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Derivative Instruments (Tables)

9 Months Ended

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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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.

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-Topic 815
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-Section 50
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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