Financial Instruments and Fair Value Measurement (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Measurements |
The following table presents the Company’s fair value measurements of its financial instruments as of June 30, 2026, and December 31, 2025: | | | | | | | | | | | | | (Thousands of U.S. Dollars) | As at June 30, 2026 | | As at December 31, 2025 | | Level 1 | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | 7.75% Senior Notes | $ | 22,749 | | | $ | 19,784 | | 9.50% Senior Notes | 83,257 | | | 505,020 | | 9.75% Senior Notes | 433,757 | | | — | | | $ | 539,763 | | | $ | 524,804 | | | Level 2 | | | | | Assets | | | | Restricted cash and cash equivalents - long-term (1) | $ | 11,113 | | | $ | 9,735 | | | Foreign currency derivatives - current | 3,077 | | | 10,147 | | | $ | 14,190 | | | $ | 19,882 | | | | | | | Liabilities | | | | | Commodity derivatives - current | $ | 30,693 | | | $ | — | |
(1) The long-term portion of restricted cash and cash equivalents is included in the other long-term assets on the Company’s condensed consolidated balance sheet.
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| Schedule of Derivative Instruments, Gain (Loss) |
Additionally, the Company considers whether such counterparty has the ability to meet its potential repayment obligations associated with the derivative transactions. | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (Thousands of U.S. Dollars) | 2026 | 2025 | | 2026 | 2025 | | Commodity price derivative (gain) loss | $ | (9,266) | | $ | (6,802) | | | $ | 79,352 | | $ | (5,335) | | | Foreign currency derivative gain | (2,598) | | (7,230) | | | (2,806) | | (7,230) | | | | | | | | | Derivative instruments (gain) loss | $ | (11,864) | | $ | (14,032) | | | $ | 76,546 | | $ | (12,565) | |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
As at June 30, 2026, the Company had outstanding commodity price derivative positions in Canada and Colombia as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Oil | | Type of Instrument | Start Period | End Period | Volume
bbl/d | Reference | Sold Put (C$/bbl or $/bbl Weighted Average) | Purchased Put (C$/bbl or $/bbl Weighted Average) | Sold Call
(C$/bbl or $/bbl Weighted Average) | Premium (C$/bbl or $/bbl Weighted Average) | | Collar | 07/01/26 | 09/30/26 | 500 | | WTI CMA | — | | C$ | 75.00 | | C$ | 91.95 | | — | | | Put Option | 07/01/26 | 09/30/26 | 500 | | Brent | — | | 60.00 | | — | | 4.30 | | | Put Spread | 07/01/26 | 09/30/26 | 5,000 | | Brent | 45.00 | | 55.00 | | — | | 21.64 | | | Three Way | 07/01/26 | 09/30/26 | 1,000 | | WTI CMA | C$ | 62.50 | | C$ | 72.50 | | C$ | 103.70 | | C$ | 0.95 | | | Three Way | 07/01/26 | 09/30/26 | 9,000 | | Brent | 50.89 | | 60.89 | | 73.23 | | — | | | Collar | 10/01/26 | 12/31/26 | 500 | | WTI CMA | — | | C$ | 70.00 | | C$ | 92.47 | | — | | | Put Option | 10/01/26 | 12/31/26 | 500 | | Brent | — | | 60.00 | | — | | 4.30 | | | Three Way | 10/01/26 | 12/31/26 | 500 | | WTI CMA | C$ | 60.00 | | C$ | 70.00 | | C$ | 107.00 | | C$ | 1.90 | | | Put Spread | 10/01/26 | 12/31/26 | 5,000 | | Brent | 45.00 | | 55.00 | | — | | 21.64 | | | Three Way | 10/01/26 | 12/31/26 | 9,000 | | Brent | 50.33 | | 60.33 | | 72.49 | | — | | | Three Way | 01/01/27 | 03/31/27 | 3,000 | | Brent | 58.33 | | 71.67 | | 89.55 | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Natural Gas | | Type of Instrument | Start Period | End Period | Volume,
GJ/day | | Reference | | Sold Swap (C$/GJ, Weighted Average) | Purchased Put (C$/GJ, Weighted Average) | Sold Call
(C$/GJ, Weighted Average) | | Swap | 07/01/26 | 09/30/26 | 20,000 | | | Aeco 5A | | C$ | 2.71 | | — | | — | | | Swap | 10/01/26 | 12/31/26 | 6,739 | | | Aeco 5A | | C$ | 2.71 | | — | | — | |
As at June 30, 2026, the Company had the following outstanding foreign currency exchange derivative positions:
| | | | | | | | | | | | | | | | | | | Period and Type of Instrument | U.S. Dollars Amount Hedged
(Thousands of U.S. Dollars) | COP Equivalent of Amount Hedged (Millions of COP)(1) | Reference | Floor Price
(COP, Weighted Average) | Cap Price (COP, Weighted Average) | | Collars: July 2026, to March 2027 | 9,000 | | 30,996 | | COP | 3,790 | | 4,080 | | | Collars: July 2026, to May 2027 | 32,000 | | 110,208 | | COP | 3,767 | | 4,050 | |
(1) At June 30, 2026 foreign exchange rate.
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