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Derivatives and Risk Management (Tables)
 3 Months Ended
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.
 VolumeWeighted Average Price
Fair Value as of
March 31, 2026
Oil
(in MBbls)
($ per Bbl)
(in thousands)
Fixed price swaps
20261,85163.58$(32,059)
20271,59763.22(10,515)
202840867.95236
20292468.3751
Total
3,880$(42,287)
 VolumeFloor / CeilingFair Value as of
March 31, 2026
Oil(in MBbls)
($ per Bbl)
(in thousands)
Options price
2026219
70.00 - 78.00
(1,255)
202735
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
202644,756,0003.64$27,448
202756,419,0003.767,039
202836,647,0003.77(1,302)
202930,320,0003.62(981)
203026,580,0003.57(1,421)
20312,120,0004.08(372)
Total
196,842,000$30,411
 VolumeBasis Differential
Fair Value as of
March 31, 2026
Natural gas
(in MMBtu)
($ per MMBtu)
(in thousands)
Basis swaps
202640,690,000(0.93)$(3,835)
202731,629,000(0.64)(1,291)
202832,603,750(0.52)250
20292,607,500(0.30)234
Total
107,530,250$(4,641)
 VolumeWeighted Average Price
Fair Value as of
March 31, 2026
Ethane
(in gallons)($ per gallon)(in thousands)
Fixed price swaps
20266,163,0000.28$213
20277,294,0000.2561
2028530,0000.242
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
202628,043,0000.74$(1,104)
202737,516,0000.73(97)
20282,521,0000.7112
Total
68,080,000$(1,189)
 VolumeWeighted Average Price
Fair Value as of
March 31, 2026
Isobutane
(in gallons)($ per gallon)(in thousands)
Fixed price swaps
20265,882,0000.94$(747)
20278,090,0000.91(218)
2028539,0000.88(2)
Total
14,511,000$(967)
 VolumeWeighted Average Price
Fair Value as of
March 31, 2026
Normal butane
(in gallons)($ per gallon)(in thousands)
Fixed price swaps
20267,841,0000.89$(1,189)
202710,261,0000.87(420)
2028703,0000.84(15)
Total
18,805,000$(1,624)
 VolumeWeighted Average Price
Fair Value as of
March 31, 2026
Pentane
(in gallons)($ per gallon)(in thousands)
Fixed price swaps
20266,980,0001.51$(2,213)
20279,477,0001.40(440)
2028652,0001.35(13)
Total
17,109,000$(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 $(4,467)
Schedule of Derivative Instruments, Gain (Loss)
Our total derivative gains and losses for the three months ended March 31, 2026 and 2025 were as follows:
 For the Three Months Ended March 31,
(in thousands)20262025
Realized gain (loss) on derivative instruments$(17,992)$(3,585)
Unrealized loss on derivative instruments(47,142)(33,633)
Total loss on derivative instruments$(65,134)$(37,218)