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Derivatives (Tables)
 12 Months Ended
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):
202514,837 $70.14$7,971 
20264,301 $68.718,975 
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):
2025365 $65.00 — $91.61 579 
Natural gas swaps (MMBtu):
202557,760 $3.9525,655 
202645,395 $3.962,445 
Natural gas collars (MMBtu):
202574,009 $3.12 — $5.74 11,285 
202640,100 $3.02 — $4.65 (7,476)
NGL swaps (Bbls):
20251,460 $23.88(2,072)
Crude oil basis swaps (Bbls):
202517,240 $1.624,084 
20263,831 $1.85547 
Natural gas basis swaps (MMBtu):
2025105,347 $(0.26)1,065 
202676,600 $(0.44)(10,028)
202736,500 $(0.38)(5,177)
Calendar Month Average roll swaps (Bbls):
202512,958 $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 – noncurrent25,287 (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 – noncurrent22,686 (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 – noncurrent25,287 (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 – noncurrent22,686 (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,
202420232022
(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 positions77,546 (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)