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v3.25.2

Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Crude Oil and Natural Gas Derivative Contracts in Place | Schedule of Outstanding Crude Oil and Natural Gas Derivative Contracts in Place
|  | Settling July 1, 2025 through December 31, 2025 |  |  | Settling January 1, 2026 through December 31, 2026 |  |  | Settling January 1, 2027 through December 31, 2027 |  |  | Settling January 1, 2028 through December 31, 2028 |
Crude Oil Swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional volume (Bbls) |  |  | 1,542,652 |  |  |  | 2,241,616 |  |  |  | 1,592,503 |  |  |  | 471,907 |
Weighted average price ($/Bbl) |  | $ | 68.04 |  |  | $ | 64.42 |  |  | $ | 64.16 |  |  | $ | 63.47 |
Natural Gas Swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional volume (MMBtus) |  |  | 6,285,244 |  |  |  | 11,413,134 |  |  |  | 9,874,626 |  |  |  | 4,406,357 |
Weighted average price ($/MMBtu) |  | $ | 4.30 |  |  | $ | 4.08 |  |  | $ | 4.07 |  |  | $ | 4.00 |
Ethane Swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional volume (Bbls) |  |  | 178,406 |  |  |  | 288,956 |  |  |  | 232,375 |  |  |  | 51,809 |
Weighted average price ($/Bbl) |  | $ | 11.91 |  |  | $ | 11.54 |  |  | $ | 11.05 |  |  | $ | 11.28 |
Propane Swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional volume (Bbls) |  |  | 310,017 |  |  |  | 509,724 |  |  |  | 417,744 |  |  |  | 94,220 |
Weighted average price ($/Bbl) |  | $ | 28.74 |  |  | $ | 26.36 |  |  | $ | 26.51 |  |  | $ | 26.00 |
Iso Butane Swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional volume (Bbls) |  |  | 39,012 |  |  |  | 63,185 |  |  |  | 50,812 |  |  |  | 11,328 |
Weighted average price ($/Bbl) |  | $ | 35.62 |  |  | $ | 33.92 |  |  | $ | 30.22 |  |  | $ | 29.63 |
Normal Butane Swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional volume (Bbls) |  |  | 107,931 |  |  |  | 174,809 |  |  |  | 140,580 |  |  |  | 31,343 |
Weighted average price ($/Bbl) |  | $ | 38.32 |  |  | $ | 35.24 |  |  | $ | 31.37 |  |  | $ | 30.37 |
Pentane Plus Swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional volume (Bbls) |  |  | 80,461 |  |  |  | 130,321 |  |  |  | 104,802 |  |  |  | 23,366 |
Weighted average price ($/Bbl) |  | $ | 46.17 |  |  | $ | 53.05 |  |  | $ | 52.40 |  |  | $ | 52.49 |
Schedule of Derivative Instruments | Schedule of Derivative Instruments The following tables present the gross and net fair values of the Company’s derivative instruments recognized on the condensed consolidated balance sheets for the periods presented:
|  | Gross Amounts Recognized |  |  | Gross Amounts Offset in Consolidated Balance Sheet |  |  | Net Amounts Presented on the Consolidated Balane Sheet |
|  | June 30, 2025 |
|  | Gross Amounts Recognized |  |  | Gross Amounts Offset in Consolidated Balance Sheet |  |  | Net Amounts Presented on the Consolidated Balane Sheet |
|  | (In thousands) |
Current derivative assets |  | $ | 16,040 |  |  | $ | (3,327 | ) |  | $ | 12,713 |
Long-term derivative assets |  | $ | 8,286 |  |  | $ | (2,305 | ) |  | $ | 5,981 |
|  | Gross Amounts Recognized |  |  | Gross Amounts Offset in Consolidated Balance Sheet |  |  | Net Amounts Presented on the Consolidated Balane Sheet |
|  | December 31, 2024 |
|  | Gross Amounts Recognized |  |  | Gross Amounts Offset in Consolidated Balance Sheet |  |  | Net Amounts Presented on the Consolidated Balane Sheet |
|  | (In thousands) |
Current derivative liabilities |  | $ | (2,446 | ) |  | $ | — |  |  | $ | (2,446 | )
Long-term derivative liabilities |  | $ | (1,949 | ) |  | $ | — |  |  | $ | (1,949 | )
The following table presents the components of realized gain on derivatives and unrealized gain on derivatives reflected on the accompanying consolidated statements of operations and cash flows for the periods presented:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Cash received (paid) for derivative settlements, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | $ | 4,150 |  |  | $ | — |  |  | $ | 3,630 |  |  | $ | — |
Natural gas |  |  | 1,223 |  |  |  | — |  |  |  | 961 |  |  |  | — |
NGLs |  |  | (429 | ) |  |  | — |  |  |  | (429 | ) |  |  | — |
Total cash received for derivative settlements, net: |  | $ | 4,944 |  |  | $ | — |  |  | $ | 4,162 |  |  | $ | — |
Non-cash gain (loss) on derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | $ | 22,332 |  |  | $ | — |  |  | $ | 23,406 |  |  | $ | — |
Natural gas |  |  | 3,375 |  |  |  | — |  |  |  | 2,185 |  |  |  | — |
NGLs |  |  | (2,501 | ) |  |  | — |  |  |  | (2,501 | ) |  |  | — |
Total non-cash gain on derivatives |  |  | 23,206 |  |  |  | — |  |  |  | 23,090 |  |  |  | — |
Total gain on derivatives, net |  | $ | 28,149 |  |  | $ | — |  |  | $ | 27,252 |  |  | $ | — |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
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