Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes components of the Company's gain (loss) on derivatives, net by type of derivative instrument for the periods presented:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Commodity	$	51,571	$	9,425	$	104,249	$	(146,410)
Contingent consideration	17,422		(1,767)		8,915		1,921

Gain (loss) on derivatives, net	$	68,993	$	7,658	$	113,164	$	(144,489)

Schedule of Open Commodity Derivative Positions

The following table summarizes open commodity derivative positions as of June 30, 2025, for commodity derivatives that were entered into through June 30, 2025, for the settlement periods presented:


	Remaining Year 2025		Year 2026		Year 2027
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	11,279,200		13,306,500		3,285,000
Weighted-average price ($/Bbl)	$	68.82	$	64.02	$	61.07
WTI NYMEX - Collars:
Volume (Bbl)	—		1,086,000		—
Weighted-average floor price ($/Bbl)	$	—	$	60.00	$	—
Weighted-average ceiling price ($/Bbl)	$	—	$	71.02	$	—





























NGL:

Non-TET Propane - Swaps:
Volume (Bbl)	1,748,000		—		—
Weighted-average price ($/Bbl)	$	34.16	$	—	$	—
Non-TET Ethane - Swaps:
Volume (Bbl)	2,208,000		—		—
Weighted-average price ($/Bbl)	$	11.04	$	—	$	—












Natural gas:






Waha Inside FERC - Swaps:
Volume (MMBtu)	32,238,000		51,830,000		43,800,000
Weighted-average price ($/MMBtu)	$	2.32	$	2.41	$	2.70

The following table summarizes the Company's open commodity derivative positions as of June 30, 2025, updated for the derivative transactions entered into from June 30, 2025 through August 5, 2025, for the settlement periods presented:


	Remaining Year 2025		Year 2026		Year 2027
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	11,279,200		13,306,500		3,285,000
Weighted-average price ($/Bbl)	$	68.82	$	64.02	$	61.07
WTI NYMEX - Collars:
Volume (Bbl)	—		1,086,000		—
Weighted-average floor price ($/Bbl)	$	—	$	60.00	$	—
Weighted-average ceiling price ($/Bbl)	$	—	$	71.02	$	—















NGL:
Non-TET Propane - Swaps:
Volume (Bbl)	1,748,000		—		—
Weighted-average price ($/Bbl)	$	34.16	$	—	$	—
Non-TET Ethane - Swaps:
Volume (Bbl)	2,208,000		—		—
Weighted-average price ($/Bbl)	$	11.04	$	—	$	—
Natural gas:



Waha Inside FERC - Swaps:
Volume (MMBtu)	32,238,000		55,480,000		43,800,000
Weighted-average price ($/MMBtu)	$	2.32	$	2.41	$	2.70




Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	—		—		14,600,000
Weighted-average differential ($/MMBtu)	$	—	$	—	$	(0.97)

Vital Energy, Inc. 10-Q