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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Oil Derivative Contracts and Interest Rate Swap | The following table sets forth the volumes in barrels underlying the Company’s outstanding oil derivative contracts and the weighted average prices per Bbl for those contracts as of September 30, 2025. Volumes and weighted average prices are net of any offsetting derivative contracts entered into.
|  |  |  |  |  |  |  | Weighted Average Price per Bbl |
|  |  |  |  |  |  |  | Net Deferred |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Premium |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Payable/ |  |  |  | Sold |  |  |  |  |  |
Term |  | Type of Contract |  | Index |  | MBbl |  | (Receivable) |  | Swap |  | Put |  | Floor |  | Ceiling |  |
2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oct - Dec |  | Two-way collars |  | Dated Brent |  | 2,000 |  |  | $ | 1.35 |  |  | $ | — |  |  | $ | — |  |  | $ | 60.00 |  |  | $ | 74.94 |  |  |
Oct - Dec |  | Three-way collars |  | Dated Brent |  | 500 |  |  | 1.13 |  |  | — |  |  | 55.00 |  |  | 70.00 |  |  | 85.00 |  |  |
2026: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jan - Jun |  | Two-way collars |  | Dated Brent |  | 1,000 |  |  | 1.55 |  |  | — |  |  | — |  |  | 60.00 |  |  | 74.75 |  |  |
Jan - Dec |  | Three-way collars |  | Dated Brent |  | 2,000 |  |  | — |  |  | — |  |  | 50.00 |  |  | 60.00 |  |  | 75.51 |  |  |
Jan - Jun |  | Swaps(1) |  | Dated Brent |  | 1,000 |  |  | — |  |  | 72.90 |  |  | — |  |  | — |  |  | 80.00 |  |  |
Jan - Dec |  | Swaps(1) |  | Dated Brent |  | 1,000 |  |  | — |  |  | 72.46 |  |  | — |  |  | — |  |  | 80.00 |  |  |
Jan - Dec |  | Swaps(1) |  | Dated Brent |  | 2,000 |  |  | — |  |  | 69.70 |  |  | 55.00 |  |  | — |  |  | — |  |  |
Jan - Dec |  | Swaps(1) |  | NYMEX WTI |  | 1,500 |  |  | — |  |  | 64.83 |  |  | 50.00 |  |  | — |  |  | — |  |  |
__________________________________ (1)Includes option contracts sold to counterparties to enhance Swaps. The following table summarizes our open interest rate swaps whereby we pay a fixed rate of interest and the counterparty pays a variable SOFR-based rate as of September 30, 2025:
|  |  |  |  |  | Weighted Average
Term |  | Type of Contract |  | Floating Rate |  | Notional |  | Fixed Rate
|  |  |  |  |  | (In Thousands) |  |
Oct - Dec 2025 |  | Swap |  | 1-Month TERM SOFR |  | $ | 500,000 |  |  | 3.645 | %
Schedule of Derivative Instruments by Balance Sheet Location | The following tables disclose the Company’s derivative instruments as of September 30, 2025 and December 31, 2024, and gain/(loss) from derivatives during the three and nine months ended September 30, 2025 and 2024, respectively:
|  |  |  | Estimated Fair Value |  |
|  |  |  | Asset (Liability) |  |
Type of Contract |  | Balance Sheet Location |  | September 30, 2025 |  | December 31, 2024 |  |
|  |  |  | (In thousands) |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |
Commodity |  | Derivatives assets—current |  | $ | 18,859 |  |  | $ | 6,714 |  |  |
Provisional oil sales |  | Receivables: Oil and gas sales |  | 999 |  |  | 2,242 |  |  |
Interest rate |  | Derivatives assets—current |  | 178 |  |  | 2,202 |  |  |
Commodity |  | Derivatives assets—long-term |  | 3,025 |  |  | 512 |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Commodity |  | Derivatives liabilities—current |  | (3,239) |  |  | — |  |  |
Commodity |  | Derivatives liabilities—long-term |  | (278) |  |  | — |  |  |
Total derivatives not designated as hedging instruments |  |  |  | $ | 19,544 |  |  | $ | 11,670 |  |  |
Schedule of Derivative Instruments by Location of Gain/(Loss) |
|  |  |  | Amount of Gain/(Loss) |  | Amount of Gain/(Loss)
|  |  |  | Three Months Ended |  | Nine Months Ended
|  |  |  | September 30, |  | September 30,
Type of Contract |  | Location of Gain/(Loss) |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  |  | (In thousands)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Provisional oil sales |  | Oil and gas revenue |  | $ | (964) |  |  | $ | (4,674) |  |  | $ | (8,571) |  |  | $ | (4,810) |
Commodity |  | Derivatives, net |  | 3,646 |  |  | 15,254 |  |  | 18,480 |  |  | (5,716) |
Interest rate |  | Interest expense |  | 110 |  |  | (1,282) |  |  | 766 |  |  | (1,282) |
Total derivatives not designated as hedging instruments |  |  |  | $ | 2,792 |  |  | $ | 9,298 |  |  | $ | 10,675 |  |  | $ | (11,808) |

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