0001928446-26-000016 | 10-Q | XBRL Viewer | Granite Ridge Resources INC

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Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Oil and natural gas properties
Proceeds from sale of oil and natural gas properties	$ 1,227	$ 120
Proved oil and natural gas properties
Oil and natural gas properties
Proceeds from sale of oil and natural gas properties	$ 1,200
Unproved oil and natural gas properties
Oil and natural gas properties
Proceeds from sale of oil and natural gas properties		100
Gain on oil and gas property divestitures		$ 100

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

A complete discussion of the Company’s significant accounting policies is included in the 2025 Form 10-K.

Interim Financial Statements, Basis of Presentation, Consolidation, and Significant Estimates

The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2025 is derived from audited consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature.

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates of reserves are used to determine depletion and to conduct impairment analysis. Estimating reserves is inherently uncertain, including the projection of future rates of production and the timing of development expenditures. Additional significant estimates include, but are not limited to, fair value of derivative financial instruments, fair value of equity investments, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

Certain disclosures have been condensed in, or omitted from, these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2025 Form 10-K.

Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

Segment Reporting

The Company operates in one reporting segment, which is oil and natural gas development, exploration and production. All of the Company's operations are conducted in the geographic area of the United States. The reporting segment generates revenue through the sale of oil and natural gas. The Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, manages operations on a consolidated basis for purposes of evaluating operational performance and allocating resources. Net income, as reported within the Company’s condensed consolidated statements of operations, is used by the CODM to assess performance for the oil and natural gas development, exploration and production segment. Significant segment expenses are the same as those reported in the condensed consolidated statements of operations. Total assets, as reported within the Company’s condensed consolidated balance sheets, is the measure of segment assets.

Oil and Natural Gas Properties

The Company uses the successful efforts method of accounting for oil and natural gas producing activities, as further defined under Accounting Standards Codification ("ASC") 932, Extractive Activities - Oil and Gas (“ASC 932”). Costs to

acquire mineral interests in oil and gas properties, to drill and equip exploratory leases that find proved reserves, and to drill and equip development leases and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determinations of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense.

Capitalized leasehold costs relating to proved properties are depleted using the unit-of-production method based on proved reserves. The depletion of capitalized drilling and development costs and integrated assets is based on the unit-of-production method using proved developed reserves. The Company recognized depletion expense of $54.7 million and $48.2 million for the three months ended March 31, 2026 and 2025, respectively.

The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable; for instance, when there are declines in commodity prices or well performance. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair market value is recognized at that time. The fair value of impaired assets is determined using the market or income valuation approach. The income approach is calculated using a discounted cash flow model. Discounted future cash flows use a discount rate similar to that used by market participants, or comparable market value if available. Estimating future cash flows involves the use of judgments, including estimation of the proved and risk-adjusted unproved oil and natural gas reserve quantities, timing of development and production, expected future commodity prices, capital expenditures and production costs. There was no proved property impairment recorded for the three months ended March 31, 2026 or 2025.

Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. The Company recorded unproved oil and gas properties impairment of $11.2 million for the three months ended March 31, 2026 in the Permian Basin as a result of changes in operator development plans. There was no unproved impairment for the three months ended March 31, 2025.

Equity Investments

The Company follows the guidance in ASC 321, Investments - Equity Securities ("ASC 321") for its investment in common stock. ASC 321 requires equity investments with readily determinable fair values to be measured at fair value, with unrealized holding gains and losses recorded as a gain or loss in the condensed consolidated statements of operations. For the preferred stock that did not have a readily determinable fair value, the Company did not elect the measurement alternative in ASC 321 and instead accounted for the preferred stock at fair value with unrealized gains and losses recorded through net income for the period until the preferred stock was converted into common stock.

The Company recognized an unrealized gain of $6.7 million and unrealized loss of $10.0 million for the three months ended March 31, 2026 and 2025, respectively, included in gain (loss) on equity investments within the Company’s condensed consolidated statements of operations that accounts for the change in fair value of the common stock.

Revenue Recognition

The Company’s revenues are primarily derived from its interests in the sale of oil and natural gas production. The Company recognizes revenue from its interests in the sales of oil and natural gas in the period that its performance obligations are satisfied.

Performance obligations are satisfied when the customer obtains control of the product, when the Company has no further obligations to perform related to the sale, when the transaction price has been determined, and when collectability is probable.

The Company receives payment from the sale of oil and natural gas production from one to three months after delivery. The transaction price is variable as it is based on market prices for oil and natural gas, less revenue deductions such as gathering, transportation, and compression costs. Management has determined that the variable revenue constraint is overcome at the date control passes to the customer since the variable consideration to be received can be reasonably estimated based on daily market prices and historical transportation charges. Revenue is presented net of these costs within

the condensed consolidated statements of operations. At the end of each month when the performance obligations are satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in revenue receivable in the condensed consolidated balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant.

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.

Take-in Kind Oil and Natural Gas Revenues

Under certain arrangements, the Company has the right to take a volume of unprocessed gas in kind at the operator's wellhead, representing its proportionate share of its natural gas production, in lieu of receiving a net payment from the operator. The Company currently takes certain natural gas volumes in kind in lieu of monetary settlement. When the Company elects to take volumes in kind, it pays third parties to transport the natural gas it took in kind to downstream delivery points, where it then sells to customers at prices applicable to those downstream markets. In such situations, revenues are recognized during the month in which control transfers to the customer at the delivery point and it is probable the Company will collect the consideration it is entitled to receive. Sales proceeds are generally received by the Company within one month after the month in which a sale has occurred. In these scenarios, gathering and processing costs and transportation expenses the Company incurs to transport the volumes to downstream customers are recorded in lease operating expenses in the condensed consolidated statements of operations.

Disaggregated Oil and Natural Gas Revenues

The Company’s disaggregated revenue has two primary sources: oil sales and natural gas sales. Substantially all of the Company’s oil and natural gas sales come from six geographic areas in the United States: the Eagle Ford Basin (Texas), the Permian Basin (Texas/New Mexico), the Haynesville Basin (Texas/Louisiana), the Denver-Julesburg “DJ” Basin (Colorado), the Bakken Basin (Montana/North Dakota), and Appalachian Basin (Ohio). The following tables present the disaggregation of the Company’s oil and natural gas revenues by basin for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
(in thousands)	2026		2025
Oil	$	103,446	$	91,847
Natural gas	24,818		31,084
Total	$	128,264	$	122,931

Permian	$	87,049	$	81,644
Eagle Ford	6,569		10,984
Bakken	6,412		9,857
Haynesville	11,953		5,738
DJ	7,489		10,400
Appalachian	8,792		4,308
Total	$	128,264	$	122,931

Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted)

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires enhanced disclosure about specific types of expenses included in the expense captions presented on the face of the consolidated statement of operations as well as disclosures about selling expenses. ASU 2024-03 is effective for

annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company has not early adopted the standard and is currently assessing the effect that ASU 2024-03 will have on its disclosures.

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Granite Ridge Resources, Inc. (together with its consolidated subsidiaries, “Granite Ridge” or the “Company”), a Delaware corporation, is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets in multiple basins throughout North America.

Stock Incentive Plan - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) d $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock-based compensation expense \| $	$ 1.4	$ 0.7
Common stock issued upon conversion of PSUs (in shares)	21,515
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)	635,044	410,751
Restricted Stock Awards \| Non Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)	1 year
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)	3 years
Awards granted (in shares)	378,902	76,650
PSUs converted (in shares)	13,287
Performance Stock Units \| Performance period ending December 31, 2028
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)	86,504
Performance Stock Units \| Performance period ending December 31, 2027
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)		76,650
Performance Stock Units \| Grantee Status, Officers
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)	292,398		644,330
Consecutive trading days \| d	20
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Plan term (in years)	10 years
Number of anniversaries	2 years
Stock options granted (in shares)	102,478	110,257
Weighted average exercise price - options granted (in dollars per share) \| $ / shares	$ 5.26	$ 5.61
Stock Options \| Vesting immediately
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Options that vested (in percent)	33.00%
Stock Options \| Vesting on second anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Options that vested (in percent)	33.00%
Stock Options \| Vesting on third anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Options that vested (in percent)	33.00%
Other Awards \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)	3,194	3,084
Minimum \| Restricted Stock Awards \| Employee And Consultants
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)	3 years
Minimum \| Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Percentage of share ultimately issued (as a percent)	0.00%
Maximum \| Restricted Stock Awards \| Employee And Consultants
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)	5 years
Maximum \| Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Percentage of share ultimately issued (as a percent)	200.00%

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is a C corporation and subject to U.S. federal, state, and local income taxes. The Company records income taxes through the use of an estimated annual effective tax rate and specific events that are discretely recognized as they occur. For the three months ended March 31, 2026 and 2025, the Company recorded an income tax benefit of $13.6 million and income tax expense of $2.9 million, respectively. At the end of each interim period, the Company applies an estimated annualized effective tax rate to the current period income or loss before income taxes, which can produce interim effective tax rate fluctuations. The Company's effective income tax rate was 22.5% and 22.7% for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate differs from the enacted statutory rate of 21% primarily due to the impact of certain discrete items and state income taxes. The Company has evaluated all tax positions for which the statute of limitations remains open and believes that the material positions taken would more likely than not be sustained upon examination. Therefore, as of March 31, 2026 and December 31, 2025, the Company had no unrecognized tax benefits and did not recognize any interest or penalties during those respective periods related to unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Contracts

The following table sets forth the Company’s outstanding commodity derivative contracts as of March 31, 2026.


	2026								2027		2028
	Second Quarter		Third Quarter		Fourth Quarter		Total		Total		Total
Collar (oil)
Volume (Bbl)	1,049,430		909,612		795,038		2,754,080		1,361,645		—
Weighted-average floor price ($/Bbl)	$	61.32	$	60.53	$	59.97	$	60.67	$	54.71	$	—
Weighted-average ceiling price ($/Bbl)	$	70.65	$	69.93	$	68.53	$	69.80	$	76.81	$	—
Swaps (oil)
Volume (Bbl)	95,082		73,484		53,974		222,540		452,936		—
Weighted-average price ($/Bbl)	$	60.33	$	60.27	$	60.24	$	60.29	$	60.21	$	—
Collar (natural gas)
Volume (Mcf)	1,851,019		1,727,756		3,868,320		7,447,095		6,099,088		2,211,640
Weighted-average floor price ($/Mcf)	$	3.25	$	3.25	$	3.66	$	3.46	$	3.89	$	3.60
Weighted-average ceiling price ($/Mcf)	$	4.00	$	4.00	$	4.44	$	4.23	$	4.97	$	4.73
Swaps (natural gas)
Volume (Mcf)	4,546,849		3,961,363		1,222,218		9,730,430		9,323,814		—
Weighted-average price ($/Mcf)	$	3.73	$	3.73	$	3.73	$	3.73	$	3.60	$	—
Swaps (Waha Basis)
Volume (Mcf)	—		—		—		—		2,540,086		—
Weighted-average price ($/Mcf)	$	—	$	—	$	—	$	—	$	(1.08)	$	—

Schedule of Commodity Derivative Instruments

The following table summarizes the amounts reported in the condensed consolidated statements of operations related to the commodity derivative instruments for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Net cash receipts from (payments on) commodity derivatives
Oil derivatives	$	(6,316)	$	(66)
Natural gas derivatives	(5,526)		(47)
Total net cash receipts from (payments on) commodity derivatives	$	(11,842)	$	(113)
Unrealized gain (loss) on commodity derivatives
Oil derivatives	$	(66,444)	$	1,354
Natural gas derivatives	4,984		(16,098)
Power capacity contract	1,275		—
Total unrealized gain (loss) on commodity derivatives	$	(60,185)	$	(14,744)
Total gain (loss) on derivatives - commodity derivatives	$	(72,027)	$	(14,857)

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table presents the basic and diluted earnings per share computations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Net income (loss)	$	(47,031)	$	9,812
Participating basic earnings (a)	(100)		(56)
Basic earnings attributable to common stockholders	(47,131)		9,756
Reallocation of participating earnings	—		—
Diluted earnings attributable to common stockholders	$	(47,131)	$	9,756

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	130,620		130,336
Dilutive performance stock units	—		59
Dilutive stock options	—		6
Weighted average common shares outstanding – diluted	130,620		130,401

Net income (loss) per common share:
Basic	$	(0.36)	$	0.07
Diluted	$	(0.36)	$	0.07
(a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.

