Derivatives and Risk Management (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 Derivative Instruments in Statement of Financial Position, Fair Value |
The following tables provide information about the Company’s derivative financial instruments. The tables present the notional amount, the weighted average contract prices and the fair values by expected maturity dates as of June 30, 2026. | | | | | | | | | | | | | | | | | | | | Volume | | Weighted Average Price | | Fair Value as of
June 30, 2026 | | Oil | (in MBbls) | | ($ per Bbl) | | (in thousands) | | Fixed price swaps | | | | | | | | 2026 | 1,480 | | $ | 63.51 | | $ | (7,652) | | | 2027 | 1,710 | | 65.08 | | (2,372) | | | 2028 | 884 | | 70.87 | | 5,088 | | | | | | | | | | | | | | | | | | | | | | | Total | 4,074 | | | | $ | (4,936) | |
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June 30, 2026 | | | Oil | (in MBbls) | | ($ per Bbl) | | (in thousands) | | Price collars | | | | | | | | | | | | | | | 2026 | 182 | | | $ 70.00 - 78.00 | | $ | 668 | | | | | | | | | | | | | | | | | | 2027 | 350 | | | 70.00 - 84.60 | | 2,362 | | | | | | | | | | | | | | | | | Total | 543 | | | | $ | 3,030 | | |
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June 30, 2026 | | Natural gas | (in MMBtu) | | ($ per MMBtu) | | (in thousands) | | Fixed basis swaps | | | | | | | | 2026 | 8,840,000 | | $ | 3.05 | | $ | 5,370 | | | 2027 | 10,372,000 | | 2.96 | | 2,884 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | 19,212,000 | | | | $ | 8,254 | |
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June 30, 2026 | | Natural gas | (in MMBtu) | | ($ per MMBtu) | | (in thousands) | | NYMEX | | | | | | | 2026 | 23,563,000 | | $ | 4.04 | | $ | 14,979 | | 2027 | 44,334,000 | | 3.91 | | 19,994 | | 2028 | 35,370,000 | | 3.76 | | 2,863 | | 2029 | 29,970,000 | | 3.61 | | (520) | | 2030 | 26,310,000 | | 3.56 | | 283 | | | | | | | | Total | 159,547,000 | | | | $ | 37,599 |
| | | | | | | | | | | | | | | | | | | | Volume | | Basis Differential | | Fair Value as of
June 30, 2026 | | Natural gas | (in MMBtu) | | ($ per MMBtu) | | (in thousands) | | Basis swaps | | | | | | | | 2026 | 28,869,000 | | $ | (0.98) | | $ | (6,053) | | | 2027 | 29,537,000 | | (0.62) | | (1,749) | | | 2028 | 33,086,000 | | (0.51) | | (1,124) | | | | | | | | | | | | | | | | | | | | | | | Total | 91,492,000 | | | | $ | (8,926) | |
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June 30, 2026 | | Ethane | (in gallons) | | ($ per gallon) | | (in thousands) | | Fixed price swaps | | | | | | | | 2026 | 4,431,000 | | $ | 0.29 | | $ | 192 | | | 2027 | 7,116,000 | | 0.24 | | 124 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | 11,547,000 | | | | $ | 316 | |
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June 30, 2026 | | Propane | (in gallons) | | ($ per gallon) | | (in thousands) | | Fixed price swaps | | | | | | | | 2026 | 27,808,000 | | $ | 0.76 | | $ | 1,226 | | | 2027 | 35,506,000 | | 0.72 | | 1,599 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | 63,314,000 | | | | $ | 2,825 | |
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June 30, 2026 | | Isobutane | (in gallons) | | ($ per gallon) | | (in thousands) | | Fixed price swaps | | | | | | | | 2026 | 5,837,000 | | $ | 0.96 | | $ | 150 | | | 2027 | 7,648,000 | | 0.91 | | 447 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | 13,485,000 | | | | $ | 597 | |
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June 30, 2026 | | Normal butane | (in gallons) | | ($ per gallon) | | (in thousands) | | Fixed price swaps | | | | | | | | 2026 | 7,652,000 | | $ | 0.93 | | $ | 108 | | | 2027 | 9,764,000 | | 0.86 | | 406 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | 17,416,000 | | | | $ | 514 | |
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June 30, 2026 | | Pentane | (in gallons) | | ($ per gallon) | | (in thousands) | | Fixed price swaps | | | | | | | | 2026 | 6,757,000 | | $ | 1.50 | | $ | 213 | | | 2027 | 9,050,000 | | 1.39 | | 322 | | | 2028 | 3,510,000 | | 1.38 | | 274 | | | | | | | | | | | | | | | | | | | | | | | Total | 19,317,000 | | | | $ | 809 | |
