Risk Management and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Risk Management and Derivative Instruments

Schedule of open commodity positions

	2025		2026		2027
Natural Gas Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (MMBtu)		560,000		500,000		137,500
Weighted-average fixed price	$	3.75	$	3.79	$	4.01
Collar contracts:
Two-way collars
Average monthly volume (MMBtu)		500,000		517,500		437,500
Weighted-average floor price	$	3.50	$	3.58	$	3.56
Weighted-average ceiling price	$	3.90	$	4.11	$	4.45
Crude Oil Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		141,444		90,500		9,000
Weighted-average fixed price	$	70.61	$	68.43	$	63.65
Collar contracts:
Two-way collars
Average monthly volume (Bbls)		45,333		—		—
Weighted-average floor price	$	70.00	$	—	$	—
Weighted-average ceiling price	$	80.20	$	—	$	—

Schedule of fair value of derivative instruments by the appropriate balance sheet classification

		Asset		Liability		Asset		Liability
		Derivatives		Derivatives		Derivatives		Derivatives
		March 31,		March 31,		December 31,		December 31,
Type	Balance Sheet Location	2025		2025		2024		2024
		(In thousands)
Commodity contracts	Short-term derivative instruments	$	5,471	$	11,618	$	9,499	$	3,114
Interest rate swaps	Short-term derivative instruments		—		—		—		—
Gross fair value			5,471		11,618		9,499		3,114
Netting arrangements			(5,471)		(5,471)		(3,114)		(3,114)
Net recorded fair value	Short-term derivative instruments	$	—	$	6,147	$	6,385	$	—
Commodity contracts	Long-term derivative instruments	$	6,646	$	8,700	$	4,818	$	4,585
Interest rate swaps	Long-term derivative instruments		—		—		—		—
Gross fair value			6,646		8,700		4,818		4,585
Netting arrangements			(6,646)		(6,646)		(4,585)		(4,585)
Net recorded fair value	Long-term derivative instruments	$	—	$	2,054	$	233	$	—

Schedule of gains and losses related to derivative instruments

The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands):

		For the Three Months Ended
	Statements of	March 31,
	Operations Location	2025		2024
Commodity derivative contracts	Loss (gain) on commodity derivatives	$	14,317	$	16,564