Schedule of Diluted Earnings Per Share, Diluted Securities

The following table is a summary of the PSUs and stock options which were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive.


	Three Months Ended March 31,
	2026	2025
Number of antidilutive common shares:
Antidilutive performance stock units	105,802	102,365
Antidilutive stock options	330,340	553,240
Total antidilutive common shares	436,142	655,605

Fair Value Measurements - Schedule of Fair Value of Net Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	$ 17,635
Assets (at fair value):
Commodity derivatives – current portion	1,706	$ 13,978
Commodity derivatives - current portion - Net Fair Value Presented in the Consolidated Balance Sheet	1,706
Commodity derivatives – noncurrent portion	3,221	3,743
Commodity derivatives - noncurrent portion - Net Fair Value Presented in the Consolidated Balance Sheet	3,221	3,743
Liabilities (at fair value):
Commodity derivatives – current portion	(42,255)	(24)
Commodity derivatives - current portion - Net Fair Value Presented in the Consolidated Balance Sheet	(42,255)
Commodity derivatives – noncurrent portion	(5,159)	0
Commodity derivatives – noncurrent portion - Net Fair Value Presented in the Consolidated Balance Sheet	(5,159)	0
Net derivative instruments	(42,487)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	17,635	10,960
Assets (at fair value):
Commodity derivatives – current portion	10,045	14,988
Commodity derivatives - current portion - Gross Amounts Offset in the Consolidated Balance Sheet	(8,339)	(1,010)
Commodity derivatives - current portion - Net Fair Value Presented in the Consolidated Balance Sheet		13,978
Commodity derivatives – noncurrent portion	5,547	4,970
Commodity derivatives - Non-current portion - Gross Amounts Offset in the Consolidated Balance Sheet	(2,326)	(1,227)
Liabilities (at fair value):
Commodity derivatives – current portion	(50,594)	(1,034)
Commodity derivatives - current portion - Gross Amounts Offset in the Consolidated Balance Sheet	8,339	1,010
Commodity derivatives - current portion - Net Fair Value Presented in the Consolidated Balance Sheet		(24)
Commodity derivatives – noncurrent portion	(7,485)	(1,227)
Commodity derivatives – noncurrent portion- Gross Amounts Offset in the Consolidated Balance Sheet	2,326	1,227
Net derivative instruments	(42,487)	17,697
Net derivative instruments - Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Level 1 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	17,635	10,960
Assets (at fair value):
Commodity derivatives – current portion	0	0
Commodity derivatives – noncurrent portion	0	0
Liabilities (at fair value):
Commodity derivatives – current portion	0	0
Commodity derivatives – noncurrent portion	0	0
Net derivative instruments	0	0
Level 2 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0	0
Assets (at fair value):
Commodity derivatives – current portion	9,829	14,988
Commodity derivatives – noncurrent portion	3,636	4,118
Liabilities (at fair value):
Commodity derivatives – current portion	(50,594)	(1,034)
Commodity derivatives – noncurrent portion	(7,485)	(1,227)
Net derivative instruments	(44,614)	16,845
Level 3 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0	0
Assets (at fair value):
Commodity derivatives – current portion	216	0
Commodity derivatives – noncurrent portion	1,911	852
Liabilities (at fair value):
Commodity derivatives – current portion	0	0
Commodity derivatives – noncurrent portion	0	0
Net derivative instruments	$ 2,127	$ 852

Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Unrealized gain (loss) on equity investments	$ 6.7	$ (10.0)

Derivative Financial Instruments - Schedule of Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative instruments
Net cash receipts from (payments on) commodity derivatives	$ (11,842)	$ (113)
Unrealized gain (loss) on commodity derivatives	(60,185)	(14,744)
Total gain (loss) on derivatives - commodity derivatives	(72,027)	(14,857)
Oil derivatives
Derivative instruments
Net cash receipts from (payments on) commodity derivatives	(6,316)	(66)
Unrealized gain (loss) on commodity derivatives	(66,444)	1,354
Natural gas derivatives
Derivative instruments
Net cash receipts from (payments on) commodity derivatives	(5,526)	(47)
Unrealized gain (loss) on commodity derivatives	4,984	(16,098)
Power capacity contract
Derivative instruments
Unrealized gain (loss) on commodity derivatives	$ 1,275	$ 0

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Summary of Significant Accounting Policies - Schedule of disaggregated revenues by operation and geographic location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 128,264	$ 122,931
Permian
Disaggregation of Revenue [Line Items]
Revenue	87,049	81,644
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	6,569	10,984
Bakken
Disaggregation of Revenue [Line Items]
Revenue	6,412	9,857
Haynesville
Disaggregation of Revenue [Line Items]
Revenue	11,953	5,738
DJ
Disaggregation of Revenue [Line Items]
Revenue	7,489	10,400
Appalachian
Disaggregation of Revenue [Line Items]
Revenue	8,792	4,308
Oil
Disaggregation of Revenue [Line Items]
Revenue	103,446	91,847
Natural gas
Disaggregation of Revenue [Line Items]
Revenue	$ 24,818	$ 31,084

Summary of Significant Accounting Policies - Disaggregated Oil and Natural Gas Revenues (Details)	3 Months Ended
	Mar. 31, 2026 source area
Accounting Policies [Abstract]
Number of revenue sources \| source	2
Operating regions \| area	6

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments in connection with its oil and natural gas operations to provide an economic hedge of the Company’s exposure to commodity price risk associated with anticipated future oil and natural gas production. The Company does not hold or issue derivative financial instruments for speculative trading purposes.

The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its condensed consolidated statements of operations as they occur.

Commodity Derivatives Collar Option Contracts and Swaps

The Company’s commodity derivative financial instruments consist of collar option contracts and swaps. A collar option is established with the sale of a short call option (ceiling price) and the purchase of a long put option (floor price) set to expire at a predetermined date in the future. The options give the owner the right but not the obligation to exercise the option at the expiration date.

When the settlement price is below the established floor price, the Company receives an amount from its counterparty equal to the difference between the settlement price and the floor price multiplied by the hedged contract volume. When the settlement price is above the established ceiling price, the Company pays its counterparty an amount equal to the difference between the settlement price and the ceiling price multiplied by the hedged contract volume. When the settlement price is between the established floor and the ceiling, no amounts are due to or from the counterparty.

A swap contract allows the Company to receive a fixed price and pay a floating market price to the counterparty for the hedged commodity.

The Company has master netting agreements on individual derivative instruments with its counterparties and therefore certain amounts may be presented on a net basis in the condensed consolidated balance sheets.

Volume of Commodity Derivative Collar Option Contracts and Swap Activities

The following table sets forth the Company’s outstanding commodity derivative contracts as of March 31, 2026.


	2026								2027		2028
	Second Quarter		Third Quarter		Fourth Quarter		Total		Total		Total
Collar (oil)
Volume (Bbl)	1,049,430		909,612		795,038		2,754,080		1,361,645		—
Weighted-average floor price ($/Bbl)	$	61.32	$	60.53	$	59.97	$	60.67	$	54.71	$	—
Weighted-average ceiling price ($/Bbl)	$	70.65	$	69.93	$	68.53	$	69.80	$	76.81	$	—
Swaps (oil)
Volume (Bbl)	95,082		73,484		53,974		222,540		452,936		—
Weighted-average price ($/Bbl)	$	60.33	$	60.27	$	60.24	$	60.29	$	60.21	$	—
Collar (natural gas)
Volume (Mcf)	1,851,019		1,727,756		3,868,320		7,447,095		6,099,088		2,211,640
Weighted-average floor price ($/Mcf)	$	3.25	$	3.25	$	3.66	$	3.46	$	3.89	$	3.60
Weighted-average ceiling price ($/Mcf)	$	4.00	$	4.00	$	4.44	$	4.23	$	4.97	$	4.73
Swaps (natural gas)
Volume (Mcf)	4,546,849		3,961,363		1,222,218		9,730,430		9,323,814		—
Weighted-average price ($/Mcf)	$	3.73	$	3.73	$	3.73	$	3.73	$	3.60	$	—
Swaps (Waha Basis)
Volume (Mcf)	—		—		—		—		2,540,086		—
Weighted-average price ($/Mcf)	$	—	$	—	$	—	$	—	$	(1.08)	$	—

Power Capacity Contract

On December 12, 2025, the Company entered into a power capacity contract ("Power Capacity Contract") as part of its strategy to enhance the value of its natural gas production. The arrangement is intended to economically hedge exposure to weak regional gas pricing and negative basis differentials by providing participation in power market revenues derived from converting natural gas into electricity.

The counterparty is constructing a fleet of distributed power generation facilities with an aggregate capacity of 200 megawatts, which are expected to begin commercial operations in late 2026. The Company’s agreement covers a portion of the total expected capacity and has a seven-year settlement term commencing upon the first facility achieving commercial operations.

Under the arrangement, the Company is obligated to make fixed monthly payments based on operating generation capacity multiplied by its participation interest. In return, the Company receives variable payments representing its share of the facilities’ operating profit. Operating profit is generally defined as revenue from the sale of power, less gas feedstock costs and a fixed operating and maintenance charge.

The structure allows the Company to benefit when power prices are favorable relative to gas prices, helping offset periods of depressed gas realizations. Conversely, when gas prices are strong and power generation is less economical, the Company may make net payments under the arrangement but benefits from improved cash flows on its physical gas sales. Overall, the arrangement is intended to stabilize and potentially enhance cash flows by diversifying the Company’s overall commodity price exposure.


	Three Months Ended March 31,
(in thousands)	2026		2025
Net cash receipts from (payments on) commodity derivatives
Oil derivatives	$	(6,316)	$	(66)
Natural gas derivatives	(5,526)		(47)
Total net cash receipts from (payments on) commodity derivatives	$	(11,842)	$	(113)
Unrealized gain (loss) on commodity derivatives
Oil derivatives	$	(66,444)	$	1,354
Natural gas derivatives	4,984		(16,098)
Power capacity contract	1,275		—
Total unrealized gain (loss) on commodity derivatives	$	(60,185)	$	(14,744)
Total gain (loss) on derivatives - commodity derivatives	$	(72,027)	$	(14,857)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Supplementary Data (Tables)

3 Months Ended

Mar. 31, 2026

Extractive Industries [Abstract]

Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure

Capitalized Costs


(in thousands)	March 31, 2026		December 31, 2025
Oil and natural gas properties:
Proved	$	1,847,791	$	1,788,292
Unproved	105,810		109,096
Less: accumulated depletion	(912,560)		(857,832)
Net capitalized costs for oil and natural gas properties	$	1,041,041	$	1,039,556

Schedule of Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure

Costs Incurred for Oil and Natural Gas Producing Activities


	Three Months Ended March 31,
(in thousands)	2026		2025
Property acquisition costs:
Proved	$	589	$	13,341
Unproved	9,552		21,021
Development costs	58,296		71,402
Total costs incurred for oil and natural gas properties	$	68,437	$	105,764

