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v3.26.1

Derivatives and Risk Management (Tables) | 3 Months Ended
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Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables provide information about the Company’s derivative financial instruments. The tables present the notional amount, the weighted average contract prices and the fair values by expected maturity dates as of March 31, 2026.
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2026 |
Oil | (in MBbls) |  | ($ per Bbl) |  | (in thousands) |
Fixed price swaps |  |  |  |  |  |
2026 | 1,851 |  | 63.58 |  | $ | (32,059) |
2027 | 1,597 |  | 63.22 |  | (10,515) |
2028 | 408 |  | 67.95 |  | 236 |
2029 | 24 |  | 68.37 |  | 51 |
Total | 3,880 |  |  |  | $ | (42,287) |
| Volume |  | Floor / Ceiling |  | Fair Value as of March 31, 2026 |
Oil | (in MBbls) |  | ($ per Bbl) |  | (in thousands) |
Options price |  |  |  |  |  |
2026 | 219 |  | 70.00 - 78.00 |  | (1,255) |  |
2027 | 35 |  | 70.00 - 78.00 |  | 56 |  |
Total | 254 |  |  |  | $ | (1,199) |  |
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2026 |
Natural gas | (in MMBtu) |  | ($ per MMBtu) |  | (in thousands) |
Fixed price swaps |  |  |  |  |  |
2026 | 44,756,000 |  | 3.64 |  | $ | 27,448 |
2027 | 56,419,000 |  | 3.76 |  | 7,039 |
2028 | 36,647,000 |  | 3.77 |  | (1,302) |
2029 | 30,320,000 |  | 3.62 |  | (981) |
2030 | 26,580,000 |  | 3.57 |  | (1,421) |
2031 | 2,120,000 |  | 4.08 |  | (372) |
Total | 196,842,000 |  |  |  | $ | 30,411 |
| Volume |  | Basis Differential |  | Fair Value as of March 31, 2026 |
Natural gas | (in MMBtu) |  | ($ per MMBtu) |  | (in thousands) |
Basis swaps |  |  |  |  |  |
2026 | 40,690,000 |  | (0.93) |  | $ | (3,835) |
2027 | 31,629,000 |  | (0.64) |  | (1,291) |
2028 | 32,603,750 |  | (0.52) |  | 250 |
2029 | 2,607,500 |  | (0.30) |  | 234 |
Total | 107,530,250 |  |  |  | $ | (4,641) |
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2026 |
Ethane | (in gallons) |  | ($ per gallon) |  | (in thousands) |
Fixed price swaps |  |  |  |  |  |
2026 | 6,163,000 |  | 0.28 |  | $ | 213 |
2027 | 7,294,000 |  | 0.25 |  | 61 |
2028 | 530,000 |  | 0.24 |  | 2 |
Total | 13,987,000 |  |  |  | $ | 276 |
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2026 |
Propane | (in gallons) |  | ($ per gallon) |  | (in thousands) |
Fixed price swaps |  |  |  |  |  |
2026 | 28,043,000 |  | 0.74 |  | $ | (1,104) |
2027 | 37,516,000 |  | 0.73 |  | (97) |
2028 | 2,521,000 |  | 0.71 |  | 12 |
Total | 68,080,000 |  |  |  | $ | (1,189) |
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2026 |
Isobutane | (in gallons) |  | ($ per gallon) |  | (in thousands) |
Fixed price swaps |  |  |  |  |  |
2026 | 5,882,000 |  | 0.94 |  | $ | (747) |
2027 | 8,090,000 |  | 0.91 |  | (218) |
2028 | 539,000 |  | 0.88 |  | (2) |
Total | 14,511,000 |  |  |  | $ | (967) |
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2026 |
Normal butane | (in gallons) |  | ($ per gallon) |  | (in thousands) |
Fixed price swaps |  |  |  |  |  |
2026 | 7,841,000 |  | 0.89 |  | $ | (1,189) |
2027 | 10,261,000 |  | 0.87 |  | (420) |
2028 | 703,000 |  | 0.84 |  | (15) |
Total | 18,805,000 |  |  |  | $ | (1,624) |
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2026 |
Pentane | (in gallons) |  | ($ per gallon) |  | (in thousands) |
Fixed price swaps |  |  |  |  |  |
2026 | 6,980,000 |  | 1.51 |  | $ | (2,213) |
2027 | 9,477,000 |  | 1.40 |  | (440) |
2028 | 652,000 |  | 1.35 |  | (13) |
Total | 17,109,000 |  |  |  | $ | (2,666) |
