2 unchanged sentences
All contracts were settled in cash and did not require the actual delivery of a commodity at settlement.
−Removed: Additionally, our exposure to credit risk and interest rate risk is also discussed.
+Added: Additionally, our exposure to credit risk is also discussed.
Commodity Price Risk .
2 unchanged sentences
We have used, and may use, a variety of commodity-based derivative contracts, including fixed price swaps, basis swaps and collars.
−Removed: As of September 30, 2025, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:
+Added: 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
Fixed Price Swaps
−Removed: October 2025 - December 2025 NYMEX WTI 500 $71.60
−Removed: January 2026 - June 2026 NYMEX WTI 300 $68.67
+Added: April 2026 - December 2026 NYMEX WTI 799 $74.37
+Added: January 2027 - December 2027 NYMEX WTI 200 $65.00
Producer Costless Collars
−Removed: October 2025 - December 2025 NYMEX WTI 675 $61.57 Put / $78.02 Call
+Added: April 2026 - December 2026 NYMEX WTI 975 $57.56 Put / $79.93 Call
Natural Gas (MMBtu)
Fixed Price Swaps
−Removed: October 2025 - December 2025 NYMEX Henry Hub 8,500 $4.17
−Removed: January 2026 - December 2026 NYMEX Henry Hub 4,500 $4.09
+Added: April 2026 - December 2026 NYMEX Henry Hub 16,430 $4.17
Producer Costless Collars
−Removed: October 2025 - December 2025 NYMEX Henry Hub 20,500 $3.79 Put / $7.08 Call
−Removed: January 2026 - December 2026 NYMEX Henry Hub 4,500 $3.35 Put / $5.35 Call
+Added: April 2026 - December 2026 NYMEX Henry Hub 4,500 $3.35 Put / $5.35 Call
Fixed Price Swaps
−Removed: October 2025 - December 2025 Mont Belvieu OPIS - C3+ (1)
−Removed: October 2025 - December 2025 Mont Belvieu OPIS - Ethane (2)
−Removed: ____________________
−Removed: (1) Excludes ethane
−Removed: (2) Ethane only
+Added: April 2026 - December 2026 Mont Belvieu OPIS 420 $55.41
Because we historically have not designated any of our derivative contracts as hedges for accounting purposes, changes in the fair value of our derivative contracts are recognized as gains and losses in current period earnings.
2 unchanged sentences
The following table summarizes derivative activity (in thousands):
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31,
(Gain) loss on derivative contracts $ 3,526 $ 2,487
14 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.