Fair Value Measurements - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Equity investments	$ 17,635
Carrying Value
Assets:
Derivative instruments - commodity derivatives	4,927	$ 17,721
Equity investments	17,635	10,960
Liabilities:
Derivative instruments - commodity derivatives	47,414	24
Carrying Value \| Revolving credit facilities
Liabilities:
Revolving credit facilities and 2029 Senior Notes	90,000	50,000
Carrying Value \| 2029 Senior Notes \| Senior Notes
Liabilities:
Revolving credit facilities and 2029 Senior Notes	336,272	335,332
Fair Value
Assets:
Derivative instruments - commodity derivatives	4,927	17,721
Equity investments	17,635	10,960
Liabilities:
Derivative instruments - commodity derivatives	47,414	24
Fair Value \| Revolving credit facilities
Liabilities:
Revolving credit facilities and 2029 Senior Notes	90,000	50,000
Fair Value \| 2029 Senior Notes \| Senior Notes
Liabilities:
Revolving credit facilities and 2029 Senior Notes	$ 347,374	$ 348,373

Acquisitions and Divestitures - Schedule of Cumulative Adjusted Purchase Price of Asset Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Asset Acquisition [Line Items]
Total	$ 10,141	$ 34,362
Permian
Asset Acquisition [Line Items]
Total	5,285	29,644
Bakken
Asset Acquisition [Line Items]
Total	307	0
Appalachian
Asset Acquisition [Line Items]
Total	$ 4,549	$ 4,718

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company’s long-term debt is comprised of the following:


(in thousands)	March 31, 2026		December 31, 2025
Revolving credit facility	$	90,000	$	50,000
Senior unsecured notes due 2029	350,000		350,000
Total debt	440,000		400,000
Less: Unamortized debt issuance costs on senior notes	$	(1,136)	$	(1,214)
Less: Unamortized debt discount	(12,592)		(13,454)
Total debt, net	$	426,272	$	385,332
Less: Current portion of outstanding long-term debt(1)	26,250		17,500
Total long-term debt, net	$	400,022	$	367,832

______________________________________

(1)As of March 31, 2026 and December 31, 2025, the current portion of long-term debt reflects $26.3 million and $17.5 million, respectively, due on the Senior Notes over the next twelve months.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Disaggregated Revenues by Operation and Geographic Location

The following tables present the disaggregation of the Company’s oil and natural gas revenues by basin for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
(in thousands)	2026		2025
Oil	$	103,446	$	91,847
Natural gas	24,818		31,084
Total	$	128,264	$	122,931

Permian	$	87,049	$	81,644
Eagle Ford	6,569		10,984
Bakken	6,412		9,857
Haynesville	11,953		5,738
DJ	7,489		10,400
Appalachian	8,792		4,308
Total	$	128,264	$	122,931

Derivative Financial Instruments - Narrative (Details) - Power capacity contract	Dec. 12, 2025 MW
Derivative instruments
Power generation, aggregate capacity	200
Term of contract	7 years

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (13,633)	$ 2,880
Effective tax rate	22.50%	22.70%
Enacted statutory rate	21.00%
Unrecognized tax benefits, interest or penalties	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
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-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On October 24, 2022, Grey Rock Administration, LLC (the “Manager”) entered into a Management Services Agreement with Granite Ridge (the “MSA”). Under the MSA, the Manager provides general management, administrative, and operating services covering the oil and gas assets and other properties of the Company and other day-to-day business and affairs of the Company. In accordance with the MSA, the Company paid the Manager an annual services fee of $10.0 million and reimbursed the Manager for certain Granite Ridge group costs related to the operation of the Company's assets (including for third party costs allocated or attributable to the assets of the Company). On December 10, 2025, the Company entered into Amendment No. 1 to the Management Services Agreement, which amended the Company's existing MSA with the Manager ("Amendment No. 1"). Amendment No. 1, among other things, (a) extended the initial term from April 30, 2028 to April 30, 2031 and (b) increased the Services Fee (as defined in the MSA) from $10.0 million to $11.75 million effective January 1, 2026, provided for annual CPI-based adjustments beginning January 1, 2027 and delegated to management the authority to increase the Services Fee up to a maximum total of $12.5 million. The MSA will automatically renew for additional consecutive one-year renewal terms until terminated in accordance with its terms. Upon any termination of the MSA, the Manager shall provide transition services for a period of up to 90 days. For the three months ended March 31, 2026 and 2025, service fees for the Company under the MSA were approximately $2.9 million and $2.5 million, respectively, and are included in general and administrative expenses within the accompanying condensed consolidated statements of operations. On December 12, 2025, Granite Ridge Ventures, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, entered into a power capacity contract with a portfolio company of funds managed by affiliates of Grey Rock Investment Partners ("Conduit Bravo"). A third party entered into a transaction with Conduit Bravo on substantially similar terms and at a substantially similar time to this transaction.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in Valuation of Level 3 Power Capacity Contract (Details) - Level 3	Mar. 31, 2026 $ / MWh $ / MMBTU
Low \| Power \| Forward Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs \| $ / MWh	(60.49)
Low \| Power \| Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.30
Low \| Natural gas \| Forward Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs \| $ / MMBTU	(3.21)
Low \| Natural gas \| Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.50
High \| Power \| Forward Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs \| $ / MWh	495.48
High \| Power \| Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.30
High \| Natural gas \| Forward Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs \| $ / MMBTU	4.20
High \| Natural gas \| Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.50
Average \| Power \| Forward Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs \| $ / MWh	63.75
Average \| Power \| Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.30
Average \| Natural gas \| Forward Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs \| $ / MMBTU	2.49
Average \| Natural gas \| Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.50

Subsequent Events - Schedule of Derivative Activity by Volume (Details) - Subsequent Event	May 07, 2026 bbl Mcf $ / bbl $ / Mcf
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Second Quarter
Subsequent events
Volume (Bbl, Mcf) \| bbl	93,092
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Second Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	(7.50)
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Third Quarter
Subsequent events
Volume (Bbl, Mcf) \| bbl	122,886
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Third Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	(7.50)
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Fourth Quarter
Subsequent events
Volume (Bbl, Mcf) \| bbl	106,127
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Fourth Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	(7.50)
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| 2026
Subsequent events
Volume (Bbl, Mcf) \| bbl	322,105
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| 2026 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	(7.50)
Oil Swaps (WTI/Brent CMA Diff) 2027 Contract \| 2027
Subsequent events
Volume (Bbl, Mcf) \| bbl	0
Oil Swaps (WTI/Brent CMA Diff) 2027 Contract \| 2027 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	0
Oil Swaps (WTI/Brent CMA Diff) 2028 Contract \| 2028
Subsequent events
Volume (Bbl, Mcf) \| bbl	0
Oil Swaps (WTI/Brent CMA Diff) 2028 Contract \| 2028 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Second Quarter
Subsequent events
Volume (Bbl, Mcf) \| Mcf	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Second Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Third Quarter
Subsequent events
Volume (Bbl, Mcf) \| Mcf	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Third Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Fourth Quarter
Subsequent events
Volume (Bbl, Mcf) \| Mcf	2,300,200
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Fourth Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	(1.60)
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| 2026
Subsequent events
Volume (Bbl, Mcf) \| Mcf	2,300,200
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| 2026 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	(1.60)
Gas Swaps (Platts IFERC Waha) Contract, 2027 \| 2027
Subsequent events
Volume (Bbl, Mcf) \| Mcf	3,000,600
Gas Swaps (Platts IFERC Waha) Contract, 2027 \| 2027 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	(1.60)
Gas Swaps (Platts IFERC Waha) Contract, 2028 \| 2028
Subsequent events
Volume (Bbl, Mcf) \| Mcf	111,100
Gas Swaps (Platts IFERC Waha) Contract, 2028 \| 2028 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	(1.60)

Related Party Transactions (Details) - Grey Rock Administration, LLC (the Manager) - Related Party - USD ($) $ in Thousands		3 Months Ended
	Oct. 24, 2022	Mar. 31, 2026	Mar. 31, 2025
Related party transactions
Annual service fee	$ 11,750
Management service fees		$ 2,900	$ 2,500
Oil and gas management agreement, renewal term	1 year
Oil and gas management agreement, transition services term	90 days
Maximum
Related party transactions
Management service fees	$ 12,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Earnings (Loss) Per Share - Schedule of Diluted Earnings Per Share, Diluted Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive common shares (in shares)	436,142	655,605
Antidilutive performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive common shares (in shares)	105,802	102,365
Antidilutive stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive common shares (in shares)	330,340	553,240

Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Nov. 05, 2025	Mar. 31, 2026	Dec. 31, 2025
Credit facility
Long-term debt		$ 426,272	$ 385,332
Current portion of long-term debt		26,250	$ 17,500
Unsecured Debt \| 2029 Senior Notes
Credit facility
Debt instrument, aggregate principle amount	$ 350,000
Debt instrument, unsecured notes percentage	96.00%
Debt instrument, increment notes of payment	$ 100,000
Debt instrument, principle amount	2.50%
Unsecured Debt \| 2029 Senior Notes \| Period One
Credit facility
Debt instrument, redemption price, percentage	103.00%
Unsecured Debt \| 2029 Senior Notes \| Period Two
Credit facility
Debt instrument, redemption price, percentage	100.00%
Unsecured Debt \| 2029 Senior Notes \| Debt Instrument, Covenant, Payment Default
Credit facility
Interest rate (percentage)	11.875%
Unsecured Debt \| Minimum \| 2029 Senior Notes \| Scenario Two
Credit facility
Debt instrument, coverage ratio	1.50
Unsecured Debt \| Maximum \| 2029 Senior Notes \| Scenario Three
Credit facility
Debt instrument, net leverage ratio	1.75
Line of Credit
Credit facility
Initial borrowing capacity		375,000
Elected commitments		375,000
Long-term debt		90,000
Letters of credit outstanding		300
Line of credit facility, remaining borrowing capacity		$ 284,700
Leverage ratio		300.00%
Current ratio		100.00%
Line of Credit \| 2029 Senior Notes \| Scenario Two
Credit facility
Debt instrument, coverage ratio	1.50
Line of Credit \| Before December 2026
Credit facility
Asset coverage ratio		125.00%
Line of Credit \| After December 2026
Credit facility
Asset coverage ratio		150.00%
Line of Credit \| Credit Spread Adjustment Scenario 1
Credit facility
Debt instrument, basis spread		1.00%
Line of Credit \| Federal Funds Effective Rate
Credit facility
Debt instrument, basis spread		0.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1
Credit facility
Variable interest rate adjustment term		1 month
Line of Credit \| Minimum
Credit facility
Debt instrument, basis spread		2.75%
Unused capacity commitment fee		0.375%
Line of Credit \| Minimum \| Base Rate \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate (percent)		1.75%
Line of Credit \| Maximum
Credit facility
Debt instrument, basis spread		3.75%
Unused capacity commitment fee		0.50%
Line of Credit \| Maximum \| Base Rate \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate (percent)		2.75%
Line of Credit \| Unsecured Debt \| 2029 Senior Notes
Credit facility
Debt instrument, net leverage ratio	3.25
Line of Credit \| Unsecured Debt \| 2029 Senior Notes \| Scenario One
Credit facility
Debt instrument, coverage ratio	1.25
Senior Unsecured Notes \| 2029 Senior Notes
Credit facility
Interest rate (percentage)	8.875%
Senior Unsecured Notes \| Unsecured Debt \| 2029 Senior Notes
Credit facility
Debt instrument, net leverage ratio	2.00

Equity	3 Months Ended
Equity	Mar. 31, 2026
Stockholders' Equity Note [Abstract]
Equity	Equity The Company paid dividends of $14.5 million, or $0.11 per share during the three months ended March 31, 2026. The Company paid dividends of $14.4 million, or $0.11 per share, during the three months ended March 31, 2025. Any payment of future dividends will be at the discretion of the Company’s Board of Directors.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 04, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41537
Entity Registrant Name	GRANITE RIDGE RESOURCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-2227812
Entity Address, Address Line One	5217 McKinney Ave
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75205
City Area Code	214
Local Phone Number	396-2850
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	GRNT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,895,990
Entity Central Index Key	0001928446
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End	--12-31

Stock Incentive Plan - Schedule of Company's Activity Under the Plan (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	775,647	518,048	518,048
Awards granted (in shares)	635,044	410,751
Awards canceled/forfeited (in shares)	0	(7,046)
Awards vested (in shares)	(305,913)	(253,220)
Ending balance (in shares)	1,104,778	668,533	775,647
Weighted average grant date fair value per share/unit (in dollars per share)	$ 5.14	$ 5.81
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	719,407	97,532	97,532
Awards granted (in shares)	378,902	76,650
Awards canceled/forfeited (in shares)	0	0
Awards vested (in shares)	(13,287)	0
Ending balance (in shares)	1,085,022	174,182	719,407
Weighted average grant date fair value per share/unit (in dollars per share)	$ 4.61	$ 6.79
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	298,458	526,483	526,483
Awards granted (in Shares)	102,478	110,257
Awards canceled/forfeited (in shares)	0	0
Ending balance (in shares)	400,936	636,740	298,458
Weighted average grant date fair value per share/unit (in dollars per share)	$ 1.08	$ 1.21
Awards vested (in shares)	68,295	212,249
Options exercisable (in shares)	317,234	518,444

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The Company uses the two-class method of calculating earnings (loss) per share because certain of the Company’s unvested stock-based awards qualify as participating securities.

