v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of contracts
The following is a summary of the Company’s open costless collar contracts at March 31, 2026.
CommodityCalculation PeriodNotional Quantity
(Bbl or MMBtu)		Weighted Average Price Floor
($/Bbl or $/MMBtu)		Weighted Average Price Ceiling
($/Bbl or $/MMBtu)		Fair Value of
Asset
(Liability)
(thousands)
Oil - WTI04/01/2026 - 12/31/202618,425,000 $52.75 $66.36 $(303,047)
Oil - WTI01/01/2027 - 12/31/20273,650,000 $55.00 $76.00 (8,975)
Natural Gas - Henry Hub04/01/2026 - 12/31/202641,250,000 $3.50 $6.70 18,194 
Total open costless collar contracts$(293,828)
The following is a summary of the Company’s open swap contracts at March 31, 2026.
CommodityCalculation PeriodNotional Quantity (MMBtu)Fixed Price
($/MMBtu)		Fair Value of
Asset
(Liability)
(thousands)
Natural Gas - Waha04/01/2026 - 07/31/202612,200,000 $(0.53)$19,981 
Total open swap contracts$19,981 
The following is a summary of the Company’s open basis differential swap contracts at March 31, 2026.

CommodityCalculation PeriodNotional Quantity (MMBtu)Fixed Price
($/MMBtu)		Fair Value of
Asset
(Liability)
(thousands)
Natural Gas Basis Differential04/01/2026 - 12/31/202641,250,000 $(2.52)$52,426 
Total open basis differential swap contracts$52,426 
Summary of gross asset balances of derivative instruments
The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands).
Derivative InstrumentsGross
amounts
recognized		Gross amounts
netted in the condensed
consolidated
balance sheets		Net amounts presented in the condensed
consolidated
balance sheets
March 31, 2026
Current assets$118,170 $(27,570)$90,600 
Other assets9,975 (9,975)— 
Current liabilities(333,770)27,570 (306,200)
Long-term liabilities(15,796)9,975 (5,821)
Total$(221,421)$— $(221,421)
December 31, 2025
Current assets$57,450 $(23,398)$34,052 
Current liabilities(23,398)23,398 — 
Total$34,052 $— $34,052 
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands).
 Three Months Ended
March 31,
Type of InstrumentLocation in Condensed Consolidated 
Statement of Operations		20262025
Derivative Instrument
OilRevenues: Realized loss on derivatives$(51,817)$— 
Natural GasRevenues: Realized gain on derivatives37,324 2,714 
Realized (loss) gain on derivatives(14,493)2,714 
OilRevenues: Unrealized loss on derivatives(312,739)(16,142)
Natural GasRevenues: Unrealized gain on derivatives57,265 21,213 
Unrealized (loss) gain on derivatives(255,474)5,071 
Total$(269,967)$7,785