Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Company's open crude oil derivative contracts

As of March 31, 2025, the Company’s open crude oil derivative contracts consisted of the following:


	Settlement Period
(volumes in Bbl and prices in $/Bbl)	2025		2026		2027
Two-Way Collars
Notional Volumes		411,000		367,000		259,000
Weighted Average Ceiling Price	$	75.55	$	71.69	$	69.86
Weighted Average Floor Price	$	58.91	$	56.01	$	54.76
Swaps
Notional Volumes		1,423,000		1,260,000		894,000
Weighted Average Contract Price	$	67.86	$	64.62	$	63.07

Summary of Gains and Losses on Derivative Instruments

The following table summarizes the gains and losses on derivative instruments included on the cond

ens

ed consolidated statements of operations and the net cash payments related thereto for the periods presented. Cash flows associated with these

non-hedge

designated derivatives are reported within operating activities on the condensed consolidated statements of cash flows.


	Three Months Ended March 31,
(in thousands)	2025			2024
Gain (loss) on derivative instruments	$	1,920		$	(67	)
Net cash payments on derivatives		(903	)		—

Summary of Amounts Are Classified As Current Or Noncurrent Based On Their Anticipated Settlement Dates

The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024. The net amounts are classified as current or noncurrent based on their anticipated settlement dates.


	March 31, 2025
(in thousands)	Balance Sheet Location	Level 1		Level 2			Level 3		Total Gross Fair Value			Gross Amounts Offset in Balance Sheet			Net Fair Value Presented in Balance Sheet
Assets
Commodity derivatives	Other current assets	$	—	$	1,596		$	—	$	1,596		$	(1,495	)	$	101
Commodity derivatives	Other noncurrent assets		—		2,346			—		2,346			(2,346	)		—

Total assets		$	—	$	3,942		$	—	$	3,942		$	(3,841	)	$	101

Liabilities
Commodity derivatives	Accrued and other liabilities	$	—		(3,697	)		—		(3,697	)		1,495			(2,202	)
Commodity derivatives	Other noncurrent liabilities		—		(4,716	)		—		(4,716	)		2,346			(2,370	)

Total liabilities		$	—	$	(8,413	)	$	—	$	(8,413	)	$	3,841		$	(4,572	)


	December 31, 2024
(in thousands)	Balance Sheet Location	Level 1		Level 2			Level 3		Total Gross Fair Value			Gross Amounts Offset in Balance Sheet			Net Fair Value Presented in Balance Sheet
Assets
Commodity derivatives	Other current assets	$	—	$	2,138		$	—	$	2,138		$	(2,037	)	$	101
Commodity derivatives	Other noncurrent assets		—		3,000			—		3,000			(3,000	)		—

Total assets		$	—	$	5,138		$	—	$	5,138		$	(5,037	)	$	101

Liabilities
Commodity derivatives	Accrued and other liabilities	$	—	$	(4,574	)	$	—	$	(4,574	)	$	2,037		$	(2,537	)
Commodity derivatives	Other noncurrent liabilities		—		(7,858	)		—		(7,858	)		3,000			(4,858	)

Total liabilities		$	—	$	(12,432	)	$	—	$	(12,432	)	$	5,037		$	(7,395	)

- 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 + Details