Derivative Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Notional Amounts of Outstanding Derivative Positions |
The following table summarizes the open financial derivative positions as of June 30, 2025, related to our future oil and natural gas production: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted Average Price | | Calendar Quarter / Year | | Notional Volume | | Fixed | | Put | | Call | | | | | ($ per unit) | | Oil Swaps (Bbl) | | | | | | | | | | Q3 2025 | | 675,000 | | | $ | 67.08 | | | | | | | Q4 2025 | | 630,000 | | | $ | 66.68 | | | | | | | 2026 | | 1,740,000 | | | $ | 61.33 | | | | | | | 2027 | | 285,000 | | | $ | 61.26 | | | | | | | | | | | | | | | | | | | | | | | | Natural Gas Swaps (MMbtu) | | | | | | | | | | Q3 2025 | | 480,000 | | | $ | 3.30 | | | | | | | Q4 2025 | | 965,000 | | | $ | 3.74 | | | | | | | 2026 | | 2,255,000 | | | $ | 3.87 | | | | | | | 2027 | | 600,000 | | | $ | 4.19 | | | | | | | | | | | | | | | | | | | | | | | | | Oil Collars (Bbl) | | | | | | | | | | Q3 2025 | | 452,000 | | | | | $ | 64.23 | | | $ | 74.19 | | | Q4 2025 | | 480,000 | | | | | $ | 63.10 | | | $ | 77.07 | | | 2026 | | 1,602,000 | | | | | $ | 57.84 | | | $ | 74.67 | | | 2027 | | 310,000 | | | | | $ | 57.16 | | | $ | 66.16 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Natural Gas Collars (MMbtu) | | | | | | | | | | Q3 2025 | | 1,110,000 | | | | | $ | 3.12 | | | $ | 3.76 | | | Q4 2025 | | 400,000 | | | | | $ | 3.30 | | | $ | 4.00 | | | 2026 | | 2,625,000 | | | | | $ | 3.19 | | | $ | 4.03 | | | 2027 | | 450,000 | | | | | $ | 3.80 | | | $ | 5.84 | | | | | | | | | | | Natural Gas Basis Swaps (MMbtu) | | | | | | | | | | | | | | | | | | | Q3 2025 | | 450,000 | | | $ | (2.18) | | | | | | | Q4 2025 | | 450,000 | | | $ | (2.07) | | | | | | | 2026 | | 1,950,000 | | | $ | (1.91) | | | | | | | 2027 | | 675,000 | | | $ | (0.99) | | | | | |
The following table summarizes the open interest rate derivative positions as of June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | Open Coverage Period | | Position | | Notional Amount | | Fixed Rate | | | | | (In thousands) | | | | July 2025 - April 2026 | | Long | | $ | 30,000 | | | 3.18 | % | | July 2025 - April 2026 | | Long | | $ | 50,000 | | | 3.04 | % | | July 2026 - April 2027 | | Long | | $ | 45,000 | | | 3.90 | % |
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| Schedule of Derivative Instruments Location and Fair Value |
The following tables present the location and fair value of the Company’s derivative contracts included in our accompanying condensed consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Balance Sheet Classification | | Gross Fair Value | | Amounts Netted | | Net Fair Value | | | (In thousands) | | Current derivative assets | | $ | 16,747 | | | $ | (5,587) | | | $ | 11,160 | | | Non-current derivative assets | | 6,611 | | | (6,611) | | | — | | | Current derivative liabilities | | (5,599) | | | 5,587 | | | (12) | | | Non-current derivative liabilities | | (7,720) | | | 6,611 | | | (1,109) | | | Total | | $ | 10,039 | | | $ | — | | | $ | 10,039 | | | | | | | | | | | December 31, 2024 | | Balance Sheet Classification | | Gross Fair Value | | Amounts Netted | | Net Fair Value | | | (In thousands) | | Current derivative assets | | $ | 9,817 | | | $ | (6,553) | | | $ | 3,264 | | | Non-current derivative assets | | 6,661 | | | (6,076) | | | 585 | | | Current derivative liabilities | | (6,553) | | | 6,553 | | | — | | | Non-current derivative liabilities | | (6,490) | | | 6,076 | | | (414) | | | Total | | $ | 3,435 | | | $ | — | | | $ | 3,435 | |
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| Schedule of Derivative Instruments, Gain (Loss), Net |
The following table presents the components of the Company's gain (loss) on derivatives, net for the periods presented below: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | (In thousands) | | Settlements on derivative contracts | $ | 5,151 | | | $ | (1,829) | | | $ | 6,266 | | | $ | (1,725) | | | Non-cash gain (loss) on derivatives | 13,569 | | | 1,470 | | | 6,604 | | | (15,711) | | | Gain (loss) on derivatives, net | $ | 18,720 | | | $ | (359) | | | $ | 12,870 | | | $ | (17,436) | |
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