v3.26.1
DERIVATIVES (Tables)
6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
As of June 30, 2026, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.

SwapsCollars
Settlement MonthSettlement YearType of ContractBbls/MMBtu Per DayIndex
Weighted Average Differential(2)
Weighted Average Floor PriceWeighted Average Ceiling Price
OIL
Jul. - Dec.2026Roll Swaps15,000
WTI Cushing
$3.97$— $— 
NATURAL GAS
Jul. - Sep.2026
Basis Swaps(1)
80,000
Waha Hub
$(1.99)$— $— 
Oct. - Dec.
2026
Basis Swaps(1)
80,000
Waha Hub
$(1.74)$— $— 
Jan. - Dec.
2027
Basis Swaps(1)
40,000
Waha Hub
$(1.40)$— $— 
Jul. - Dec.2026
Costless Collar
60,000
Henry Hub
$—$2.75 $6.64 
(1)The Company’s fixed price basis swaps for natural gas are for the spread between the Waha Hub natural gas price and the Henry Hub natural gas price.
(2)The weighted average differential represents the amount of reduction to the WTI Cushing oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts.

Puts
Put Spread
Settlement MonthSettlement YearType of ContractBbls/MMBtu Per DayIndexAverage
Strike Price
Average
Deferred Premium
Floor PriceShort Put Price
OIL
Jul. - Sep.
2026
Puts
55,000
WTI Cushing
$55.23$(1.11)$— $— 
Oct. - Dec.
2026
Puts
45,000
WTI Cushing
$50.00$(1.34)$— $— 
Jan. - Mar.
2027
Puts
40,000
WTI Cushing
$50.00$(1.39)$— $— 
Apr. - Jun.
2027
Puts
20,000
WTI Cushing
$50.00$(1.40)$— $— 
Jul. - Sep.
2027
Puts
10,000
WTI Cushing
$50.00$(1.44)$— $— 
Jul. - Sep.
2026
Basis Puts30,000WTI - Brent$(45.00)$(1.30)$— $— 
Oct. - Dec.
2026
Basis Puts30,000
WTI - Brent
$(45.00)$(1.48)$— $— 
Jul. - Sep.
2026
Put Spread
15,000
WTI Cushing
$—$— $50.00 $55.00 
Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations
The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations and the net cash receipts (payments) on derivatives for the periods presented:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025

(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts$— $(26)$18 $
2026 WTI Contingent Liability— (3)— — 
Total$— $(29)$18 $
Net cash receipts (payments) on derivatives:
Commodity contracts$16 $$36 $12