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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At March 31, 2025, 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 collar |  |  |  | 4,399,000 |  |  | Bbls |  |  |  |  |  |  |  | $ | 64.17 |  |  | $ | 77.47 |
Crude oil |  | 2025 |  | Three-way collar |  |  |  | 1,741,000 |  |  | Bbls |  |  |  |  |  | $ | 52.63 |  |  | $ | 67.63 |  |  | $ | 81.90 |
Crude oil |  | 2025 |  | Fixed price swaps |  |  |  | 2,839,000 |  |  | Bbls |  | $ | 70.46 |  |  |  |  |  |  |  |  |
Crude oil |  | 2026 |  | Three-way collar |  |  |  | 4,000,000 |  |  | Bbls |  |  |  |  |  | $ | 51.13 |  |  | $ | 66.13 |  |  | $ | 77.85 |
Crude oil |  | 2026 |  | Two-way collar |  |  |  | 1,001,000 |  |  | Bbls |  |  |  |  |  |  |  | $ | 63.65 |  |  | $ | 71.71 |
Crude oil |  | 2026 |  | Fixed price swaps |  |  |  | 180,000 |  |  | Bbls |  | $ | 68.67 |  |  |  |  |  |  |  |  |
Crude oil |  | 2027 |  | Three-way collar |  |  |  | 180,000 |  |  | Bbls |  |  |  |  |  | $ | 50.00 |  |  | $ | 65.00 |  |  | $ | 74.15 |
Natural gas |  | 2025 |  | Two-way collar |  |  |  | 4,140,000 |  |  | MMBtu |  |  |  |  |  |  |  | $ | 4.00 |  |  | $ | 4.87 |
Natural gas |  | 2025 |  | Fixed price swaps |  |  |  | 21,937,600 |  |  | MMBtu |  | $ | 3.98 |  |  |  |  |  |  |  |  |
Natural gas |  | 2026 |  | Two-way collar |  |  |  | 9,502,500 |  |  | MMBtu |  |  |  |  |  |  |  | $ | 3.71 |  |  | $ | 4.51 |
Natural gas |  | 2026 |  | Fixed price swaps |  |  |  | 16,432,500 |  |  | MMBtu |  | $ | 3.84 |  |  |  |  |  |  |  |  |
Schedule of 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 Condensed Consolidated Statements of Operations for the periods presented:
|  |  |  |  |  | Three Months Ended March 31,
Derivative Instrument |  | Statements of Operations Location |  |  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  |  | (In thousands)
Commodity derivatives |  | Net loss on derivative instruments |  |  |  |  |  | $ | (20,961) |  |  | $ | (30,951) |
Commodity derivatives (buy/sell transportation contract) |  | Gathering, processing and transportation expenses(1) |  |  |  |  |  | — |  |  | (3,229) |
Contingent consideration |  | Net loss on derivative instruments(2) |  |  |  |  |  | 680 |  |  | 3,374 |
__________________ (1)The change in the fair value of the transportation derivative contract was recorded in GPT expenses as a loss for the three months ended March 31, 2024. (2)The change in the fair value of the Contingent Consideration was recorded in net loss on derivative instruments as a gain for the three months ended March 31, 2025 and 2024.
Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments | The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
|  |  |  | March 31, 2025
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 37,676 |  |  | $ | (28,382) |  |  | $ | 9,294 |
Contingent consideration |  | Derivative instruments — current assets |  | 23,460 |  |  | — |  |  | 23,460 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 26,426 |  |  | (21,526) |  |  | 4,900 |
Total derivatives assets |  | $ | 87,562 |  |  | $ | (49,908) |  |  | $ | 37,654 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 44,661 |  |  | $ | (28,382) |  |  | $ | 16,279 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 24,826 |  |  | (21,526) |  |  | 3,300 |
Total derivatives liabilities |  | $ | 69,487 |  |  | $ | (49,908) |  |  | $ | 19,579 |
|  |  |  | 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 |

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