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| Schedule of Offsetting Liabilities |
The following table summarizes the gross fair value of our derivative assets and liabilities and the effect of netting as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | June 30, 2026 | Balance Sheet Classification | Gross Amounts | | Netting Adjustment | | Net Amounts Presented on Balance Sheet | | (in thousands) | | | | | | Assets | | | | | | Commodity derivative assets, short-term | $ | 40,030 | | $ | (15,431) | | $ | 24,599 | Commodity derivative assets, long-term | 26,261 | | (8,343) | | 17,918 | Total assets | $ | 66,290 | | $ | (23,774) | | $ | 42,517 | Liabilities | | | | | | Commodity derivative liabilities, short-term | $ | (4,417) | | $ | 2,281 | | $ | (2,137) | Commodity derivative liabilities, long-term | (298) | | — | | (298) | Total liabilities | $ | (4,715) | | $ | 2,281 | | $ | (2,435) |
| | | | | | | | | | | | | | | | | | | December 31, 2025 | Balance Sheet Classification | Gross Amounts | | Netting Adjustment | | Net Amounts Presented on Balance Sheet | | (in thousands) | | | | | | Assets | | | | | | Commodity derivative assets, short-term | $ | 32,718 | | | $ | (7,880) | | | $ | 24,838 | | Commodity derivative assets, long-term | 7,701 | | | (4,816) | | | 2,885 | | Total assets | $ | 40,419 | | | $ | (12,696) | | | $ | 27,723 | | Liabilities | | | | | | Commodity derivative liabilities, short-term | $ | (8,986) | | | $ | 7,880 | | | $ | (1,106) | | Commodity derivative liabilities, long-term | (8,177) | | | 4,816 | | | (3,361) | | Total liabilities | $ | (17,163) | | | $ | 12,696 | | | $ | (4,467) | |
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| Schedule of Offsetting Assets |
The following table summarizes the gross fair value of our derivative assets and liabilities and the effect of netting as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | June 30, 2026 | Balance Sheet Classification | Gross Amounts | | Netting Adjustment | | Net Amounts Presented on Balance Sheet | | (in thousands) | | | | | | Assets | | | | | | Commodity derivative assets, short-term | $ | 40,030 | | $ | (15,431) | | $ | 24,599 | Commodity derivative assets, long-term | 26,261 | | (8,343) | | 17,918 | Total assets | $ | 66,290 | | $ | (23,774) | | $ | 42,517 | Liabilities | | | | | | Commodity derivative liabilities, short-term | $ | (4,417) | | $ | 2,281 | | $ | (2,137) | Commodity derivative liabilities, long-term | (298) | | — | | (298) | Total liabilities | $ | (4,715) | | $ | 2,281 | | $ | (2,435) |
| | | | | | | | | | | | | | | | | | | December 31, 2025 | Balance Sheet Classification | Gross Amounts | | Netting Adjustment | | Net Amounts Presented on Balance Sheet | | (in thousands) | | | | | | Assets | | | | | | Commodity derivative assets, short-term | $ | 32,718 | | | $ | (7,880) | | | $ | 24,838 | | Commodity derivative assets, long-term | 7,701 | | | (4,816) | | | 2,885 | | Total assets | $ | 40,419 | | | $ | (12,696) | | | $ | 27,723 | | Liabilities | | | | | | Commodity derivative liabilities, short-term | $ | (8,986) | | | $ | 7,880 | | | $ | (1,106) | | Commodity derivative liabilities, long-term | (8,177) | | | 4,816 | | | (3,361) | | Total liabilities | $ | (17,163) | | | $ | 12,696 | | | $ | (4,467) | |
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| Schedule of Derivative Instruments, Gain (Loss) |
Our total derivative gains and losses for the three and six months ended June 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | (in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | | | Realized gain (loss) on derivative instruments | $ | (6,427) | | $ | 2,777 | | $ | (24,419) | | $ | (808) | | | | Unrealized gain (loss) on derivative instruments | 63,969 | | 49,343 | | 16,827 | | 15,710 | | | | Total gain (loss) on derivative instruments | $ | 57,542 | | $ | 52,121 | | $ | (7,592) | | $ | 14,903 | | |
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