XML 42 R31.htm IDEA: XBRL DOCUMENT v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments [Abstract]  
Outstanding Crude Oil and Natural Gas Derivative Contracts in Place
As of March 31, 2026, the Company had the following outstanding crude oil and natural gas derivative contracts in place, which settle monthly and are indexed to NYMEX West Texas Intermediate, NYMEX Henry Hub, and Mount Belvieu OPIS, respectively:

   
Settling
April 1, 2026
through
December 31, 2026
    
Settling
January 1,
2027
through
December 31,
2027
    
Settling
January 1,
2028
through
December 31,
2028
    
Settling
January 1,
2029
through
December 31,
2029
  
Crude Oil Swaps:
                        
Notional volume (Bbls)
    
3,775,808
      
4,662,503
      
2,862,307
      
210,000
  
Weighted average price ($/Bbl)
  
$
62.86
    
$
62.51
    
$
 62.17    
$
61.57
  
Natural Gas Swaps:
                                
Notional volume (MMBtus)
    
10,957,305
      
14,082,126
      
5,606,357
      
400,000
  
Weighted average price ($/MMBtu)
  
$
4.07
    
$
4.08
    
$
4.02
    
$
4.11
  
Ethane Swaps:
                                
Notional volume (Bbls)
    
309,747
      
400,675
      
220,109
      
—
  
Weighted average price ($/Bbl)
  
$
11.25
    
$
10.70
    
$
9.96
    
$
—
  
Propane Swaps:
                                
Notional volume (Bbls)
    
436,790
      
522,684
      
199,160
      
—
  
Weighted average price ($/Bbl)
  
$
28.64
    
$
26.85
    
$
25.93
    
$
—
  
Iso Butane Swaps:
                                
Notional volume (Bbls)
    
60,157
      
74,572
      
35,088
      
—
  
Weighted average price ($/Bbl)
  
$
35.19
    
$
31.77
    
$
30.77
    
$
—
  
Normal Butane Swaps:
                                
Notional volume (Bbls)
    
153,300
      
184,140
      
74,903
      
—
  
Weighted average price ($/Bbl)
  
$
35.71
    
$
31.95
    
$
30.36
    
$
—
  
Pentane Plus Swaps:
                                
Notional volume (Bbls)
    
126,531
      
160,242
      
78,806
      
—
  
Weighted average price ($/Bbl)
  
$
54.79
    
$
53.31
    
$
52.81
    
$
—
  
Gross and Net Fair Values of Derivative Instruments
The following tables present the gross and net fair values of the Company’s derivative instruments recognized on the condensed consolidated balance sheets for the periods presented:

   
March 31, 2026
  
   
Gross Amounts
Recognized
    
Gross Amounts
Offset in the
Condensed
Consolidated
Balance Sheet
    
Net Amounts
Presented on
the Condensed
Consolidated
Balance Sheet
  
   
(In thousands)
  
Current derivative assets
  
$
6,090
    
$
(6,090
)
  
$
—
  
Long-term derivative assets
  
$
4,145
    
$
(4,145
)
  
$
—
  
                         
Current derivative liabilities
  
$
(75,078
)
  
$
6,090
    
$
(68,988
)
Long-term derivative liabilities
  
$
(44,602
)
  
$
4,145
    
$
(40,457
)

   
December 31, 2025
  
   
Gross Amounts
Recognized
    
Gross Amounts
Offset in the
Condensed
Consolidated
Balance Sheet
    
Net Amounts
Presented on
the Condensed
Consolidated
Balance Sheet
  
   
(In thousands)
  
Current derivative assets
  
$
30,126
    
$
(1,314
)
  
$
28,812
  
Long-term derivative assets
  
$
26,852
    
$
(2,225
)
  
$
24,627
  
                         
Current derivative liabilities
  
$
(1,314
)
  
$
1,314
    
$
—
  
Long-term derivative liabilities
  
$
(2,225
)
  
$
2,225
    
$
—
  
Components of Realized Gain on Derivatives and Unrealized Gain on Derivatives
The following table presents the components of the loss on derivatives, net reflected on the accompanying condensed consolidated statements of operations and cash flows for the periods indicated:

   
Three Months Ended March 31,
  
   
2026
    
2025
  
   
(In thousands)
  
Realized loss on derivative settlements, net
            
Crude oil
  
$
(11,377
)
  
$
(519
)
Natural gas
    
(2,522
)
    
(262
)
NGLs
    
(278
)
    
—
  
Total realized loss on derivative settlements, net
  
$
(14,177
)
  
$
(781
)
                 
Unrealized (loss) gain on derivatives
                
Crude oil
  
$
(150,574
)
  
$
1,074
  
Natural gas
    
2,367
      
(1,191
)
NGLs
    
(14,676
)
    
—
  
Total unrealized loss on derivatives
  
$
(162,883
)
  
$
(117
)
Total loss on derivatives, net
  
$
(177,060
)
  
$
(898
)