v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions Below is a summary of the Company’s open fixed price swap positions as of June 30, 2026. 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2026NYMEX Henry Hub455,000 $3.75 
2027NYMEX Henry Hub224,877 $3.89 
2028NYMEX Henry Hub90,000 $3.74 
Oil(Bbl/d)($/Bbl)
Remaining 2026NYMEX WTI2,000 $72.19 
2027NYMEX WTI2,250 $68.92 
2028NYMEX WTI750 $71.43 
NGL(Bbl/d)($/Bbl)
Remaining 2026Mont Belvieu C33,250 $30.98 
2027Mont Belvieu C32,000 $29.64 
The Company has entered into natural gas and crude oil costless collars based off the NYMEX Henry Hub and NYMEX WTI indices. Below is a summary of the Company's costless collar positions as of June 30, 2026.
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2026NYMEX Henry Hub150,000 $3.61 $4.35 
2027NYMEX Henry Hub117,397 $3.75 $4.26 
Oil(Bbl/d)($/Bbl)($/Bbl)
Remaining 2026NYMEX WTI1,250 $55.00 $71.24 
2027NYMEX WTI300 $55.00 $68.00 
Schedule of Natural Gas Basis Swap Positions
In addition, the Company has entered into natural gas basis swap positions. These instruments are arrangements that guarantee a fixed price differential to NYMEX Henry Hub from a specified delivery point. The Company receives the fixed price differential and pays the floating market price differential to the counterparty for the hedged commodity. As of June 30, 2026, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2026Rex Zone 3NYMEX Plus Fixed Spread80,000 $(0.18)
Remaining 2026NGPL TXOKNYMEX Plus Fixed Spread30,000 $(0.30)
Remaining 2026TETCO M2NYMEX Plus Fixed Spread170,000 $(0.95)
Remaining 2026Transco Station 85NYMEX Plus Fixed Spread10,000 $0.56 
Remaining 2026TGP 500NYMEX Plus Fixed Spread20,000 $0.56 
2027Rex Zone 3NYMEX Plus Fixed Spread70,000 $(0.21)
2027NGPL TXOKNYMEX Plus Fixed Spread40,000 $(0.33)
2027TETCO M2NYMEX Plus Fixed Spread100,000 $(0.85)
2028Rex Zone 3NYMEX Plus Fixed Spread30,000 $(0.23)
Subsequent to June 30, 2026, as of July 28, 2026, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2027Basis SwapsRex Zone 320,000 $(0.20)
2027Basis SwapsTETCO M230,000 $(0.72)
2028Basis SwapsTETCO M240,000 $(0.71)
Oil(Bbl/d)($/Bbl)
Remaining 2026Costless CollarsNYMEX WTI832 
$76.25 / $85.60
Schedule of Derivative Instruments in Balance Sheet The following table presents the fair value of the Company’s derivative instruments on a gross basis (in thousands):
June 30, 2026December 31, 2025
Short-term derivative asset$82,220 $45,155 
Long-term derivative asset34,119 15,303 
Short-term derivative liability(16,073)(21,865)
Long-term derivative liability(3,810)(8,916)
Total commodity derivative position$96,456 $29,677 
Schedule of Net Gain (Loss) on Derivatives
The following tables present the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Natural gas derivatives - fair value gains$8,636 $108,909 
Natural gas derivatives - settlement gains41,573 17,295 
Total gains on natural gas derivatives50,209 126,204 
Oil derivatives - fair value gains13,654 2,315 
Oil derivatives - settlement (losses) gains(5,165)2,411 
Total gains on oil and condensate derivatives8,489 4,726 
NGL derivatives - fair value gains3,548 5,437 
NGL derivatives - settlement losses(571)(266)
Total gains on NGL derivatives2,977 5,171 
Total gains on natural gas, oil and NGL derivatives$61,675 $136,101 
Net gain (loss) on derivative instruments
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Natural gas derivatives - fair value gains (losses)$66,229 $(24,755)
Natural gas derivatives - settlement (losses) gains(14,333)8,270 
Total gains (losses) on natural gas derivatives51,896 (16,485)
Oil derivatives - fair value gains3,774 2,309 
Oil derivatives - settlement (losses) gains(6,781)2,915 
Total (losses) gains on oil and condensate derivatives(3,007)5,224 
NGL derivatives - fair value (losses) gains(3,224)2,449 
NGL derivatives - settlement gains (losses)197 (1,635)
Total (losses) gains on NGL derivatives(3,027)814 
Total gains (losses) on natural gas, oil and NGL derivatives$45,862 $(10,447)
Schedule of Recognized Derivative Assets The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands):
As of June 30, 2026
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$116,339 $(19,883)$96,456 
Derivative liabilities$(19,883)$19,883 $— 
As of December 31, 2025
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$60,458 $(30,671)$29,787 
Derivative liabilities$(30,781)$30,671 $(110)
Schedule of Recognized Derivative Liabilities The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands):
As of June 30, 2026
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$116,339 $(19,883)$96,456 
Derivative liabilities$(19,883)$19,883 $— 
As of December 31, 2025
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$60,458 $(30,671)$29,787 
Derivative liabilities$(30,781)$30,671 $(110)