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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the open financial derivative positions as of December 31, 2024, related to oil and natural gas production:

												Weighted Average Price
Calendar Quarter / Year						Notional Volume						Fixed						Put						Call
												($ per unit)
Oil Swaps (Bbl)
Q1 2025						375,000						$	74.31
Q2 2025						345,000						$	71.32
Q3 2025						165,000						$	68.53
Q4 2025						120,000						$	66.99
Natural Gas Swaps (Mcf)
Q1 2025						965,000						$	3.61
Q2 2025						495,000						$	3.34
Q3 2025						480,000						$	3.30
Q4 2025						1,165,000						$	3.82
2026						2,555,000						$	3.92
2027						600,000						$	4.19
Oil Collars (Bbl)
Q1 2025						468,000												$	60.48					$	77.04
Q2 2025						300,000												$	66.50					$	78.77
Q3 2025						452,000												$	64.23					$	74.19
Q4 2025						480,000												$	63.10					$	77.07
2026						1,107,000												$	58.89					$	76.99
Natural Gas Collars (Mcf)
Q1 2025						555,000												$	3.46					$	4.38
Q2 2025						1,080,000												$	3.04					$	3.65
Q3 2025						1,110,000												$	3.12					$	3.76
Q4 2025						400,000												$	3.30					$	4.00
2026						2,675,000												$	3.15					$	3.82

The following table summarizes the open interest rate derivative positions as of December 31, 2024:

Open Coverage Period						Position			Notional Amount						Fixed Rate
									(In thousands)
January 2025 - April 2026						Long			$	30,000					3.18		%
January 2025 - April 2026						Long			$	50,000					3.04		%
April 2026 - April 2027						Long			$	45,000					3.90		%

Schedule of Derivative Instruments Location and Fair Value

The following tables present the location and fair value of the Company’s derivative contracts included in our consolidated balance sheets as of December 31, 2024, and 2023:

						December 31, 2024
Balance Sheet Classification						Gross Fair Value						Amounts Netted						Net Fair Value
						(In thousands)
Current derivative assets						$	9,817					$	(6,553)					$	3,264
Non-current derivative assets						6,661						(6,076)						585
Current derivative liabilities						(6,553)						6,553						—
Non-current derivative liabilities						(6,490)						6,076						(414)
Total						$	3,435					$	—					$	3,435
						December 31, 2023
Balance Sheet Classification						Gross Fair Value						Amounts Netted						Net Fair Value
						(In thousands)
Current derivative assets						$	8,948					$	(3,935)					$	5,013
Non-current derivative assets						6,687						(4,391)						2,296
Current derivative liabilities						(4,295)						3,935						(360)
Non-current derivative liabilities						(4,391)						4,391						—
Total						$	6,949					$	—					$	6,949

Schedule of Derivative Instruments, Gain (Loss), Net

The following table presents the components of the Company's gain (loss) on derivatives, net for the periods presented below:

			Year Ended December 31,
			2024						2023
			(In thousands)
Settlements on derivative contracts			$	1,849					$	(17,221)
Non-cash gain (loss) on derivatives			(3,514)						23,414
Gain (loss) on derivatives, net			$	(1,665)					$	6,193

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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