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Derivative Financial Instruments (Tables)

9 Months Ended

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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of price risk derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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