Schedule of Offsetting Liabilities | The following table summarizes the gross fair value of our derivative assets and liabilities and the effect of netting as of March 31, 2026 and December 31, 2025:
| March 31, 2026
Balance Sheet Classification | Gross Amounts |  | Netting Adjustment |  | Net Amounts Presented on Balance Sheet
(in thousands) |  |  |  |  |
Assets |  |  |  |  |
Commodity derivative assets, short-term | $ | 33,273 |  | $ | (22,459) |  | $ | 10,814
Commodity derivative assets, long-term | 13,824 |  | (11,133) |  | 2,692
Total assets | $ | 47,097 |  | $ | (33,592) |  | $ | 13,506
Liabilities |  |  |  |  |
Commodity derivative liabilities, short-term | $ | (53,391) |  | $ | 22,459 |  | $ | (30,931)
Commodity derivative liabilities, long-term | (17,594) |  | 11,133 |  | (6,461)
Total liabilities | $ | (70,985) |  | $ | 33,592 |  | $ | (37,392)
| December 31, 2025
Balance Sheet Classification | Gross Amounts |  | Netting Adjustment |  | Net Amounts Presented on Balance Sheet
(in thousands) |  |  |  |  |
Assets |  |  |  |  |
Commodity derivative assets, short-term | $ | 32,718 |  |  | $ | (7,880) |  |  | $ | 24,838 |
Commodity derivative assets, long-term | 7,701 |  |  | (4,816) |  |  | 2,885 |
Total assets | $ | 40,419 |  |  | $ | (12,696) |  |  | $ | 27,723 |
Liabilities |  |  |  |  |
Commodity derivative liabilities, short-term | $ | (8,986) |  |  | $ | 7,880 |  |  | $ | (1,106) |
Commodity derivative liabilities, long-term | (8,177) |  |  | 4,816 |  |  | (3,361) |
Total liabilities | $ | (17,163) |  |  | $ | 12,696 |  |  | $ | (4,467) |
Schedule of Offsetting Assets | The following table summarizes the gross fair value of our derivative assets and liabilities and the effect of netting as of March 31, 2026 and December 31, 2025:
| March 31, 2026
Balance Sheet Classification | Gross Amounts |  | Netting Adjustment |  | Net Amounts Presented on Balance Sheet
(in thousands) |  |  |  |  |
Assets |  |  |  |  |
Commodity derivative assets, short-term | $ | 33,273 |  | $ | (22,459) |  | $ | 10,814
Commodity derivative assets, long-term | 13,824 |  | (11,133) |  | 2,692
Total assets | $ | 47,097 |  | $ | (33,592) |  | $ | 13,506
Liabilities |  |  |  |  |
Commodity derivative liabilities, short-term | $ | (53,391) |  | $ | 22,459 |  | $ | (30,931)
Commodity derivative liabilities, long-term | (17,594) |  | 11,133 |  | (6,461)
Total liabilities | $ | (70,985) |  | $ | 33,592 |  | $ | (37,392)
| December 31, 2025
Balance Sheet Classification | Gross Amounts |  | Netting Adjustment |  | Net Amounts Presented on Balance Sheet
(in thousands) |  |  |  |  |
Assets |  |  |  |  |
Commodity derivative assets, short-term | $ | 32,718 |  |  | $ | (7,880) |  |  | $ | 24,838 |
Commodity derivative assets, long-term | 7,701 |  |  | (4,816) |  |  | 2,885 |
Total assets | $ | 40,419 |  |  | $ | (12,696) |  |  | $ | 27,723 |
Liabilities |  |  |  |  |
Commodity derivative liabilities, short-term | $ | (8,986) |  |  | $ | 7,880 |  |  | $ | (1,106) |
Commodity derivative liabilities, long-term | (8,177) |  |  | 4,816 |  |  | (3,361) |
Total liabilities | $ | (17,163) |  |  | $ | 12,696 |  |  | $ | (4,467) |
Schedule of Derivative Instruments, Gain (Loss) | Our total derivative gains and losses for the three months ended March 31, 2026 and 2025 were as follows:
|  |  | For the Three Months Ended March 31,
(in thousands) |  |  |  |  | 2026 |  | 2025 |  |
Realized gain (loss) on derivative instruments |  |  |  |  | $ | (17,992) |  | $ | (3,585) |  |
Unrealized loss on derivative instruments |  |  |  |  | (47,142) |  | (33,633) |  |
Total loss on derivative instruments |  |  |  |  | $ | (65,134) |  | $ | (37,218) |  |

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