The Company’s basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported, (ii) less participating basic earnings, (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings, (iii) divided by weighted average diluted common shares outstanding.

The computation of diluted net income (loss) per share excludes contingently issuable shares related to certain market-based equity awards as the required market price conditions had not been satisfied as of the end of the reporting period. These awards represent 936,728 shares of common stock that may be issued if specified market price targets are achieved. Because the market conditions were not met as of March 31, 2026, the shares were not included in the diluted weighted average share count. If the market conditions are satisfied in future periods, these shares could have a dilutive effect on earnings per share.

The following table presents the basic and diluted earnings per share computations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Net income (loss)	$	(47,031)	$	9,812
Participating basic earnings (a)	(100)		(56)
Basic earnings attributable to common stockholders	(47,131)		9,756
Reallocation of participating earnings	—		—
Diluted earnings attributable to common stockholders	$	(47,131)	$	9,756

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	130,620		130,336
Dilutive performance stock units	—		59
Dilutive stock options	—		6
Weighted average common shares outstanding – diluted	130,620		130,401

Net income (loss) per common share:
Basic	$	(0.36)	$	0.07
Diluted	$	(0.36)	$	0.07
(a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.

The following table is a summary of the PSUs and stock options which were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive.


	Three Months Ended March 31,
	2026	2025
Number of antidilutive common shares:
Antidilutive performance stock units	105,802	102,365
Antidilutive stock options	330,340	553,240
Total antidilutive common shares	436,142	655,605

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 440,000	$ 400,000
Less: Unamortized debt issuance costs on senior notes	(1,136)	(1,214)
Less: Unamortized debt discount	(12,592)	(13,454)
Total debt, net	426,272	385,332
Less: Current portion of outstanding long-term debt	26,250	17,500
Long-term debt, net	400,022	367,832
Revolving credit facility
Debt Instrument [Line Items]
Total debt	90,000	50,000
Senior Notes \| Senior unsecured notes due 2029
Debt Instrument [Line Items]
Total debt	$ 350,000	$ 350,000

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Interim Financial Statements, Basis of Presentation, Consolidation, and Significant Estimates	Interim Financial Statements, Basis of Presentation, Consolidation, and Significant Estimates The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2025 is derived from audited consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates of reserves are used to determine depletion and to conduct impairment analysis. Estimating reserves is inherently uncertain, including the projection of future rates of production and the timing of development expenditures. Additional significant estimates include, but are not limited to, fair value of derivative financial instruments, fair value of equity investments, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in, or omitted from, these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2025 Form 10-K.
Segment Reporting	Segment Reporting The Company operates in one reporting segment, which is oil and natural gas development, exploration and production. All of the Company's operations are conducted in the geographic area of the United States. The reporting segment generates revenue through the sale of oil and natural gas. The Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, manages operations on a consolidated basis for purposes of evaluating operational performance and allocating resources. Net income, as reported within the Company’s condensed consolidated statements of operations, is used by the CODM to assess performance for the oil and natural gas development, exploration and production segment. Significant segment expenses are the same as those reported in the condensed consolidated statements of operations. Total assets, as reported within the Company’s condensed consolidated balance sheets, is the measure of segment assets.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the successful efforts method of accounting for oil and natural gas producing activities, as further defined under Accounting Standards Codification ("ASC") 932, Extractive Activities - Oil and Gas (“ASC 932”). Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory leases that find proved reserves, and to drill and equip development leases and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determinations of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense. Capitalized leasehold costs relating to proved properties are depleted using the unit-of-production method based on proved reserves. The depletion of capitalized drilling and development costs and integrated assets is based on the unit-of-production method using proved developed reserves. The Company recognized depletion expense of $54.7 million and $48.2 million for the three months ended March 31, 2026 and 2025, respectively. The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable; for instance, when there are declines in commodity prices or well performance. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair market value is recognized at that time. The fair value of impaired assets is determined using the market or income valuation approach. The income approach is calculated using a discounted cash flow model. Discounted future cash flows use a discount rate similar to that used by market participants, or comparable market value if available. Estimating future cash flows involves the use of judgments, including estimation of the proved and risk-adjusted unproved oil and natural gas reserve quantities, timing of development and production, expected future commodity prices, capital expenditures and production costs. There was no proved property impairment recorded for the three months ended March 31, 2026 or 2025. Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. The Company recorded unproved oil and gas properties impairment of $11.2 million for the three months ended March 31, 2026 in the Permian Basin as a result of changes in operator development plans. There was no unproved impairment for the three months ended March 31, 2025.
Equity Investments	Equity Investments The Company follows the guidance in ASC 321, Investments - Equity Securities ("ASC 321") for its investment in common stock. ASC 321 requires equity investments with readily determinable fair values to be measured at fair value, with unrealized holding gains and losses recorded as a gain or loss in the condensed consolidated statements of operations. For the preferred stock that did not have a readily determinable fair value, the Company did not elect the measurement alternative in ASC 321 and instead accounted for the preferred stock at fair value with unrealized gains and losses recorded through net income for the period until the preferred stock was converted into common stock.
Revenue Recognition	Revenue Recognition The Company’s revenues are primarily derived from its interests in the sale of oil and natural gas production. The Company recognizes revenue from its interests in the sales of oil and natural gas in the period that its performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the product, when the Company has no further obligations to perform related to the sale, when the transaction price has been determined, and when collectability is probable. The Company receives payment from the sale of oil and natural gas production from one to three months after delivery. The transaction price is variable as it is based on market prices for oil and natural gas, less revenue deductions such as gathering, transportation, and compression costs. Management has determined that the variable revenue constraint is overcome at the date control passes to the customer since the variable consideration to be received can be reasonably estimated based on daily market prices and historical transportation charges. Revenue is presented net of these costs within the condensed consolidated statements of operations. At the end of each month when the performance obligations are satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in revenue receivable in the condensed consolidated balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.
Take-in Kind Oil and Natural Gas Revenues	Take-in Kind Oil and Natural Gas Revenues Under certain arrangements, the Company has the right to take a volume of unprocessed gas in kind at the operator's wellhead, representing its proportionate share of its natural gas production, in lieu of receiving a net payment from the operator. The Company currently takes certain natural gas volumes in kind in lieu of monetary settlement. When the Company elects to take volumes in kind, it pays third parties to transport the natural gas it took in kind to downstream delivery points, where it then sells to customers at prices applicable to those downstream markets. In such situations, revenues are recognized during the month in which control transfers to the customer at the delivery point and it is probable the Company will collect the consideration it is entitled to receive. Sales proceeds are generally received by the Company within one month after the month in which a sale has occurred. In these scenarios, gathering and processing costs and transportation expenses the Company incurs to transport the volumes to downstream customers are recorded in lease operating expenses in the condensed consolidated statements of operations.
Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted)	Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted) In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires enhanced disclosure about specific types of expenses included in the expense captions presented on the face of the consolidated statement of operations as well as disclosures about selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company has not early adopted the standard and is currently assessing the effect that ASU 2024-03 will have on its disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Narrative (Details) - Vital Energy, Inc	Dec. 15, 2025 shares	Mar. 31, 2025 shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion of stock, converted (in shares)	685,271
Common Stock Issued
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, balance, shares		1,027,907
Common Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion ratio	1.9062
Common stock, shares converted (in shares)	1,306,263

Fair Value Measurements - Schedule of Changes in Fair Value (Details) - Power capacity contract - Derivative assets $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 852
Gain (loss) on commodity derivatives	1,275
Balance at end of period	$ 2,127

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Dividend

The Company's Board of Directors declared a regular quarterly cash dividend of $0.11 per share for the second quarter of 2026. The dividend will be paid on June 12, 2026 to stockholders of record as of May 29, 2026.

New Commodity Derivative Contracts

Subsequent to March 31, 2026, the Company entered into the following oil and natural gas derivative contracts to hedge estimated future production.


	2026								2027		2028
	Second Quarter		Third Quarter		Fourth Quarter		Total		Total		Total
Oil Swaps (WTI / Brent CMA Diff)
Volume (Bbl)	93,092		122,886		106,127		322,105		—		—
Weighted-average price ($/Bbl)	$	(7.50)	$	(7.50)	$	(7.50)	$	(7.50)	$	—	$	—
Gas Swaps (Waha Basis)
Volume (Mcf)	—		—		2,300,200		2,300,200		3,000,600		111,100
Weighted-average price ($/Mcf)	$	—	$	—	$	(1.60)	$	(1.60)	$	(1.60)	$	(1.60)

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Schedule of Derivative Activity by Volume

Subsequent to March 31, 2026, the Company entered into the following oil and natural gas derivative contracts to hedge estimated future production.


	2026								2027		2028
	Second Quarter		Third Quarter		Fourth Quarter		Total		Total		Total
Oil Swaps (WTI / Brent CMA Diff)
Volume (Bbl)	93,092		122,886		106,127		322,105		—		—
Weighted-average price ($/Bbl)	$	(7.50)	$	(7.50)	$	(7.50)	$	(7.50)	$	—	$	—
Gas Swaps (Waha Basis)
Volume (Mcf)	—		—		2,300,200		2,300,200		3,000,600		111,100
Weighted-average price ($/Mcf)	$	—	$	—	$	(1.60)	$	(1.60)	$	(1.60)	$	(1.60)

Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Divestitures

During the three months ended March 31, 2026 and 2025, the Company acquired various oil and natural gas properties. The following table presents the cumulative adjusted purchase price of transactions accounted for as asset acquisitions in accordance with ASC Topic 805, Business Combinations (“ASC 805”) by basin included in oil and gas properties on the Company’s condensed consolidated balance sheets:


	Three Months Ended March 31,
(in thousands)	2026		2025
Permian	$	5,285	$	29,644

Bakken	307		—


Appalachian	4,549		4,718
Total	$	10,141	$	34,362

During the three months ended March 31, 2026, the Company divested proved properties for proceeds of $1.2 million, which was accounted for as a normal retirement with no gain or loss recorded on the sale. During the three months ended March 31, 2025, the Company divested of unproved properties for proceeds of $0.1 million, for which a gain on sale of $0.1 million was recorded and included in other, net in the condensed consolidated statements of operations.

