DERIVATIVE AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2025

DERIVATIVE AND HEDGING ACTIVITIES

Summary of location and fair value of derivative contracts

The following table summarizes the location and fair value amounts of all commodity derivative contracts in the unaudited condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 (in thousands):

Balance sheet location	March 31, 2025		December 31, 2024		Balance sheet location	March 31, 2025		December 31, 2024
Current assets	$	15,706	$	6,969	Current liabilities	$	(14,716)	$	(12,330)
Other noncurrent assets		8,846		4,052	Other noncurrent liabilities		(6,272)		(6,954)
	$	24,552	$	11,021		$	(20,988)	$	(19,284)

Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts

Balance sheet location	March 31, 2025		December 31, 2024		Balance sheet location	March 31, 2025		December 31, 2024
Current assets	$	15,706	$	6,969	Current liabilities	$	(14,716)	$	(12,330)
Other noncurrent assets		8,846		4,052	Other noncurrent liabilities		(6,272)		(6,954)
	$	24,552	$	11,021		$	(20,988)	$	(19,284)

Schedule of open derivative contracts

Instrument		2025		2026		2027		2028
Crude oil:
Fixed-price swap:
Total volumes (Bbls)		1,451,223		1,387,884		892,175		665,682
Weighted average price	$	65.38	$	64.63	$	62.23	$	62.40
Basis swap:
Total volumes (Bbls)		1,466,507		1,394,912		896,291		665,682
Weighted average price	$	0.46	$	0.48	$	0.52	$	0.66
WTI NYMEX roll:
Total volumes (Bbls)		1,466,507		1,394,912		896,291		665,682
Weighted average price	$	0.38	$	0.03	$	(0.03)	$	(0.22)
Natural gas:
Fixed-price swap:
Total volumes (MMBtu)		4,207,358		1,098,125		1,680,815		1,932,378
Weighted average price	$	3.35	$	3.90	$	3.76	$	3.33
Two-way collar:
Total volumes (MMBtu)		834,358		3,780,627		1,811,553		539,931
Weighted average price (call)	$	6.37	$	4.53	$	4.67	$	3.90
Weighted average price (put)	$	3.76	$	3.65	$	3.62	$	3.50
Basis swap:
Total volumes (MMBtu)		4,618,009		4,715,556		3,473,775		2,472,309
Weighted average price	$	(0.78)	$	(0.99)	$	(0.84)	$	(0.85)

Schedule of potential effects of master netting arrangements on the fair value of derivative contracts

	Assets from Derivative Contracts				Liabilities from Derivative Contracts
Offsetting of Derivative Assets and Liabilities	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Gross amounts recognized in the Unaudited Condensed Consolidated Balance Sheet	$	24,552	$	11,021	$	(20,988)	$	(19,284)
Amounts not offset in the Unaudited Condensed Consolidated Balance Sheet		(20,988)		(11,021)		20,988		11,021
Net amount	$	3,564	$	—	$	—	$	(8,263)