v3.26.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Gain (Loss)
The following table summarizes derivative activity (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(Gain) loss on commodity derivatives$4,914 $(2,364)$4,218 $(5,936)
(Gain) loss on Contingent Consideration1,478 — 1,478 — 
(Gain) loss on derivative contracts$6,392 $(2,364)$5,696 $(5,936)
Settlement gains (losses) on derivative contracts$1,055 $2,661 $338 $3,980 
Schedule of Offsetting Assets
The following tables summarize (i) the Company's derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements, (iii) the financial collateral, if any, associated with the Company’s commodity contracts, and (iv) the Company’s net derivative asset and liability positions as of September 30, 2026 and December 31, 2025 (in thousands):

September 30, 2026
Gross AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets (Liabilities)
Derivative contracts - current$(2,846)$(1,243)$(1,603)$— $(1,603)
Contingent Consideration - current(2,598)— (2,598)— (2,598)
Total current derivatives(5,444)(1,243)(4,201)— (4,201)
Derivative contracts - non-current(179)— (179)— (179)
Contingent Consideration - non-current(977)— (977)— (977)
Total non-current derivatives(1,156)— (1,156)— (1,156)
Total$(6,600)$(1,243)$(5,357)$— $(5,357)

December 31, 2025
Gross AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets
Derivative contracts - current
$3,130 $357 $2,773 $— $2,773 
Total$3,130 $357 $2,773 $— $2,773 
Schedule of Derivative Contracts
As of September 30, 2026, the Company's open commodity derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price Swaps
October 2026 - December 2026NYMEX WTI700$75.18
January 2027 - December 2027NYMEX WTI200$65.00
Producer Costless Collars
October 2026 - December 2026NYMEX WTI1,255
$62.57 Put /
$84.41 Call
Natural Gas (MMBtu)
Fixed Price Swaps
October 2026 - December 2026NYMEX Henry Hub14,400$4.18
Producer Costless Collars
October 2026 - December 2026NYMEX Henry Hub4,500
$3.35 Put /
$5.35 Call
NGL (Bbl)
Fixed Price Swaps
October 2026 - December 2026Mont Belvieu OPIS490$54.34

As of December 31, 2025, the Company's open commodity derivative contracts consisted of oil and natural gas commodity derivative contracts under which it will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price SwapsJanuary 2026 - June 2026NYMEX WTI300$68.67
Natural Gas (MMBtu)
Fixed Price Swaps January 2026 - December 2026NYMEX Henry Hub 11,797$4.16
Producer Costless Collars January 2026 - December 2026 NYMEX Henry Hub4,500
$3.35 Put /
$5.35 Call
Subsequent to September 30, 2026, the Company entered into the following oil derivative contracts:
PeriodType of Derivative InstrumentIndexDaily Volume (Bbl)Weighted Average Price Per Barrel
January 2027 - June 2027Producer Costless CollarsNYMEX WTI475
$80.00 Put /
$100.00 Call