Commodity Sales Commitments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

We have entered into crude oil futures contracts and swap agreements that effectively fix prices for the production

and periods shown below. Prices to be realized for hedged production may be less than these fixed prices because of

location, quality and other adjustments.


Production Period	Bbls per Day		Weighted Average NYMEX Price per Bbl
July 2026—September 2026		10,000	$	61.44
October 2026—December 2026		10,000	$	59.29
January 2027—June 2027		4,500	$	63.41
July 2027—December 2027		4,500	$	65.32
January 2028—March 2028		3,000	$	63.07

The price we receive for our oil production is generally different than the NYMEX price because of changes in the roll component of the NYMEX price due to the timing of when the monthly NYMEX price is set. We have entered sell basis swap agreements that effectively fix the roll component of the NYMEX price for the production and periods shown below.


Production Period	Bbls per Day		Weighted Average Roll Price per Bbl (a)
July 2026—December 2026		4,000	$	1.80

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(a)

Increases to NYMEX oil price for roll component.

We have also entered into oil collars that set a ceiling and floor price for the production and periods shown below.


			Weighted Average NYMEX Price per Bbl
Production Period	Bbl per Day		Floor		Ceiling
January 2027—December 2027		2,500	$	70.00	$	75.00

We have entered into natural gas liquids futures contracts and swap agreements for ethane that effectively fix prices for the production and periods shown below. Prices to be realized for hedged production may be less than these fixed prices because of location, quality and other adjustments.


Production Period	Gallons per Day		Weighted Average NGL OPIS Price per Gallon
Ethane
January 2027—March 2027		14,700	$	0.29

We have entered into natural gas futures contracts and swap agreements that effectively fix prices for the production and periods shown below. Prices to be realized for hedged production may be less than these fixed prices because of location, quality and other adjustments.


Production Period	MMBtu per Day		Weighted Average NYMEX Price per MMBtu
July 2026—September 2026		50,000	$	3.49
October 2026—December 2026		50,000	$	3.93
January 2027—March 2027		42,500	$	4.36
April 2027—December 2027		32,500	$	3.76
January 2028—March 2028		20,000	$	4.18

We have also entered into gas collars that set a ceiling and floor price for the production and periods shown below.


			Weighted Average NYMEX Price per MMBtu
Production Period	MMBtu per Day		Floor		Ceiling
January 2028—March 2028		10,000	$	3.50	$	5.40

We have entered into sell basis swap agreements that effectively fix the basis adjustment for the San Juan Basin delivery location for the production and periods shown below.


Production Period	MMBtu per Day		Weighted Average Sell Basis Price per MMBtu(a)
July 2026—March 2028		30,000	$	(0.89	)

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(a)

Reductions to NYMEX gas price for delivery location.