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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026, related to our future oil and natural gas production:

						2026																		2027																								2028
						Second Quarter						Third Quarter						Fourth Quarter						First Quarter						Second 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)

The following table summarizes the open interest rate derivative positions as of March 31, 2026:

Open Coverage Period						Position						Notional Amount						Fixed 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		%

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:

						March 31, 2026
Balance Sheet Classification						Gross Fair Value						Amounts Netted						Net Fair Value
						(In thousands)
Current derivative assets						$	8,728					$	(8,728)					$	—
Non-current derivative assets						11,388						(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 Classification						Gross Fair Value						Amounts Netted						Net Fair Value
						(In thousands)
Current derivative assets						$	22,121					$	(2,980)					$	19,141
Non-current derivative assets						9,316						(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

Schedule of Derivative Instruments, Gain (Loss), Net

The following table presents the components of the Company's loss on derivatives, net for the periods presented below:

									Three Months Ended March 31,
															2026						2025
												(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)

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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.

+ References

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-Topic 815
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-Name Accounting Standards Codification
-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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