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stockholders' Equity Note [Abstract]
Dividends, common stock, cash	$ 14,461	$ 14,389
Common stock, dividends, per share, cash paid (in dollars per share)	$ 0.11	$ 0.11

Risk Concentrations (Details)	3 Months Ended
Risk Concentrations (Details)	Mar. 31, 2026
Risks and Uncertainties [Abstract]
Percentage of wells operated by third-party operating partners (in percent)	100.00%

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive common shares (in shares)	436,142	655,605
Performance Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive common shares (in shares)	936,728

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash	$ 30,056	$ 14,846
Revenue receivable	90,809	74,166
Advances to operators	2,500	2,682
Prepaid and other current assets	1,400	2,251
Derivative assets - commodity derivatives	1,706	13,978
Equity investments	17,635	10,960
Total current assets	144,106	118,883
Property and equipment:
Oil and gas properties, successful efforts method	1,953,601	1,897,388
Accumulated depletion	(912,560)	(857,832)
Total property and equipment, net	1,041,041	1,039,556
Long-term assets:
Derivative assets - commodity derivatives	3,221	3,743
Other long-term assets	5,505	5,889
Total long-term assets	8,726	9,632
Total assets	1,193,873	1,168,071
Current liabilities:
Accounts payable and accrued liabilities	80,178	76,847
Current portion of long-term debt	26,250	17,500
Derivative liabilities - commodity derivatives	42,255	24
Other liabilities	7,043	810
Total current liabilities	155,726	95,181
Long-term liabilities:
Long-term debt, net	400,022	367,832
Derivative liabilities - commodity derivatives	5,159	0
Asset retirement obligations	12,320	11,968
Deferred tax liability	73,682	87,330
Other long-term payables	1,328	0
Total long-term liabilities	492,511	467,130
Total liabilities	648,237	562,311
Stockholders' equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 137,601,731 and 136,941,978 issued at March 31, 2026 and December 31, 2025, respectively	14	14
Additional paid-in capital	660,626	659,228
Retained earnings (accumulated deficit)	(78,778)	(17,286)
Treasury stock, at cost, 5,692,412 and 5,686,711 shares at March 31, 2026 and December 31, 2025, respectively	(36,226)	(36,196)
Total stockholders' equity	545,636	605,760
Total liabilities and stockholders' equity	$ 1,193,873	$ 1,168,071

Subsequent Events - Narrative (Details) - $ / shares	3 Months Ended
Subsequent Events - Narrative (Details) - $ / shares	Jun. 30, 2026	Mar. 31, 2026	Mar. 31, 2025
Subsequent events
Common stock dividend declared (in dollars per share)		$ 0.11	$ 0.11
Forecast
Subsequent events
Common stock dividend declared (in dollars per share)	$ 0.11

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Oil and natural gas sales	$ 128,264	$ 122,931
Operating costs and expenses:
Lease operating expenses	29,679	16,240
Production and ad valorem taxes	8,236	8,368
Depletion and accretion expense	54,979	48,445
Impairments of long-lived assets	11,174	0
General and administrative	9,080	7,463
Other, net	267	(120)
Total operating costs and expenses	113,415	80,396
Net operating income	14,849	42,535
Other income (expense):
Loss on derivatives - commodity derivatives	(72,027)	(14,857)
Interest expense, net	(10,319)	(5,015)
Gain (loss) on equity investments	6,675	(9,971)
Other income	158	0
Total other income (expense)	(75,513)	(29,843)
Income (loss) before income taxes	(60,664)	12,692
Income tax expense (benefit)	(13,633)	2,880
Net income (loss)	$ (47,031)	$ 9,812
Net income (loss) per share:
Basic (in dollars per share)	$ (0.36)	$ 0.07
Diluted (in dollars per share)	$ (0.36)	$ 0.07
Weighted-average number of shares outstanding:
Basic (in shares)	130,620	130,336
Diluted (in shares)	130,620	130,401

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

The Company’s long-term debt is comprised of the following:


(in thousands)	March 31, 2026		December 31, 2025
Revolving credit facility	$	90,000	$	50,000
Senior unsecured notes due 2029	350,000		350,000
Total debt	440,000		400,000
Less: Unamortized debt issuance costs on senior notes	$	(1,136)	$	(1,214)
Less: Unamortized debt discount	(12,592)		(13,454)
Total debt, net	$	426,272	$	385,332
Less: Current portion of outstanding long-term debt(1)	26,250		17,500
Total long-term debt, net	$	400,022	$	367,832

______________________________________

(1)As of March 31, 2026 and December 31, 2025, the current portion of long-term debt reflects $26.3 million and $17.5 million, respectively, due on the Senior Notes over the next twelve months.

Granite Ridge Credit Agreement

On October 24, 2022, Granite Ridge entered into a senior secured revolving credit agreement (as amended, the “Credit Agreement”) with a syndicate of banks, currently led by Bank of America, N.A., as administrative agent. The Credit Agreement has a maturity date of the earliest to occur of (A) November 5, 2029 or (B) the date that is ninety-one days prior to the stated maturity date of the unsecured senior notes issued in November 2025 if any such notes remain outstanding on such date.

The borrowing base is redetermined semiannually on or about April 1 and October 1 of each calendar year, and is subject to additional adjustments from time to time, including for asset sales, elimination or reduction of hedge positions and incurrence of other debt. As of March 31, 2026, the Company had a borrowing base of $375.0 million and elected commitments of $375.0 million.

The Company and the Required Lenders (as defined in the Credit Agreement) may request one unscheduled redetermination of the borrowing base between each scheduled redetermination. The amount of the borrowing base is determined by the lenders in their sole discretion and consistent with the oil and gas lending criteria of the lenders at the time of the relevant redetermination. The amount the Company is able to borrow under the Credit Agreement is subject to compliance with the financial covenants, satisfaction of various conditions precedent to borrowing and other provisions of the Credit Agreement.

At March 31, 2026, the Company had outstanding borrowings of $90.0 million and $0.3 million of letters of credit issued and outstanding under the Credit Agreement, resulting in availability of $284.7 million. The Credit Agreement is guaranteed by the restricted subsidiaries of Granite Ridge and is secured by a first priority mortgage and security interest in substantially all of the Company's and its restricted subsidiaries' assets.

Borrowings under the Credit Agreement may be base rate loans or secured overnight financing rate (“SOFR”) loans. Interest is payable quarterly for base rate loans and at the end of the applicable interest period for SOFR loans. SOFR loans bear interest at SOFR plus an applicable margin ranging from 275 to 375 basis points, depending on the percentage of the borrowing base utilized. Base rate loans bear interest at a rate per annum equal to the greatest of: (i) the U.S. prime rate as publicly announced from time to time by Bank of America, N.A.; (ii) the federal funds effective rate plus 50 basis points; (iii) the adjusted SOFR rate for a one-month interest period plus 100 basis points; and (iv) 100 basis points, plus, in the case of any base rate loan, an applicable margin ranging from 175 to 275 basis points, depending on the percentage of the borrowing base utilized.

The Company also pays a commitment fee on unused elected commitment amounts under its facility ranging from 37.5 to 50 basis points. The Company may repay any amounts borrowed under the Credit Agreement prior to the maturity date without any premium or penalty.

The Credit Agreement contains certain financial covenants, including the maintenance of the following financial ratios:

(i)a leverage ratio, which is the ratio of Consolidated Total Debt to EBITDAX (each as defined in the Credit Agreement), of not greater than 3.00 to 1.00 as of the last day of any fiscal quarter, and

(ii)a Current Ratio (as defined in the Credit Agreement), of not less than 1.00 to 1.00 as of the last day of each fiscal quarter, and

(iii)an Asset Coverage Ratio (as defined in the Credit Agreement), commencing with the fiscal quarter ending June 30, 2026, of not less than (a) for each such fiscal quarter ending prior to December 31, 2026, 1.25 to 1.00 and (b) for each such fiscal quarter ending on or after December 31, 2026, 1.50 to 1.00.

At March 31, 2026, the Company was in compliance with all covenants required by the Credit Agreement.

2029 Senior Notes

On November 5, 2025, the Company, as issuer, completed an issuance of $350.0 million aggregate principal amount of 8.875% senior unsecured notes at 96.0% of par with stated maturity on November 5, 2029 (the "2029 Senior Notes") pursuant to the Note Purchase Agreement. The Company used the net proceeds from issuance of the 2029 Senior Notes to repay certain amounts under the Credit Agreement and to pay related fees and expenses. The Note Purchase Agreement allows the ability for the Company to incur up to $100.0 million of incremental notes for purposes of acquisition financing, subject to, among other things, the willingness of holders to provide such incremental notes and a pro forma net leverage ratio not greater than 2.00 to 1.00.

Interest is due to be paid at the end of each quarter. In addition, the Company will repay quarterly 2.5% of the original principal amount of the notes issued on the closing date beginning on September 30, 2026. If quarterly scheduled repayments are missed, the coupon increases to 11.875% and the Company is restricted from making any dividend payments until all delinquent scheduled repayments have been fulfilled. The Company has $26.3 million included in current liabilities in the condensed consolidated balance sheets related to quarterly principal repayments due within the next 12 months. On or after May 5, 2027 and on or prior to May 5, 2028, the Company may, at its option, redeem, at any time some or all of the 2029 Senior Notes at 103.0% of par, as set forth in the Note Purchase Agreement, plus accrued and unpaid interest, if any. Any redemption of the 2029 Senior Notes prior to May 5, 2027 is subject to payment of a make-whole amount. After May 5, 2028, the Company may redeem some or all of the Senior Notes at 100.0% of the principal amount thereof plus accrued and unpaid interest, if any. The principal remaining outstanding at the time of maturity is required to be paid in full by the Issuer.

The 2029 Senior Notes include certain covenants, which, among other things, requires the maintenance of (i) a net leverage ratio not greater than 3.25 to 1.00 and an (ii) asset coverage ratio greater than or equal to (A) for each Fiscal Quarter ending prior to December 31, 2026, 1.25 to 1.00 and (B) for each Fiscal Quarter ending on or after December 31, 2026, 1.50 to 1.00. The 2029 Senior Notes also contain a total leverage ratio and asset coverage ratio basket for Restricted Payments (as defined in the 2029 Senior Notes), which permits Restricted Payments in the form of cash distributions so long as, subject to certain other conditions, the leverage ratio, after giving pro forma effect to such Restricted Payments, cannot exceed 1.75 to 1.00, and the asset coverage ratio, after giving effect to such Restricted Payments, must be greater than or equal to 1.50 to 1.00. Under the 2029 Senior Notes, the Company must maintain a minimum hedging requirement included within the Senior Notes for oil and natural gas based on proved developed producing projected volumes for each commodity on a rolling 18-month basis.

The Senior Notes are general unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company and are senior in right of payment to all existing and future subordinated indebtedness of the Company. The Note Purchase Agreement contains customary terms and covenants and events of default, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness.

At March 31, 2026, the Company was in compliance with all financial covenants required by the Note Purchase Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Incentive Plan

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plan

The Granite Ridge Resources, Inc. 2022 Omnibus Incentive Plan (the “Plan”) provides the Company the ability to grant, among other award types, stock options, restricted stock awards, and performance stock units ("PSUs") to directors, officers, employees and consultants or advisors employed by or providing service to the Company.

During the first quarter of 2026 and 2025, the Company granted restricted stock awards, stock options, and PSUs. Stock-based compensation expense during the three months ended March 31, 2026 and 2025 was $1.4 million and $0.7 million, respectively.

Restricted Stock Awards - The Company grants service-based restricted stock awards to certain of its employees and consultants, which generally vest ratably over a period of three years or cliff vest at the end of five years, and to non-employee directors, which vest in full after one year. Restricted stock awards are valued at the closing price of the Company's common stock on the date of grant. All restricted shares are legally issued and outstanding. If an employee terminates employment prior to the restriction lapse date, the awarded shares are forfeited and canceled and are no longer considered issued and outstanding. For restricted stock awards granted prior to March 2025, the holders of such unvested restricted stock awards have voting rights and the right to receive dividends. For restricted stock awards granted in March 2025 and thereafter, the holders of such unvested restricted stock awards do not have voting rights but do have the right to receive dividends. The Company recognizes compensation expense utilizing graded vesting whereby compensation expense is recognized over the service period for each separately vesting tranche.

