v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table details our net volume positions by commodity as of June 30, 2026:

Production PeriodVolumesWeighted Average
Fixed Price
(in thousands)
Crude oil swaps – WTI (Bbls):
202610,552 $64.64
20275,490 $62.40
2027 (1)
4,563 $73.92
Crude oil two-way collars – WTI (Bbls):
20261,012 $60.36-$70.16
Crude oil three-way collars – WTI (Bbls):
20263,036 $48.00-$60.61-$74.98
20273,991 $47.66-$60.91-$75.21
2027 (2)
460 $45.00-$60.00-$70.00
Crude oil two-way collars – Brent (Bbls):
202692 $60.00-$82.00
Natural gas swaps (MMBtu):
202645,540 $4.01
20277,300 $4.21
2027 (3)
18,250 $4.19
Natural gas two-way collars (MMBtu):
202620,240 $3.04-$4.74
Crude oil basis swaps (Bbls):
202610,856 $1.34
20272,459 $1.75
Natural gas basis swaps (MMBtu):
202649,680 $(0.43)
202791,250 $(0.42)
Calendar Month Average roll swaps (Bbls):
202611,040 $0.56
Natural gas fixed index swaps – Waha (MMBtu):
202627,968 $2.41
202743,800 $2.69
(1)     Represents outstanding crude oil swap options exercisable by the counterparty until December 2026 and June 2027.
(2)     Represents outstanding crude oil three-way collar options exercisable by the counterparty until June 2027.
(3)     Represents outstanding natural gas swap options exercisable by the counterparty until December 2026.
Schedule of Offsetting Assets The following table shows the effects of master netting arrangements on the fair value of our derivative contracts and contingent earn-out consideration as of June 30, 2026 and December 31, 2025:
Gross Fair
Value		Effect of
Counterparty
Netting		Net Carrying
Value
(in thousands)
June 30, 2026
Assets:
Derivative assets – current$139,036 $(85,277)$53,759 
Other assets – current 35,679 — 35,679 
Derivative assets – noncurrent39,251 (17,227)22,024 
Total assets$213,966 $(102,504)$111,462 
Liabilities:
Derivative liabilities – current$(113,622)$85,277 $(28,345)
Other current liabilities (46,928)— (46,928)
Derivative liabilities – noncurrent(27,081)17,227 (9,854)
Other liabilities (8,877)— (8,877)
Total liabilities$(196,508)$102,504 $(94,004)
December 31, 2025
Assets:
Derivative assets – current$346,849 $(24,065)$322,784 
Derivative assets – noncurrent22,875 (20,046)2,829 
Other assets
17,590 — 17,590 
Total assets$387,314 $(44,111)$343,203 
Liabilities:
Derivative liabilities – current$(24,065)$24,065 $— 
Other current liabilities(16,153)— (16,153)
Derivative liabilities – noncurrent(33,467)20,046 (13,421)
Other liabilities(10,717)— (10,717)
Total liabilities$(84,402)$44,111 $(40,291)
Schedule of Offsetting Liabilities The following table shows the effects of master netting arrangements on the fair value of our derivative contracts and contingent earn-out consideration as of June 30, 2026 and December 31, 2025:
Gross Fair
Value		Effect of
Counterparty
Netting		Net Carrying
Value
(in thousands)
June 30, 2026
Assets:
Derivative assets – current$139,036 $(85,277)$53,759 
Other assets – current 35,679 — 35,679 
Derivative assets – noncurrent39,251 (17,227)22,024 
Total assets$213,966 $(102,504)$111,462 
Liabilities:
Derivative liabilities – current$(113,622)$85,277 $(28,345)
Other current liabilities (46,928)— (46,928)
Derivative liabilities – noncurrent(27,081)17,227 (9,854)
Other liabilities (8,877)— (8,877)
Total liabilities$(196,508)$102,504 $(94,004)
December 31, 2025
Assets:
Derivative assets – current$346,849 $(24,065)$322,784 
Derivative assets – noncurrent22,875 (20,046)2,829 
Other assets
17,590 — 17,590 
Total assets$387,314 $(44,111)$343,203 
Liabilities:
Derivative liabilities – current$(24,065)$24,065 $— 
Other current liabilities(16,153)— (16,153)
Derivative liabilities – noncurrent(33,467)20,046 (13,421)
Other liabilities(10,717)— (10,717)
Total liabilities$(84,402)$44,111 $(40,291)
Schedule of Derivative Contracts on Operations
The amounts of gain (loss) recognized in gain (loss) on derivatives in our condensed consolidated statements of operations were as follows for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Derivatives not designated as hedging instruments:
Realized gain (loss) on oil positions$(295,630)$27,394 $(386,809)$23,040 
Realized gain (loss) on natural gas positions79,224 (6,947)69,922 (12,103)
Realized gain (loss) on NGL positions— (454)— (1,742)
Realized gain (loss) on contingent earn-out consideration(20,791)— (26,282)— 
Total realized gain (loss) on derivatives(237,197)19,993 (343,169)9,195 
Unrealized gain (loss) on commodity derivatives429,864 168,217 (151,976)87,498 
Unrealized gain (loss) on contingent earn-out consideration(10,784)10,375 (29,563)10,864 
Total unrealized gain (loss) on derivatives419,080 178,592 (181,539)98,362 
Gain (loss) on derivatives$181,883 $198,585 $(524,708)$107,557