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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments We use financial derivative contracts to manage exposures to commodity price and interest rate fluctuations. We do not hold or issue derivative financial instruments for trading purposes. We manage market and counterparty credit risk in accordance with our policies and guidelines. In accordance with these policies and guidelines, our management determines the appropriate timing and extent of derivative transactions. We have included an estimate of non-performance risk in the fair value measurement of our derivative contracts as required by ASC 820 — Fair Value Measurement. Oil Derivative Contracts 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. Interest Rate Derivative Contracts 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 | %
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 |  |  |
|  |  |  | 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) |
Offsetting of Derivative Assets and Derivative Liabilities Our derivative instruments which are subject to master netting arrangements with our counterparties only have the right of offset when there is an event of default. As of September 30, 2025 and December 31, 2024, there was not an event of default and, therefore, the associated gross asset or gross liability amounts related to these arrangements are presented on the consolidated balance sheets.

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