| Schedule of Outstanding Commodity Derivative Instruments |
At March 31, 2025, the Company had the following outstanding commodity derivative contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commodity | | Settlement
Period | | Derivative
Instrument | | | | Volumes | | Weighted Average Prices | | | | | | Fixed Price Swaps | | | | Sub-Floor | | Floor | | Ceiling | | | | | | | | | | | | | | | | | | | | | | | | Crude oil | | 2025 | | Two-way collar | | | | 4,399,000 | | | Bbls | | | | | | | | $ | 64.17 | | | $ | 77.47 | | | Crude oil | | 2025 | | Three-way collar | | | | 1,741,000 | | | Bbls | | | | | | $ | 52.63 | | | $ | 67.63 | | | $ | 81.90 | | | Crude oil | | 2025 | | Fixed price swaps | | | | 2,839,000 | | | Bbls | | $ | 70.46 | | | | | | | | | | | Crude oil | | 2026 | | Three-way collar | | | | 4,000,000 | | | Bbls | | | | | | $ | 51.13 | | | $ | 66.13 | | | $ | 77.85 | | | Crude oil | | 2026 | | Two-way collar | | | | 1,001,000 | | | Bbls | | | | | | | | $ | 63.65 | | | $ | 71.71 | | | Crude oil | | 2026 | | Fixed price swaps | | | | 180,000 | | | Bbls | | $ | 68.67 | | | | | | | | | | | Crude oil | | 2027 | | Three-way collar | | | | 180,000 | | | Bbls | | | | | | $ | 50.00 | | | $ | 65.00 | | | $ | 74.15 | | | Natural gas | | 2025 | | Two-way collar | | | | 4,140,000 | | | MMBtu | | | | | | | | $ | 4.00 | | | $ | 4.87 | | | Natural gas | | 2025 | | Fixed price swaps | | | | 21,937,600 | | | MMBtu | | $ | 3.98 | | | | | | | | | | | Natural gas | | 2026 | | Two-way collar | | | | 9,502,500 | | | MMBtu | | | | | | | | $ | 3.71 | | | $ | 4.51 | | | Natural gas | | 2026 | | Fixed price swaps | | | | 16,432,500 | | | MMBtu | | $ | 3.84 | | | | | | | | | |
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| Schedule of Gains and Losses from Commodity Derivative Instruments |
The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Derivative Instrument | | Statements of Operations Location | | | | | | 2025 | | 2024 | | | | | | | | | | | | | | | | | | | | (In thousands) | | Commodity derivatives | | Net loss on derivative instruments | | | | | | $ | (20,961) | | | $ | (30,951) | | | Commodity derivatives (buy/sell transportation contract) | | Gathering, processing and transportation expenses(1) | | | | | | — | | | (3,229) | | | Contingent consideration | | Net loss on derivative instruments(2) | | | | | | 680 | | | 3,374 | |
__________________ (1)The change in the fair value of the transportation derivative contract was recorded in GPT expenses as a loss for the three months ended March 31, 2024. (2)The change in the fair value of the Contingent Consideration was recorded in net loss on derivative instruments as a gain for the three months ended March 31, 2025 and 2024.
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| Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments |
The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | Derivative Instrument | | Balance Sheet Location | | Gross Amount | | Gross Amount Offset | | Net Amount | | | | | | | | | | | | | | (In thousands) | | Derivatives assets: | | | | | | | | | | Commodity derivatives | | Derivative instruments — current assets | | $ | 37,676 | | | $ | (28,382) | | | $ | 9,294 | | | Contingent consideration | | Derivative instruments — current assets | | 23,460 | | | — | | | 23,460 | | | | | | | | | | | | Commodity derivatives | | Derivative instruments — non-current assets | | 26,426 | | | (21,526) | | | 4,900 | | | | | | | | | | | | Total derivatives assets | | $ | 87,562 | | | $ | (49,908) | | | $ | 37,654 | | | | | | | | | | | | Derivatives liabilities: | | | | | | | | | | Commodity derivatives | | Derivative instruments — current liabilities | | $ | 44,661 | | | $ | (28,382) | | | $ | 16,279 | | | | | | | | | | | | Commodity derivatives | | Derivative instruments — non-current liabilities | | 24,826 | | | (21,526) | | | 3,300 | | | | | | | | | | | | Total derivatives liabilities | | $ | 69,487 | | | $ | (49,908) | | | $ | 19,579 | | | | | | | | | | | | | | | December 31, 2024 | | Derivative Instrument | | Balance Sheet Location | | Gross Amount | | Gross Amount Offset | | Net Amount | | | | | | | | | | | | | | (In thousands) | | Derivatives assets: | | | | | | | | | | Commodity derivatives | | Derivative instruments — current assets | | $ | 33,579 | | | $ | (20,415) | | | $ | 13,164 | | | Contingent consideration | | Derivative instruments — current assets | | 22,780 | | | — | | | 22,780 | | | | | | | | | | | | Commodity derivatives | | Derivative instruments — non-current assets | | 31,676 | | | (26,047) | | | 5,629 | | | | | | | | | | | | Total derivatives assets | | $ | 88,035 | | | $ | (46,462) | | | $ | 41,573 | | | | | | | | | | | | Derivatives liabilities: | | | | | | | | | | Commodity derivatives | | Derivative instruments — current liabilities | | $ | 21,645 | | | $ | (20,415) | | | $ | 1,230 | | | Commodity derivatives | | Derivative instruments — non-current liabilities | | 27,063 | | | (26,047) | | | 1,016 | | | | | | | | | | | | | | | | | | | | | Total derivatives liabilities | | $ | 48,708 | | | $ | (46,462) | | | $ | 2,246 | |
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