$NOG

KENTEX PETROLEUM INC

CIK:0001104485|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Oil and Gas Sales, Other Revenues	Oil and Gas Sales, Other Revenues	Oil and Gas Sales, Other Revenues	Oil and Gas Sales, Other Revenues
Gain (Loss) on Commodity Derivatives, Net	$ 70,182	$ 128,819	$ (468,874)	$ 150,581
Total Revenues	745,235	706,809	750,264	1,308,908
Operating Expenses
Production Expenses	127,089	121,430	256,836	235,470
Production Taxes	45,699	35,616	84,042	71,685
General and Administrative Expenses	24,529	15,628	47,703	30,109
Legal Settlement Expense	0	33,091	0	33,091
Depletion, Depreciation, Amortization and Accretion	192,885	205,741	389,983	411,432
Impairment of Oil and Gas Assets	0	115,576	268,276	115,576
Other Expenses	2,496	3,561	5,771	6,098
Total Operating Expenses	392,698	530,643	1,052,611	903,461
Income (Loss) From Operations	352,537	176,166	(302,347)	405,447
Other Income (Expense)
Interest Expense, Net	(41,442)	(44,389)	(84,027)	(87,739)
Gain (Loss) on Unsettled Interest Rate Derivatives, Net	1,474	1	3,040	(143)
Loss on Foreign Currency Transactions	(4,655)	0	(4,655)	0
Loss on Extinguishment of Debt	0	0	(14)	0
Gain on Contingent Consideration	2,682	0	2,682	0
Total Other Expense, Net	(41,941)	(44,388)	(82,974)	(87,882)
Income (Loss) Before Income Taxes	310,596	131,778	(385,321)	317,565
Income Tax Expense (Benefit)	73,968	32,193	(99,102)	78,998
Net Income (Loss)	236,628	99,585	(286,219)	238,567
Net Income (Loss) Attributable to Common Stockholders	$ 236,628	$ 99,585	$ (286,219)	$ 238,567
Net Income (Loss) Per Common Share – Basic (in dollars per share)	$ 2.24	$ 1.02	$ (2.80)	$ 2.43
Net Income (Loss) Per Common Share – Diluted (in dollars per share)	$ 2.19	$ 1.00	$ (2.80)	$ 2.39
Weighted Average Common Shares Outstanding – Basic (in shares)	105,871,269	98,060,407	102,207,355	98,308,686
Weighted Average Common Shares Outstanding – Diluted (in shares)	108,091,366	99,394,539	102,207,355	99,692,134
Oil and Gas Sales
Revenues
Oil and Gas Sales	$ 670,796	$ 574,369	$ 1,210,651	$ 1,151,321
Other Revenues
Revenues
Oil and Gas Sales	$ 4,257	$ 3,621	$ 8,487	$ 7,006

