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DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Commodity Derivatives
As of December 31, 2024, we had entered into the following commodity price derivative contracts:
Contract Period
Q1 2025Q2 2025Q3 2025Q4 20252026
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps
NYMEX WTI Volumes31,00029,00028,00011,000740
Weighted-Average Contract Price$71.08 $70.71 $72.90 $68.54 $66.50 
Collars
NYMEX WTI Volumes28,00032,00028,00045,000—
Weighted-Average Ceiling Price$79.87 $77.78 $77.65 $75.81 $— 
Weighted-Average Floor Price$70.00 $69.88 $69.31 $58.71 $— 
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu)
Swaps
NYMEX HH Volumes180,000110,000110,000110,000—
Weighted-Average Contract Price$3.17 $3.20 $3.20 $3.20 $— 
Collars
NYMEX HH Volumes20,00020,00020,00020,000130,000
Weighted-Average Ceiling Price$3.76 $3.76 $3.76 $3.76 $4.02 
Weighted-Average Floor Price$3.03 $3.03 $3.03 $3.03 $3.24 
Basis Protection Swaps
Waha Basis Volumes
200,000130,000130,000130,000130,000
Weighted-Average Contract Price$(1.10)$(1.17)$(1.17)$(1.17)$(1.31)
Waha Index Volumes
90,000————
Weighted-Average Contract Price$0.07 $— $— $— $— 
Subsequent to December 31, 2024 and as of February 21, 2025, we had entered into the following commodity price derivative contracts:
Contract Period
Q1 2025Q2 2025Q3 2025Q4 20252026
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps
NYMEX WTI Volumes——5,0002,0007,397
Weighted-Average Contract Price$— $— $69.76 $69.60 $68.46 
Collars
NYMEX WTI Volumes————2,466
Weighted-Average Ceiling Price$— $— $— $— $77.13 
Weighted-Average Floor Price$— $— $— $— $60.00 
Summary of all the Company's Derivative Positions The following table contains a summary of all our derivative positions reported on the accompanying consolidated balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of our commodity derivative contracts as of December 31, 2024 and 2023 (in thousands):
As of December 31,
20242023
Derivative Assets: 
Commodity contracts - current$66,517 $35,192 
Commodity contracts - noncurrent17,037 8,233 
Total derivative assets83,554 43,425 
Amounts not offset in the accompanying consolidated balance sheets(26,520)(11,859)
Total derivative assets, net$57,034 $31,566 
Derivative Liabilities:  
Commodity contracts - current$(22,178)$(18,096)
Commodity contracts - long-term(13,016)— 
Total derivative liabilities(35,194)(18,096)
Amounts not offset in the accompanying consolidated balance sheets26,520 11,859 
Total derivative liabilities, net$(8,674)$(6,237)
Summary of the Components of the Derivative Gain (Loss)
The following table summarizes the components of the derivative gain (loss), net presented on the accompanying consolidated statements of operations for the periods below (in thousands):
 Year Ended December 31,
 202420232022
Derivative cash settlement gain (loss), net 
Crude oil contracts$(41,696)$(59,543)$(346,419)
Natural gas contracts48,131 (8,703)(189,410)
NGL contracts— — (40,973)
Total derivative cash settlement gain (loss), net6,435 (68,246)(576,802)
Change in fair value gain
31,055 77,553 241,642 
Total derivative gain (loss), net$37,490 $9,307 $(335,160)