v3.25.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Gain (Loss)
The following table summarizes derivative activity (in thousands):
Year Ended December 31,
202520242023
(Gain) loss on derivative contracts$(7,763)$(748)$(1,447)
Realized settlement gains (losses) on derivative contracts$5,189 $548 $5,876 
Schedule of Offsetting Assets
The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative asset positions (in thousands):

As of December 31, 2025Gross AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets
Derivative contracts - current
$3,130 $357 $2,773 $— $2,773 
Total$3,130 $357 $2,773 $— $2773 


At December 31, 2024Gross AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets
Derivative contracts - current$744 $630 $114 $— $114 
Derivative contracts - non-current86 — 86 — 86 
Total$830 $630 $200 $— $200 
Schedule of Derivative Contracts These commodity derivative contracts consisted of the following:
PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price SwapsJanuary 2026 - June 2026NYMEX WTI300$68.67
Natural Gas (MMBtu)
Fixed Price SwapsJanuary 2026 - December 2026NYMEX Henry Hub11,797$4.16
Producer Costless CollarsJanuary 2026 - December 2026NYMEX Henry Hub4,500
$3.35 Put / $5.35 Call

As of December 31, 2024, the Company's open derivative contracts consisted of oil and NGL commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following:
PeriodIndexDaily VolumeWeighted Average Price
Oil (Bbl)
Fixed Price Swaps
January 2025 - December 2025NYMEX WTI500$71.60
January 2026 - June 2026NYMEX WTI300$68.67
NGL (Bbl)
Fixed Price SwapsJanuary 2025 - December 2025
Mont Belvieu OPIS (1)
300$39.69
(1) NGL swaps exclude ethane
Subsequent to December 31, 2025, the Company entered into the following natural gas derivative contracts:
PeriodType of Derivative InstrumentIndexDaily Volume (MMBtu)Weighted Average Price Per MMBtu
February 2026 - December 2026Fixed price swapsNYMEX Henry Hub3,750$4.20

Subsequent to December 31, 2025, the Company entered into the following oil derivative contracts:
PeriodType of Derivative InstrumentIndexDaily Volume (Bbl)Weighted Average Price Per Bbl
February 19, 2026 - December 2026Producer Costless CollarsNYMEX WTI816
$56.63 Put / $79.43 Call
March 2026 - December 2026Fixed price swapsNYMEX WTI275$70.00
Schedule of Fair Value of Derivative Contract
The following table presents the fair value of the Company’s derivative contracts on a net basis with same counterparty netting (in thousands):
Type of ContractBalance Sheet ClassificationDecember 31, 2025
Oil and natural gas price swaps and collarsCurrent assets - Derivative Contracts$2,773 
Total net derivative contracts$2,773 

Type of ContractBalance Sheet ClassificationDecember 31, 2024
Oil and NGL price swapsCurrent assets - Derivative Contracts$114 
Oil and NGL price swapsNon-current assets - Derivative Contracts86 
Total net derivative contracts$200