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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments Not Designated as Hedging Instruments [Abstract]  
Schedule of notional amounts of outstanding derivative positions
As of March 31, 2025, the Company had commodity derivative contracts outstanding through the first quarter of 2027 as summarized in the table below:
Contract Period
Second Quarter 2025Third Quarter 2025Fourth Quarter 202520262027
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes2,479 2,166 1,012 — — 
Weighted-Average Contract Price$70.55 $71.09 $69.99 $— $— 
Collars
NYMEX WTI Volumes1,178 741 1,212 465 — 
Weighted-Average Floor Price$66.25 $63.76 $65.00 $60.00 $— 
Weighted-Average Ceiling Price$81.70 $80.98 $75.67 $66.50 $— 
Basis Swaps
WTI Midland-NYMEX WTI Volumes
1,118 1,104 1,178 4,045 — 
Weighted-Average Contract Price$1.18 $1.18 $1.18 $0.99 $— 
WTI Houston MEH-NYMEX WTI Volumes
544 544 526 1,546 — 
Weighted-Average Contract Price$1.86 $1.86 $1.86 $2.02 $— 
Roll Differential Swaps
NYMEX WTI Volumes2,410 2,421 2,420 — — 
Weighted-Average Contract Price$0.44 $0.44 $0.44 $— $— 
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes
7,028 7,370 6,175 21,406 6,992 
Weighted-Average Contract Price$3.89 $4.23 $4.33 $3.82 $4.32 
Inside FERC Houston Ship Channel Volumes
— — — 957 — 
Weighted-Average Contract Price$— $— $— $4.07 $— 
IF Waha Volumes
— — — 3,348 4,094 
Weighted-Average Contract Price$— $— $— $3.12 $3.63 
Collars
NYMEX HH Volumes
5,893 7,497 7,982 17,158 — 
Weighted-Average Floor Price$3.25 $3.24 $3.25 $3.33 $— 
Weighted-Average Ceiling Price$3.58 $4.12 $5.31 $5.01 $— 
Basis Swaps
IF Waha-NYMEX HH Volumes
5,236 5,117 5,046 — — 
Weighted-Average Contract Price$(0.78)$(0.72)$(0.66)$— $— 
NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
OPIS Propane Mont Belvieu Non-TET Volumes151 — — — — 
Weighted-Average Contract Price$32.81 $— $— $— $— 
OPIS Ethane Mont Belvieu Non-TET Volumes— — 123 674 — 
Weighted-Average Contract Price$— $— $13.07 $12.04 $— 
Commodity Derivative Contracts Entered Into Subsequent to March 31, 2025
Subsequent to March 31, 2025, and through the filing of this report, the Company entered into the following commodity derivative contracts:
Contract Period
Third Quarter 2025Fourth Quarter 202520262027
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Collars
NYMEX WTI Volumes502 948 1,810 — 
Weighted-Average Floor Price$55.00 $55.00 $55.00 $— 
Weighted-Average Ceiling Price$67.14 $64.35 $64.03 $— 
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes
2,887 — — — 
Weighted-Average Contract Price$4.00 $— $— $— 
Collars
NYMEX HH Volumes
— — 1,800 — 
Weighted-Average Floor Price$— $— $4.00 $— 
Weighted-Average Ceiling Price$— $— $5.37 $— 
Basis Swaps
IF Waha-NYMEX HH Volumes
— — 574 1,008 
Weighted-Average Contract Price$— $— $(1.75)$(0.70)
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:
As of March 31, 2025As of December 31, 2024
(in thousands)
Derivative assets:
Current assets$60,640 $48,522 
Noncurrent assets3,533 3,973 
Total derivative assets$64,173 $52,495 
Derivative liabilities:
Current liabilities$33,423 $7,058 
Noncurrent liabilities17,421 7,142 
Total derivative liabilities$50,844 $14,200 
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
March 31,
2025		December 31, 2024March 31,
2025		December 31, 2024
(in thousands)
Gross amounts presented in the accompanying balance sheets$64,173 $52,495 $(50,844)$(14,200)
Amounts not offset in the accompanying balance sheets(27,708)(12,995)27,708 12,995 
Net amounts$36,465 $39,500 $(23,136)$(1,205)
Schedule of the components of the net derivative settlement (gain) loss and the net derivative (gain) loss
The following table summarizes the commodity components of the net derivative settlement gain, and the net derivative loss line items presented within the accompanying unaudited condensed consolidated statements of cash flows (“accompanying statements of cash flows”) and the accompanying statements of operations, respectively:
For the Three Months Ended March 31,
20252024
(in thousands)
Net derivative settlement (gain) loss:
Oil contracts$(2,883)$(2,525)
Gas contracts(7,195)(12,220)
NGL contracts2,327 1,471 
Total net derivative settlement gain$(7,751)$(13,274)
Net derivative (gain) loss:
Oil contracts$2,873 $37,099 
Gas contracts12,074 (14,828)
NGL contracts2,269 5,874 
Total net derivative loss$17,216 $28,145