Derivatives (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Dec. 31, 2024 |
| Derivatives [Abstract] |
|
|
| Schedule of Derivative Volumes |
The
following table reflects the weighted-average price of open commodity swap contracts as of March 31, 2025:
| Commodity
Swaps | |
| | |
| | |
Weighted | |
| | |
Volume | | |
average | |
| Period | |
(Bbls/month) | | |
price
($/Bbl) | |
| Q2
2025 | |
| 5,000 | | |
$ | 70.21 | |
| Q3-Q4
2025 | |
| 5,000 | | |
$ | 70.21 | |
The
following table reflects the weighted-average price of open commodity swap contracts as of December 31, 2024:
| Commodity
Swaps | |
| | |
| | |
Weighted | |
| | |
Volume | | |
average | |
| Period | |
(Bbls/month) | | |
price
($/Bbl) | |
| Q1-Q4
2024 | |
| 5,000 | | |
$ | 70.21 | |
| Q1-Q4
2025 | |
| 5,000 | | |
$ | 70.21 | |
|
The
following table sets forth the derivative volumes by period as of December 31, 2023 for the Company:
| | |
Price
collars | |
| Period | |
Volume
(Bbls/month) | | |
Weighted
average
floor price
($/Bbl) | | |
Weighted
average
ceiling price
($/Bbl) | | |
Weighted
average
sold call
($/Bbl) | |
| Q1-Q2
2024 | |
| 9,000 | | |
$ | 70.00 | | |
$ | 91,90 | | |
$ | 91.90 | |
| Q3-Q4
2024 | |
| 9,000 | | |
$ | 70.00 | | |
$ | 85.50 | | |
$ | 85.50 | |
The
following table reflects the weighted-average price of open commodity swap contracts as of December 31, 2024:
| Commodity
Swaps | |
| | |
| | |
Weighted | |
| | |
Volume | | |
average | |
| Period | |
(Bbls/month) | | |
price
($/Bbl) | |
| Q1-Q4
2024 | |
| 5,000 | | |
$ | 70.21 | |
| Q1-Q4
2025 | |
| 5,000 | | |
$ | 70.21 | |
The
following table reflects the weighted-average price of open commodity swap contracts as of December 31, 2023:
| Commodity
Swaps | |
| | |
| | |
Weighted | |
| | |
Volume | | |
average | |
| Period | |
(Bbls/month) | | |
price
($/Bbl) | |
| Q1-Q4
2024 | |
| 3,000 | | |
$ | 71.30 | |
| Q1-Q4
2025 | |
| 3,000 | | |
$ | 67.96 | |
|
| Schedule of Combined Fair Value of Derivatives Included in the Accompanying Consolidated Balance Sheets |
The combined fair value of derivatives included in the accompanying consolidated
balance sheets as of March 31, 2025 and December 31, 2024 is summarized below.
| | |
As
of March 31, 2025 | |
| | |
Gross
fair
value | | |
Amounts
netted | | |
Net
fair
value | |
| Commodity
derivatives: | |
| | |
| | |
| |
| Short-term
derivative asset | |
$ | 189,116 | | |
$ | (24,931 | ) | |
$ | 164,185 | |
| Long-term
derivative asset | |
| - | | |
| — | | |
| - | |
| Short-term
derivative liability | |
| (24,931 | ) | |
| 24,931 | | |
| - | |
| Long-term
derivative liability | |
| | | |
| — | | |
| - | |
| Total
derivative liability | |
| | | |
| | | |
$ | 164,185 | |
| | |
As
of December 31, 2024 | |
| | |
Gross
fair value | | |
Amounts
netted | | |
Net
fair value | |
| Commodity
derivatives: | |
| | |
| | |
| |
| Short-term
derivative asset | |
$ | 151,303 | | |
$ | (44,906 | ) | |
$ | 106,397 | |
| Long-term
derivative asset | |
| — | | |
| — | | |
| — | |
| Short-term
derivative liability | |
| (44,906 | ) | |
| (44,906 | ) | |
| — | |
| Long-term
derivative liability | |
| — | | |
| — | | |
| — | |
| Total
derivative asset | |
| | | |
| | | |
$ | 106,397 | |
|
The combined fair value of derivatives included in the accompanying consolidated
balance sheets as of December 31, 2024 and 2023 is summarized below.
| | |
As
of December 31, 2024 (Successor) | |
| | |
Gross
fair
value | | |
Amounts
netted | | |
Net
fair
value | |
| Commodity
derivatives: | |
| | |
| | |
| |
| Short-term
derivative asset | |
$ | 151,303 | | |
$ | (44,906 | ) | |
$ | 106,397 | |
| Long-term
derivative asset | |
| — | | |
| — | | |
| — | |
| Short-term
derivative liability | |
| (44,906 | ) | |
| (44,906 | ) | |
| — | |
| Long-term
derivative liability | |
| — | | |
| — | | |
| — | |
| Total
derivative asset | |
| | | |
| | | |
$ | 106,397 | |
| | |
As
of December 31, 2023 (Successor) | |
| | |
Gross
fair
value | | |
Amounts
netted | | |
Net
fair
value | |
| Commodity
derivatives: | |
| | |
| | |
| |
| Short-term
derivative asset | |
$ | 583,035 | | |
$ | (191,547 | ) | |
$ | 391,488 | |
| Long-term
derivative asset | |
| 76,199 | | |
| — | | |
| 76,199 | |
| Short-term
derivative liability | |
| (191,547 | ) | |
| (191,547 | ) | |
| — | |
| Long-term
derivative liability | |
| — | | |
| — | | |
| — | |
| Total
derivative liability | |
| | | |
| | | |
$ | 467,687 | |
|
| Schedule of Derivatives on the Consolidated Statements of Operations |
The
effects of the Company’s derivatives on the consolidated statements of operations are summarized below:
| | |
Three
Months Ended
March 31,
2025 | | |
Three
Months Ended
March 31,
2024 | |
| Total
gain (loss) on unsettled derivatives | |
$ | 57,788 | | |
$ | (1,860,093 | ) |
| Total
gain (loss) on settled derivatives | |
| (142,859 | ) | |
| (137,154 | ) |
| Net
gain (loss) on derivatives | |
$ | (85,071 | ) | |
$ | (1,997,247 | ) |
|
The
effects of the Company’s derivatives on the consolidated statements of operations are summarized below:
| | |
Successor | | |
Predecessor | |
| | |
For
the
Year ended
December 31,
2024 | | |
November 15,
2023 to
December 31,
2023 | | |
January 1,
2023 to
November 14,
2023 | |
| Total
gain on unsettled derivatives | |
$ | (361,290 | ) | |
$ | 443,349 | | |
$ | 1,215,693 | |
| Total
loss on settled derivatives | |
| (489,084 | ) | |
| (102,541 | ) | |
| (1,163,736 | ) |
| Net
gain (loss) on derivatives | |
$ | (850,374 | ) | |
$ | 340,808 | | |
$ | 51,957 | |
|