v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions
The Company has entered into natural gas, crude oil and NGL fixed price swap contracts based off the NYMEX Henry Hub, NYMEX WTI and Mont Belvieu C3 indices. Below is a summary of the Company’s open fixed price swap positions as of March 31, 2026: 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2026NYMEX Henry Hub366,727 $3.82 
2027NYMEX Henry Hub210,000 $3.93 
2028NYMEX Henry Hub50,000 $3.77 
Oil(Bbl/d)($/Bbl)
Remaining 2026NYMEX WTI1,752 $71.45 
2027NYMEX WTI1,500 $66.48 
NGL(Bbl/d)($/Bbl)
Remaining 2026Mont Belvieu C33,167 $30.89 
2027Mont Belvieu C32,000 $29.64 
The Company has entered into natural gas and crude oil costless collars based off the NYMEX Henry Hub and NYMEX WTI indices. Below is a summary of the Company's costless collar positions as of March 31, 2026:
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2026NYMEX Henry Hub150,000 $3.61 $4.35 
2027NYMEX Henry Hub110,000 $3.75 $4.27 
Oil(Bbl/d)($/Bbl)($/Bbl)
Remaining 2026NYMEX WTI1,250 $55.00 $71.24 
2027NYMEX WTI300 $55.00 $68.00 
Subsequent to March 31, 2026, as of April 29, 2026, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndexDaily VolumeWeighted
Average Price
Oil
(Bbl/d)($/Bbl)
2027
Swaps
NYMEX WTI
500 $72.55 
Natural Gas(MMBtu/d)($/MMBtu)
2028
Swaps
NYMEX Henry Hub
40,000 $3.70 
Schedule of Natural Gas Basis Swap Positions
In addition, the Company has entered into natural gas basis swap positions. These instruments are arrangements that guarantee a fixed price differential to NYMEX Henry Hub from a specified delivery point. The Company receives the fixed price differential and pays the floating market price differential to the counterparty for the hedged commodity. As of March 31, 2026, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2026Rex Zone 3NYMEX Plus Fixed Spread80,000 $(0.18)
Remaining 2026NGPL TXOKNYMEX Plus Fixed Spread30,000 $(0.30)
Remaining 2026TETCO M2NYMEX Plus Fixed Spread170,000 $(0.95)
Remaining 2026Transco Station 85NYMEX Plus Fixed Spread10,000 $0.56 
Remaining 2026TGP 500NYMEX Plus Fixed Spread20,000 $0.56 
2027Rex Zone 3NYMEX Plus Fixed Spread50,000 $(0.19)
2027NGPL TXOKNYMEX Plus Fixed Spread40,000 $(0.33)
2027TETCO M2NYMEX Plus Fixed Spread100,000 $(0.85)
Schedule of Derivative Instruments in Balance Sheet The following table presents the fair value of the Company’s derivative instruments on a gross basis (in thousands):
March 31, 2026December 31, 2025
Short-term derivative asset$75,086 $45,155 
Long-term derivative asset36,209 15,303 
Short-term derivative liability(32,822)(21,865)
Long-term derivative liability(7,856)(8,916)
Total commodity derivative position$70,617 $29,677 
Schedule of Net Gain (Loss) on Derivatives
The following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Natural gas derivatives - fair value gains (losses)$57,593 $(133,664)
Natural gas derivatives - settlement losses(55,906)(9,025)
Total gains (losses) on natural gas derivatives1,687 (142,689)
Oil and condensate derivatives - fair value losses(9,880)(6)
Oil and condensate derivatives - settlement (losses) gains(1,616)504 
Total (losses) gains on oil and condensate derivatives(11,496)498 
NGL derivatives - fair value losses(6,772)(2,988)
NGL derivatives - settlement gains (losses)768 (1,369)
Total losses on NGL derivatives(6,004)(4,357)
Total losses on natural gas, oil and NGL derivatives$(15,813)$(146,548)
Schedule of Recognized Derivative Assets The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands):
As of March 31, 2026
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$111,295 $(40,678)$70,617 
Derivative liabilities$(40,678)$40,678 $— 
As of December 31, 2025
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$60,458 $(30,671)$29,787 
Derivative liabilities$(30,781)$30,671 $(110)
Schedule of Recognized Derivative Liabilities The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands):
As of March 31, 2026
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$111,295 $(40,678)$70,617 
Derivative liabilities$(40,678)$40,678 $— 
As of December 31, 2025
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$60,458 $(30,671)$29,787 
Derivative liabilities$(30,781)$30,671 $(110)