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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At June 30, 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 |  |  |  | 3,036,000 |  |  | Bbls |  |  |  |  |  |  |  | $ | 64.55 |  |  | $ | 76.76 |
Crude oil |  | 2025 |  | Three-way collar |  |  |  | 1,104,000 |  |  | Bbls |  |  |  |  |  | $ | 52.50 |  |  | $ | 67.50 |  |  | $ | 81.37 |
Crude oil |  | 2025 |  | Fixed price swaps |  |  |  | 1,840,000 |  |  | Bbls |  | $ | 70.03 |  |  |  |  |  |  |  |  |
Crude oil |  | 2026 |  | Three-way collar |  |  |  | 4,138,000 |  |  | Bbls |  |  |  |  |  | $ | 51.09 |  |  | $ | 65.93 |  |  | $ | 77.61 |
Crude oil |  | 2026 |  | Two-way collar |  |  |  | 1,001,000 |  |  | Bbls |  |  |  |  |  |  |  | $ | 63.65 |  |  | $ | 71.71 |
Crude oil |  | 2026 |  | Fixed price swaps |  |  |  | 1,275,000 |  |  | Bbls |  | $ | 66.56 |  |  |  |  |  |  |  |  |
Crude oil |  | 2027 |  | Three-way collar |  |  |  | 677,500 |  |  | Bbls |  |  |  |  |  | $ | 50.00 |  |  | $ | 61.33 |  |  | $ | 72.92 |
Natural gas |  | 2025 |  | Two-way collar |  |  |  | 4,140,000 |  |  | MMBtu |  |  |  |  |  |  |  | $ | 4.00 |  |  | $ | 4.87 |
Natural gas |  | 2025 |  | Fixed price swaps |  |  |  | 20,700,000 |  |  | MMBtu |  | $ | 3.99 |  |  |  |  |  |  |  |  |
Natural gas |  | 2026 |  | Two-way collar |  |  |  | 12,247,500 |  |  | MMBtu |  |  |  |  |  |  |  | $ | 3.78 |  |  | $ | 4.53 |
Natural gas |  | 2026 |  | Fixed price swaps |  |  |  | 16,432,500 |  |  | MMBtu |  | $ | 3.84 |  |  |  |  |  |  |  |  |
Natural gas |  | 2027 |  | Fixed price swaps |  |  |  | 3,620,000 |  |  | MMBtu |  | $ | 4.02 |  |  |  |  |  |  |  |  |
Subsequent to June 30, 2025, the Company entered into the following commodity derivative contracts:
|  |  |  |  |  |  |  |  |  | Weighted Average Prices
Commodity |  | Settlement Period |  | Derivative Instrument |  | Volumes |  | Fixed-Price Swaps |  |  |  | Floor |  | Ceiling
Crude oil |  | 2025 |  | Fixed price swaps |  | 368,000 |  |  | Bbls |  | $ | 67.26 |  |  |  |  |  |  |
Crude oil |  | 2026 |  | Two-way collars |  | 69,000 |  |  | Bbls |  |  |  |  |  | $ | 60.00 |  |  | $ | 64.25 |
Crude oil |  | 2026 |  | Fixed-price swaps |  | 273,000 |  |  | Bbls |  | $ | 65.75 |  |  |  |  |  |  |
Crude oil |  | 2027 |  | Two-way collars |  | 546,000 |  |  | Bbls |  |  |  |  |  | $ | 60.00 |  |  | $ | 66.12 |
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 June 30, |  | Six Months Ended June 30,
Derivative Instrument |  | Statements of Operations Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  |  | (In thousands)
Commodity derivatives |  | Net gain (loss) on derivative instruments |  | $ | 81,991 |  |  | $ | 3,954 |  |  | $ | 61,030 |  |  | $ | (26,997) |
Commodity derivatives (buy/sell transportation contract) |  | Gathering, processing and transportation expenses(1) |  | — |  |  | (2,647) |  |  | — |  |  | (5,877) |
Contingent consideration |  | Net gain (loss) on derivative instruments(2) |  | 240 |  |  | 654 |  |  | 920 |  |  | 4,028 |
__________________ (1)The change in the fair value of the transportation derivative contract was recorded in GPT expenses as a loss for the three and six months ended June 30, 2024. (2)The change in the fair value of the Contingent Consideration was recorded in net (gain) loss on derivative instruments as a gain for the three and six months ended June 30, 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:
|  |  |  | June 30, 2025
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 85,317 |  |  | $ | (26,948) |  |  | $ | 58,369 |
Contingent consideration |  | Derivative instruments — current assets |  | 23,700 |  |  | — |  |  | 23,700 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 24,293 |  |  | (16,331) |  |  | 7,962 |
Total derivatives assets |  | $ | 133,310 |  |  | $ | (43,279) |  |  | $ | 90,031 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 27,290 |  |  | $ | (26,948) |  |  | $ | 342 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 18,831 |  |  | (16,331) |  |  | 2,500 |
Total derivatives liabilities |  | $ | 46,121 |  |  | $ | (43,279) |  |  | $ | 2,842 |
|  |  |  | 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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