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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments Not Designated as Hedging Instruments [Abstract]  
Schedule of notional amounts of outstanding derivative positions
As of December 31, 2024, the Company had commodity derivative contracts outstanding through the first quarter of 2027 as summarized in the table below:
Contract Period
First QuarterSecond QuarterThird QuarterFourth Quarter
202520252025202520262027
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes1,838 2,024 1,246 — — — 
Weighted-Average Contract Price$72.49 $70.22 $71.62 $— $— $— 
Collars
NYMEX WTI Volumes1,936 1,178 741 660 — — 
Weighted-Average Floor Price$67.17 $66.25 $63.76 $62.50 $— $— 
Weighted-Average Ceiling Price$82.57 $81.70 $80.98 $79.65 $— $— 
Basis Swaps
WTI Midland-NYMEX WTI Volumes
1,156 1,118 1,104 1,178 1,460 — 
Weighted-Average Contract Price$1.18 $1.18 $1.18 $1.18 $1.00 $— 
WTI Houston MEH-NYMEX WTI Volumes
516 544 544 526 1,546 — 
Weighted-Average Contract Price$1.85 $1.86 $1.86 $1.86 $2.02 $— 
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes
1,382 2,896 2,937 3,415 12,752 1,639 
Weighted-Average Contract Price$4.41 $3.49 $3.70 $4.00 $3.66 $4.10 
IF Waha Volumes
— — — — 3,348 4,094 
Weighted-Average Contract Price$— $— $— $— $3.12 $3.63 
Collars
NYMEX HH Volumes
8,548 5,893 7,497 7,982 13,438 — 
Weighted-Average Floor Price$3.20 $3.25 $3.24 $3.25 $3.25 $— 
Weighted-Average Ceiling Price$5.42 $3.58 $4.12 $5.31 $4.90 $— 
Basis Swaps
IF Waha-NYMEX HH Volumes
5,102 5,236 5,117 5,046 — — 
Weighted-Average Contract Price$(0.46)$(0.78)$(0.72)$(0.66)$— $— 
IF HSC-NYMEX HH Volumes
946 — — — — — 
Weighted-Average Contract Price$0.0025 $— $— $— $— $— 
NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
OPIS Propane Mont Belvieu Non-TET Volumes396 — — — — — 
Weighted-Average Contract Price$32.86 $— $— $— $— $— 
OPIS Normal Butane Mont Belvieu Non-TET Volumes45 — — — — — 
Weighted-Average Contract Price$39.48 $— $— $— $— $— 
OPIS Isobutane Mont Belvieu Non-TET Volumes
25 — — — — — 
Weighted-Average Contract Price$41.58 $— $— $— $— $— 
Commodity Derivative Contracts Entered Into Subsequent to December 31, 2024
Subsequent to December 31, 2024, and through the filing of this report, the Company entered into the following commodity derivative contracts:
Contract Period
First QuarterSecond QuarterThird QuarterFourth Quarter
202520252025202520262027
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes— 455 920 1,012 — — 
Weighted-Average Contract Price$— $72.04 $70.37 $69.99 $— $— 
Collars
NYMEX WTI Volumes— — — 552 — — 
Weighted-Average Floor Price$— $— $— $68.00 $— $— 
Weighted-Average Ceiling Price$— $— $— $70.90 $— $— 
Basis Swaps
WTI Midland-NYMEX WTI Volumes
— — — — 881 — 
Weighted-Average Contract Price$— $— $— $— $0.95 $— 
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes— 858 882 920 6,854 1,753 
Weighted-Average Contract Price$— $3.68 $3.97 $4.27 $3.81 $4.26 
IF HSC Volumes— — — — 957 — 
Weighted-Average Contract Price$— $— $— $— $4.07 $— 
Collars
NYMEX HH Volumes— — — — 1,885 — 
Weighted-Average Floor Price$— $— $— $— $3.50 $— 
Weighted-Average Ceiling Price$— $— $— $— $5.53 $— 
NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
OPIS Propane Mont Belvieu Non-TET Volumes51 151 — — — — 
Weighted-Average Contract Price$35.70 $32.81 $— $— $— $— 
OPIS Ethane Mont Belvieu Non-TET Volumes
— — — — 545 — 
Weighted-Average Contract Price$— $— $— $— $11.71 $— 
Schedule of fair value of derivatives in accompanying balance sheets
The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
As of December 31, 2024As of December 31, 2023
(in thousands)
Derivative assets:
Current assets$48,522 $56,442 
Noncurrent assets3,973 8,672 
Total derivative assets$52,495 $65,114 
Derivative liabilities:
Current liabilities$7,058 $6,789 
Noncurrent liabilities7,142 1,273 
Total derivative liabilities$14,200 $8,062 
Schedule of the potential effects of master netting arrangements
The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:
Derivative Assets as ofDerivative Liabilities as of
December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
(in thousands)
Gross amounts presented in the accompanying balance sheets
$52,495 $65,114 $(14,200)$(8,062)
Amounts not offset in the accompanying balance sheets
(12,995)(7,362)12,995 7,362 
Net amounts$39,500 $57,752 $(1,205)$(700)
Schedule of the components of the derivative settlement (gain) loss and the net derivative (gain) loss
The following table summarizes the commodity components of the net derivative settlement (gain) loss and the net derivative (gain) loss line items presented within the accompanying statements of cash flows and the accompanying statements of operations, respectively:
For the Years Ended December 31,
202420232022
(in thousands)
Net derivative settlement (gain) loss:
Oil contracts$(12,606)$26,873 $514,641 
Gas contracts(58,679)(49,156)171,598 
NGL contracts2,569 (4,638)24,461 
Total net derivative settlement (gain) loss:$(68,716)$(26,921)$710,700 
Net derivative (gain) loss:
Oil contracts$(4,856)$(20,813)$284,863 
Gas contracts(48,681)(42,713)82,769 
NGL contracts3,579 (4,628)6,380 
Total net derivative (gain) loss:$(49,958)$(68,154)$374,012