Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Oil Derivative Contracts and Interest Rate Swap

The following table sets forth the volumes in barrels underlying the Company’s outstanding oil derivative contracts and the weighted average prices per Bbl for those contracts as of June 30, 2025. Volumes and weighted average prices are net of any offsetting derivative contracts entered into.


				Weighted Average Price per Bbl
				Net Deferred
				Premium
				Payable/				Sold
Term	Type of Contract	Index	MBbl	(Receivable)		Swap		Put		Floor		Ceiling
2025:
Jul - Dec	Two-way collars	Dated Brent	4,000	$	1.35	$	—	$	—	$	60.00	$	74.94
Jul - Dec	Three-way collars	Dated Brent	1,000	1.13		—		55.00		70.00		85.00
2026:
Jan - Jun	Two-way collars	Dated Brent	1,000	1.55		—		—		60.00		74.75
Jan - Dec	Three-way collars	Dated Brent	2,000	—		—		50.00		60.00		75.51
Jan - Jun	Swaps(1)	Dated Brent	1,000	—		72.90		—		—		80.00
Jan - Dec	Swaps(1)	Dated Brent	1,000	—		72.46		—		—		80.00

__________________________________

(1)Includes call option contracts sold to counterparties to enhance Swaps.

The following table summarizes our open interest rate swaps whereby we pay a fixed rate of interest and the counterparty pays a variable SOFR-based rate as of June 30, 2025:

Weighted Average

Term

Type of Contract

Floating Rate

Notional

Fixed Rate

(In Thousands)

Jul - Dec 2025

Swap

1-Month TERM SOFR

500,000

3.645

Schedule of Derivative Instruments by Balance Sheet Location

The following tables disclose the Company’s derivative instruments as of June 30, 2025 and December 31, 2024, and gain/(loss) from derivatives during the three and six months ended June 30, 2025 and 2024, respectively:


		Estimated Fair Value
		Asset (Liability)
Type of Contract	Balance Sheet Location	June 30, 2025		December 31, 2024
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity	Derivatives assets—current	$	15,120	$	6,714
Provisional oil sales	Receivables: Oil and gas sales	—		2,242
Interest rate	Derivatives assets—current	875		2,202
Commodity	Derivatives assets—long-term	3,673		512
Derivative liabilities:
Commodity	Derivatives liabilities—current	(5,770)		—


Commodity	Derivatives liabilities—long-term	(626)		—

Total derivatives not designated as hedging instruments		$	13,272	$	11,670

Schedule of Derivative Instruments by Location of Gain/(Loss)


		Amount of Gain/(Loss)				Amount of Gain/(Loss)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
Type of Contract	Location of Gain/(Loss)	2025		2024		2025		2024
		(In thousands)
Derivatives not designated as hedging instruments:
Provisional oil sales	Oil and gas revenue	$	(6,780)	$	3,052	$	(7,607)	$	(136)
Commodity	Derivatives, net	21,566		2,852		14,834		(20,970)
Interest rate	Interest expense	683		—		656		—
Total derivatives not designated as hedging instruments		$	15,469	$	5,904	$	7,883	$	(21,106)