Derivative Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Summary of Outstanding Contracts with Respect to Natural Gas |
At June 30, 2025 the Company had outstanding derivative contracts as set forth in the tables below.
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Natural gas derivatives |
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Weighted Average Hedge Price ($/MMBtu) |
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Period and Type of Contract |
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Average Volumes Hedged |
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Swaps |
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Floor |
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Ceiling |
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July 2025 - March 2026 |
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Collars - Henry Hub |
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304,000 |
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MMBtus/day |
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$ |
4.25 |
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$ |
5.99 |
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July 2025 - December 2025 |
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Swaps - Henry Hub |
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580,000 |
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MMBtus/day |
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$ |
3.95 |
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January 2026 - December 2026 |
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Swaps - Henry Hub |
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737,000 |
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MMBtus/day |
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$ |
4.13 |
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January 2027 - December 2027 |
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Swaps - Henry Hub |
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647,000 |
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MMBtus/day |
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$ |
3.94 |
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Crude oil derivatives |
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Weighted Average Hedge Price ($/Bbl) |
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Period and Type of Contract |
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Average Volumes Hedged |
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Roll Swaps |
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Fixed Swaps |
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Floor |
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Ceiling |
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July 2025 - December 2025 |
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Fixed Swaps - WTI |
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59,000 |
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Bbls/day |
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$ |
70.63 |
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Collars - WTI |
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55,000 |
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Bbls/day |
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$ |
60.00 |
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$ |
68.27 |
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Roll Swaps - NYMEX |
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53,000 |
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Bbls/day |
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$ |
0.95 |
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January 2026 - December 2026 |
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Fixed Swaps - WTI |
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55,000 |
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Bbls/day |
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$ |
62.17 |
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Collars - WTI |
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33,000 |
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Bbls/day |
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$ |
60.00 |
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$ |
69.38 |
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January 2027 - December 2027 |
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Fixed Swaps - WTI |
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19,000 |
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Bbls/day |
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$ |
64.52 |
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| Realized and Unrealized Gains and Losses on Derivative Instruments |
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Three months ended June 30, |
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Six months ended June 30, |
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In thousands |
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2025 |
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2024 |
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2025 |
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2024 |
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Cash received (paid) on derivatives: |
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Crude oil fixed price swaps |
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$ |
36,878 |
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$ |
(19,677 |
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$ |
46,130 |
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$ |
(14,848 |
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Crude oil collars |
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(28 |
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— |
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(28 |
) |
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— |
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Crude oil NYMEX roll swaps |
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1,722 |
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(440 |
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2,391 |
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2,033 |
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Natural gas WAHA swaps |
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— |
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17,898 |
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— |
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26,922 |
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Natural gas fixed price swaps |
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27,208 |
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89,677 |
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34,139 |
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152,478 |
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Natural gas collars |
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22,453 |
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— |
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22,453 |
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16,069 |
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Cash received on derivatives, net |
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88,233 |
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87,458 |
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105,085 |
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182,654 |
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Non-cash gain (loss) on derivatives: |
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Crude oil fixed price swaps |
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116,525 |
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33,569 |
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106,975 |
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(167,480 |
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Crude oil collars |
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89,347 |
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— |
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41,782 |
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— |
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Crude oil NYMEX roll swaps |
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(4,258 |
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1,578 |
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(391 |
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(8,676 |
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Natural gas WAHA swaps |
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— |
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(12,846 |
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— |
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(13,175 |
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Natural gas fixed price swaps |
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123,931 |
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(105,030 |
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(163,234 |
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(89,865 |
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Natural gas collars |
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37,476 |
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— |
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45,035 |
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(11,923 |
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Non-cash gain (loss) on derivatives, net |
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363,021 |
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(82,729 |
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30,167 |
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(291,119 |
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Gain (loss) on derivative instruments, net |
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$ |
451,254 |
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$ |
4,729 |
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$ |
135,252 |
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$ |
(108,465 |
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| Gross Amounts of Recognized Derivative Assets and Liabilities |
The following table presents the gross amounts of recognized derivative assets and liabilities, as applicable, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets for the periods presented, all at fair value.
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In thousands |
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June 30, 2025 |
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December 31, 2024 |
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Commodity derivative assets: |
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Gross amounts of recognized assets |
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$ |
250,892 |
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$ |
168,023 |
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Gross amounts offset on balance sheet |
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(21,602 |
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(10,370 |
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Net amounts of assets on balance sheet |
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229,290 |
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157,653 |
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Commodity derivative liabilities: |
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Gross amounts of recognized liabilities |
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(63,215 |
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(10,513 |
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Gross amounts offset on balance sheet |
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21,602 |
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10,370 |
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Net amounts of liabilities on balance sheet |
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$ |
(41,613 |
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$ |
(143 |
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| Derivatives Not Designated as Hedging Instruments |
The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets.
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In thousands |
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June 30, 2025 |
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December 31, 2024 |
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Derivative assets |
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$ |
185,443 |
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$ |
95,227 |
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Derivative assets, noncurrent |
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43,847 |
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62,426 |
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Net amounts of assets on balance sheet |
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229,290 |
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157,653 |
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Derivative liabilities |
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(391 |
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— |
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Derivative liabilities, noncurrent |
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(41,222 |
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(143 |
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Net amounts of liabilities on balance sheet |
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(41,613 |
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(143 |
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Total derivative assets, net |
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$ |
187,677 |
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$ |
157,510 |
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