v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table details our net volume positions by commodity as of March 31, 2026:

Production PeriodVolumes
Weighted Average
Fixed Price
(in thousands)
Crude oil swaps – WTI (Bbls):
202616,454 $64.57
2026 (1)
368 $67.03
20275,490 $62.40
2027 (2)
4,563 $73.92
Crude oil two-way collars – WTI (Bbls):
20262,696 $60.27-$70.33
Crude oil three-way collars – WTI (Bbls):
20263,446 $48.00-$60.53-$74.62
20273,991 $47.66-$60.91-$75.21
2027 (3)
460 $45.00-$60.00-$70.00
Crude oil two-way collars – Brent (Bbls):
2026138 $60.00-$82.00
Natural gas swaps (MMBtu):
202668,290 $3.95
20277,300 $4.21
2027 (4)
18,250 $4.19
Natural gas two-way collars (MMBtu):
202631,160 $3.05-$4.78
Crude oil basis swaps (Bbls):
202616,134 $1.33
20272,459 $1.75
Natural gas basis swaps (MMBtu):
202675,160 $(0.43)
202791,250 $(0.42)
Calendar Month Average roll swaps (Bbls):
202618,320 $0.50
Natural gas fixed index swaps – Waha (MMBtu):
202641,800 $2.41
202743,800 $2.69
(1)     Represents outstanding crude oil swap options exercisable by the counterparty until June 2026.
(2)     Represents outstanding crude oil swap options exercisable by the counterparty until December 2026 and June 2027.
(3)     Represents outstanding crude oil three-way collar options exercisable by the counterparty until June 2027.
(4)     Represents outstanding natural gas swap options exercisable by the counterparty until December 2026.
Schedule of Offsetting Assets The following table shows the effects of master netting arrangements on the fair value of our derivative contracts and contingent earn-out consideration as of March 31, 2026 and December 31, 2025:
Gross Fair
Value		Effect of
Counterparty
Netting		Net Carrying
Value
(in thousands)
March 31, 2026
Assets:
Derivative assets – current$199,182 $(187,657)$11,525 
Other assets – current
6,923 — 6,923 
Derivative assets – noncurrent46,884 (31,334)15,550 
Other assets – noncurrent
43,225 — 43,225 
Total assets$296,214 $(218,991)$77,223 
Liabilities:
Derivative liabilities – current$(502,260)$187,657 $(314,603)
Other current liabilities (53,573)— (53,573)
Derivative liabilities – noncurrent(74,018)31,334 (42,684)
Other liabilities (15,125)— (15,125)
Total liabilities$(644,976)$218,991 $(425,985)
December 31, 2025
Assets:
Derivative assets – current$346,849 $(24,065)$322,784 
Derivative assets – noncurrent22,875 (20,046)2,829 
Other assets
17,590 — 17,590 
Total assets$387,314 $(44,111)$343,203 
Liabilities:
Derivative liabilities – current$(24,065)$24,065 $— 
Other current liabilities(16,153)— (16,153)
Derivative liabilities – noncurrent(33,467)20,046 (13,421)
Other liabilities(10,717)— (10,717)
Total liabilities$(84,402)$44,111 $(40,291)
Schedule of Offsetting Liabilities The following table shows the effects of master netting arrangements on the fair value of our derivative contracts and contingent earn-out consideration as of March 31, 2026 and December 31, 2025:
Gross Fair
Value		Effect of
Counterparty
Netting		Net Carrying
Value
(in thousands)
March 31, 2026
Assets:
Derivative assets – current$199,182 $(187,657)$11,525 
Other assets – current
6,923 — 6,923 
Derivative assets – noncurrent46,884 (31,334)15,550 
Other assets – noncurrent
43,225 — 43,225 
Total assets$296,214 $(218,991)$77,223 
Liabilities:
Derivative liabilities – current$(502,260)$187,657 $(314,603)
Other current liabilities (53,573)— (53,573)
Derivative liabilities – noncurrent(74,018)31,334 (42,684)
Other liabilities (15,125)— (15,125)
Total liabilities$(644,976)$218,991 $(425,985)
December 31, 2025
Assets:
Derivative assets – current$346,849 $(24,065)$322,784 
Derivative assets – noncurrent22,875 (20,046)2,829 
Other assets
17,590 — 17,590 
Total assets$387,314 $(44,111)$343,203 
Liabilities:
Derivative liabilities – current$(24,065)$24,065 $— 
Other current liabilities(16,153)— (16,153)
Derivative liabilities – noncurrent(33,467)20,046 (13,421)
Other liabilities(10,717)— (10,717)
Total liabilities$(84,402)$44,111 $(40,291)
Schedule of Derivative Contracts on Operations
The amounts of gain (loss) recognized in gain (loss) on derivatives in our condensed consolidated statements of operations were as follows for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
20262025
(in thousands)
Derivatives not designated as hedging instruments:
Realized gain (loss) on oil positions$(91,179)$(4,354)
Realized gain (loss) on natural gas positions(9,302)(5,156)
Realized gain (loss) on NGL positions— (1,288)
Realized gain (loss) on contingent earn-out consideration(5,491)— 
Total realized gain (loss) on derivatives(105,972)(10,798)
Unrealized gain (loss) on commodity derivatives(581,840)(80,719)
Unrealized gain (loss) on contingent earn-out consideration(18,779)489 
Total unrealized gain (loss) on derivatives(600,619)(80,230)
Gain (loss) on derivatives$(706,591)$(91,028)