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Derivatives (Tables)

12 Months Ended

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

X

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