Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Financial Instruments [Abstract]

Schedule of Fair Values of Outstanding Commodity Derivative Instruments

Set forth below are the summarized amounts, terms and gross fair values of outstanding commodity derivative instruments as of June 30, 2026 (Successor):

		Volumes				Weighted Average Price				Fair Value
		(in Bbls)				($ per Bbl)				(in thousands)
Oil Swaps:
July - December 2026			553				60.39			$	(4,551	)
January - December 2027			1,043				94.44				28,014
January - December 2028			884				63.15				(1,634	)
January - December 2029			755				67.55				2,119
January - December 2030			672				64.94				798
Thereafter			265				62.96				33
Total			4,172								24,779

		Volumes				Weighted Average Price				Fair Value
		(in MMBtu)				($ per MMBtu)				(in thousands)
Natural Gas Swaps:
July - December 2026			12,321				5.54			$	26,405
January - December 2027			22,493				4.18				15,549
January - December 2028			21,416				3.55				(2,372	)
January - December 2029			18,718				3.58				(1,175	)
January - December 2030			17,539				3.55				58
Thereafter			36,885				3.45				1,767
Total			129,372							$	40,232

		Volumes				Basis Differential				Fair Value
		(in MMBtu)				($ per MMBtu)				(in thousands)
Natural Gas Basis Swaps:
July - December 2026			12,354				(0.49	)		$	1,330
January - December 2027			20,253				(0.31	)			1,472
January - December 2028			18,621				(0.43	)			(577	)
January - December 2029			7,397				(0.55	)			(1,162	)
Total			58,625								1,063

		Volumes				Weighted Average Price				Fair Value
		(in Bbls)				($ per Bbl)				(in thousands)
Natural Gas Liquids Swaps:
July - December 2026			1,096				21.87			$	(5,902	)
January - December 2027			1,920				23.35				(5,274	)
January - December 2028			1,541				25.70				(5	)
January - December 2029			1,226				23.44				(435	)
January - December 2030			1,061				21.67				(1,156	)
Thereafter			255				20.26				(693	)
Total			7,099							$	(13,465	)

Set forth below are the summarized amounts, terms and gross fair values of outstanding commodity derivative instruments as of December 31, 2025 (Predecessor):

		Volumes				Weighted Average Price				Fair Value
		(in Bbls)				($ per Bbl)				(in thousands)
Oil Swaps:
January - December 2026			990				57.45			$	395
January - December 2027			902				58.22				698
January - December 2028			422				56.67				(662	)
Total			2,314							$	431

		Volumes				Weighted Average Price				Fair Value
		(in MMBtu)				($ per MMBtu)				(in thousands)
Natural Gas Swaps:
January - December 2026			21,071				3.19			$	(11,117	)
January - December 2027			19,133				3.68				(3,676	)
January - December 2028			17,664				3.57				(2,267	)
January - December 2029			16,454				3.55				(899	)
January - December 2030			15,340				3.55				(783	)
Thereafter			7,314				3.63				852
Total			96,976							$	(17,890	)

		Volumes				Basis Differential				Fair Value
		(in MMBtu)				($ per MMBtu)				(in thousands)
Natural Gas Basis Swaps:
January - December 2026			21,071				(0.32	)		$	6,807
January - December 2027			18,944				(0.30	)			741
Total			40,015							$	7,548

		Volumes				Weighted Average Price				Fair Value
		(in Bbls)				($ per Bbl)				(in thousands)
Natural Gas Liquids Swaps:
January - December 2026			1,894				22.10			$	(3,550	)
January - December 2027			1,671				22.69				(2,105	)
January - December 2028			1,295				25.66				1,367
Total			4,860							$	(4,288	)

Schedule of Positions Presented on the Condensed Consolidated Balance Sheet

Below is a reconciliation of the gross open positions by commodity to the net open positions presented on the condensed consolidated balance sheet as of June 30, 2026 (Successor):

		Current								Noncurrent
(in thousands)		Assets				Liabilities				Assets				Liabilities
Commodity
Oil		$	15,301			$	(4,826	)		$	17,758			$	(3,454	)
Gas			46,152				(2,169	)			6,628				(9,316	)
NGL			294				(11,143	)			1,755				(4,371	)
Total		$	61,747			$	(18,138	)		$	26,141			$	(17,141	)
Effects of netting arrangements			(7,192	)			7,192				(15,083	)			15,083
Total		$	54,555			$	(10,946	)		$	11,058			$	(2,058	)

Below is a reconciliation of the gross open positions by commodity to the net open positions presented on the condensed consolidated balance sheet as of December 31, 2025 (Predecessor):

		Current								Noncurrent
(in thousands)		Assets				Liabilities				Assets				Liabilities
Commodity
Oil		$	2,056			$	(1,661	)		$	793			$	(757	)
Gas			7,428				(11,738	)			3,691				(9,723	)
NGL			177				(3,727	)			2,326				(3,064	)
Total		$	9,661			$	(17,126	)		$	6,810			$	(13,544	)
Effects of netting arrangements			(9,661	)			9,661				(6,810	)			6,810
Total		$	—			$	(7,465	)		$	—			$	(6,734	)