XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.26.1

Derivative Financial Instruments | 6 Months Ended
--- | ---
Jun. 30, 2026
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 June 30, 2026. 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 |  |
2026: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jul - Dec |  | Three-way collars |  | Dated Brent |  | 1,000 |  |  | — |  |  | — |  |  | 50.00 |  |  | 60.00 |  |  | 75.51 |  |  |
Jul - Dec |  | Swaps(1) |  | Dated Brent |  | 500 |  |  | — |  |  | 72.46 |  |  | — |  |  | — |  |  | 100.00 |  |  |
Jul - Dec |  | Swaps(1) |  | Dated Brent |  | 1,000 |  |  | — |  |  | 69.70 |  |  | 55.00 |  |  | — |  |  | — |  |  |
Jul - Dec |  | Swaps(1) |  | NYMEX WTI |  | 750 |  |  | — |  |  | 64.83 |  |  | 50.00 |  |  | — |  |  | — |  |  |
2027: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jan - Dec |  | Three-way collars |  | Dated Brent |  | 2,000 |  |  | 0.40 |  |  | — |  |  | 47.50 |  |  | 60.00 |  |  | 75.00 |  |  |
Jan - Jun |  | Three-way collars |  | Dated Brent |  | 2,000 |  |  | 0.03 |  |  | — |  |  | 55.00 |  |  | 70.00 |  |  | 85.00 |  |  |
Jan - Dec |  | Three-way collars |  | NYMEX WTI |  | 1,000 |  |  | 0.50 |  |  | — |  |  | 55.00 |  |  | 70.00 |  |  | 90.00 |  |  |
__________________________________ (1)Includes option contracts sold to counterparties to enhance Swaps. In July 2026, we entered into Dated Brent two-way collar contracts for 2.0 MMBbl from January 2027 through December 2027 with a weighted average floor price of $67.50 per barrel and a ceiling price of $90.00 per barrel. The following tables disclose the Company’s derivative instruments as of June 30, 2026 and December 31, 2025, and gain/(loss) from derivatives during the three and six months ended June 30, 2026 and 2025, respectively:
|  |  |  | Estimated Fair Value |  |
|  |  |  | Asset (Liability) |  |
Type of Contract |  | Balance Sheet Location |  | June 30, 2026 |  | December 31, 2025 |  |
|  |  |  | (In thousands) |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |
Commodity |  | Derivatives assets—current |  | $ | 459 |  |  | $ | 47,816 |  |  |
Provisional sales contracts |  | Receivables: Oil and gas sales |  | 857 |  |  | — |  |  |
Commodity |  | Derivatives assets—long-term |  | 2,335 |  |  | 2,681 |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Commodity |  | Derivatives liabilities—current |  | (11,633) |  |  | — |  |  |
Commodity |  | Derivatives liabilities—long-term |  | (5,129) |  |  | — |  |  |
Total derivatives not designated as hedging instruments |  |  |  | $ | (13,111) |  |  | $ | 50,497 |  |  |
|  |  |  | Amount of Gain/(Loss) |  | Amount of Gain/(Loss)
|  |  |  | Three Months Ended |  | Six Months Ended
|  |  |  | June 30, |  | June 30,
Type of Contract |  | Location of Gain/(Loss) |  | 2026 |  | 2025 |  | 2026 |  | 2025
|  |  |  | (In thousands)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Provisional sales contracts |  | Oil and gas revenue |  | $ | (11,126) |  |  | $ | (6,780) |  |  | $ | (62,105) |  |  | $ | (7,607) |
Commodity |  | Derivatives, net |  | 51,809 |  |  | 21,566 |  |  | (200,187) |  |  | 14,834 |
Interest rate |  | Interest expense |  | — |  |  | 683 |  |  | — |  |  | 656 |
Total derivatives not designated as hedging instruments |  |  |  | $ | 40,683 |  |  | $ | 15,469 |  |  | $ | (262,292) |  |  | $ | 7,883 |
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 June 30, 2026 and December 31, 2025, 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.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 181 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-181 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 184 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-184 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 185 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-185 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (a)(5) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4H -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4H -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 15 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480960/815-15-50-3 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 183 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-183 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4I -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4F -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1)(ii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration