v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of contracts
The following is a summary of the Company’s open costless collar contracts at June 30, 2026.
CommodityCalculation PeriodNotional Quantity
(Bbl or MMBtu)		Weighted Average Price Floor
($/Bbl or $/MMBtu)		Weighted Average Price Ceiling
($/Bbl or $/MMBtu)		Fair Value of
Asset
(Liability)
(thousands)
Oil - WTI07/01/2026 - 12/31/202612,328,000 $52.75 $66.36 $(66,064)
Oil - WTI01/01/2027 - 12/31/20273,650,000 $55.00 $76.00 (2,807)
Natural Gas - Henry Hub07/01/2026 - 12/31/202627,600,000 $3.50 $6.70 9,226 
Total open costless collar contracts$(59,645)
The following is a summary of the Company’s open price call contracts at June 30, 2026.
CommodityCalculation PeriodNotional Quantity (Bbl)Fixed Price
($/Bbl)		Fair Value of
Asset
(Liability)
(thousands)
Oil - WTI07/01/2026 - 12/31/202612,236,000 $100.00 $(57,059)
Total open price call contracts$(57,059)
The following is a summary of the Company’s open swap contracts at June 30, 2026.
CommodityCalculation PeriodNotional Quantity (MMBtu)Fixed Price
($/MMBtu)		Fair Value of
Asset
(Liability)
(thousands)
Natural Gas - Waha07/01/2026 - 07/31/20263,100,000 $(0.53)$(4,042)
Total open swap contracts$(4,042)
The following is a summary of the Company’s open basis differential swap contracts at June 30, 2026.
CommodityCalculation PeriodNotional Quantity (MMBtu)Fixed Price
($/MMBtu)		Fair Value of
Asset
(Liability)
(thousands)
Natural Gas Basis Differential - Waha07/01/2026 - 12/31/202627,600,000 $(2.52)$(11,944)
Natural Gas Basis Differential - Houston Ship Channel07/01/2026 - 09/30/2029135,432,000 $(0.37)(3,275)
Total open basis differential swap contracts$(15,219)
Summary of gross asset balances of derivative instruments
The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 (in thousands).
Derivative InstrumentsGross
amounts
recognized		Gross amounts
netted in the condensed
consolidated
balance sheets		Net amounts presented in the condensed
consolidated
balance sheets
June 30, 2026
Current assets$30,294 $(16,697)$13,597 
Other assets8,291 (8,291)— 
Current liabilities(157,789)16,697 (141,092)
Long-term liabilities(16,761)8,291 (8,470)
Total$(135,965)$— $(135,965)
December 31, 2025
Current assets$57,450 $(23,398)$34,052 
Current liabilities(23,398)23,398 — 
Total$34,052 $— $34,052 
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands).
Three Months Ended
June 30,		Six Months Ended
June 30,
Type of InstrumentLocation in Condensed Consolidated 
Statement of Operations		2026202520262025
Derivative Instrument
OilRevenues: Realized loss on derivatives$(171,817)$— $(223,634)$— 
Natural GasRevenues: Realized gain on derivatives99,329 6,947 136,653 9,661 
Realized (loss) gain on derivatives(72,488)6,947 (86,981)9,661 
OilRevenues: Unrealized gain (loss) on derivatives186,091 17,724 (126,648)1,582 
Natural GasRevenues: Unrealized loss on derivatives(100,634)(55,037)(43,369)(33,824)
Unrealized gain (loss) on derivatives85,457 (37,313)(170,017)(32,242)
Total$12,969 $(30,366)$(256,998)$(22,581)