following: • Extensions and discoveries . In 2024, total extensions and discoveries of 36.8 MMBoe were primarily attributable to successful drilling operations as well as the addition of proved undeveloped locations. Included in these extensions and discoveries were 14.1 MMBoe as a result of successful drilling operations and 22.7 MMBoe as a result of additional proved undeveloped locations. • Purchases of minerals in place . In 2024, total purchases of minerals in place of 44.4 MMBoe were primarily attributable to acquisitions of oil and natural gas properties (see Note 3). • Revisions to previous estimates . In 2024, revisions to previous estimates increased proved developed and undeveloped reserves by a net amount of 3.0 MMBoe. Included in these revisions were 15.0 MMBoe of downward adjustments caused by lower crude oil and natural gas prices, an 8.0 MMBoe upward adjustment attributable to decreased operating costs, a 21.8 MMBoe upward adjustment due to additions in proven areas, a 0.1 MMBoe downward adjustment attributable to well performance when comparing the Company’s reserve estimates at December 31, 2024 to December 31, 2023 and 11.7 MMBoe of downward adjustments related to the removal of undeveloped drilling locations related to the 5-year rule and other adjustments. Notable changes in proved reserves for the year ended December 31, 2023 included the following: • Extensions and discoveries . In 2023, total extensions and discoveries of 39.4 MMBoe were primarily attributable to successful drilling operations as well as the addition of proved undeveloped locations. Included in these extensions and discoveries were 14.8 MMBoe as a result of successful drilling operations and 24.6 MMBoe as a result of additional proved undeveloped locations. • Purchases of minerals in place . In 2023, total purchases of minerals in place of 67.2 MMBoe were primarily attributable to acquisitions of oil and natural gas properties (see Note 3). • Revisions to previous estimates . In 2023, revisions to previous estimates decreased proved developed and undeveloped reserves by a net amount of 61.6 MMBoe. Included in these revisions were 28.3 MMBoe of downward adjustments caused by lower crud e oil and natural gas prices, a 2.7 MMBoe downward adjustment attributable to increased operating costs, a 3.9 MMBoe downward adjustment attributable to well performance when comparing the Company’s reserve estimates at December 31, 2023 to December 31, 2022 and 26.7 MMBoe of downward adjustments related to the removal of undeveloped drilling locations related to the 5-year rule and other adjustments. F-42 Table of Contents Standardized Measure of Discounted Future Net Cash Inflows and Changes Therein The following table presents a standardized measure of discounted future net cash flows relating to proved crude oil and natural gas reserves, and the changes in standardized measure of discounted future net cash flows relating to proved crude oil and natural gas were prepared in accordance with the provisions of ASC 932 Extractive Activities - Oil and Gas . Future cash inflows were computed by applying average prices of crude oil and natural gas for the last 12 months to estimated future production. Future production and development costs were computed by estimating the expenditures to be incurred in developing and producing the proved crude oil and natural gas reserves at the end of the year, based on year-end costs and assuming continuation of existing economic conditions. Future income tax expenses were calculated by applying appropriate year-end tax rates to future pretax cash flows relating to proved crude oil and natural gas reserves, less the tax basis of properties involved and tax credits and loss carry forwards relating to crude oil and natural gas producing activities. Future net cash flows are discounted at the rate of 10% annually to derive the standardized measure of discounted future cash flows. Actual future cash inflows may vary considerably, and the standardized measure does not necessarily represent the fair value of the Company’s crude oil and natural gas reserves. All estimated future costs to settle the Company’s asset retirement obligations have been included in our calculation of the standardized measure for each period presented. December 31, (In thousands) 2025 2024 2023 Future Cash Inflows $ 14,842,258 $ 15,999,589 $ 16,008,048 Future Production Costs ( 6,311,737 ) ( 6,534,021 ) ( 6,627,373 ) Future Development Costs ( 1,247,323 ) ( 1,443,878 ) ( 1,358,405 ) Future Income Tax Expense ( 992,693 ) ( 1,324,433 ) ( 1,380,854 ) Future Net Cash Inflows $ 6,290,505 $ 6,697,258 $ 6,641,417 10% Annual Discount for Estimated Timing of Cash Flows ( 2,467,703 ) ( 2,466,336 ) ( 2,485,180 ) Standardized Measure of Discounted Future Net Cash Flows $ 3,822,802 $ 4,230,922 $ 4,156,237 The twelve-month average prices were adjusted to reflect applicable transportation and quality differentials on a well-by-well basis to arrive at realized sales prices used to estimate the Company’s reserves. The price of other liquids is included in natural gas. The prices for the Company’s reserve estimates were as follows: Natural Gas MCF Oil Bbl December 31, 2025 $ 3.18 $ 59.72 December 31, 2024 $ 2.02 $ 70.60 December 31, 2023 $ 3.10 $ 75.51 The expected tax benefits to be realized from utilization of the net operating loss and tax credit carryforwards are used in the computation of future income tax cash flows. As a result of available net operating loss carryforwards and the remaining tax basis of its assets at December 31, 2025, the Company’s future income taxes were significantly reduced. F-43 Table of Contents Changes in the Standardized Measure of Discounted Future Net Cash Flows at 10% per annum follow: December 31, (In thousands) 2025 2024 2023 Beginning of Period $ 4,230,922 $ 4,156,237 $ 6,436,898 Sales of Oil and Natural Gas Produced, Net of Production Costs ( 1,476,288 ) ( 1,565,196 ) ( 1,390,656 ) Extensions and Discoveries 532,515 481,810 683,258 Previously Estimated Development Cost Incurred During the Period 333,517 462,375 327,768 Net Change of Prices and Production Costs ( 318,899 ) ( 517,053 ) ( 3,241,176 ) Change in Future Development Costs 106,912 ( 62,361 ) ( 237,627 ) Revisions of Quantity and Timing Estimates ( 189,286 ) ( 211,356 ) ( 1,061,840 ) Accretion of Discount 506,985 500,409 790,216 Change in Income Taxes 131,074 8,921 617,405 Purchases of Minerals in Place 234,639 929,740 1,200,155 Other ( 269,289 ) 47,396 31,835 End of Period $ 3,822,802 $ 4,230,922 $ 4,156,237 F-44