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Derivatives (Tables)
 6 Months Ended
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,
2025202420252024
(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 AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets (Liabilities)
Derivative contracts - current$4,045 $1,081 $2,964 $— $2,964 
Derivative contracts - non-current166 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 AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets
Derivative contracts - current
$744 $630 $114 $— $114 
Derivative contracts - non-current86 — 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:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price Swaps
July 2025 - December 2025NYMEX WTI500$71.60
January 2026 - June 2026NYMEX WTI300$68.67
Producer Costless Collars
July 2025 - December 2025NYMEX WTI675
 $61.57 Put / $78.02 Call
Natural Gas (MMBtu)
Fixed Price Swaps
July 2025 - December 2025NYMEX Henry Hub8,500$4.17
January 2026 - December 2026NYMEX Henry Hub4,500$4.09
Producer Costless Collars
July 2025 - December 2025NYMEX Henry Hub20,500
$3.79 Put / $7.08 Call
January 2026 - December 2026NYMEX Henry Hub4,500
$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:
PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price Swaps
January 2025 - December 2025NYMEX WTI500$71.60
January 2026 - June 2026NYMEX WTI300$68.67
NGL (Bbl)
Fixed Price Swaps
January 2025 - December 2025
Mont Belvieu OPIS - C3+(1)
300$39.69
____________________
(1)    Excludes ethane