Item 1A. RISK FACTORS

There have been no material changes to the risk factors set forth in Part I, Item 1A, Risk Factors, of our Annual Report that could affect us and our business. Although we have tried to discuss key factors, our investors need to be aware that other risks may prove to be important in the future. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they may affect our financial performance. Investors should consider carefully the discussion of risks and the other information included or incorporated by reference in this Quarterly Report, including “Forward-Looking Statements,” which are included in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

**ITEM 2.**UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sale of Equity Securities - On May 28, 2025, we issued a total of 4,852,645 shares of common stock to NGP XI Midstream Holdings, L.L.C. as a portion of the consideration for the Delaware Basin JV Acquisition in reliance on the exemption contained in Section 4(a)(2) of the Securities Act. We subsequently registered these shares pursuant to a Registration Statement on Form S-3 ASR (File No. 333-287749) filed with the SEC on June 3, 2025.

**ITEM 3.**DEFAULTS UPON SENIOR SECURITIES

Not applicable.

**ITEM 4.**MINE SAFETY DISCLOSURES

Not applicable.