Derivative Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Notional Amounts of Outstanding Derivative Positions |
The following table summarizes the open financial derivative positions as of June 30, 2026, related to our future oil and natural gas production: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | | Third Quarter | | Fourth Quarter | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | First Quarter | | Oil | | | | | | | | | | | | | | | | WTI Oil Swaps | | | | | | | | | | | | | | | | Volume (Bbl) | | 860,000 | | | 820,000 | | | 725,000 | | | 650,000 | | | 630,000 | | | 605,000 | | | 330,000 | | Weighted
average price
($/Bbl) | | $ | 61.65 | | | $ | 61.42 | | | $ | 61.48 | | | $ | 61.68 | | | $ | 61.38 | | | $ | 61.62 | | | $ | 70.18 | | | | | | | | | | | | | | | | | | WTI Oil Collars | | | | | | | | | | | | | | | | Volume (Bbl) | | 570,000 | | | 550,000 | | | 475,000 | | | 537,000 | | | 400,000 | | | 225,000 | | | 180,000 | | Weighted
average floor
price ($/Bbl) | | $ | 58.25 | | | $ | 57.75 | | | $ | 57.15 | | | $ | 55.84 | | | $ | 52.93 | | | $ | 56.33 | | | $ | 55.00 | | Weighted
average ceiling
price ($/Bbl) | | $ | 72.66 | | | $ | 69.59 | | | $ | 66.42 | | | $ | 67.97 | | | $ | 65.87 | | | $ | 67.06 | | | $ | 73.33 | | | | | | | | | | | | | | | | | | Natural Gas | | | | | | | | | | | | | | | Henry Hub
Natural Gas Swaps | | | | | | | | | | | | | | | | Volume (MMBtu) | | 300,000 | | | 500,000 | | | 600,000 | | | | | | | | | | Weighted
average price
($/MMBtu) | | $ | 3.59 | | | $ | 4.07 | | | $ | 4.19 | | | | | | | | | | | | | | | | | | | | | | | | | Henry Hub
Natural Gas Collars | | | | | | | | | | | | | | | | Volume (MMBtu) | | 900,000 | | | 600,000 | | | 450,000 | | | | | | | | | | Weighted
average floor
price ($/MMBtu) | | $ | 3.05 | | | $ | 3.43 | | | $ | 3.80 | | | | | | | | | | Weighted
average ceiling
price ($/MMBtu) | | $ | 3.74 | | | $ | 4.79 | | | $ | 5.84 | | | | | | | | | | | | | | | | | | | | | | | | | | Waha Basis Swaps | | | | | | | | | | | | | | | | Volume (MMBtu) | | 450,000 | | | 1,950,000 | | | 3,150,000 | | | 3,150,000 | | | 3,150,000 | | | 3,150,000 | | | 1,800,000 | | Weighted
average price
($/MMBtu) | | $ | (2.26) | | | $ | (1.83) | | | $ | (0.94) | | | $ | (0.95) | | | $ | (0.95) | | | $ | (0.95) | | | $ | (1.01) | |
The following table summarizes the open interest rate derivative positions as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | Open Coverage Period | | Position | | Notional Amount | | Fixed Rate | | | | | (In thousands) | | | | July 2026 - April 2027 | | Long | | $ | 45,000 | | | 3.90 | % |
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| Schedule of Derivative Instruments Location and Fair Value |
The following tables present the location and fair value of the Company’s derivative contracts included in our accompanying condensed consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Balance Sheet Classification | | Gross Fair Value | | Amounts Netted | | Net Fair Value | | | (In thousands) | | Current derivative assets | | $ | 9,544 | | | $ | (9,534) | | | $ | 10 | | | Non-current derivative assets | | 12,116 | | | (8,903) | | | 3,213 | | | Current derivative liabilities | | (31,640) | | | 9,534 | | | (22,106) | | | Non-current derivative liabilities | | (11,761) | | | 8,903 | | | (2,858) | | | Total | | $ | (21,741) | | | $ | — | | | $ | (21,741) | | | | | | | | | | | December 31, 2025 | | Balance Sheet Classification | | Gross Fair Value | | Amounts Netted | | Net Fair Value | | | (In thousands) | | Current derivative assets | | $ | 22,121 | | | $ | (2,980) | | | $ | 19,141 | | | Non-current derivative assets | | 9,316 | | | (4,199) | | | 5,117 | | | Current derivative liabilities | | (3,017) | | | 2,980 | | | (37) | | | Non-current derivative liabilities | | (4,311) | | | 4,199 | | | (112) | | | Total | | $ | 24,109 | | | $ | — | | | $ | 24,109 | |
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| Schedule of Derivative Instruments, Gain (Loss), Net |
The following table presents the components of the Company's gain (loss) on derivatives, net for the periods presented below: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (In thousands) | | Settlements on derivative contracts | $ | (36,160) | | | $ | 5,151 | | | $ | (47,885) | | | $ | 6,266 | | | Non-cash gain (loss) on derivatives | 69,395 | | | 13,569 | | | (45,850) | | | 6,604 | | | Gain (loss) on derivatives, net | $ | 33,235 | | | $ | 18,720 | | | $ | (93,735) | | | $ | 12,870 | |
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