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net Income (Loss)	$ 236,628	$ 99,585	$ (286,219)	$ 238,567
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depletion, Depreciation, Amortization, and Accretion	192,885	205,741	389,983	411,432
Amortization of Debt Issuance Costs	2,556	2,584	5,071	4,974
Loss on Extinguishment of Debt	0	0	14	0
Amortization of Bond Premium/Discount on Long-term Debt	(508)	(395)	(1,028)	(676)
Deferred Income Taxes	73,714	28,027	(97,507)	74,673
Unrealized Loss on Foreign Currency Transactions	4,655	0	4,655	0
Unrealized Loss (Gain) on Derivative Instruments	(157,976)	(67,890)	361,881	(77,445)
Gain on Contingent Consideration	(2,682)	0	(2,682)	0
Stock-Based Compensation Expense	4,410	3,777	8,120	7,353
Impairment of Oil and Gas Assets	0	115,576	268,276	115,576
Other	(4)	(27)	287	(48)
Changes in Working Capital and Other Items:
Accounts Receivable, Net	17,389	(621)	(27,975)	(20,572)
Prepaid and Other Expenses	2,432	(1,858)	1,109	(1,023)
Income Tax Receivable	(3,918)	(1,971)	267	26,233
Accounts Payable, Accrued Liabilities, and Other	(47,964)	(20,416)	20,980	(9,506)
Net Cash Provided by Operating Activities	321,617	362,112	645,232	769,538
Cash Flows from Investing Activities
Acquisitions of and Capital Expenditures on Oil and Natural Gas Properties	(379,811)	(327,361)	(1,014,434)	(591,332)
Purchases of Other Property and Equipment	0	106	(55)	(481)
Net Cash Used for Investing Activities	(379,811)	(327,255)	(1,014,489)	(591,813)
Cash Flows from Financing Activities
Advances on Revolving Credit Facility	304,000	118,000	784,000	173,000
Repayments on Revolving Credit Facility	(132,000)	(268,000)	(437,000)	(383,000)
Repurchase of Senior Notes Due 2028	0	0	(20,165)	0
Entry into Additional Capped Call Transactions	0	(16,947)	0	(16,947)
Issuance of Additional Convertible Notes	0	200,000	0	200,000
Premium Received on Additional Convertible Notes	0	11,194	0	11,194
Debt Issuance Costs Paid	0	(7,554)	(1,627)	(7,554)
Issuance of Common Stock	0	0	227,928	0
Repurchases of Common Stock	(50,047)	(35,000)	(50,047)	(50,005)
Common Stock Issuance Costs Paid	(353)	0	(384)	0
Restricted Stock Surrenders - Tax Obligations	0	0	(2,822)	(1,486)
Common Dividends Paid	(47,370)	(44,270)	(91,848)	(86,004)
Net Cash Provided by (Used for) Financing Activities	74,230	(42,577)	408,035	(160,802)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(5,474)	0	(5,474)	0
Net Increase (Decrease) in Cash and Cash Equivalents	10,562	(7,720)	33,304	16,923
Cash and Cash Equivalents - Beginning of Period	37,041	33,576	14,299	8,933
Cash and Cash Equivalents - End of Period	47,603	25,856	47,603	25,856
Net Cash Provided by Operating Activities	$ 321,617	$ 362,112	$ 645,232	$ 769,538

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and Cash Equivalents	$ 47,603	$ 14,299
Accounts Receivable, Net	377,818	349,927
Advances, Prepaid Expenses, and Other	27,968	37,061
Derivative Instruments	30,914	166,678
Income Tax Receivable	17,799	18,066
Total Current Assets	502,102	586,031
Oil and Natural Gas Properties, Full Cost Method of Accounting
Proved	12,429,203	11,441,786
Unproved	301,755	86,034
Less – Accumulated Depletion and Impairment	(7,440,256)	(6,784,649)
Total Oil and Natural Gas Properties, Net	5,290,702	4,743,171
Other Property and Equipment, Net	2,438	3,196
Total Property and Equipment, Net	5,293,140	4,746,367
Derivative Instruments	9,726	3,036
Deferred Income Taxes	8,152	0
Other Noncurrent Assets, Net	14,745	73,941
Total Assets	5,827,865	5,409,375
Current Liabilities:
Accounts Payable	206,275	218,620
Accrued Liabilities and Other	399,176	320,673
Derivative Instruments	25,041	0
Total Current Liabilities	630,492	539,293
Long-term Debt, Net	2,724,814	2,395,393
Deferred Tax Liability	158,290	247,645
Derivative Instruments	255,868	48,102
Contingent Consideration	6,614	0
Asset Retirement Obligations	54,949	50,831
Other Noncurrent Liabilities	1,505	1,770
Total Liabilities	3,832,532	3,283,034
Commitments and Contingencies
Stockholders’ Equity
Common Stock, Par Value $0.001; 270,000,000 Shares Authorized; 106,549,128 Shares Outstanding at 6/30/2026 97,265,559 Shares Outstanding at 12/31/2025	509	499
Additional Paid-In Capital	1,802,928	1,644,563
Retained Earnings	195,060	481,279
Accumulated Other Comprehensive Loss	(3,164)	0
Total Stockholders’ Equity	1,995,333	2,126,341
Total Liabilities and Stockholders’ Equity	$ 5,827,865	$ 5,409,375