PSUs - The Company grants PSUs to certain of its officers under the Plan. PSUs represent the contingent right to receive shares of the Company's common stock once the PSU is vested and earned. Certain PSUs granted are based upon the achievement of "financial performance" and "market performance" criteria for the Company. Such PSUs cliff vest at the end of three years, generally subject to continued employment through the performance period. The total number of shares eligible to be earned may range from zero to 200% of the target number of PSUs granted, determined based upon achievement of the determined financial performance and market performance criteria. Financial performance is based on the Company's financial performance at the end of the applicable performance period, while market performance is based on the relative standing of total shareholder return ("TSR") achieved by the Company compared to the TSR achieved by a predetermined group of peer companies at the end of the applicable performance period. The Company utilizes the Monte

Carlo simulation method to determine the fair value of the PSUs based on market performance, while PSUs based on financial performance are valued using the closing price of the Company's common stock on the date of grant. During the three months ended March 31, 2026, the Company granted 86,504 PSUs with a performance period ending on December 31, 2028, half of which are related to financial performance criteria and half of which are related to market performance criteria. During the three months ended March 31, 2025, the Company granted 76,650 PSUs with a performance period ending on December 31, 2027, half of which are related to financial performance criteria and half of which are related to market performance criteria. During the three months ended March 31, 2026, the Company issued 21,515 shares of common stock as a result of the conversion of 13,287 PSUs that vested on December 31, 2025.

Certain PSUs granted are based on the Company's achievement of stock price thresholds. During 2025, the Company granted 644,330 of these PSUs to certain of its officers under the Plan. During the first quarter of 2026, the Company granted an additional 292,398 of these PSUs. Such PSUs are eligible to vest, generally subject to continued employment, upon the satisfaction of certain stock price thresholds during the performance period, which ends on December 31, 2032. Each such PSU is earned based on whether the Company's stock price achieves a target average stock price for any 20 consecutive trading days during the performance period. If the stock price thresholds are not met by the end of the performance period, the PSUs will be forfeited and no shares of common stock will be issued. Compensation expense for these awards is based on the grant date fair market value of the award, calculated using a Monte Carlo simulation, and such costs are recorded on a straight-line basis over the derived requisite service period for each separately vesting portion of the award, as if the award was, in substance, multiple awards, as applicable.

Stock Options - The Company grants stock options to certain of its officers under the Plan. The Company's outstanding stock options expire 10 years following the date of grant. Pursuant to the stock options granted under the Plan, 33% of the options vest immediately with an additional 33% vesting on each of the next two anniversaries of the date of the grant, generally subject to continued employment through each such vesting date. During the three months ended March 31, 2026, the Company granted 102,478 stock options with an exercise price of $5.26 per share. During the three months ended March 31, 2025, the Company granted 110,257 stock options with an exercise price of $5.61 per share.

Other Awards - During the three months ended March 31, 2026 and March 31, 2025, the Company issued 3,194 and 3,084 common shares, respectively, to a director in lieu of cash compensation.

Stock Awards - The Company may issue other awards to its employees and consultants under the Plan.

A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2026 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2025	775,647		719,407		298,458
Awards granted (1)	635,044		378,902		102,478
Awards canceled/forfeited	—		—		—
Awards vested (2)	(305,913)		(13,287)		—

Outstanding at March 31, 2026	1,104,778		1,085,022		400,936
(1) Weighted average grant date fair value per share / unit	$	5.14	$	4.61	$	1.08
(2) Represents restricted stock vested and PSUs converted to common stock during the period. During the three months ended March 31, 2026, 68,295 stock options vested. As of March 31, 2026, there were a total of 317,234 stock options exercisable.

A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2025 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2024	518,048		97,532		526,483
Awards granted (1)	410,751		76,650		110,257
Awards canceled/forfeited	(7,046)		—		—
Awards vested (2)	(253,220)		—		—

Outstanding at March 31, 2025	668,533		174,182		636,740
(1) Weighted average grant date fair value per share / unit	$	5.81	$	6.79	$	1.21
(2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2025, 212,249 stock options vested and 518,444 stock options were exercisable as of March 31, 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Supplementary Data - Costs incurred for oil and natural gas producing activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Extractive Industries [Abstract]
Proved	$ 589	$ 13,341
Unproved	9,552	21,021
Development costs	58,296	71,402
Total costs incurred for oil and natural gas properties	$ 68,437	$ 105,764

Summary of Significant Accounting Policies - Oil and natural gas properties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Oil and natural gas properties
Depletion	$ 54.7	$ 48.2
Proved oil and natural gas properties
Oil and natural gas properties
Impairment of oil and gas properties	0.0	0.0
Permian \| Unproved oil and natural gas properties
Oil and natural gas properties
Unproved property impairment	$ 11.2	$ 0.0

Supplementary Data - Schedule of Capitalized Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Extractive Industries [Abstract]
Proved	$ 1,847,791	$ 1,788,292
Unproved	105,810	109,096
Less: accumulated depletion	(912,560)	(857,832)
Net capitalized costs for oil and natural gas properties	$ 1,041,041	$ 1,039,556

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company has adopted and follows ASC 820, Fair Value Measurements and Disclosures, for measurement and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are:

Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 — Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified 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.

As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Derivative instruments - commodity derivatives	$	4,927	$	4,927	$	17,721	$	17,721
Equity investments	$	17,635	$	17,635	$	10,960	$	10,960

Liabilities:
Revolving credit facilities	$	90,000	$	90,000	$	50,000	$	50,000
2029 Senior Notes	$	336,272	$	347,374	$	335,332	$	348,373
Derivative instruments - commodity derivatives	$	47,414	$	47,414	$	24	$	24

Revolving credit facilities — The carrying amounts of the revolving credit facilities approximate their fair values, as the applicable interest rates are variable and reflective of market rates and are classified as Level 2 in the fair value hierarchy.

2029 Senior Notes - The carrying value reported for the Senior Notes is shown net of unamortized discount and unamortized deferred financing costs. The fair value of the Senior Notes was determined utilizing a discounted cash flow approach, discounted using market rates, and is classified as Level 3 in the fair value hierarchy.

Other financial assets and liabilities — The carrying amounts of the Company’s other financial assets and liabilities, such as revenue receivable and accounts payable and accrued liabilities, approximate their fair values because of the short maturity of these instruments.

Derivative instruments - commodity derivatives - collar option contracts and swaps — The fair value of the Company’s collar option contracts and swap commodity derivative instruments are estimated by management considering various factors, including closing exchange and over-the-counter quotations and the time value of the underlying commitments. The fair value of the Company’s commodity derivative instruments is considered to be a Level 2 measurement. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. The Company’s valuation models are primarily industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) current market and contractual prices for the underlying instruments, (iii) applicable credit-adjusted risk-free rate curves, as well as other relevant economic measures.

Derivative instruments - commodity derivatives - power capacity contract — The fair value of the Company’s power capacity contract is estimated by management using a valuation model that incorporates both observable and unobservable inputs, as well as the time value of the underlying contractual cash flows. The fair value measurement is classified within Level 3 of the fair value hierarchy because significant inputs, including hourly forward power prices over the term of the agreement, are not observable for the term of the arrangement.

The Company utilizes a Monte Carlo simulation model to estimate fair value. Key inputs include: (i) forecasted hourly forward power prices at the applicable delivery nodes of the generation facilities, (ii) forward natural gas prices, (iii) long-term power and natural gas price volatilities and correlations, (iv) expected commercial operation dates of the facilities, (v) assumed operating efficiencies of the facilities, (vi) credit-adjusted discount rates, (vii) risk-free interest rate curves, and (viii) other relevant economic assumptions.

Because the valuation incorporates significant unobservable inputs, changes in these assumptions could materially impact the estimated fair value of the arrangement.

Equity investments — The fair value of the Company’s equity investment in common stock was valued using the instrument's publicly listed trading price, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market.

As of March 31, 2025, the Company held 1,027,907 shares of Vital Energy’s common stock, for which the fair value is a Level 1 measurement. On December 15, 2025, Crescent Energy completed its previously announced merger with Vital Energy. Under the merger agreement, each issued and outstanding share of Vital Energy common stock was converted into 1.9062 shares of Crescent Energy Class A common stock. As a result of the transaction, the Company’s 685,271 outstanding shares at the time of the merger closing in Vital Energy common stock were converted into 1,306,263 shares of Crescent Class A common stock, which remained held by the Company as of March 31, 2026, for which the fair value is a Level 1 measurement.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s condensed consolidated balance sheets.


	March 31, 2026
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Equity investments – common stock	$	17,635	$	—	$	—	$	17,635	$	—	$	17,635

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	9,829	$	216	$	10,045	$	(8,339)	$	1,706
Commodity derivatives – noncurrent portion	—		3,636		1,911		5,547		(2,326)		3,221
Liabilities (at fair value):
Commodity derivatives – current portion	—		(50,594)		—		(50,594)		8,339		(42,255)
Commodity derivatives – noncurrent portion	—		(7,485)		—		(7,485)		2,326		(5,159)
Net derivative instruments	$	—	$	(44,614)	$	2,127	$	(42,487)	$	—	$	(42,487)


	December 31, 2025
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Equity investments - common stock	$	10,960	$	—	$	—	$	10,960	$	—	$	10,960

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	14,988	$	—	$	14,988	$	(1,010)	$	13,978
Commodity derivatives – noncurrent portion	$	—	$	4,118	$	852	$	4,970	$	(1,227)	$	3,743

Liabilities (at fair value):
Commodity derivatives – current portion	—		(1,034)		—		(1,034)		1,010		(24)
Commodity derivatives – noncurrent portion	—		(1,227)		—		(1,227)		1,227		—
Net derivative instruments	$	—	$	16,845	$	852	$	17,697	$	—	$	17,697

The following table presents the significant unobservable inputs used in the valuation of the Level 3 Power Capacity Contract as of March 31, 2026.


Significant Unobservable Inputs(1)	Range
	Low			High			Average
Hourly forward power prices per MWh(2)	$	(60.49)		$	495.48		$	63.75
Forward gas prices per mmbtu(3)	$	(3.21)		$	4.20		$	2.49
Forward power volatility	30		%	30		%	30		%
Forward gas volatility	50		%	50		%	50		%

__________________________________________

(1)The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. The average represents the arithmetic average of the underlying inputs and is not weighted by the related fair value or notional amount.

(2)Based on the Electric Reliability Council of Texas ("ERCOT") West Load Zone monthly forward around the clock swap prices shaped by historical hourly nodal prices in relation to ERCOT West Load Zone.

(3)Based on the Waha forward monthly gas prices.

