v3.25.2
Risk Management and Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2025
Risk Management and Derivative Instruments  
Schedule of open commodity positions

Remaining

2025

2026

2027

    

2028

Natural Gas Derivative Contracts:

  

 

  

Fixed price swap contracts:

  

 

  

Average monthly volume (MMBtu)

560,000

515,000

197,500

 

20,000

Weighted-average fixed price

$

3.75

$

3.80

$

3.96

$

3.86

Collar contracts:

 

 

 

 

Two-way collars

 

 

 

 

Average monthly volume (MMBtu)

 

500,000

 

517,500

 

640,000

 

67,500

Weighted-average floor price

$

3.50

$

3.58

$

3.54

$

3.50

Weighted-average ceiling price

$

3.90

$

4.11

$

4.31

$

4.52

Crude Oil Derivative Contracts:

 

 

 

 

Fixed price swap contracts:

 

 

 

 

Average monthly volume (Bbls)

 

170,000

 

146,500

 

45,667

 

Weighted-average fixed price

$

70.32

$

65.77

$

62.57

$

Collar contracts:

 

  

 

  

 

  

 

  

Two-way collars

Average monthly volume (Bbls)

17,000

Weighted-average floor price

$

70.00

$

$

$

Weighted-average ceiling price

$

80.20

$

$

$

Schedule of fair value of derivative instruments by the appropriate balance sheet classification

    

    

Asset 

    

Liability

    

Asset 

    

Liability

Derivatives

Derivatives

Derivatives

Derivatives

June 30, 

June 30, 

December 31, 

December 31, 

Type

    

Balance Sheet Location

    

2025

    

2025

    

2024

    

2024

(In thousands)

Commodity contracts

 

Short-term derivative instruments

$

15,397

$

5,488

$

9,499

$

3,114

Interest rate swaps

 

Short-term derivative instruments

 

 

 

 

Gross fair value

 

 

15,397

 

5,488

 

9,499

 

3,114

Netting arrangements

 

 

(5,488)

 

(5,488)

 

(3,114)

 

(3,114)

Net recorded fair value

 

Short-term derivative instruments

$

9,909

$

$

6,385

$

Commodity contracts

 

Long-term derivative instruments

$

9,297

$

10,027

$

4,818

$

4,585

Interest rate swaps

 

Long-term derivative instruments

 

 

 

 

Gross fair value

 

 

9,297

 

10,027

 

4,818

 

4,585

Netting arrangements

 

 

(9,297)

 

(9,297)

 

(4,585)

 

(4,585)

Net recorded fair value

 

Long-term derivative instruments

$

$

730

$

233

$

Schedule of gains and losses related to derivative instruments The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands):

    

    

For the Three Months Ended

For the Six Months Ended

Statements of

    

June 30, 

    

June 30, 

    

Operations Location

2025

    

2024

2025

    

2024

Commodity derivative contracts

 

Loss (gain) on commodity derivatives

$

(22,162)

$

1,225

$

(7,845)

$

17,789