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Derivative Financial Instruments
 9 Months Ended
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
TermType of ContractIndexMBbl(Receivable)SwapPutFloorCeiling
2025:
Oct - Dec
Two-way collars
Dated Brent2,000 $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 LocationSeptember 30,
2025		December 31,
2024
  (In thousands)
Derivatives not designated as hedging instruments:   
Derivative assets:   
CommodityDerivatives assets—current$18,859 $6,714 
Provisional oil salesReceivables: Oil and gas sales999 2,242 
Interest rate Derivatives assets—current178 2,202 
CommodityDerivatives assets—long-term3,025 512 
Derivative liabilities: 
CommodityDerivatives liabilities—current(3,239)— 
CommodityDerivatives 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 EndedNine Months Ended
  September 30,September 30,
Type of ContractLocation of Gain/(Loss)2025202420252024
  (In thousands)
Derivatives not designated as hedging instruments:
     
Provisional oil salesOil and gas revenue$(964)$(4,674)$(8,571)$(4,810)
CommodityDerivatives, net3,646 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.