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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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) |  |  |  |  |  |  |  |
Q3 2025 |  | 675,000 |  |  | $ | 67.08 |  |  |  |  |
Q4 2025 |  | 630,000 |  |  | $ | 66.68 |  |  |  |  |
2026 |  | 1,740,000 |  |  | $ | 61.33 |  |  |  |  |
2027 |  | 285,000 |  |  | $ | 61.26 |  |  |  |  |
Natural Gas Swaps (MMbtu) |  |  |  |  |  |  |  |
Q3 2025 |  | 480,000 |  |  | $ | 3.30 |  |  |  |  |
Q4 2025 |  | 965,000 |  |  | $ | 3.74 |  |  |  |  |
2026 |  | 2,255,000 |  |  | $ | 3.87 |  |  |  |  |
2027 |  | 600,000 |  |  | $ | 4.19 |  |  |  |  |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
Q3 2025 |  | 452,000 |  |  |  |  | $ | 64.23 |  |  | $ | 74.19 |
Q4 2025 |  | 480,000 |  |  |  |  | $ | 63.10 |  |  | $ | 77.07 |
2026 |  | 1,602,000 |  |  |  |  | $ | 57.84 |  |  | $ | 74.67 |
2027 |  | 310,000 |  |  |  |  | $ | 57.16 |  |  | $ | 66.16 |
Natural Gas Collars (MMbtu) |  |  |  |  |  |  |  |
Q3 2025 |  | 1,110,000 |  |  |  |  | $ | 3.12 |  |  | $ | 3.76 |
Q4 2025 |  | 400,000 |  |  |  |  | $ | 3.30 |  |  | $ | 4.00 |
2026 |  | 2,625,000 |  |  |  |  | $ | 3.19 |  |  | $ | 4.03 |
2027 |  | 450,000 |  |  |  |  | $ | 3.80 |  |  | $ | 5.84 |
Natural Gas Basis Swaps (MMbtu) |  |  |  |  |  |  |  |
Q3 2025 |  | 450,000 |  |  | $ | (2.18) |  |  |  |  |
Q4 2025 |  | 450,000 |  |  | $ | (2.07) |  |  |  |  |
2026 |  | 1,950,000 |  |  | $ | (1.91) |  |  |  |  |
2027 |  | 675,000 |  |  | $ | (0.99) |  |  |  |  |
The following table summarizes the open interest rate derivative positions as of June 30, 2025:
Open Coverage Period |  | Position |  | Notional Amount |  | Fixed Rate
|  |  |  | (In thousands) |  |
July 2025 - April 2026 |  | Long |  | $ | 30,000 |  |  | 3.18 | %
July 2025 - April 2026 |  | Long |  | $ | 50,000 |  |  | 3.04 | %
July 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:
|  | June 30, 2025
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 16,747 |  |  | $ | (5,587) |  |  | $ | 11,160 |
Non-current derivative assets |  | 6,611 |  |  | (6,611) |  |  | — |
Current derivative liabilities |  | (5,599) |  |  | 5,587 |  |  | (12) |
Non-current derivative liabilities |  | (7,720) |  |  | 6,611 |  |  | (1,109) |
Total |  | $ | 10,039 |  |  | $ | — |  |  | $ | 10,039 |
|  | 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 gain (loss) on derivatives, net for the periods presented below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Settlements on derivative contracts | $ | 5,151 |  |  | $ | (1,829) |  |  | $ | 6,266 |  |  | $ | (1,725) |
Non-cash gain (loss) on derivatives | 13,569 |  |  | 1,470 |  |  | 6,604 |  |  | (15,711) |
Gain (loss) on derivatives, net | $ | 18,720 |  |  | $ | (359) |  |  | $ | 12,870 |  |  | $ | (17,436) |

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