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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2024

Summary of location and fair value of derivative contracts

The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of December 31, 2024 and 2023 (in thousands):


	Years Ended December 31,					Years Ended December 31,
Balance sheet location	2024		2023		Balance sheet location	2024		2023
Current assets	$	6,969	$	8,992	Current liabilities	$	(12,330)	$	(17,191)
Other noncurrent assets		4,052		4,877	Other noncurrent liabilities		(6,954)		(16,058)
	$	11,021	$	13,869		$	(19,284)	$	(33,249)

Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts

The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s consolidated statements of operations (in thousands):


	Location of gain or (loss)
	on derivative contracts on	Years Ended December 31,
Type	Statement of Operations	2024		2023
Commodity contracts:
Unrealized gain (loss)	Other income (expenses)	$	11,116	$	21,934
Realized gain (loss)	Other income (expenses)		(8,808)		(9,245)
Total net gain (loss)		$	2,308	$	12,689

Schedule of open derivative contracts


Instrument		2025		2026		2027		2028
Crude oil:
Fixed-price swap:
Total volumes (Bbls)		1,289,110		709,672		653,869		521,433
Weighted average price	$	61.45	$	62.75	$	61.65	$	62.71
Basis swap:
Total volumes (Bbls)		1,299,293		716,700		748,985		521,433
Weighted average price	$	0.32	$	0.26	$	0.49	$	0.65
WTI NYMEX roll:
Total volumes (Bbls)		1,426,629		988,103		748,985		521,433
Weighted average price	$	0.14	$	(0.05)	$	(0.03)	$	(0.27)
Natural gas:
Fixed-price swap:
Total volumes (MMBtu)		3,459,697		1,098,125		1,680,815		1,932,378
Weighted average price	$	3.25	$	3.90	$	3.76	$	3.33
Two-way collar:
Total volumes (MMBtu)		974,900		878,900		900,000		—
Weighted average price (call)	$	4.79	$	4.72	$	5.75	$	—
Weighted average price (put)	$	3.73	$	4.06	$	4.25	$	—
Basis swap:
Total volumes (MMBtu)		5,950,283		3,992,003		2,562,222		1,932,378
Weighted average price	$	(0.68)	$	(0.76)	$	(0.71)	$	(0.86)

Schedule of potential effects of master netting arrangements on the fair value of derivative contracts

The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts at December 31, 2024 and 2023 (in thousands):


	Assets from Derivative Contracts				Liabilities from Derivative Contracts
	Years Ended December 31,				Years Ended December 31,
Offsetting of Derivative Assets and Liabilities	2024		2023		2024		2023

Gross amounts recognized in the Consolidated Balance Sheet	$	11,021	$	13,869	$	(19,284)	$	(33,249)
Amounts not offset in the Consolidated Balance Sheet		(11,021)		(13,218)		11,021		13,218
Net amount	$	—	$	651	$	(8,263)	$	(20,031)

- 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.

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