DERIVATIVES (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 List of Outstanding Contracts |
See table below for the list of outstanding contracts as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Settlement Period | | Index | | Total volumes (Bbls) | | Weighted average floor price ($/Bbl) | | Weighted average ceiling price ($/Bbl) | | | Crude oil: | | | | | | | | | | | Collars | | Dated Brent | | | | | | | | | 2026 | | | | | | | | | | | July 2026 to September 2026 | | | | 777,000 | | | $ | 63.85 | | | $ | 68.73 | | | | October 2026 to December 2026 | | | | 692,000 | | | $ | 64.96 | | | $ | 68.33 | | | | 2027 | | | | | | | | | | | January 2027 to March 2027 | | | | 673,000 | | | $ | 64.68 | | | $ | 72.63 | | | | April 2027 to June 2027 | | | | 564,000 | | | $ | 70.99 | | | $ | 84.35 | | | | July 2027 to September 2027 | | | | 185,000 | | | $ | 65.00 | | | $ | 93.50 | | |
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| Schedule of Offsetting Assets |
The following tables summarize the fair value of all outstanding commodity derivative instruments recorded in the Company’s consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | June 30, 2026 | | Derivative Instrument | | Gross Amount | | Gross Amount Offset | | Net Amount | | Derivatives assets: | | | | | | | | Commodity derivatives - current | | $ | 2,962 | | | $ | (627) | | | $ | 2,335 | | | | | | | | | | Total derivatives assets | | $ | 2,962 | | | $ | (627) | | | $ | 2,335 | | | | | | | | | | Derivatives liabilities: | | | | | | | Commodity derivatives - current (a) | | $ | 11,889 | | | $ | (627) | | | $ | 11,262 | | | Total derivatives liabilities | | $ | 11,889 | | | $ | (627) | | | $ | 11,262 | | (a) Includes deferred premiums payable of $0.5 million. | | | | | | | | | | | | | | | | (in thousands) | | December 31, 2025 | | Derivative Instrument | | Gross Amount | | Gross Amount Offset | | Net Amount | | Derivative assets: | | | | | | | | Commodity derivatives - current | | $ | 3,053 | | | $ | (207) | | | $ | 2,846 | | | Total derivatives assets | | $ | 3,053 | | | $ | (207) | | | $ | 2,846 | | | | | | | | | | Derivatives liabilities: | | | | | | | | Commodity derivatives - current | | $ | 207 | | | $ | (207) | | | $ | — | | | Total derivatives liabilities | | $ | 207 | | | $ | (207) | | | $ | — | | | | | | | | | | | | | | | |
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| Schedule of Offsetting Liabilities |
The following tables summarize the fair value of all outstanding commodity derivative instruments recorded in the Company’s consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | June 30, 2026 | | Derivative Instrument | | Gross Amount | | Gross Amount Offset | | Net Amount | | Derivatives assets: | | | | | | | | Commodity derivatives - current | | $ | 2,962 | | | $ | (627) | | | $ | 2,335 | | | | | | | | | | Total derivatives assets | | $ | 2,962 | | | $ | (627) | | | $ | 2,335 | | | | | | | | | | Derivatives liabilities: | | | | | | | Commodity derivatives - current (a) | | $ | 11,889 | | | $ | (627) | | | $ | 11,262 | | | Total derivatives liabilities | | $ | 11,889 | | | $ | (627) | | | $ | 11,262 | | (a) Includes deferred premiums payable of $0.5 million. | | | | | | | | | | | | | | | | (in thousands) | | December 31, 2025 | | Derivative Instrument | | Gross Amount | | Gross Amount Offset | | Net Amount | | Derivative assets: | | | | | | | | Commodity derivatives - current | | $ | 3,053 | | | $ | (207) | | | $ | 2,846 | | | Total derivatives assets | | $ | 3,053 | | | $ | (207) | | | $ | 2,846 | | | | | | | | | | Derivatives liabilities: | | | | | | | | Commodity derivatives - current | | $ | 207 | | | $ | (207) | | | $ | — | | | Total derivatives liabilities | | $ | 207 | | | $ | (207) | | | $ | — | | | | | | | | | | | | | | | |
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| Schedule of Sets Forth the Gain (Loss) on Derivative Instruments |
The following table sets forth the gain (loss) on derivative instruments on the Company’s unaudited condensed consolidated statements of operations and comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | Derivative Item | | Statements of Operations Line | | 2026 | | 2025 | | 2026 | | 2025 | | | | | (in thousands) | | (in thousands) | | Commodity derivatives | | Realized gain (loss), net | | $ | (25,018) | | | $ | 91 | | | $ | (39,651) | | | $ | 214 | | | | Unrealized gain (loss), net | | 43,738 | | | 309 | | | (12,210) | | | 112 | | | | Derivative instruments gain (loss), net | | $ | 18,720 | | | $ | 400 | | | $ | (51,861) | | | $ | 326 | |
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