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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At September 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 |  |  |  | 1,380,000 |  |  | Bbls |  |  |  |  |  |  |  | $ | 65.00 |  |  | $ | 76.05 |
Crude oil |  | 2025 |  | Three-way collar |  |  |  | 552,000 |  |  | Bbls |  |  |  |  |  | $ | 52.50 |  |  | $ | 67.50 |  |  | $ | 81.37 |
Crude oil |  | 2025 |  | Fixed price swaps |  |  |  | 1,196,000 |  |  | Bbls |  | $ | 68.84 |  |  |  |  |  |  |  |  |
Crude oil |  | 2026 |  | Three-way collar |  |  |  | 4,230,000 |  |  | Bbls |  |  |  |  |  | $ | 51.07 |  |  | $ | 65.80 |  |  | $ | 77.51 |
Crude oil |  | 2026 |  | Two-way collar |  |  |  | 1,070,000 |  |  | Bbls |  |  |  |  |  |  |  | $ | 63.41 |  |  | $ | 71.23 |
Crude oil |  | 2026 |  | Fixed price swaps |  |  |  | 1,548,000 |  |  | Bbls |  | $ | 66.42 |  |  |  |  |  |  |  |  |
Crude oil |  | 2027 |  | Three-way collar |  |  |  | 1,040,500 |  |  | Bbls |  |  |  |  |  | $ | 50.00 |  |  | $ | 60.86 |  |  | $ | 72.80 |
Crude oil |  | 2027 |  | Two-way collar |  |  |  | 546,000 |  |  | Bbls |  |  |  |  |  |  |  | $ | 60.00 |  |  | $ | 66.12 |
Natural gas |  | 2025 |  | Two-way collar |  |  |  | 2,070,000 |  |  | MMBtu |  |  |  |  |  |  |  | $ | 4.00 |  |  | $ | 4.87 |
Natural gas |  | 2025 |  | Fixed price swaps |  |  |  | 10,350,000 |  |  | MMBtu |  | $ | 3.99 |  |  |  |  |  |  |  |  |
Natural gas |  | 2026 |  | Two-way collar |  |  |  | 16,847,500 |  |  | MMBtu |  |  |  |  |  |  |  | $ | 3.77 |  |  | $ | 4.43 |
Natural gas |  | 2026 |  | Fixed price swaps |  |  |  | 16,432,500 |  |  | MMBtu |  | $ | 3.84 |  |  |  |  |  |  |  |  |
Natural gas |  | 2027 |  | Fixed price swaps |  |  |  | 3,620,000 |  |  | MMBtu |  | $ | 4.02 |  |  |  |  |  |  |  |  |
Natural gas |  | 2027 |  | Two-way collar |  |  |  | 4,525,000 |  |  | MMBtu |  |  |  |  |  |  |  | $ | 3.75 |  |  | $ | 4.18 |
Subsequent to September 30, 2025, 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
Natural gas |  | 2026 |  | Fixed price swaps |  | 3,650,000 |  |  | MMBtu |  | $ | 3.93 |  |  |  |  |  |  |
Crude oil |  | 2026 |  | Fixed-price swaps |  | 184,000 |  |  | Bbls |  | $ | 59.81 |  |  |  |  |  |  |
Natural gas |  | 2027 |  | Fixed-price swaps |  | 3,650,000 |  |  | MMBtu |  | $ | 4.00 |  |  |  |  |  |  |
Crude oil |  | 2027 |  | Three-way collars |  | 365,000 |  |  | Bbls |  |  |  | $ | 50.00 |  |  | $ | 60.00 |  |  | $ | 70.19 |
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 September 30, |  | Nine Months Ended September 30,
Derivative Instrument |  | Statements of Operations Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  |  | (In thousands)
Commodity derivatives |  | Net gain on derivative instruments |  | $ | 19,784 |  |  | $ | 54,143 |  |  | $ | 80,814 |  |  | $ | 27,147 |
Commodity derivatives (buy/sell transportation contract) |  | Gathering, processing and transportation expenses(1) |  | — |  |  | — |  |  | — |  |  | (5,877) |
Contingent consideration |  | Net gain on derivative instruments (2) |  | 940 |  |  | (1,422) |  |  | 1,860 |  |  | 2,606 |
__________________ (1)The change in the fair value of the transportation derivative contract was recorded in GPT expenses as a loss for the nine months ended September 30, 2024. (2)The change in the fair value of the Contingent Consideration was recorded in net gain on derivative instruments as a gain for the three and nine months ended September 30, 2025 and the nine months ended September 30, 2024 and as a loss for the three months ended September 30, 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:
|  |  |  | September 30, 2025
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 80,516 |  |  | $ | (18,956) |  |  | $ | 61,560 |
Contingent consideration |  | Derivative instruments — current assets |  | 24,640 |  |  | — |  |  | 24,640 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 25,019 |  |  | (20,077) |  |  | 4,942 |
Total derivatives assets |  | $ | 130,175 |  |  | $ | (39,033) |  |  | $ | 91,142 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 18,956 |  |  | $ | (18,956) |  |  | $ | — |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 21,171 |  |  | (20,077) |  |  | 1,094 |
Total derivatives liabilities |  | $ | 40,127 |  |  | $ | (39,033) |  |  | $ | 1,094 |
|  |  |  | 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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