v3.25.2
Derivative Contracts (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Financial Derivative Positions
The following table summarizes the open financial derivative positions as of June 30, 2025, related to oil production:
Period
Volume
(Mbbl)		Weighted
Average
Fixed Price
Q3 2025705$68.41 
Q4 202564668.09 
Q1 202660067.35 
Q2 202656369.50 
Q3 202626666.20 
Q4 202625365.37 
Q1 202724165.00 
Q2 202723066.16 
The following table summarizes the open financial derivative positions as of June 30, 2025, related to natural gas production:
Period
Volume
(Bbtu)		Weighted
Average
Fixed Price
Q3 202510,782$3.58 
Q4 202510,3084.03 
Q1 20269,8964.03 
Q2 20269,5323.68 
Q3 20264,6023.53 
Q4 20264,4533.77 
Q1 20274,3164.35 
Q2 20274,1903.83 
Schedule of Gross Amounts of Recognized Derivative Assets, Amounts Subject to Offsetting Under Master Netting Arrangements and Net Recorded Fair Values The following
table presents the gross amounts of recognized derivative assets, the amounts that are subject to offsetting under master netting arrangements and the net recorded fair values as recognized on the balance sheet (in thousands):

June 30,
2025		December 31,
2024
Derivative contracts – current, gross
$20,117 $14,696 
Netting arrangements
(3,580)(627)
Derivative contracts – current, net
$16,537 $14,069 
Derivative contracts – long-term, gross
$5,412 $2,182 
Netting arrangements
(2,171)(1,542)
Derivative contracts – long-term, net
$3,241 $640 
Schedule of Gross Amounts of Recognized Derivative Liabilities, Amounts Subject to Offsetting Under Master Netting Arrangements and Net Recorded Fair Values
The following table presents the gross amounts of recognized derivative liabilities, the amounts that are subject to offsetting under master netting arrangements and the net recorded fair values as recognized on the balance sheet (in thousands):

June 30,
2025		December 31,
2024
Derivative contracts – current, gross
$(9,019)$(6,860)
Netting arrangements
3,580 627 
Derivative contracts – current, net
$(5,439)$(6,233)
Derivative contracts – long-term, gross
$(6,695)$(6,415)
Netting arrangements
2,171 1,542 
Derivative contracts – long-term, net
$(4,524)$(4,873)
Schedule of Gains and Losses on Derivatives The following table presents the settlement and mark-to-market (“MTM”) gains and losses presented as a loss or gain on derivatives in the statement of operations for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Settlements of oil derivatives
$6,640 $(7,124)$7,548 $(5,213)
Settlements of natural gas derivatives388 2,365 1,127 4,409 
MTM gains (losses) on oil derivatives, net
15,401 6,788 16,196 (31,392)
MTM gains (losses) on natural gas derivatives, net33,150 (6,664)(9,985)(1,707)
Total gains (losses) on derivative contracts$55,579 $(4,635)$14,886 $(33,903)