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Commodity Derivative Financial Instruments

6 Months Ended

Jun. 30, 2025

Investments, All Other Investments [Abstract]

Commodity Derivative Financial Instruments

Note 5 – Commodity Derivative Financial Instruments

The Company has used derivative financial instruments to manage its exposure to commodity price fluctuations in the past. Commodity derivative instruments have been used to reduce the effect of volatility of price changes on the oil and natural gas the Company produces and sells. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company’s derivative financial instrument activity has consisted of swaps and put options.

The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its unaudited interim condensed consolidated statements of operations as they occur. These contracts are recognized and recorded at fair value as an asset or liability on the Company’s unaudited interim condensed consolidated balance sheets. Cash receipts or payments upon settlement of swaps and put options are reflected in the operating activities section of its unaudited interim condensed consolidated statement of cash flows.

The following table summarizes the net realized and unrealized amounts reported in earnings related to the oil derivative instruments:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Loss on derivatives, realized		$	—			$	(253	)		$	—			$	(263	)
Gain (loss) on derivatives, unrealized			—				252				—				(596	)
Loss on derivatives, net		$	—			$	(1	)		$	—			$	(859	)

The following table represents the Company’s net cash payments on derivatives:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Cash payments on oil derivatives, net		$	—			$	(253	)		$	—			$	(263	)

The Company did not have any open derivative positions as of June 30, 2025.

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- Definition

The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/825/tableOfContent

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- References

No definition available.

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