v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Company's Contracts on its Balance Sheets
The following presents the impact of the Company’s contracts on its Condensed Balance Sheets for the periods indicated.
As of
March 31, 2026December 31, 2025
Commodity derivative instruments, marked to market:
Derivatives assets, current$4,016,834 $21,468,134 
Derivative assets, noncurrent$7,199,724 $9,739,430 
Derivative liabilities, current$43,082,871 $841,193 
Derivative liabilities, noncurrent$17,234,923 $2,512,692 
Schedule of Components of Gain (Loss) on Derivative Contracts
The components of “Gain (loss) on derivative contracts” from the Condensed Statements of Operations are as follows for the respective periods:
For the Three Months Ended
March 31, 2026March 31, 2025
Oil derivatives:
Realized gain (loss) on oil derivatives$(6,058,656)$(640,267)
Unrealized gain (loss) on oil derivatives(79,793,070)2,341,425 
Gain (loss) on oil derivatives$(85,851,726)$1,701,158 
Natural gas derivatives:
Realized gain (loss) on natural gas derivatives$782,645 $86,673 
Unrealized gain (loss) on natural gas derivatives2,838,156 (2,716,621)
Gain (loss) on natural gas derivatives$3,620,801 $(2,629,948)
Gain (loss) on derivative contracts$(82,230,925)$(928,790)
Schedule of Components of Cash Received (Paid) for Commodity Derivative Settlements
The components of “Cash received (paid) for derivative settlements, net” within the Condensed Statements of Cash Flows are as follows for the respective periods:
For the Three Months Ended
March 31, 2026March 31, 2025
Cash flows from operating activities
Cash received (paid) for oil derivatives$(6,058,656)$(640,267)
Cash received (paid) for natural gas derivatives782,645 86,673 
Cash received (paid) for derivative settlements, net$(5,276,011)$(553,594)
Schedule of Current Derivative Contracts
The following tables reflect the details of current derivative contracts as of March 31, 2026 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts).
Oil Hedges (WTI)Q2 2026Q3 2026Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027Q1 2028
Swaps:
Hedged volume (Bbl)622,601 263,400 529,000 509,500 492,000 432,000 412,963 — 
Weighted average swap price$66.43 $61.77 $65.34 $62.82 $60.45 $61.80 $57.59 $— 
Two-way collars:
Hedged volume (Bbl)273,000 563,685 — — — — — 400,080 
Weighted average put price$55.00 $60.82 $— $— $— $— $— $55.45 
Weighted average call price$65.65 $76.19 $— $— $— $— $— $65.45 
Swaps: WTI NYMEX Rolls
Hedged volume (BBL)819,000 — — — — — — — 
Weighted average swap price$5.30 $— $— $— $— $— $— $— 
Gas Hedges (Henry Hub)Q2 2026Q3 2026Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027Q1 2028
NYMEX Swaps:
Hedged volume (MMBtu)1,165,628 600,016 1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 
Weighted average swap price$3.82 $4.19 $3.99 $4.02 $4.02 $3.86 $4.02 $3.77 
Two-way collars:
Hedged volume (MMBtu)139,000 648,728 128,000 717,000 694,000 — — — 
Weighted average put price$3.50 $3.10 $3.50 $3.99 $3.00 $— $— $— 
Weighted average call price$5.42 $4.24 $5.42 $5.21 $4.32 $— $— $— 
Gas Hedges (Henry Hub)Q2 2028Q3 2028Q4 2028Q1 2029Q2 2029Q3 2029Q4 2029
NYMEX Swaps:
Hedged volume (MMBtu)984,322 956,865 931,539 908,117 886,933 866,585 846,134 
Weighted average swap price$3.77 $3.77 $3.77 $3.67 $3.67 $3.67 $3.67 
Gas Hedges (basis differential)Q2 2026Q3 2026Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027Q1 2028
Waha basis swaps:
Hedged volume (MMBtu)— — — 196,372 480,325 464,360 449,846 435,403 
Weighted average spread price (1)
$— $— $— $0.78 $0.78 $0.78 $0.78 $0.68 
El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)— — — 960,307 636,710 615,547 596,306 577,163 
Weighted average spread price (1)
$— $— $— $0.72 $0.67 $0.67 $0.67 $0.60 
(1) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.