v3.25.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Values and Carrying Values of Other Financial Instruments The following are estimated fair values and carrying values of our other financial instruments at each of these dates:
Asset (Liability)
March 31, 2025December 31, 2024
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Note receivable from related party$7,131 $7,131 $7,131 $7,131 
Long-term debt$(162,100)$(162,100)$(157,100)$(157,100)
Derivative asset$21,138 $21,138 $8,477 $8,477 
Derivative liability$(34,121)$(34,121)$(13,868)$(13,868)
Summary of Fair Value Measurements and the Level Within the Fair Value Hierarchy
The following table summarizes our fair value measurements and the level within the fair value hierarchy in which the fair value measurements fall.
Fair Value Measurements
March 31, 2025December 31, 2024
(in thousands)Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Note receivable from related party$7,131 $— $7,131 $— 
Long-term debt$(162,100)$— $(157,100)$— 
Derivative asset$21,138 $— $8,477 $— 
Derivative liability$(34,121)$— $(13,868)$— 
Schedule of Fair Value of Derivative Contracts
The fair value of our derivatives contracts consists of the following:
Asset DerivativesLiability Derivatives
(in thousands)March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024
Derivatives not designated as hedging instruments:
Crude oil futures and differential swaps$5,773 $2,730 $(24)$(52)
Natural gas liquids futures$— $— $(13)$— 
Natural gas futures, collars and basis swaps$15,365 $5,747 $(34,084)$(13,816)
Total$21,138 $8,477 $(34,121)$(13,868)
Schedule of Fair Value of Derivative Gain (Loss) Included Earnings
Derivative fair value (gain) loss, included as part of the related revenue line on the consolidated income statements, comprises the following realized and unrealized components:
Three Months Ended
March 31,
(in thousands)20252024
Net cash paid to counterparties$1,896 $396 
Non-cash change in derivative fair value$7,591 $658 
Derivative fair value (gain) loss$9,487 $1,054