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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025, related to our future oil and natural gas production:
|  |  |  | Weighted Average Price
Calendar Quarter / Year |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Oil Swaps (Bbl) |  |  |  |  |  |  |  |
Q2 2025 |  | 555,000 |  |  | $ | 71.95 |  |  |  |  |
Q3 2025 |  | 375,000 |  |  | $ | 69.62 |  |  |  |  |
Q4 2025 |  | 330,000 |  |  | $ | 69.21 |  |  |  |  |
Natural Gas Swaps (Mcf) |  |  |  |  |  |  |  |
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) |  |  |  |  |  |  |  |
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 |  | 1,682,000 |  |  |  |  | $ | 57.95 |  |  | $ | 75.52 |
Natural Gas Collars (Mcf) |  |  |  |  |  |  |  |
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 March 31, 2025:
Open Coverage Period |  | Position |  | Notional Amount |  | Fixed Rate
|  |  |  | (In thousands) |  |
April 2025 - April 2026 |  | Long |  | $ | 30,000 |  |  | 3.18 | %
April 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 accompanying condensed consolidated balance sheets:
|  | March 31, 2025
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 8,426 |  |  | $ | (7,173) |  |  | $ | 1,253 |
Non-current derivative assets |  | 5,361 |  |  | (5,325) |  |  | 36 |
Current derivative liabilities |  | (9,832) |  |  | 7,173 |  |  | (2,659) |
Non-current derivative liabilities |  | (7,485) |  |  | 5,325 |  |  | (2,160) |
Total |  | $ | (3,530) |  |  | $ | — |  |  | $ | (3,530) |
|  | 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 |
Schedule of Derivative Instruments, Gain (Loss), Net | The following table presents the components of the Company's loss on derivatives, net for the periods presented below:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In thousands)
Settlements on derivative contracts | $ | 1,115 |  |  | $ | 104 |  |  |  |  |
Non-cash loss on derivatives | (6,965) |  |  | (17,181) |  |  |  |  |
Loss on derivatives, net | $ | (5,850) |  |  | $ | (17,077) |  |  |  |  |

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