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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025, related to our future oil and natural gas production:
|  | 2025 |  | 2026 |  | 2027
|  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter
Oil |  |  |  |  |  |  |  |  |  |  |  |  |  |
WTI Oil Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (Bbl) |  | 679,947 |  |  | 561,000 |  |  | 525,000 |  |  | 465,000 |  |  | 495,000 |  |  | 245,000 |  |  | 80,000 |
Weighted average price ($/Bbl) |  | $ | 66.93 |  |  | $ | 62.22 |  |  | $ | 61.93 |  |  | $ | 61.30 |  |  | $ | 60.85 |  |  | $ | 61.37 |  |  | $ | 61.83 |
WTI Oil Collars |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (Bbl) |  | 480,000 |  |  | 516,000 |  |  | 486,000 |  |  | 465,000 |  |  | 375,000 |  |  | 355,000 |  |  | 477,000 |
Weighted average floor price ($/Bbl) |  | $ | 63.10 |  |  | $ | 59.55 |  |  | $ | 57.78 |  |  | $ | 57.05 |  |  | $ | 56.63 |  |  | $ | 57.03 |  |  | $ | 55.31 |
Weighted average ceiling price ($/Bbl) |  | $ | 77.07 |  |  | $ | 77.16 |  |  | $ | 73.54 |  |  | $ | 72.57 |  |  | $ | 69.39 |  |  | $ | 66.19 |  |  | $ | 68.35 |
Natural Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |
NYMEX Natural Gas Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 965,000 |  |  | 1,005,000 |  |  | 450,000 |  |  | 300,000 |  |  | 500,000 |  |  | 600,000 |  |  |
Weighted average price ($/MMBtu) |  | $ | 3.74 |  |  | $ | 3.97 |  |  | $ | 3.64 |  |  | $ | 3.59 |  |  | $ | 4.07 |  |  | $ | 4.19 |  |  |
NYMEX Natural Gas Collars |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 400,000 |  |  | 225,000 |  |  | 900,000 |  |  | 900,000 |  |  | 600,000 |  |  | 450,000 |  |  |
Weighted average floor price ($/MMBtu) |  | $ | 3.30 |  |  | $ | 3.67 |  |  | $ | 3.05 |  |  | $ | 3.05 |  |  | $ | 3.43 |  |  | $ | 3.80 |  |  |
Weighted average ceiling price ($/MMBtu) |  | $ | 4.00 |  |  | $ | 4.30 |  |  | $ | 3.74 |  |  | $ | 3.74 |  |  | $ | 4.79 |  |  | $ | 5.84 |  |  |
Waha Basis Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 450,000 |  |  | 450,000 |  |  | 450,000 |  |  | 450,000 |  |  | 600,000 |  |  | 675,000 |  |  |
Weighted average price ($/MMBtu) |  | $ | (2.07) |  |  | $ | (2.01) |  |  | $ | (2.26) |  |  | $ | (2.26) |  |  | $ | (1.31) |  |  | $ | (0.99) |  |  |
The following table summarizes the open interest rate derivative positions as of September 30, 2025:
Open Coverage Period |  | Position |  | Notional Amount |  | Fixed Rate
|  |  |  | (In thousands) |  |
October 2025 - April 2026 |  | Long |  | $ | 30,000 |  |  | 3.18 | %
October 2025 - April 2026 |  | Long |  | $ | 50,000 |  |  | 3.04 | %
October 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:
|  | September 30, 2025
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 15,656 |  |  | $ | (5,090) |  |  | $ | 10,566 |
Non-current derivative assets |  | 7,429 |  |  | (6,948) |  |  | 481 |
Current derivative liabilities |  | (5,090) |  |  | 5,090 |  |  | — |
Non-current derivative liabilities |  | (7,269) |  |  | 6,948 |  |  | (321) |
Total |  | $ | 10,726 |  |  | $ | — |  |  | $ | 10,726 |
|  | 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Settlements on derivative contracts | $ | 2,263 |  |  | $ | 815 |  |  | $ | 8,529 |  |  | $ | (910) |
Non-cash gain (loss) on derivatives | (343) |  |  | 23,402 |  |  | 6,261 |  |  | 7,691 |
Gain on derivatives, net | $ | 1,920 |  |  | $ | 24,217 |  |  | $ | 14,790 |  |  | $ | 6,781 |

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