v3.26.3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Contracts on Condensed Balance Sheets
The following table presents the impact of the Company’s contracts on its Condensed Balance Sheets for the periods indicated.
As of
September 30, 2026December 31, 2025
Commodity derivative instruments, marked to market:
Derivatives assets, current$7,115,775 $21,468,134 
Derivative assets, noncurrent$8,955,873 $9,739,430 
Derivative liabilities, current$44,004,900 $841,193 
Derivative liabilities, noncurrent$20,007,162 $2,512,692 
Schedule of Components of Gain (Loss) on Derivative Contracts
The components of “Gain (loss) on derivative contracts” from the Condensed Statements of Operations are as follows for the respective periods:
For the Three Months Ended
For the Nine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Oil derivatives:
Realized gain (loss) on oil derivatives$(12,326,980)$2,065,490 $(38,002,808)$1,858,524 
Unrealized gain (loss) on oil derivatives(40,095,482)(3,526,149)(80,531,788)10,961,216 
Gain (loss) on oil derivatives$(52,422,462)$(1,460,659)$(118,534,596)$12,819,740 
Natural gas derivatives:
Realized gain (loss) on natural gas derivatives$149,385 $520,740 $2,090,122 $851,955 
Unrealized gain (loss) on natural gas derivatives(927,203)1,384,224 4,737,695 491,874 
Gain (loss) on natural gas derivatives$(777,818)$1,904,964 $6,827,817 $1,343,829 
Gain (loss) on derivative contracts$(53,200,280)$444,305 $(111,706,779)$14,163,569 
Schedule of Components of Cash Received (Paid) for Commodity Derivative Settlements
The components of “Cash received (paid) for derivative settlements, net” within the Condensed Statements of Cash Flows are as follows for the respective periods:
For the Three Months Ended
For the Nine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Cash flows from operating activities
Cash received (paid) for oil derivatives$(12,326,980)$2,065,490 $(38,002,808)$1,858,524 
Cash received (paid) for natural gas derivatives149,385 520,740 2,090,122 851,955 
Cash received (paid) for derivative settlements, net$(12,177,595)$2,586,230 $(35,912,686)$2,710,479 
Schedule of Current Derivative Contracts
The following tables reflect the details of current derivative contracts as of September 30, 2026 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts).
Oil Hedges (WTI)Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027Q1 2028Q2 2028Q3 2028
Swaps:
Hedged volume (Bbl)529,000 509,500 492,000 432,000 412,963 — — — 
Weighted average swap price$65.34 $62.82 $60.45 $61.80 $57.59 $— $— $— 
Two-way collars:
Hedged volume (Bbl)368,000 272,935 — 32,910 33,435 430,080 415,580 402,614 
Weighted average put price$65.00 $64.97 $— $60.00 $60.00 $55.59 $57.50 $60.00 
Weighted average call price$80.00 $98.45 $— $72.30 $72.30 $66.02 $73.02 $77.21 
Swaps: WTI NYMEX Rolls
Hedged volume (BBL)455,000 — — — — — — — 
Weighted average swap price$5.71 $— $— $— $— $— $— $— 
Gas Hedges (Henry Hub)Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027Q1 2028Q2 2028Q3 2028
NYMEX Swaps:
Hedged volume (MMBtu)1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 984,322 956,865 
Weighted average swap price$3.99 $4.02 $4.02 $3.86 $4.02 $3.77 $3.77 $3.77 
Two-way collars:
Hedged volume (MMBtu)128,000 717,000 694,000 — — — — — 
Weighted average put price$3.50 $3.99 $3.00 $— $— $— $— $— 
Weighted average call price$5.42 $5.21 $4.32 $— $— $— $— $— 
Gas Hedges (Henry Hub)Q4 2028Q1 2029Q2 2029Q3 2029Q4 2029Q1 2030Q2 2030
NYMEX Swaps:
Hedged volume (MMBtu)931,539 908,117 886,933 866,585 846,134 — — 
Weighted average swap price$3.77 $3.67 $3.67 $3.67 $3.67 $— $— 
Gas Hedges (basis differential)Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027Q1 2028Q2 2028Q3 2028
Waha basis swaps:
Hedged volume (MMBtu)411,451 196,372 480,325 464,360 449,846 435,403 — — 
Weighted average spread price (1)
$1.81 $0.78 $0.78 $0.78 $0.78 $0.68 $— $— 
El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)788,851 960,307 636,710 615,547 596,306 577,163 — — 
Weighted average spread price (1)
$1.92 $0.72 $0.67 $0.67 $0.67 $0.60 $— $— 
Gas Hedges (basis differential)Q4 2028Q1 2029Q2 2029Q3 2029Q4 2029Q1 2030Q2 2030
Waha basis swaps:
Hedged volume (MMBtu)— — — 259,975 253,840 — — 
Weighted average spread price (1)
$— $— $— $0.61 $0.71 $— $— 
El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)— — — 606,610 592,294 — — 
Weighted average spread price (1)
$— $— $— $0.54 $0.64 $— $— 
(1) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.