v3.26.1
DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of List of Outstanding Contracts See table below for the list of outstanding contracts as of March 31, 2026:
Settlement Period IndexTotal volumes (Bbls)Weighted average floor price ($/Bbl)Weighted average ceiling price ($/Bbl)
Crude oil:
Call Option
ICE(a) Brent
April 2026 to June 2026211,000 — $122.00 
CollarsDated Brent
2026
April 2026 to June 2026698,000 $63.01 $69.01 
July 2026 to September 2026777,000 $63.85 $68.73 
October 2026 to December 2026692,000 $64.96 $68.33 
2027
January 2027 to March 2027673,000 $64.68 $72.63 
April 2027 to June 2027564,000 $70.99 $84.35 
(a) Intercontinental Exchange
Schedule of Offsetting Assets
The following tables summarize the fair value of all outstanding commodity derivative instruments recorded in the Company’s consolidated balance sheets:
(in thousands)March 31, 2026
Derivative InstrumentGross AmountGross Amount OffsetNet Amount
Derivatives assets:
Commodity derivatives - current$432 $— $432 
Commodity derivatives - long-term$442 $— $442 
Total derivatives assets$874 $— $874 
Derivatives liabilities:
Commodity derivatives - current (a)
$52,482 $— $52,482 
Total derivatives liabilities$52,482 $— $52,482 
(a) Includes deferred premiums payable of $0.6 million.
(in thousands)December 31, 2025
Derivative Instrument Gross AmountGross Amount OffsetNet Amount
Derivative assets:
Commodity derivatives - current$3,053 $(207)$2,846 
Total derivatives assets$3,053 $(207)$2,846 
Derivatives liabilities:
Commodity derivatives - current$207 $(207)$— 
Total derivatives liabilities$207 $(207)$— 
Schedule of Offsetting Liabilities
The following tables summarize the fair value of all outstanding commodity derivative instruments recorded in the Company’s consolidated balance sheets:
(in thousands)March 31, 2026
Derivative InstrumentGross AmountGross Amount OffsetNet Amount
Derivatives assets:
Commodity derivatives - current$432 $— $432 
Commodity derivatives - long-term$442 $— $442 
Total derivatives assets$874 $— $874 
Derivatives liabilities:
Commodity derivatives - current (a)
$52,482 $— $52,482 
Total derivatives liabilities$52,482 $— $52,482 
(a) Includes deferred premiums payable of $0.6 million.
(in thousands)December 31, 2025
Derivative Instrument Gross AmountGross Amount OffsetNet Amount
Derivative assets:
Commodity derivatives - current$3,053 $(207)$2,846 
Total derivatives assets$3,053 $(207)$2,846 
Derivatives liabilities:
Commodity derivatives - current$207 $(207)$— 
Total derivatives liabilities$207 $(207)$— 
Schedule of Sets Forth the Gain (Loss) on Derivative Instruments
The following table sets forth the gain (loss) on derivative instruments on the Company’s unaudited condensed consolidated statements of operations and comprehensive income:
Three Months Ended
March 31,
Derivative ItemStatements of Operations Line20262025
(in thousands)
Commodity derivativesRealized gain (loss), net$(14,633)$123 
Unrealized loss, net(55,948)(197)
Derivative instruments loss, net$(70,581)$(74)