The following table presents the changes in fair value of the Level 3 Power Capacity Contract:


	Three Months Ended March 31,
(in thousands)	2026
Balance at beginning of period	$	852
Gain (loss) on commodity derivatives	1,275
Balance at end of period	$	2,127

Fair Values – Nonrecurring

Asset retirement obligations — The fair value measurements of asset retirement obligations are measured on a nonrecurring basis when a well is drilled or acquired or when production equipment and facilities are installed or acquired

using a discounted cash flow model based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the fair value measurement of asset retirement obligations include estimates of the costs of plugging and abandoning oil and natural gas wells, removing production equipment and facilities and restoring the surface of the land as well as estimates of the economic lives of the oil and natural gas wells and future inflation rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income (loss)	$ (47,031)	$ 9,812
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion and accretion expense	54,979	48,445
Impairments of long-lived assets	11,174	0
Unrealized loss on derivatives - commodity derivatives	60,185	14,744
Stock-based compensation expense	1,398	653
Amortization of deferred financing costs and original issue discount	1,324	378
(Gain) loss on equity investments	(6,675)	9,971
Deferred income taxes	(13,647)	2,870
Other	(5)	(161)
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable	(16,643)	(11,053)
Accounts payable and accrued liabilities	4,948	1,213
Prepaid and other current assets	851	(810)
Other liabilities and long-term payables	7,490	29
Net cash provided by operating activities	58,348	76,091
Investing activities:
Capital expenditures for oil and natural gas properties	(60,378)	(66,728)
Acquisition of oil and natural gas properties	(9,496)	(34,692)
Refund of advances to operators	0	1,303
Proceeds from sale of oil and natural gas properties	1,227	120
Net cash used in investing activities	(68,647)	(99,997)
Financing activities:
Proceeds from borrowing on credit facilities	40,000	45,000
Purchase of treasury shares	(30)	(16)
Payment of dividends	(14,461)	(14,389)
Net cash provided by financing activities	25,509	30,595
Net change in cash	15,210	6,689
Cash at beginning of period	14,846	9,419
Cash at end of period	30,056	16,108
Supplemental disclosure of non-cash investing activities:
Change in accrued capital expenditures included in accounts payable and accrued liabilities	(4,546)	14,118
Advances to operators applied to development of oil and natural gas properties	$ 40,131	$ 18,200

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Common stock dividend declared (in dollars per share)	$ 0.11	$ 0.11

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	431,000,000	431,000,000
Common stock, shares issued (in shares)	137,601,731	136,941,978
Treasury stock, common shares (in shares)	5,692,412	5,686,711

Stock Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Shares Activity

A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2026 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2025	775,647		719,407		298,458
Awards granted (1)	635,044		378,902		102,478
Awards canceled/forfeited	—		—		—
Awards vested (2)	(305,913)		(13,287)		—

Outstanding at March 31, 2026	1,104,778		1,085,022		400,936
(1) Weighted average grant date fair value per share / unit	$	5.14	$	4.61	$	1.08
(2) Represents restricted stock vested and PSUs converted to common stock during the period. During the three months ended March 31, 2026, 68,295 stock options vested. As of March 31, 2026, there were a total of 317,234 stock options exercisable.

A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2025 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2024	518,048		97,532		526,483
Awards granted (1)	410,751		76,650		110,257
Awards canceled/forfeited	(7,046)		—		—
Awards vested (2)	(253,220)		—		—

Outstanding at March 31, 2025	668,533		174,182		636,740
(1) Weighted average grant date fair value per share / unit	$	5.81	$	6.79	$	1.21
(2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2025, 212,249 stock options vested and 518,444 stock options were exercisable as of March 31, 2025.

Schedule of Nonvested Performance-Based Units Activity

A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2026 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2025	775,647		719,407		298,458
Awards granted (1)	635,044		378,902		102,478
Awards canceled/forfeited	—		—		—
Awards vested (2)	(305,913)		(13,287)		—

Outstanding at March 31, 2026	1,104,778		1,085,022		400,936
(1) Weighted average grant date fair value per share / unit	$	5.14	$	4.61	$	1.08
(2) Represents restricted stock vested and PSUs converted to common stock during the period. During the three months ended March 31, 2026, 68,295 stock options vested. As of March 31, 2026, there were a total of 317,234 stock options exercisable.

A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2025 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2024	518,048		97,532		526,483
Awards granted (1)	410,751		76,650		110,257
Awards canceled/forfeited	(7,046)		—		—
Awards vested (2)	(253,220)		—		—

Outstanding at March 31, 2025	668,533		174,182		636,740
(1) Weighted average grant date fair value per share / unit	$	5.81	$	6.79	$	1.21
(2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2025, 212,249 stock options vested and 518,444 stock options were exercisable as of March 31, 2025.

Schedule of Share-Based Payment Arrangement, Option, Activity

A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2026 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2025	775,647		719,407		298,458
Awards granted (1)	635,044		378,902		102,478
Awards canceled/forfeited	—		—		—
Awards vested (2)	(305,913)		(13,287)		—

Outstanding at March 31, 2026	1,104,778		1,085,022		400,936
(1) Weighted average grant date fair value per share / unit	$	5.14	$	4.61	$	1.08
(2) Represents restricted stock vested and PSUs converted to common stock during the period. During the three months ended March 31, 2026, 68,295 stock options vested. As of March 31, 2026, there were a total of 317,234 stock options exercisable.

A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2025 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2024	518,048		97,532		526,483
Awards granted (1)	410,751		76,650		110,257
Awards canceled/forfeited	(7,046)		—		—
Awards vested (2)	(253,220)		—		—

Outstanding at March 31, 2025	668,533		174,182		636,740
(1) Weighted average grant date fair value per share / unit	$	5.81	$	6.79	$	1.21
(2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2025, 212,249 stock options vested and 518,444 stock options were exercisable as of March 31, 2025.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Derivative instruments - commodity derivatives	$	4,927	$	4,927	$	17,721	$	17,721
Equity investments	$	17,635	$	17,635	$	10,960	$	10,960

Liabilities:
Revolving credit facilities	$	90,000	$	90,000	$	50,000	$	50,000
2029 Senior Notes	$	336,272	$	347,374	$	335,332	$	348,373
Derivative instruments - commodity derivatives	$	47,414	$	47,414	$	24	$	24

Schedule of Fair Value of Net Derivative Instruments

The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s condensed consolidated balance sheets.


	March 31, 2026
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Equity investments – common stock	$	17,635	$	—	$	—	$	17,635	$	—	$	17,635

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	9,829	$	216	$	10,045	$	(8,339)	$	1,706
Commodity derivatives – noncurrent portion	—		3,636		1,911		5,547		(2,326)		3,221
Liabilities (at fair value):
Commodity derivatives – current portion	—		(50,594)		—		(50,594)		8,339		(42,255)
Commodity derivatives – noncurrent portion	—		(7,485)		—		(7,485)		2,326		(5,159)
Net derivative instruments	$	—	$	(44,614)	$	2,127	$	(42,487)	$	—	$	(42,487)


	December 31, 2025
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Equity investments - common stock	$	10,960	$	—	$	—	$	10,960	$	—	$	10,960

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	14,988	$	—	$	14,988	$	(1,010)	$	13,978
Commodity derivatives – noncurrent portion	$	—	$	4,118	$	852	$	4,970	$	(1,227)	$	3,743

Liabilities (at fair value):
Commodity derivatives – current portion	—		(1,034)		—		(1,034)		1,010		(24)
Commodity derivatives – noncurrent portion	—		(1,227)		—		(1,227)		1,227		—
Net derivative instruments	$	—	$	16,845	$	852	$	17,697	$	—	$	17,697

Schedule of Significant Unobservable Inputs Used in Valuation of Level 3 Power Capacity Contract

The following table presents the significant unobservable inputs used in the valuation of the Level 3 Power Capacity Contract as of March 31, 2026.


Significant Unobservable Inputs(1)	Range
	Low			High			Average
Hourly forward power prices per MWh(2)	$	(60.49)		$	495.48		$	63.75
Forward gas prices per mmbtu(3)	$	(3.21)		$	4.20		$	2.49
Forward power volatility	30		%	30		%	30		%
Forward gas volatility	50		%	50		%	50		%

__________________________________________

(3)Based on the Waha forward monthly gas prices.

Schedule of Changes in Fair Value of Level 3 Power Contract Capacity

The following table presents the changes in fair value of the Level 3 Power Capacity Contract:


	Three Months Ended March 31,
(in thousands)	2026
Balance at beginning of period	$	852
Gain (loss) on commodity derivatives	1,275
Balance at end of period	$	2,127

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Risk Concentrations	3 Months Ended
Risk Concentrations	Mar. 31, 2026
Risks and Uncertainties [Abstract]
Risk Concentrations	Risk Concentrations As a non-operator, 100% of the Company’s wells are operated by third-party operating partners. As a result, the Company is highly dependent on the success of these third-party operators. If they are not successful in the development, exploitation, production and exploration activities relating to the Company’s leasehold interests, or are unable or unwilling to perform, the Company’s financial condition and results of operations could be adversely affected. These risks are heightened in a low commodity price environment, which may present significant challenges to these third-party operators. The Company’s third-party operators will make decisions in connection with their operations that may not be in the Company’s best interests, and the Company may have little or no ability to exercise influence over the operational decisions of its third-party operators. In the normal course of business, the Company maintains its cash balances in financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. Management monitors the financial condition of such financial institutions and does not anticipate any losses from these counterparties. Derivative Counterparties - The Company uses credit and other financial criteria to evaluate the creditworthiness of counterparties to its derivative instruments. The Company believes that all of its derivative counterparties are currently acceptable credit risks. All of the Company’s outstanding derivative instruments are covered by International Swap Dealers Association Master Agreements (“ISDAs”). All collar option contracts and swap derivatives entered into are with parties that are also lenders under the Company’s Credit Agreement. The Company’s obligations under the derivative instruments, with the exception of the Power Capacity Contract, are secured pursuant to the Credit Agreement, and no additional collateral has been posted by the Company.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Paragraph 21
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 21
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Paragraph 21
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Acquisitions and Divestitures (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Cumulative Adjusted Purchase Price of Asset Acquisition

The following table presents the cumulative adjusted purchase price of transactions accounted for as asset acquisitions in accordance with ASC Topic 805, Business Combinations (“ASC 805”) by basin included in oil and gas properties on the Company’s condensed consolidated balance sheets:


	Three Months Ended March 31,
(in thousands)	2026		2025
Permian	$	5,285	$	29,644

Bakken	307		—


Appalachian	4,549		4,718
Total	$	10,141	$	34,362

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock Issued	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2024		136,418,000
Balance at beginning of period at Dec. 31, 2024	$ 635,353	$ 14	$ 655,472	$ 16,047	$ (36,180)
Begging balance, treasury stock (in shares) at Dec. 31, 2024					(5,684,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued related to stock-based compensation (in shares)		413,000
Forfeitures of restricted stock (in shares)		(7,000)
Stock-based compensation expense	653		653
Purchase of treasury stock (in shares)					(3,000)
Purchase of treasury stock	(16)				$ (16)
Common stock dividend declared	(14,389)			(14,389)
Net (loss) income	9,812			9,812
Balance at ending of period (in shares) at Mar. 31, 2025		136,824,000
Balance at ending of period at Mar. 31, 2025	$ 631,413	$ 14	656,125	11,470	$ (36,196)
Ending balance, treasury stock (in shares) at Mar. 31, 2025					(5,687,000)
Balance at beginning of period (in shares) at Dec. 31, 2025	136,941,978	136,942,000
Balance at beginning of period at Dec. 31, 2025	$ 605,760	$ 14	659,228	(17,286)	$ (36,196)
Begging balance, treasury stock (in shares) at Dec. 31, 2025	(5,686,711)				(5,687,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued related to stock-based compensation (in shares)		660,000
Stock-based compensation expense	$ 1,398		1,398
Purchase of treasury stock (in shares)					(5,000)
Purchase of treasury stock	(30)				$ (30)
Common stock dividend declared	(14,461)			(14,461)
Net (loss) income	$ (47,031)			(47,031)
Balance at ending of period (in shares) at Mar. 31, 2026	137,601,731	137,602,000
Balance at ending of period at Mar. 31, 2026	$ 545,636	$ 14	$ 660,626	$ (78,778)	$ (36,226)
Ending balance, treasury stock (in shares) at Mar. 31, 2026	(5,692,412)				(5,692,000)

Summary of Significant Accounting Policies - Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2026 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Earnings (Loss) Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ (47,031)	$ 9,812
Participating basic earnings	(100)	(56)
Basic earnings attributable to common stockholders	(47,131)	9,756
Reallocation of participating earnings	0	0
Diluted earnings attributable to common stockholders	$ (47,131)	$ 9,756
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	130,620	130,336
Weighted average common shares outstanding – diluted (in shares)	130,620	130,401
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.36)	$ 0.07
Diluted (in dollars per share)	$ (0.36)	$ 0.07
Performance Stock Units
Weighted-average number of shares outstanding:
Dilutive performance stock units, stock options and vesting shares (in shares)	0	59
Stock Options
Weighted-average number of shares outstanding:
Dilutive performance stock units, stock options and vesting shares (in shares)	0	6

