Derivatives (Tables)
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6 Months Ended |
Dec. 31, 2025 |
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| Derivatives |
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| Schedule of the Location and Fair Value Amounts of All Derivative Contracts in the Unaudited Condensed Consolidated Balance Sheets |
The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of December 31, 2025 and June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | Derivatives not designated | | | | | | | | | as hedging contracts | | Balance sheet | | Derivative Contract Assets | | Balance sheet | | Derivative Contract Liabilities | under ASC 815 | | location | | December 31, 2025 | | June 30, 2025 | | location | | December 31, 2025 | | June 30, 2025 | Commodity contracts | | Current assets - derivative contract assets | | $ | 3,196 | | $ | 1,777 | | Current liabilities - derivative contract liabilities | | $ | 1,505 | | $ | 1,577 | Commodity contracts | | Other noncurrent assets - derivative contract assets | | | 135 | | | 198 | | Long term liabilities - derivative contract liabilities | | | 465 | | | 1,783 | Total derivatives not designated as hedging contracts under ASC 815 | | | | $ | 3,331 | | $ | 1,975 | | | | $ | 1,970 | | $ | 3,360 |
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| Derivative Instruments, Gain (Loss) |
The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s unaudited condensed consolidated statements of operations for the three and six months ended December 31, 2025 and 2024 (in thousands). “Realized gain (loss) on derivative contracts” represents all receipts (payments) on derivative contracts settled during the period. “Unrealized gain (loss) on derivative contracts” represents the net change in the mark-to-market valuation of the derivative contracts. | | | | | | | | | | | | | | | Derivatives not designated | | Location of gain (loss) | | Three Months Ended | | Six Months Ended | as hedging contracts | | recognized in income on | | December 31, | | December 31, | under ASC 815 | | derivative contracts | | 2025 | | 2024 | | 2025 | | 2024 | Commodity contracts: | | | | | | | | | | | | | | | Realized gain (loss) on derivative contracts | | Other income and expenses - net gain (loss) on derivative contracts | | $ | 792 | | $ | 149 | | $ | 1,670 | | $ | 79 | Unrealized gain (loss) on derivative contracts | | Other income and expenses - net gain (loss) on derivative contracts | | | 1,443 | | | (1,368) | | | 2,746 | | | 500 | Total net gain (loss) on derivative contracts | | | | $ | 2,235 | | $ | (1,219) | | $ | 4,416 | | $ | 579 |
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| Schedule of Derivative Instruments |
As of December 31, 2025, the Company had the following open crude oil and natural gas derivative contracts: | | | | | | | | | | | | | | | | | | | | | | | | | Volumes in | | Weighted Average Price per MMBTU/BBL | Period | | Commodity | | Instrument | | MMBTU/BBL | | Swap | | Sub Floor | | Floor | | Ceiling | January 2026 - September 2026 | | Crude Oil | | Fixed-Price Swap | | 186,513 | | $ | 60.27 | | | | | | | | | | January 2027 - January 2027 | | Crude Oil | | Fixed-Price Swap | | 14,375 | | | 57.05 | | | | | | | | | | January 2026 - December 2026 | | Crude Oil | | Two-Way Collar | | 177,762 | | | | | | | | $ | 57.62 | | $ | 67.12 | September 2026 - December 2026 | | Crude Oil | | Three-Way Collar | | 67,002 | | | | | $ | 50.00 | | | 58.83 | | | 70.36 | January 2026 - December 2026 | | Natural Gas | | Fixed-Price Swap | | 2,954,267 | | | 3.62 | | | | | | | | | | January 2027 - December 2027 | | Natural Gas | | Fixed-Price Swap | | 1,430,858 | | | 3.57 | | | | | | | | | | January 2026 - December 2026 | | Natural Gas | | Two-Way Collar | | 2,857,522 | | | | | | | | | 3.58 | | | 4.83 | January 2027 - March 2027 | | Natural Gas | | Two-Way Collar | | 234,698 | | | | | | | | | 3.75 | | | 6.07 |
Subsequent to December 31, 2025, the Company entered into the following new crude oil and natural gas derivative contracts: | | | | | | | | | | | | | | | | | | | | | | | | | Volumes in | | Weighted Average Price per MMBTU/BBL | Period | | Commodity | | Instrument | | MMBTU/BBL | | Swap | | Sub Floor | | Floor | | Ceiling | February 2026 - March 2026 | | Crude Oil | | Fixed-Price Swap | | 9,323 | | $ | 60.35 | | | | | | | | | | January 2027 - March 2027 | | Crude Oil | | Fixed-Price Swap | | 35,262 | | | 60.88 | | | | | | | | | | January 2027 - March 2027 | | Crude Oil | | Two-Way Collar | | 41,364 | | | | | | | | $ | 53.26 | | $ | 63.27 | January 2027 - February 2027 | | Natural Gas | | Two-Way Collar | | 509,946 | | | | | | | | | 3.69 | | | 5.82 |
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| Offsetting Assets |
| | | | | | | | | | | | | | | Derivative Contracts Assets | | Derivative Contracts Liabilities | Offsetting of Derivative Assets and Liabilities | | December 31, 2025 | | June 30, 2025 | | December 31, 2025 | | June 30, 2025 | Gross amounts presented in the Consolidated Balance Sheet | | $ | 3,331 | | $ | 1,975 | | $ | 1,970 | | $ | 3,360 | Amounts not offset in the Consolidated Balance Sheet | | | (1,640) | | | (1,774) | | | (1,640) | | | (1,774) | Net amount | | $ | 1,691 | | $ | 201 | | $ | 330 | | $ | 1,586 |
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| Offsetting Liabilities |
| | | | | | | | | | | | | | | Derivative Contracts Assets | | Derivative Contracts Liabilities | Offsetting of Derivative Assets and Liabilities | | December 31, 2025 | | June 30, 2025 | | December 31, 2025 | | June 30, 2025 | Gross amounts presented in the Consolidated Balance Sheet | | $ | 3,331 | | $ | 1,975 | | $ | 1,970 | | $ | 3,360 | Amounts not offset in the Consolidated Balance Sheet | | | (1,640) | | | (1,774) | | | (1,640) | | | (1,774) | Net amount | | $ | 1,691 | | $ | 201 | | $ | 330 | | $ | 1,586 |
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