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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | The following table summarizes derivative activity for the years ended December 31, 2024, 2023 and 2022, (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
(Gain) loss on derivative contracts | $ | (748) |  |  | $ | (1,447) |  |  | $ | (5,975) |
Realized settlement gains (losses) on derivative contracts | $ | 548 |  |  | $ | 5,876 |  |  | $ | 1,525 |
Schedule of Offsetting Assets | The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative asset positions as of December 31, 2024 (in thousands): December 31, 2024
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 744 |  |  | $ | 630 |  |  | $ | 114 |  |  | $ | — |  |  | $ | 114 |
Derivative contracts - non-current |  | 86 |  |  | — |  |  | 86 |  |  | — |  |  | 86 |
Total |  | $ | 830 |  |  | $ | 630 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 200 |
Schedule of Derivative Contracts | These commodity derivative contracts consisted of the following:
Period |  | Type of Derivative Instrument |  | Index(1) |  | Daily Volume (Bbl) |  | Weighted Average Price Per Barrel
January 2025 - December 2025 |  | Swaps |  | Mont Belvieu OPIS |  | 300 |  | $ | 39.69 |
January 2025 - December 2025 |  | Swaps |  | NYMEX WTI |  | 500 |  | $ | 71.60 |
January 2026 - June 2026 |  | Swaps |  | NYMEX WTI |  | 300 |  | $ | 68.67 |
(1) NGL swaps exclude ethane
Subsequent to December 31, 2024, the Company entered into the following natural gas derivative swap contracts:
Period |  | Index |  | Daily Volume (MMBtu) |  | Weighted Average Price Per MMBtu
March 2025 - December 2025 |  | NYMEX Henry Hub |  | 8,500 |  |  | $ | 4.17 |
January 2026 - December 2026 |  | NYMEX Henry Hub |  | 4,500 |  |  | $ | 4.09 |
Subsequent to December 31, 2024, the Company entered into the following natural gas derivative producer costless collar contracts:
Period |  | Index |  | Daily Volume (MMBtu) |  | Put (Per MMBtu) |  | Call (Per MMBtu)
March 2025 - December 2025 |  | NYMEX Henry Hub |  | 8,500 |  |  | $ | 3.50 |  |  | $ | 5.50 |
April 2025 - December 2025 |  | NYMEX Henry Hub |  | 12,000 |  |  | $ | 4.00 |  |  | $ | 8.20 |
January 2026 - December 2026 |  | NYMEX Henry Hub |  | 4,500 |  |  | $ | 3.35 |  |  | $ | 5.35 |
Subsequent to December 31, 2024, the Company entered into the following ethane derivative swap contracts:
Period |  | Index |  | Daily Volume (Bbl) |  | Weighted Average Price Per Bbl
March 2025 - December 2025 |  | Mont Belvieu OPIS |  | 325 |  |  | $ | 11.76 |
Schedule of Fair Value of Derivative Contract | The following table presents the fair value of the Company’s derivative contracts on a net basis with same counterparty netting (in thousands):
Type of Contract |  | Balance Sheet Classification |  | December 31, 2024
Oil and NGL price swaps |  | Current assets - Derivative Contracts |  | $ | 114 |
Oil and NGL price swaps |  | Non-current assets - Derivative Contracts |  | 86 |
Total net derivative contracts |  |  |  | $ | 200 |

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