v3.26.1
Derivative Contracts (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Financial Derivative Positions
The following table summarizes the open fixed price swap positions as of June 30, 2026, related to oil production:
PeriodIndexVolume
(Mbbl)		Weighted
Average
Fixed Price
Remaining 2026NYMEX WTI1,549 $64.51 
2027NYMEX WTI2,415 63.94 
2028NYMEX WTI773 65.58 
The following table summarizes the open fixed price swap positions as of June 30, 2026, related to natural gas production:
PeriodIndexVolume
(Bbtu)		Weighted
Average
Fixed Price
Remaining 2026NYMEX HH18,691 $3.52 
2027NYMEX HH15,278 3.50 
2028NYMEX HH3,480 3.69 
2029NYMEX HH4,544 3.43 
The following table summarizes the open costless collar positions as of June 30, 2026, related to oil production:
PeriodIndexVolume
(Mbbl)		Weighted
Average
Floor Price		Weighted
Average
Ceiling Price
Remaining 2026NYMEX WTI368 $60.00 $78.52 
2027NYMEX WTI181 62.50 71.25 
The following table summarizes the open basis swap positions as of June 30, 2026, related to oil production:
PeriodIndexVolume
(Mbbl)		Weighted
Average
Fixed Price
Remaining 2026Argus TMA276 $1.25 
Schedule of Gross Amounts of Recognized Derivative Assets, Subject to Master Netting Arrangements The following table presents the gross amounts of recognized derivative assets, the amounts that are subject to offsetting under master netting arrangements and the net recorded fair values as recognized on the balance sheet (in thousands):
June 30,
2026		December 31,
2025
Derivative contracts – current, gross
$4,040 $43,974 
Netting arrangements
(3,064)(1,468)
Derivative contracts – current, net
$976 $42,506 
Derivative contracts – long-term, gross
$227 $12,519 
Netting arrangements
— (27)
Derivative contracts – long-term, net
$227 $12,492 
Schedule of Gross Amounts of Recognized Derivative Liabilities, Subject to Master Netting Arrangements
The following table presents the gross amounts of recognized derivative liabilities, the amounts that are subject to offsetting under master netting arrangements and the net recorded fair values as recognized on the balance sheet (in thousands):

June 30,
2026		December 31,
2025
Derivative contracts – current, gross
$(8,499)$(1,468)
Netting arrangements
3,064 1,468 
Derivative contracts – current, net
$(5,435)$— 
Derivative contracts – long-term, gross
$(5,812)$(2,989)
Netting arrangements
— 27 
Derivative contracts – long-term, net
$(5,812)$(2,962)
Schedule of Gains and Losses on Derivatives The following table presents the settlement and mark-to-market (“MTM”) gains and losses presented as a loss or gain on derivatives in the statement of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Settlements of oil derivatives
$(24,611)$6,640 $(29,869)$7,548 
Settlements of natural gas derivatives6,405 388 18,533 1,127 
MTM gains (losses) on oil derivatives, net
40,707 15,401 (59,803)16,196 
MTM gains (losses) on natural gas derivatives, net984 33,150 (2,275)(9,985)
Total gains (losses) on derivative contracts$23,485 $55,579 $(73,414)$14,886