Derivatives (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2026		2025
(Gain) loss on derivative contracts	$	3,526	$	2,487
Settlement gains (losses) on derivative contracts	$	130	$	(159)

Schedule of Offsetting Assets

The following table summarizes (i) the Company's commodity 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 March 31, 2026 (in thousands):

	Gross Amounts		Gross Amounts Offset		Amounts Net of Offset		Financial Collateral		Net Amount
Assets (Liabilities)
Derivative contracts - current	$	(5,530)	$	4,853	$	(677)	$	—	$	(677)
Derivative contracts - non-current	(206)		—		(206)		—		(206)
Total	$	(5,736)	$	4,853	$	(883)	$	—	$	(883)

The following table summarizes (i) the Company's commodity 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 derivative contracts, and (iv) the Company’s net derivative asset positions as of December 31, 2025 (in thousands):

	Gross Amounts		Gross Amounts Offset		Amounts Net of Offset		Financial Collateral		Net 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 March 31, 2026, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

	Period	Index	Daily Volume	Weighted Average Price
Oil (Bbl)
Fixed Price Swaps
	April 2026 - December 2026	NYMEX WTI	799	$74.37
	January 2027 - December 2027	NYMEX WTI	200	$65.00
Producer Costless Collars
	April 2026 - December 2026	NYMEX WTI	975	$57.56 Put / $79.93 Call
Natural Gas (MMBtu)
Fixed Price Swaps
	April 2026 - December 2026	NYMEX Henry Hub	16,430	$4.17
Producer Costless Collars
	April 2026 - December 2026	NYMEX Henry Hub	4,500	$3.35 Put / $5.35 Call
NGL (Bbl)
Fixed Price Swaps
	April 2026 - December 2026	Mont Belvieu OPIS	420	$55.41

As of December 31, 2025, the Company's open derivative contracts consisted of oil and natural gas commodity derivative contracts under which we 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:

	Period	Index	Daily Volume	Weighted Average Price
Oil (Bbl)
Fixed Price Swaps	January 2026 - June 2026	NYMEX WTI	300	$68.67
Natural Gas (MMBtu)
Fixed Price Swaps	January 2026 - December 2026	NYMEX Henry Hub	11,797	$4.16
Producer Costless Collars	January 2026 - December 2026	NYMEX Henry Hub	4,500	$3.35 Put / $5.35 Call

Subsequent to March 31, 2026, the Company entered into the following oil derivative producer costless collar contracts:

Period	Index	Daily Volume (Bbl)	Put (Per Bbl)		Call (Per Bbl)
June - December 2026	NYMEX WTI	280	$	80.00	$	100.00

Subsequent to March 31, 2026, the Company entered into the following NGL derivative swap contracts:

Period	Index	Daily Volume (Bbl)	Weighted Average Price Per Bbl
June - December 2026	Mont Belvieu OPIS	70	$47.88