Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Oil Derivative Contracts and Interest Rate Swap

The following table sets forth the volumes in barrels underlying the Company’s outstanding oil derivative contracts and the weighted average prices per Bbl for those contracts as of March 31, 2026. Volumes and weighted average prices are net of any offsetting derivative contracts entered into.


				Weighted Average Price per Bbl
				Net Deferred
				Premium
				Payable/				Sold
Term	Type of Contract	Index	MBbl	(Receivable)		Swap		Put		Floor		Ceiling
2026:
Apr - Jun	Two-way collars	Dated Brent	500	$	1.55	$	—	$	—	$	60.00	$	74.75
Apr - Dec	Three-way collars	Dated Brent	1,500	—		—		50.00		60.00		75.51
Apr - Jun	Swaps(1)	Dated Brent	500	—		72.90		—		—		80.00
Apr - Dec	Swaps(1)	Dated Brent	750	—		72.46		—		—		80.00
Apr - Dec	Swaps(1)	Dated Brent	1,500	—		69.70		55.00		—		—
Apr - Dec	Swaps(1)	NYMEX WTI	1,125	—		64.83		50.00		—		—
2027:
Jan - Dec	Three-way collars	Dated Brent	2,000	0.40		—		47.50		60.00		75.00
Jan - Jun	Three-way collars	Dated Brent	2,000	0.03		—		55.00		70.00		85.00

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(1)Includes option contracts sold to counterparties to enhance Swaps.

Schedule of Derivative Instruments by Balance Sheet Location

The following tables disclose the Company’s derivative instruments as of March 31, 2026 and December 31, 2025, and gain/(loss) from derivatives during the three months ended March 31, 2026 and 2025, respectively:


		Estimated Fair Value
		Asset (Liability)
Type of Contract	Balance Sheet Location	March 31, 2026		December 31, 2025
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity	Derivatives assets—current	$	—	$	47,816


Commodity	Derivatives assets—long-term	—		2,681
Derivative liabilities:
Commodity	Derivatives liabilities—current	(156,243)		—


Commodity	Derivatives liabilities—long-term	(14,915)		—

Total derivatives not designated as hedging instruments		$	(171,158)	$	50,497

Schedule of Derivative Instruments by Location of Gain/(Loss)


		Amount of Gain/(Loss)
		Three Months Ended
		March 31,
Type of Contract	Location of Gain/(Loss)	2026		2025
		(In thousands)
Derivatives not designated as hedging instruments:
Provisional sales contracts	Oil and gas revenue	$	(50,980)	$	(827)
Commodity	Derivatives, net	(251,996)		(6,732)
Interest rate	Interest expense	—		(27)
Total derivatives not designated as hedging instruments		$	(302,976)	$	(7,586)