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Derivative Instruments
 3 Months Ended
Mar. 31, 2026
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 expense in our accompanying condensed consolidated statements of operations.
As of March 31, 2026, the Company’s oil and natural gas derivative contracts consisted of fixed price swaps, costless collars and basis swaps. The following table summarizes the open financial derivative positions as of March 31, 2026, related to our future oil and natural gas production:
20262027
2028
Second QuarterThird QuarterFourth QuarterFirst QuarterSecond Quarter
Third Quarter
Fourth Quarter
First Quarter
Oil
WTI Oil Swaps
Volume (Bbl)
960,000 1,020,000 1,020,000 755,000 620,000 600,000 570,000 180,000 
Weighted
average price
($/Bbl)
$62.52 $62.59 $62.42 $62.24 $62.42 $62.13 $62.45 $72.11 
WTI Oil Collars
Volume (Bbl)
541,000 570,000 550,000 475,000 537,000 400,000 225,000 180,000 
Weighted
 average floor
 price ($/Bbl)
$58.84 $58.25 $57.75 $57.15 $55.84 $52.93 $56.33 $55.00 
Weighted
average ceiling
price ($/Bbl)
$73.60 $72.66 $69.59 $66.42 $67.97 $65.87 $67.06 $73.33 
Natural Gas
Henry Hub
Natural Gas Swaps
Volume (MMBtu)450,000 300,000 500,000 600,000 
Weighted
average price
($/MMBtu)
$3.64 $3.59 $4.07 $4.19 
Henry Hub
Natural Gas Collars
Volume (MMBtu)900,000 900,000 600,000 450,000 
Weighted
average floor
price ($/MMBtu)
$3.05 $3.05 $3.43 $3.80 
Weighted
average ceiling
price ($/MMBtu)
$3.74 $3.74 $4.79 $5.84 
Waha Basis Swaps
Volume (MMBtu)450,000 450,000 600,000 3,150,000 3,150,000 3,150,000 3,150,000 1,800,000 
Weighted
average price
($/MMBtu)
$(2.26)$(2.26)$(1.31)$(0.94)$(0.95)$(0.95)$(0.95)$(1.01)
Interest Rate Contracts
The Company entered into floating-to-fixed interest rate swaps, in which it will receive a floating market rate equal to one-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate ("SOFR") Rate and will pay a fixed interest rate to manage future interest rate exposure related to the Company’s Credit Facility.
The following table summarizes the open interest rate derivative positions as of March 31, 2026:
Open Coverage Period
Position
Notional AmountFixed Rate
(In thousands)
April 2026 - April 2026
Long
$30,000 3.18 %
April 2026 - 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, 2026
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$8,728 $(8,728)$— 
Non-current derivative assets11,388 (10,000)1,388 
Current derivative liabilities(86,665)8,728 (77,937)
Non-current derivative liabilities(24,587)10,000 (14,587)
Total$(91,136)$— $(91,136)
December 31, 2025
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$22,121 $(2,980)$19,141 
Non-current derivative assets9,316 (4,199)5,117 
Current derivative liabilities(3,017)2,980 (37)
Non-current derivative liabilities(4,311)4,199 (112)
Total$24,109 $— $24,109 
The following table presents the components of the Company's loss on derivatives, net for the periods presented below:
Three Months Ended March 31,
20262025
(In thousands)
Settlements on derivative contracts$(11,725)$1,115 
Non-cash loss on derivatives(115,245)(6,965)
Loss on derivatives, net$(126,970)$(5,850)