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Derivative Instruments (Tables)
 6 Months Ended
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:
CommoditySettlement
Period		Derivative
Instrument		VolumesWeighted Average Prices
Fixed Price SwapsSub-FloorFloorCeiling
  
Crude oil2025Two-way collar3,036,000 Bbls$64.55 $76.76 
Crude oil2025Three-way collar1,104,000 Bbls$52.50 $67.50 $81.37 
Crude oil2025Fixed price swaps1,840,000 Bbls$70.03 
Crude oil2026Three-way collar4,138,000 Bbls$51.09 $65.93 $77.61 
Crude oil2026Two-way collar1,001,000 Bbls$63.65 $71.71 
Crude oil2026Fixed price swaps1,275,000 Bbls$66.56 
Crude oil2027Three-way collar677,500 Bbls$50.00 $61.33 $72.92 
Natural gas2025Two-way collar4,140,000 MMBtu$4.00 $4.87 
Natural gas2025Fixed price swaps20,700,000 MMBtu$3.99 
Natural gas2026Two-way collar12,247,500 MMBtu$3.78 $4.53 
Natural gas2026Fixed price swaps16,432,500 MMBtu$3.84 
Natural gas2027Fixed price swaps3,620,000 MMBtu$4.02 
Subsequent to June 30, 2025, the Company entered into the following commodity derivative contracts:
Weighted Average Prices
CommoditySettlement PeriodDerivative InstrumentVolumes
Fixed-Price Swaps
FloorCeiling
Crude oil2025Fixed price swaps368,000 Bbls$67.26 
Crude oil2026Two-way collars69,000 Bbls$60.00 $64.25 
Crude oil2026Fixed-price swaps273,000 Bbls$65.75 
Crude oil2027Two-way collars546,000 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 InstrumentStatements of Operations Location2025202420252024
 (In thousands)
Commodity derivativesNet 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 InstrumentBalance Sheet LocationGross AmountGross Amount OffsetNet Amount
(In thousands)
Derivatives assets:
Commodity derivativesDerivative instruments — current assets$85,317 $(26,948)$58,369 
Contingent considerationDerivative instruments — current assets23,700 — 23,700 
Commodity derivativesDerivative instruments — non-current assets24,293 (16,331)7,962 
Total derivatives assets$133,310 $(43,279)$90,031 
Derivatives liabilities:
Commodity derivativesDerivative instruments — current liabilities$27,290 $(26,948)$342 
Commodity derivativesDerivative instruments — non-current liabilities18,831 (16,331)2,500 
Total derivatives liabilities$46,121 $(43,279)$2,842 
December 31, 2024
Derivative InstrumentBalance Sheet LocationGross AmountGross Amount OffsetNet Amount
(In thousands)
Derivatives assets:
Commodity derivativesDerivative instruments — current assets$33,579 $(20,415)$13,164 
Contingent considerationDerivative instruments — current assets22,780 — 22,780 
Commodity derivativesDerivative instruments — non-current assets31,676 (26,047)5,629 
Total derivatives assets$88,035 $(46,462)$41,573 
Derivatives liabilities:
Commodity derivativesDerivative instruments — current liabilities$21,645 $(20,415)$1,230 
Commodity derivativesDerivative instruments — non-current liabilities27,063 (26,047)1,016 
Total derivatives liabilities$48,708 $(46,462)$2,246