Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Note 8 - Fair Value Measurements

The Company follows fair value measurement accounting guidance for all assets and liabilities measured at fair value. This guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs:

•Level 1 – quoted prices in active markets for identical assets or liabilities

•Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable

•Level 3 – significant inputs to the valuation model are unobservable

The following table is a listing of the Company’s assets and liabilities that are measured at fair value on a recurring basis in the accompanying balance sheets and where they are classified within the fair value hierarchy:

	As of September 30, 2025						As of December 31, 2024
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives	$	—	$	73,244	$	—	$	—	$	52,495	$	—
Liabilities:
Derivatives	$	—	$	14,740	$	—	$	—	$	14,200	$	—

Both financial and non-financial assets and liabilities are categorized within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used by the Company as well as the general classification of such instruments pursuant to the above fair value hierarchy.

Derivatives

The Company uses Level 2 inputs to measure the fair value of oil, gas, and NGL commodity derivative instruments. Fair values are based upon interpolated data. The Company derives internal valuation estimates taking into consideration forward commodity price curves, counterparties’ credit ratings, the Company’s credit rating, and the time value of money. These valuations are then compared to the respective counterparties’ mark-to-market statements. The considered factors result in an estimated exit price that management believes provides a reasonable and consistent methodology for valuing derivative instruments. The commodity derivative instruments utilized by the Company are not considered by management to be complex, structured, or illiquid. The oil, gas, and NGL commodity derivative markets are highly active. Refer to Note 7 - Derivative Financial Instruments for more information regarding the Company’s derivative instruments.

Long-Term Debt

The following table reflects the fair value of the Company’s Senior Notes obligations measured using Level 1 inputs based on quoted secondary market trading prices. The Senior Notes were not presented at fair value on the accompanying balance sheets as of September 30, 2025, or December 31, 2024, as they were recorded at carrying value, net of any unamortized deferred financing costs. Refer to Note 5 - Long-Term Debt for additional information.

	As of September 30, 2025				As of December 31, 2024
	Principal Amount		Fair Value		Principal Amount		Fair Value
	(in thousands)
6.75% Senior Notes due 2026 (1)	$	419,235	$	419,071	$	419,235	$	419,654
6.625% Senior Notes due 2027	$	416,791	$	416,645	$	416,791	$	416,149
6.5% Senior Notes due 2028	$	400,000	$	403,264	$	400,000	$	398,676
6.75% Senior Notes due 2029	$	750,000	$	754,688	$	750,000	$	742,275
7.0% Senior Notes due 2032	$	750,000	$	750,000	$	750,000	$	741,053

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(1)    As of September 30, 2025, the 2026 Senior Notes are presented in the current liabilities section of the accompanying balance sheets.

As of December 31, 2024, the carrying value of the Company’s revolving credit facility approximated its fair value, as the applicable interest rates are floating, based on prevailing market rates.