v3.26.1
Risk Management and Derivative Instruments (Tables)
3 Months Ended
Mar. 31, 2026
Risk Management and Derivative Instruments  
Schedule of open commodity positions

Remaining

2026

2027

Crude Oil Derivative Contracts:

 

 

Fixed price swap contracts (WTI):

 

 

Average monthly volume (Bbls)

 

151,333

 

76,167

Weighted-average fixed price

$

65.27

$

64.02

Fixed price swap contracts (ICE Brent) :

 

 

Average monthly volume (Bbls)

 

6,667

 

Weighted-average fixed price

$

84.25

$

Collar contracts:

 

  ​

 

  ​

Two-way collars (WTI)

Average monthly volume (Bbls)

3,750

Weighted-average floor price

$

$

65.00

Weighted-average ceiling price

$

$

77.50

Two-way collars (ICE Brent)

Average monthly volume (Bbls)

30,000

Weighted-average floor price

$

$

74.00

Weighted-average ceiling price

$

$

83.35

Schedule of fair value of derivative instruments by the appropriate balance sheet classification

  ​ ​ ​

  ​ ​ ​

Asset 

  ​ ​ ​

Liability

  ​ ​ ​

Asset 

  ​ ​ ​

Liability

Derivatives

Derivatives

Derivatives

Derivatives

March 31, 

March 31, 

December 31, 

December 31, 

Type

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

2026

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2025

(In thousands)

Commodity contracts

 

Short-term derivative instruments

$

1,344

$

24,120

$

15,429

$

Interest rate swaps

 

Short-term derivative instruments

 

 

 

 

Gross fair value

 

 

1,344

 

24,120

 

15,429

 

Netting arrangements

 

 

(1,344)

 

(1,344)

 

 

Net recorded fair value

 

Short-term derivative instruments

$

$

22,776

$

15,429

$

Commodity contracts

 

Long-term derivative instruments

$

2,628

$

4,446

$

3,425

$

Interest rate swaps

 

Long-term derivative instruments

 

 

 

 

Gross fair value

 

 

2,628

 

4,446

 

3,425

 

Netting arrangements

 

 

(2,628)

 

(2,628)

 

 

Net recorded fair value

 

Long-term derivative instruments

$

$

1,818

$

3,425

$

Schedule of gains and losses related to derivative instruments The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands):

  ​ ​ ​

  ​ ​ ​

For the Three Months Ended

Statements of

  ​ ​ ​

March 31, 

  ​ ​ ​

Operations Location

2026

  ​ ​ ​

2025

Commodity derivative contracts

 

Loss (gain) on commodity derivatives

$

45,822

$

14,317