5 unchanged sentences
Our most significant market risk relates to the prices we receive for our oil, natural gas and NGLs.
−Removed: Due to the historical price volatility of these commodities, from time to time we have historically entered, depending upon our view of opportunities under the then-prevailing current market conditions, commodity derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the impact of the variability of oil and natural gas prices .
+Added: Due to the historical price volatility of these commodities, from time to time we have historically entered into, depending upon our view of opportunities under the then-prevailing current market conditions, commodity derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the impact of the variability of oil and natural gas prices .
We have used, and may use, a variety of commodity-based derivative contracts, including fixed price swaps, basis swaps and collars.
−Removed: As of March 31, 2026, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:
+Added: As of June 30, 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: April 2026 - December 2026 NYMEX WTI 799 $74.37
+Added: July 2026 - December 2026 NYMEX WTI 700 $75.18
January 2027 - December 2027 NYMEX WTI 200 $65.00
Producer Costless Collars
−Removed: April 2026 - December 2026 NYMEX WTI 975 $57.56 Put / $79.93 Call
+Added: July 2026 - December 2026 NYMEX WTI 1,255 $62.57 Put / $84.41 Call
Natural Gas (MMBtu)
Fixed Price Swaps
−Removed: April 2026 - December 2026 NYMEX Henry Hub 16,430 $4.17
+Added: July 2026 - December 2026 NYMEX Henry Hub 15,925 $4.17
Producer Costless Collars
−Removed: April 2026 - December 2026 NYMEX Henry Hub 4,500 $3.35 Put / $5.35 Call
+Added: July 2026 - December 2026 NYMEX Henry Hub 4,500 $3.35 Put / $5.35 Call
Fixed Price Swaps
−Removed: April 2026 - December 2026 Mont Belvieu OPIS 420 $55.41
+Added: July 2026 - December 2026 Mont Belvieu OPIS 490 $54.34
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 March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2026 2025 2026 2025
(Gain) loss on derivative contracts $ (4,222) $ (6,059) $ (696) $ (3,572)
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.