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Derivative Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Oil and Natural Gas Contracts
The Company uses commodity based derivative contracts to reduce exposure to fluctuations in oil and natural gas prices. While the use of these contracts partially limits the downside risk for adverse price changes, their use also partially limits future revenues from favorable price changes. We have not designated our derivative contracts as hedges for accounting purposes, and therefore changes in the fair value of derivatives are included and recognized in other income (expense) in our accompanying condensed consolidated statements of operations.
As of March 31, 2025, the Company’s oil and natural gas derivative contracts consisted of fixed price swaps and costless collars. 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 / YearNotional VolumeFixedPutCall
($ per unit)
Oil Swaps (Bbl)
Q2 2025555,000 $71.95 
Q3 2025375,000 $69.62 
Q4 2025330,000 $69.21 
Natural Gas Swaps (Mcf)
Q2 2025495,000 $3.34 
Q3 2025480,000 $3.30 
Q4 20251,165,000 $3.82 
20262,555,000 $3.92 
2027600,000 $4.19 
Oil Collars (Bbl)
Q2 2025300,000 $66.50 $78.77 
Q3 2025452,000 $64.23 $74.19 
Q4 2025480,000 $63.10 $77.07 
20261,682,000 $57.95 $75.52 
Natural Gas Collars (Mcf)
Q2 20251,080,000 $3.04 $3.65 
Q3 20251,110,000 $3.12 $3.76 
Q4 2025400,000 $3.30 $4.00 
20262,675,000 $3.15 $3.82 
Interest Rate Contracts
The Company entered into floating-to-fixed interest rate swaps, in which we will receive a floating market rate equal to one-month CME Term Secured Overnight Financing Rate and will pay a fixed interest rate, to manage future interest rate exposure related to the Company’s Credit Facility. In March 2024, the Company entered into a fixed-to-floating interest rate swap for the period from May 2024 to December 2024, to reduce our interest rate exposure, which resulted in a gain of approximately $1 million on a notional amount of $80 million. This gain was realized upon settlement of the contracts throughout 2024.
The following table summarizes the open interest rate derivative positions as of March 31, 2025:
Open Coverage Period
Position
Notional AmountFixed 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 %
Balance Sheet Presentation of Derivatives    
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 ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$8,426 $(7,173)$1,253 
Non-current derivative assets5,361 (5,325)36 
Current derivative liabilities(9,832)7,173 (2,659)
Non-current derivative liabilities(7,485)5,325 (2,160)
Total$(3,530)$— $(3,530)
December 31, 2024
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$9,817 $(6,553)$3,264 
Non-current derivative assets6,661 (6,076)585 
Current derivative liabilities(6,553)6,553 — 
Non-current derivative liabilities(6,490)6,076 (414)
Total$3,435 $— $3,435 
The following table presents the components of the Company's loss on derivatives, net for the periods presented below:
Three Months Ended March 31,
20252024
(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)