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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At December 31, 2024, the Company had the following outstanding commodity derivative contracts:

Commodity						Settlement Period						Derivative Instrument												Volumes									Weighted Average Prices
																														Fixed-Price Swaps												Sub-Floor						Floor						Ceiling
Crude oil						2025						Two-way collars												5,838,000			Bbls																								$	64.22					$	77.75
Crude oil						2025						Three-way collars												2,371,000			Bbls																		$	52.69					$	67.69					$	82.14
Crude oil						2025						Fixed-price swaps												1,092,000			Bbls						$	70.90
Crude oil						2026						Three-way collars												3,270,000			Bbls																		$	51.38					$	66.38					$	78.72
Crude oil						2026						Two-way collars												730,000			Bbls																								$	65.00					$	71.83
Natural gas						2025						Two-way collars												1,380,000			MMBtu																								$	3.00					$	4.18
Natural gas						2025						Fixed price swaps												7,521,600			MMBtu						$	3.65
Natural gas						2026						Two-way collars												2,262,500			MMBtu																								$	3.00					$	4.73
Natural gas						2026						Fixed-price swaps												8,212,500			MMBtu						$	3.74

Subsequent to December 31, 2024, the Company entered into the following commodity derivative contracts:

																														Weighted Average Prices
Commodity						Settlement Period						Derivative Instrument						Volumes												Fixed-Price Swaps						Sub-Floor						Floor						Ceiling
Crude oil						2025						Fixed-price swaps						2,015,000						Bbls						$	70.45
Crude oil						2025						Two-way collars						91,000						Bbls																		$	65.00					$	77.35
Crude oil						2026						Three-way collars						730,000						Bbls												$	50.00					$	65.00					$	73.93
Crude oil						2026						Fixed-price swaps						180,000						Bbls						$	68.67
Crude oil						2027						Three-way collars						182,000						Bbls												$	50.00					$	65.00					$	74.15
Natural gas						2025						Fixed-price swaps						15,640,000						MMBtu						$	4.12
Natural gas						2026						Fixed-price swaps						8,220,000						MMBtu						$	3.94
Natural gas						2026						Two-way collars						5,430,000						MMBtu																		$	3.83					$	4.26

Schedule of Realized and Unrealized Gains and Losses From Commodity Derivative Instruments

The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Consolidated Statements of Operations for the periods presented:

												Year Ended December 31,
Derivative Instrument						Statement of Operations Location						2024						2023						2022
												(In thousands)
Commodity derivatives						Net gain (loss) on derivative instruments						$	7,489					$	56,396					$	(224,238)
Commodity derivatives (buy/sell transportation contracts)						Gathering, processing and transportation expenses(1)						(5,877)						20,570						7,331
Contingent consideration						Net gain on derivative instruments						5,074						6,786						16,110

__________________ 

(1)    The change in the fair value of the transportation derivative contracts was recorded as a loss in GPT expenses for the year ended December 31, 2024 and as a gain in GPT expenses for the years ended December 31, 2023 and 2022.

Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments

The following tables summarize the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Consolidated Balance Sheets:

												December 31, 2024
Derivative Instrument						Balance Sheet Location						Gross Amount						Gross Amount Offset						Net Amount
												(In thousands)
Derivatives assets:
Commodity derivatives						Derivative instruments — current assets						$	33,579					$	(20,415)					$	13,164
Contingent consideration						Derivative instruments — current assets						22,780						—						22,780
Commodity derivatives						Derivative instruments — non-current assets						31,676						(26,047)						5,629
Total derivatives assets												$	88,035					$	(46,462)					$	41,573
Derivatives liabilities:
Commodity derivatives						Derivative instruments — current liabilities						$	21,645					$	(20,415)					$	1,230
Commodity derivatives						Derivative instruments — non-current liabilities						27,063						(26,047)						1,016
Total derivatives liabilities												$	48,708					$	(46,462)					$	2,246

												December 31, 2023
Derivative Instrument						Balance Sheet Location						Gross Amount						Gross Offset Amount						Net Amount
												(In thousands)
Derivatives assets:
Commodity derivatives						Derivative instruments — current assets						$	20,647					$	(11,769)					$	8,878
Contingent consideration						Derivative instruments — current assets						22,614						—						22,614
Commodity derivatives (buy/sell transportation contracts)						Derivative instruments — current assets						5,877						—						5,877
Commodity derivatives						Derivative instruments — non-current assets						16,760						(14,326)						2,434
Contingent consideration						Derivative instruments — non-current assets						20,092						—						20,092
Total derivatives assets												$	85,990					$	(26,095)					$	59,895
Derivatives liabilities:
Commodity derivatives						Derivative instruments — current liabilities						$	25,978					$	(11,769)					$	14,209
Commodity derivatives						Derivative instruments — non-current liabilities						15,043						(14,326)						717
Total derivatives liabilities												$	41,021					$	(26,095)					$	14,926

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