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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments, Gain (Loss) | The following table summarizes derivative activity for the three and six months ended June 30, 2025 and 2024 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
(Gain) loss on derivative contracts | $ | (6,059) |  |  | $ | — |  |  | $ | (3,572) |  |  | $ | — |
Settlement gains (losses) on derivative contracts | $ | 1,478 |  |  | $ | — |  |  | $ | 1,319 |  |  | $ | — |
Schedule of Offsetting Assets | The following table summarizes (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) the Company’s net derivative asset and liability positions as of June 30, 2025 (in thousands):
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets (Liabilities) |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 4,045 |  |  | $ | 1,081 |  |  | $ | 2,964 |  |  | $ | — |  |  | $ | 2,964 |
Derivative contracts - non-current |  | 166 |  |  | 677 |  |  | (511) |  |  | — |  |  | (511) |
Total |  | $ | 4,211 |  |  | $ | 1,758 |  |  | $ | 2,453 |  |  | $ | — |  |  | $ | 2,453 |
The following tables summarizes (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) the Company’s net derivative asset positions as of December 31, 2024 (in thousands):
|  | 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 | As of June 30, 2025, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:
|  | Period |  | Index |  | Daily Volume |  | Weighted Average Price
Oil (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | July 2025 - December 2025 |  | NYMEX WTI |  | 500 |  | $71.60
|  | January 2026 - June 2026 |  | NYMEX WTI |  | 300 |  | $68.67
Producer Costless Collars |  |  |  |  |  |  |  |
|  | July 2025 - December 2025 |  | NYMEX WTI |  | 675 |  | $61.57 Put / $78.02 Call
Natural Gas (MMBtu) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | July 2025 - December 2025 |  | NYMEX Henry Hub |  | 8,500 |  | $4.17
|  | January 2026 - December 2026 |  | NYMEX Henry Hub |  | 4,500 |  | $4.09
Producer Costless Collars |  |  |  |  |  |  |  |
|  | July 2025 - December 2025 |  | NYMEX Henry Hub |  | 20,500 |  | $3.79 Put / $7.08 Call
|  | January 2026 - December 2026 |  | NYMEX Henry Hub |  | 4,500 |  | $3.35 Put / $5.35 Call
NGL (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | July 2025 - December 2025 |  | Mont Belvieu OPIS - C3+(1) |  | 300 |  | $39.69
|  | July 2025 - December 2025 |  | Mont Belvieu OPIS - Ethane(2) |  | 325 |  | $11.76
____________________ (1) Excludes ethane (2) Ethane only As of December 31, 2024, the Company's open derivative contracts consisted of oil and NGL commodity derivative contracts as follows:
|  | Period |  | Index |  | Daily Volume |  | Weighted Average Price
Oil (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | January 2025 - December 2025 |  | NYMEX WTI |  | 500 |  | $71.60
|  | January 2026 - June 2026 |  | NYMEX WTI |  | 300 |  | $68.67
NGL (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | January 2025 - December 2025 |  | Mont Belvieu OPIS - C3+(1) |  | 300 |  | $39.69
____________________ (1) Excludes ethane

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