Derivative Instruments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Derivative [Line Items] |
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| Summary of Outstanding Contracts with Respect to Crude Oil and Natural Gas |
At March 31, 2026 the Company had outstanding crude oil and natural gas derivative contracts as set forth in the tables below.
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Natural gas derivatives |
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Weighted Average Hedge Price ($/MMBtu) |
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Period and Type of Contract |
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Average Volumes Hedged |
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Basis Swaps |
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Fixed Swaps |
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April 2026 - December 2026 |
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Swaps - Henry Hub |
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771,000 |
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MMBtus/day |
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$ |
4.14 |
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Basis Swaps - WAHA |
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117,000 |
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MMBtus/day |
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$ |
(1.78 |
) |
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January 2027 - March 2027 |
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Basis Swaps - WAHA |
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120,000 |
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MMBtus/day |
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$ |
(0.90 |
) |
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January 2027 - December 2027 |
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Swaps - Henry Hub |
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647,000 |
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MMBtus/day |
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$ |
3.94 |
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January 2028 - December 2028 |
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Swaps - Henry Hub |
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50,000 |
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MMBtus/day |
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$ |
3.80 |
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Crude oil derivatives |
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Weighted Average Hedge Price ($/Bbl) |
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Period and Type of Contract |
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Average Volumes Hedged |
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Roll Swaps |
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Fixed Swaps |
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Floor |
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Ceiling |
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April 2026 - December 2026 |
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Fixed Swaps - WTI |
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122,000 |
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Bbls/day |
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$ |
64.28 |
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Collars - WTI |
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33,000 |
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Bbls/day |
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$ |
60.00 |
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$ |
69.38 |
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Roll Swaps - WTI |
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52,000 |
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Bbls/day |
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$ |
1.45 |
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January 2027 - December 2027 |
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Fixed Swaps - WTI |
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58,000 |
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Bbls/day |
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$ |
62.40 |
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January 2028 - December 2028 |
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Fixed Swaps - WTI |
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20,000 |
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Bbls/day |
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$ |
61.42 |
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| Realized and Unrealized Gains and Losses on Crude Oil and Natural Gas Derivative Instruments |
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Three months ended March 31, |
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In thousands |
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2026 |
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2025 |
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Cash received (paid) on derivatives: |
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Crude oil fixed price swaps |
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$ |
(70,982 |
) |
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$ |
9,252 |
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Crude oil collars |
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(22,113 |
) |
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— |
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Crude oil NYMEX roll swaps |
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— |
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669 |
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Natural gas fixed price swaps |
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(48,246 |
) |
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6,931 |
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Natural gas collars |
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(429 |
) |
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— |
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Natural gas WAHA basis swaps |
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27,621 |
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— |
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Cash received (paid) on derivatives, net |
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(114,149 |
) |
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16,852 |
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Non-cash gain (loss) on derivatives: |
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Crude oil fixed price swaps |
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(858,627 |
) |
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(9,550 |
) |
Crude oil collars |
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(180,271 |
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(47,565 |
) |
Crude oil NYMEX roll swaps |
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(33,931 |
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3,867 |
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Natural gas fixed price swaps |
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75,043 |
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(287,165 |
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Natural gas collars |
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(16,702 |
) |
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7,559 |
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Natural gas WAHA basis swaps |
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20,513 |
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— |
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Non-cash loss on derivatives, net |
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(993,975 |
) |
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(332,854 |
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Loss on derivative instruments, net |
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$ |
(1,108,124 |
) |
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$ |
(316,002 |
) |
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| Gross Amounts of Recognized Crude Oil and Natural Gas Derivative Assets and Liabilities |
The following table presents the gross amounts of recognized crude oil and natural gas derivative assets and liabilities, as applicable, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value.
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In thousands |
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March 31, 2026 |
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December 31, 2025 |
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Commodity derivative assets: |
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Gross amounts of recognized assets |
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$ |
273,386 |
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$ |
392,348 |
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Gross amounts offset on balance sheet |
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(17,026 |
) |
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(6,114 |
) |
Net amounts of assets on balance sheet |
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256,360 |
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386,234 |
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Commodity derivative liabilities: |
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Gross amounts of recognized liabilities |
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(886,032 |
) |
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(11,019 |
) |
Gross amounts offset on balance sheet |
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17,026 |
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6,114 |
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Net amounts of liabilities on balance sheet |
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$ |
(869,006 |
) |
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$ |
(4,905 |
) |
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| Derivatives Not Designated as Hedging Instruments |
The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets.
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In thousands |
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March 31, 2026 |
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December 31, 2025 |
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Derivative assets |
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$ |
204,536 |
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$ |
324,706 |
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Derivative assets, noncurrent |
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51,824 |
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61,528 |
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Net amounts of assets on balance sheet |
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256,360 |
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386,234 |
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Derivative liabilities |
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(732,266 |
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— |
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Derivative liabilities, noncurrent |
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(136,740 |
) |
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(4,905 |
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Net amounts of liabilities on balance sheet |
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(869,006 |
) |
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(4,905 |
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Total derivative assets (liabilities), net |
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$ |
(612,646 |
) |
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$ |
381,329 |
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