v3.26.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
At June 30, 2026, the Company had the following outstanding commodity derivative contracts:
CommoditySettlement
Period		Derivative
Instrument		VolumesWeighted Average Prices
Fixed Price SwapsSub-FloorFloorCeiling
Crude oil2026Three-way collar4,278,000 Bbls$56.56 $73.33 $87.02 
Crude oil2026Two-way collar3,933,000 Bbls$67.49 $76.76 
Crude oil2026Fixed price swaps2,852,000 Bbls$66.82 
Crude oil2027Three-way collar7,969,500 Bbls$49.65 $64.80 $78.12 
Crude oil2027Two-way collar816,000 Bbls$60.00 $65.82 
Crude oil2027Fixed price swaps906,000 Bbls$69.82 
Crude oil2028Three-way collar1,092,000 Bbls$49.58 $65.00 $78.26 
Natural gas2026Two-way collar6,440,000 MMBtu$3.82 $4.33 
Natural gas2026Fixed price swaps14,720,000 MMBtu$3.93 
Natural gas2027Two-way collar4,525,000 MMBtu$3.75 $4.18 
Natural gas2027Fixed price swaps11,840,000 MMBtu$3.94 
Natural gas2028Fixed price swaps1,820,000 MMBtu$3.56 
At June 30, 2026, the Company had the following outstanding crude oil basis swaps:
IndexSettlement
Period		Volumes
Weighted Average Differential(1)
NYMEX WTI - ICE BRENT20262,576,000 Bbls$(5.44)
____________________
(1)The weighted average differential represents the average fixed differential to NYMEX WTI as stated in the related contracts, which is compared to the ICE BRENT index price. If NYMEX WTI combined with the fixed differential as stated in each contract is lower than the ICE BRENT index price at any settlement date, the Company receives the difference. Conversely, if NYMEX WTI combined with the fixed differential as stated in each contract is higher than the ICE BRENT index price, the Company pays the difference.
Subsequent to June 30, 2026 through August 3, 2026, the Company entered into the following commodity derivative contracts:
Weighted Average Prices
CommoditySettlement PeriodDerivative InstrumentVolumesSub-FloorFloorCeiling
Crude oil2026Two-way collar184,000 Bbls$73.25 $84.35 
Crude oil2027Three-way collar276,000 Bbls$50.00 $67.92 $79.47 
Crude oil2027Two-way collar726,000 Bbls$68.67 $77.51 
Crude oil2028Three-way collar365,000 Bbls$50.00 $66.06 $78.69 
Schedule of Gains and Losses from Commodity Derivative Instruments
The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
Derivative InstrumentStatements of Operations Location2026202520262025
(In thousands)
Commodity derivativesNet gain (loss) on derivative instruments$107,866 $81,991 $(133,605)$61,030 
Contingent considerationNet gain (loss) on derivative instruments— 240 — 920 
Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments
The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
June 30, 2026
Derivative InstrumentBalance Sheet LocationGross AmountGross Amount OffsetNet Amount
(In thousands)
Derivatives assets:
Commodity derivativesDerivative instruments — current assets$116,099 $(66,511)$49,588 
Commodity derivativesDerivative instruments — non-current assets36,052 (25,961)10,091 
Total derivatives assets$152,151 $(92,472)$59,679 
Derivatives liabilities:
Commodity derivativesDerivative instruments — current liabilities$82,581 $(66,511)$16,070 
Commodity derivativesDerivative instruments — non-current liabilities28,747 (25,961)2,786 
Total derivatives liabilities$111,328 $(92,472)$18,856 
December 31, 2025
Derivative InstrumentBalance Sheet LocationGross AmountGross Amount OffsetNet Amount
(In thousands)
Derivatives assets:
Commodity derivativesDerivative instruments — current assets$93,850 $(16,538)$77,312 
Commodity derivativesDerivative instruments — non-current assets24,413 (16,047)8,366 
Total derivatives assets$118,263 $(32,585)$85,678 
Derivatives liabilities:
Commodity derivativesDerivative instruments — current liabilities$16,538 $(16,538)$— 
Commodity derivativesDerivative instruments — non-current liabilities16,047 (16,047)— 
Total derivatives liabilities$32,585 $(32,585)$—