Supplementary Data

3 Months Ended

Mar. 31, 2026

Extractive Industries [Abstract]

Supplementary Data

Capitalized Costs


(in thousands)	March 31, 2026		December 31, 2025
Oil and natural gas properties:
Proved	$	1,847,791	$	1,788,292
Unproved	105,810		109,096
Less: accumulated depletion	(912,560)		(857,832)
Net capitalized costs for oil and natural gas properties	$	1,041,041	$	1,039,556

Costs Incurred for Oil and Natural Gas Producing Activities


	Three Months Ended March 31,
(in thousands)	2026		2025
Property acquisition costs:
Proved	$	589	$	13,341
Unproved	9,552		21,021
Development costs	58,296		71,402
Total costs incurred for oil and natural gas properties	$	68,437	$	105,764

- Definition

The entire disclosure for oil- and gas-producing activities considered to be supplementary information. Includes, but is not limited to, proved reserve quantity, cost incurred and capitalized, result of operation, standardized measure, and change in standardized measure of discounted future cash flow.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478688/932-270-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477215/932-235-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477759/932-235-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
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-URI https://asc.fasb.org/1943274/2147479097/932-235-S50-3

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-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147477215/932-235-50-8

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/932/tableOfContent

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
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-Section 50
-Paragraph 1C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477215/932-235-50-36

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-5

+ Details

Subsequent Events - Schedule of Derivative Activity by Volume (Details) - Subsequent Event	May 07, 2026 bbl Mcf $ / bbl $ / Mcf
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Second Quarter
Subsequent events
Volume (Bbl, Mcf) \| bbl	93,092
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Second Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	(7.50)
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Third Quarter
Subsequent events
Volume (Bbl, Mcf) \| bbl	122,886
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Third Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	(7.50)
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Fourth Quarter
Subsequent events
Volume (Bbl, Mcf) \| bbl	106,127
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| Fourth Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	(7.50)
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| 2026
Subsequent events
Volume (Bbl, Mcf) \| bbl	322,105
Oil Swaps (WTI/Brent CMA Diff) 2026 Contract \| 2026 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	(7.50)
Oil Swaps (WTI/Brent CMA Diff) 2027 Contract \| 2027
Subsequent events
Volume (Bbl, Mcf) \| bbl	0
Oil Swaps (WTI/Brent CMA Diff) 2027 Contract \| 2027 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	0
Oil Swaps (WTI/Brent CMA Diff) 2028 Contract \| 2028
Subsequent events
Volume (Bbl, Mcf) \| bbl	0
Oil Swaps (WTI/Brent CMA Diff) 2028 Contract \| 2028 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Second Quarter
Subsequent events
Volume (Bbl, Mcf) \| Mcf	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Second Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Third Quarter
Subsequent events
Volume (Bbl, Mcf) \| Mcf	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Third Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	0
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Fourth Quarter
Subsequent events
Volume (Bbl, Mcf) \| Mcf	2,300,200
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| Fourth Quarter \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	(1.60)
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| 2026
Subsequent events
Volume (Bbl, Mcf) \| Mcf	2,300,200
Gas Swaps (Platts IFERC Waha) Contract, 2026 \| 2026 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	(1.60)
Gas Swaps (Platts IFERC Waha) Contract, 2027 \| 2027
Subsequent events
Volume (Bbl, Mcf) \| Mcf	3,000,600
Gas Swaps (Platts IFERC Waha) Contract, 2027 \| 2027 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	(1.60)
Gas Swaps (Platts IFERC Waha) Contract, 2028 \| 2028
Subsequent events
Volume (Bbl, Mcf) \| Mcf	111,100
Gas Swaps (Platts IFERC Waha) Contract, 2028 \| 2028 \| Weighted-average price
Subsequent events
Weighted-average price ($/Bbl, $/Mcf) \| $ / Mcf	(1.60)

Derivative Financial Instruments - Schedule of Outstanding Commodity Derivative Contracts (Details)	Mar. 31, 2026 bbl Mcf $ / bbl $ / Mcf
Collar Oil Contract, 2026 \| Second Quarter
Derivative instruments
Volume (Bbl, Mcf) \| bbl	1,049,430
Collar Oil Contract, 2026 \| Third Quarter
Derivative instruments
Volume (Bbl, Mcf) \| bbl	909,612
Collar Oil Contract, 2026 \| Fourth Quarter
Derivative instruments
Volume (Bbl, Mcf) \| bbl	795,038
Collar Oil Contract, 2026 \| 2026
Derivative instruments
Volume (Bbl, Mcf) \| bbl	2,754,080
Collar Oil Contract, 2026 \| Weighted-average floor price \| Second Quarter
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf) \| $ / bbl	61.32
Collar Oil Contract, 2026 \| Weighted-average floor price \| Third Quarter
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf) \| $ / bbl	60.53
Collar Oil Contract, 2026 \| Weighted-average floor price \| Fourth Quarter
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf) \| $ / bbl	59.97
Collar Oil Contract, 2026 \| Weighted-average floor price \| 2026
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf) \| $ / bbl	60.67
Collar Oil Contract, 2026 \| Weighted-average ceiling price \| Second Quarter
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf) \| $ / bbl	70.65
Collar Oil Contract, 2026 \| Weighted-average ceiling price \| Third Quarter
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf) \| $ / bbl	69.93
Collar Oil Contract, 2026 \| Weighted-average ceiling price \| Fourth Quarter
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf) \| $ / bbl	68.53
Collar Oil Contract, 2026 \| Weighted-average ceiling price \| 2026
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf) \| $ / bbl	69.80
Collar Oil Contract, 2027 \| 2027
Derivative instruments
Volume (Bbl, Mcf) \| bbl	1,361,645
Collar Oil Contract, 2027 \| Weighted-average floor price \| 2027
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf) \| $ / bbl	54.71
Collar Oil Contract, 2027 \| Weighted-average ceiling price \| 2027
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf) \| $ / bbl	76.81
Collar Oil Contract, 2028 \| 2028
Derivative instruments
Volume (Bbl, Mcf) \| bbl	0
Collar Oil Contract, 2028 \| Weighted-average floor price \| 2028
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf) \| $ / bbl	0
Collar Oil Contract, 2028 \| Weighted-average ceiling price \| 2028
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf) \| $ / bbl	0
Swaps Oil Contract, 2026 \| Second Quarter
Derivative instruments
Volume (Bbl, Mcf) \| bbl	95,082
Swaps Oil Contract, 2026 \| Third Quarter
Derivative instruments
Volume (Bbl, Mcf) \| bbl	73,484
Swaps Oil Contract, 2026 \| Fourth Quarter
Derivative instruments
Volume (Bbl, Mcf) \| bbl	53,974
Swaps Oil Contract, 2026 \| 2026
Derivative instruments
Volume (Bbl, Mcf) \| bbl	222,540
Swaps Oil Contract, 2026 \| Weighted-average price \| Second Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	60.33
Swaps Oil Contract, 2026 \| Weighted-average price \| Third Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	60.27
Swaps Oil Contract, 2026 \| Weighted-average price \| Fourth Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	60.24
Swaps Oil Contract, 2026 \| Weighted-average price \| 2026
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	60.29
Swaps Oil Contract, 2027 \| 2027
Derivative instruments
Volume (Bbl, Mcf) \| bbl	452,936
Swaps Oil Contract, 2027 \| Weighted-average price \| 2027
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	60.21
Swaps Oil Contract, 2028 \| 2028
Derivative instruments
Volume (Bbl, Mcf) \| bbl	0
Swaps Oil Contract, 2028 \| Weighted-average price \| 2028
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf) \| $ / bbl	0
Collar Natural Gas Contract, 2026 \| Second Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	1,851,019
Collar Natural Gas Contract, 2026 \| Third Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	1,727,756
Collar Natural Gas Contract, 2026 \| Fourth Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	3,868,320
Collar Natural Gas Contract, 2026 \| 2026
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	7,447,095
Collar Natural Gas Contract, 2026 \| Weighted-average floor price \| Second Quarter
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf)	3.25
Collar Natural Gas Contract, 2026 \| Weighted-average floor price \| Third Quarter
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf)	3.25
Collar Natural Gas Contract, 2026 \| Weighted-average floor price \| Fourth Quarter
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf)	3.66
Collar Natural Gas Contract, 2026 \| Weighted-average floor price \| 2026
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf)	3.46
Collar Natural Gas Contract, 2026 \| Weighted-average ceiling price \| Second Quarter
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf)	4.00
Collar Natural Gas Contract, 2026 \| Weighted-average ceiling price \| Third Quarter
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf)	4.00
Collar Natural Gas Contract, 2026 \| Weighted-average ceiling price \| Fourth Quarter
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf)	4.44
Collar Natural Gas Contract, 2026 \| Weighted-average ceiling price \| 2026
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf)	4.23
Collar Natural Gas Contract, 2027 \| 2027
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	6,099,088
Collar Natural Gas Contract, 2027 \| Weighted-average floor price \| 2027
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf)	3.89
Collar Natural Gas Contract, 2027 \| Weighted-average ceiling price \| 2027
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf)	4.97
Collar Natural Gas Contract, 2028 \| 2028
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	2,211,640
Collar Natural Gas Contract, 2028 \| Weighted-average floor price \| 2028
Derivative instruments
Weighted-average floor price ($/Bbl, $/Mcf)	3.60
Collar Natural Gas Contract, 2028 \| Weighted-average ceiling price \| 2028
Derivative instruments
Weighted-average ceiling price ($/Bbl, $/Mcf)	4.73
Swaps Natural Gas Contract, 2026 \| Second Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	4,546,849
Swaps Natural Gas Contract, 2026 \| Third Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	3,961,363
Swaps Natural Gas Contract, 2026 \| Fourth Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	1,222,218
Swaps Natural Gas Contract, 2026 \| 2026
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	9,730,430
Swaps Natural Gas Contract, 2026 \| Weighted-average price \| Second Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	3.73
Swaps Natural Gas Contract, 2026 \| Weighted-average price \| Third Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	3.73
Swaps Natural Gas Contract, 2026 \| Weighted-average price \| Fourth Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	3.73
Swaps Natural Gas Contract, 2026 \| Weighted-average price \| 2026
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	3.73
Swaps Natural Gas Contract, 2027 \| 2027
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	9,323,814
Swaps Natural Gas Contract, 2027 \| Weighted-average price \| 2027
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	3.60
Swaps Natural Gas Contract, 2028 \| 2028
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	0
Swaps Natural Gas Contract, 2028 \| Weighted-average price \| 2028
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	0
Swaps Platts IFERC Waha Contract, 2026 \| Second Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	0
Swaps Platts IFERC Waha Contract, 2026 \| Third Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	0
Swaps Platts IFERC Waha Contract, 2026 \| Fourth Quarter
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	0
Swaps Platts IFERC Waha Contract, 2026 \| 2026
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	0
Swaps Platts IFERC Waha Contract, 2026 \| Weighted-average price \| Second Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	0
Swaps Platts IFERC Waha Contract, 2026 \| Weighted-average price \| Third Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	0
Swaps Platts IFERC Waha Contract, 2026 \| Weighted-average price \| Fourth Quarter
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	0
Swaps Platts IFERC Waha Contract, 2026 \| Weighted-average price \| 2026
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	0
Swaps Platts IFERC Waha Contract, 2027 \| 2027
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	2,540,086
Swaps Platts IFERC Waha Contract, 2027 \| Weighted-average price \| 2027
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	1.08
Swaps Platts IFERC Waha Contract, 2028 \| 2028
Derivative instruments
Volume (Bbl, Mcf) \| Mcf	0
Swaps Platts IFERC Waha Contract, 2028 \| Weighted-average price \| 2028
Derivative instruments
Weighted-average price ($/Bbl, $/Mcf)	0