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Derivative Instruments (Tables)

9 Months Ended

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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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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