Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Financial Instruments [Abstract]

Schedule of Fair Values of Outstanding Commodity Derivative Instruments

Set forth below are the summarized amounts, terms and gross fair values of outstanding commodity derivative instruments as of March 31, 2026 (Successor):

		Volumes				Weighted Average Price				Fair Value
Oil Swaps:		(in Bbls)				($ per Bbl)				(in thousands)
April - December 2026			828				59.19			$	(17,516	)
January - December 2027			1,041				59.32				(10,003	)
January - December 2028			487				57.80				(4,383	)
January - December 2029			15				64.41			$	(20	)
Total			2,371								(31,922	)

		Volumes				Weighted Average Price				Fair Value
Natural Gas Swaps:		(in MMBtu)				($ per MMBtu)				(in thousands)
April - December 2026			18,415				5.85			$	45,424
January - December 2027			22,195				4.14				7,795
January - December 2028			20,358				3.55				(4,316	)
January - December 2029			17,080				3.57				(1,306	)
January - December 2030			15,340				3.55				(799	)
Thereafter			7,314				3.63				98
Total			100,702							$	46,896

		Volumes				Basis Differential				Fair Value
Natural Gas Basis Swaps:		(in MMBtu)				($ per MMBtu)				(in thousands)
April - December 2026			17,665				(0.49	)		$	4,854
January - December 2027			19,053				(0.30	)			4,017
January - December 2028			4,508				(0.26	)			(24	)
Total			41,226								8,847

		Volumes				Weighted Average Price				Fair Value
Natural Gas Liquids Swaps:		(in Bbls)				($ per Bbl)				(in thousands)
April - December 2026			1,611				21.66			$	(15,034	)
January - December 2027			1,861				23.23				(8,291	)
January - December 2028			1,384				25.79				(849	)
Total			4,856							$	(24,174	)

Set forth below are the summarized amounts, terms and gross fair values of outstanding commodity derivative instruments as of December 31, 2025 (Predecessor):

		Volumes				Weighted Average Price				Fair Value
Oil Swaps:		(in Bbls)				($ per Bbl)				(in thousands)
January - December 2026			990				57.45			$	395
January - December 2027			902				58.22				698
January - December 2028			422				56.67				(662	)
Total			2,314							$	431

		Volumes				Weighted Average Price				Fair Value
Natural Gas Swaps:		(in MMBtu)				($ per MMBTU)				(in thousands)
January - December 2026			21,071				3.19			$	(11,117	)
January - December 2027			19,133				3.68				(3,676	)
January - December 2028			17,664				3.57				(2,267	)
January - December 2029			16,454				3.55				(899	)
January - December 2030			15,340				3.55				(783	)
Thereafter			7,314				3.63				852
Total			96,976							$	(17,890	)

		Volumes				Basis Differential				Fair Value
Natural Gas Basis Swaps:		(in MMBtu)				($ per MMBTU)				(in thousands)
January - December 2026			21,071				(0.32	)		$	6,807
January - December 2027			18,944				(0.30	)			741
Total			40,015							$	7,548

		Volumes				Weighted Average Price				Fair Value
Natural Gas Liquids Swaps:		(in Bbls)				($ per Bbl)				(in thousands)
January - December 2026			1,894				22.10			$	(3,550	)
January - December 2027			1,671				22.69				(2,105	)
January - December 2028			1,295				25.66				1,367
Total			4,860							$	(4,288	)

Schedule of Positions Presented on the Condensed Consolidated Balance Sheet

Below is a reconciliation of the gross open positions by commodity to the net open positions presented on the condensed consolidated balance sheet as of March 31, 2026 (Successor):

		Current								Noncurrent
(in thousands)		Assets				Liabilities				Assets				Liabilities
Commodity
Oil		$	14			$	(20,249	)		$	—			$	(11,687	)
Gas			61,765				(4,940	)			9,562				(10,644	)
NGL			—				(18,824	)			1,054				(6,404	)
Total		$	61,779			$	(44,013	)		$	10,616			$	(28,735	)
Effects of netting arrangements			(8,923	)			8,923				(6,276	)			6,276
Total		$	52,856			$	(35,090	)		$	4,340			$	(22,459	)

Below is a reconciliation of the gross open positions by commodity to the net open positions presented on the condensed consolidated balance sheet as of December 31, 2025 (Predecessor):

		Current								Noncurrent
(in thousands)		Assets				Liabilities				Assets				Liabilities
Commodity
Oil		$	2,056			$	(1,661	)		$	793			$	(757	)
Gas			7,428				(11,738	)			3,691				(9,723	)
NGL			177				(3,727	)			2,326				(3,064	)
Total		$	9,661			$	(17,126	)		$	6,810			$	(13,544	)
Effects of netting arrangements			(9,661	)			9,661				(6,810	)			6,810
Total		$	—			$	(7,465	)		$	—			$	(6,734	)