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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table details our net volume positions by commodity as of December 31, 2024:
Production Period |  | Volumes |  | Weighted Average Fixed Price |  | Fair Value
|  | (in thousands) |  |  |  |  |  | (in thousands)
Crude oil swaps – WTI (Bbls): |  |  |  |  |  |  |  |
2025 |  | 14,837 |  |  | $70.14 |  | $ | 7,971 |
2026 |  | 4,301 |  |  | $68.71 |  | 8,975 |
2026 (1) |  | 2,738 |  |  | $76.31 |  | (7,569) |
2027 (2) |  | 3,650 |  |  | $75.00 |  | (10,770) |
Crude oil collars – WTI (Bbls): |  |  |  |  |  |  |  |
2025 |  | 5,576 |  |  | $ | 62.33 |  | — |  | $ | 79.10 |  |  | 3,750 |
2026 |  | 273 |  |  | $ | 64.00 |  | — |  | $ | 71.50 |  |  | 280 |
2026 (3) |  | 730 |  |  | $ | 65.00 |  | — |  | $ | 76.00 |  |  | (2,275) |
Crude oil collars – Brent (Bbls): |  |  |  |  |  |  |  |
2025 |  | 365 |  |  | $ | 65.00 |  | — |  | $ | 91.61 |  |  | 579 |
Natural gas swaps (MMBtu): |  |  |  |  |  |
2025 |  | 57,760 |  |  | $3.95 |  | 25,655 |
2026 |  | 45,395 |  |  | $3.96 |  | 2,445 |
Natural gas collars (MMBtu): |  |  |  |  |  |  |  |
2025 |  | 74,009 |  |  | $ | 3.12 |  | — |  | $ | 5.74 |  |  | 11,285 |
2026 |  | 40,100 |  |  | $ | 3.02 |  | — |  | $ | 4.65 |  |  | (7,476) |
NGL swaps (Bbls): |  |  |  |  |  |
2025 |  | 1,460 |  |  | $23.88 |  | (2,072) |
Crude oil basis swaps (Bbls): |  |  |  |  |  |
2025 |  | 17,240 |  |  | $1.62 |  | 4,084 |
2026 |  | 3,831 |  |  | $1.85 |  | 547 |
Natural gas basis swaps (MMBtu): |  |  |  |  |  |
2025 |  | 105,347 |  |  | $(0.26) |  | 1,065 |
2026 |  | 76,600 |  |  | $(0.44) |  | (10,028) |
2027 |  | 36,500 |  |  | $(0.38) |  | (5,177) |
Calendar Month Average roll swaps (Bbls): |  |  |  |  |  |
2025 |  | 12,958 |  |  | $0.31 |  | (1,742) |
Total |  |  |  |  |  |  |  | $ | 19,527 |
(1) Represents outstanding crude oil swap options exercisable by the counterparty until December 2025. (2) Represents outstanding crude oil swap options exercisable by the counterparty until December 2026. (3) Represents outstanding crude oil collar options exercisable by the counterparty until December 2025.
Schedule of Offsetting Assets | The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2024 and 2023:
| Gross Fair Value |  | Effect of Counterparty Netting |  | Net Carrying Value
| (in thousands)
December 31, 2024 |  |  |  |  |
Assets: |  |  |  |  |
Derivative assets – current | $ | 95,484 |  |  | $ | (42,211) |  |  | $ | 53,273 |
Derivative assets – noncurrent | 25,287 |  |  | (18,603) |  |  | 6,684 |
Total assets | $ | 120,771 |  |  | $ | (60,814) |  |  | $ | 59,957 |
Liabilities: |  |  |  |  |
Derivative liabilities – current | $ | (44,909) |  |  | $ | 42,211 |  |  | $ | (2,698) |
Derivative liabilities – noncurrent | (56,335) |  |  | 18,603 |  |  | (37,732) |
Total liabilities | $ | (101,244) |  |  | $ | 60,814 |  |  | $ | (40,430) |
December 31, 2023 |  |  |  |  |
Assets: |  |  |  |  |
Derivative assets – current | $ | 93,720 |  |  | $ | (39,399) |  |  | $ | 54,321 |
Derivative assets – noncurrent | 22,686 |  |  | (14,620) |  |  | 8,066 |
Total assets | $ | 116,406 |  |  | $ | (54,019) |  |  | $ | 62,387 |
Liabilities: |  |  |  |  |
Derivative liabilities – current | $ | (81,450) |  |  | $ | 39,399 |  |  | $ | (42,051) |
Derivative liabilities – noncurrent | (14,620) |  |  | 14,620 |  |  | — |
Total liabilities | $ | (96,070) |  |  | $ | 54,019 |  |  | $ | (42,051) |
Schedule of Offsetting Liabilities | The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2024 and 2023:
| Gross Fair Value |  | Effect of Counterparty Netting |  | Net Carrying Value
| (in thousands)
December 31, 2024 |  |  |  |  |
Assets: |  |  |  |  |
Derivative assets – current | $ | 95,484 |  |  | $ | (42,211) |  |  | $ | 53,273 |
Derivative assets – noncurrent | 25,287 |  |  | (18,603) |  |  | 6,684 |
Total assets | $ | 120,771 |  |  | $ | (60,814) |  |  | $ | 59,957 |
Liabilities: |  |  |  |  |
Derivative liabilities – current | $ | (44,909) |  |  | $ | 42,211 |  |  | $ | (2,698) |
Derivative liabilities – noncurrent | (56,335) |  |  | 18,603 |  |  | (37,732) |
Total liabilities | $ | (101,244) |  |  | $ | 60,814 |  |  | $ | (40,430) |
December 31, 2023 |  |  |  |  |
Assets: |  |  |  |  |
Derivative assets – current | $ | 93,720 |  |  | $ | (39,399) |  |  | $ | 54,321 |
Derivative assets – noncurrent | 22,686 |  |  | (14,620) |  |  | 8,066 |
Total assets | $ | 116,406 |  |  | $ | (54,019) |  |  | $ | 62,387 |
Liabilities: |  |  |  |  |
Derivative liabilities – current | $ | (81,450) |  |  | $ | 39,399 |  |  | $ | (42,051) |
Derivative liabilities – noncurrent | (14,620) |  |  | 14,620 |  |  | — |
Total liabilities | $ | (96,070) |  |  | $ | 54,019 |  |  | $ | (42,051) |
Schedule of Derivative Contracts on Operations | The amount of realized and unrealized gain (loss) recognized in Gain (loss) on derivatives in our consolidated statements of operations was as follows for the years ended December 31, 2024, 2023 and 2022:
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Derivatives not designated as hedging instruments: |  |  |  |  |
Realized gain (loss) on oil positions | $ | (112,777) |  |  | $ | (171,274) |  |  | $ | (395,147) |
Realized gain (loss) on natural gas positions | 77,546 |  |  | (1,022) |  |  | (327,098) |
Realized gain (loss) on NGL positions | (623) |  |  | 18,562 |  |  | (57,015) |
Total realized gain (loss) on derivatives | (35,854) |  |  | (153,734) |  |  | (779,260) |
Unrealized gain (loss) on commodity derivatives | (78,494) |  |  | 320,714 |  |  | 102,358 |
Gain (loss) on derivatives | $ | (114,348) |  |  | $ | 166,980 |  |  | $ | (676,902) |

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