The term “market risk” as it applies to our business refers to the risk of loss arising from adverse changes in oil and natural gas prices and interest rates, and we are exposed to market risk as described below. The primary objective of the following information is to provide quantitative and qualitative information about our potential exposure to market risks. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. All of our market risk sensitive instruments were entered into for purposes other than speculative trading. Commodity Price Risk Our primary market risk exposure is in the pricing that we receive for our oil, NGL and natural gas production. Pricing for oil, NGLs and natural gas has been volatile and unpredictable, and we expect this volatility to continue in the future. Based on our production for the first half of 2026, our oil and gas sales for the six months ended June 30, 2026, would have moved up or down $299.0 million for each 10% change in oil prices per Bbl, $33.7 million for each 10% change in NGL prices per Bbl, and $13.9 million for each 10% change in natural gas prices per Mcf. Due to this volatility, we have historically used, and we may elect to continue to selectively use, commodity derivative instruments (such as swaps, and basis swaps) to mitigate price risk associated with a portion of our anticipated production. Our derivative instruments allow us to reduce, but not eliminate, the potential effects of the variability in cash flows that can emanate from fluctuations in oil and natural gas prices and thereby provide increased certainty of cash flows for our development program and debt service requirements. These instruments provide price protection against declines in oil and natural gas prices, but alternatively they limit our potential gains from future increases in prices. The table below summarizes the terms of the derivative contracts we had in place as of June 30, 2026, and additional contracts entered into through July 31, 2026. Refer to Note 7—Derivative Instruments in Part I, Item 1 of this Quarterly Report for open derivative positions as of June 30, 2026. Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Crude Price ($/Bbl) Crude oil swaps - NYMEX WTI July 2026 - September 2026 6,440,000 70,000 $68.68 October 2026 - December 2026 6,440,000 70,000 67.10 January 2027 - March 2027 900,000 10,000 74.25 April 2027 - June 2027 910,000 10,000 72.94 July 2027 - September 2027 920,000 10,000 72.06 October 2027 - December 2027 920,000 10,000 71.29 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Differential ($/Bbl) Crude oil basis differential swaps - Mid-Cush(1) July 2026 - September 2026 6,440,000 70,000 $1.03 October 2026 - December 2026 6,440,000 70,000 1.03 January 2027 - March 2027 900,000 10,000 1.10 April 2027 - June 2027 910,000 10,000 1.10 July 2027 - September 2027 920,000 10,000 1.10 October 2027 - December 2027 920,000 10,000 1.10 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Differential ($/Bbl) Crude oil roll differential swaps - NYMEX WTI July 2026 - September 2026 6,578,000 71,500 $1.24 October 2026 - December 2026 6,578,000 71,500 1.13 (1) These crude oil basis swap transactions are settled utilizing the ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices. 41 Table of Contents Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) Natural gas swaps - NYMEX Henry Hub July 2026 - September 2026 12,604,000 137,000 $3.83 October 2026 - December 2026 12,604,000 137,000 4.16 January 2027 - March 2027 12,600,000 140,000 4.24 April 2027 - June 2027 12,740,000 140,000 3.32 July 2027 - September 2027 12,880,000 140,000 3.58 October 2027 - December 2027 12,880,000 140,000 3.94 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) Natural gas swaps - Waha July 2026 - September 2026 8,740,000 95,000 $1.80 October 2026 - December 2026 15,145,000 164,620 2.73 January 2027 - March 2027 7,650,000 85,000 3.57 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) Natural gas swaps - HSC July 2026 - September 2026 9,200,000 100,000 $3.95 October 2026 - December 2026 9,200,000 100,000 4.24 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) Natural gas basis differential swaps - Waha(1) July 2026 - September 2026 12,604,000 137,000 $(1.42) October 2026 - December 2026 12,604,000 137,000 (1.21) January 2027 - March 2027 14,490,000 161,000 (0.47) April 2027 - June 2027 14,651,000 161,000 (1.11) July 2027 - September 2027 14,812,000 161,000 (0.65) October 2027 - December 2027 14,812,000 161,000 (0.91) Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) Natural gas basis differential swaps - HSC(2) January 2027 - March 2027 9,000,000 100,000 $(0.48) April 2027 - June 2027 9,100,000 100,000 (0.48) July 2027 - September 2027 9,200,000 100,000 (0.48) October 2027 - December 2027 9,200,000 100,000 (0.48) January 2028 - March 2028 9,100,000 100,000 (0.36) April 2028 - June 2028 9,100,000 100,000 (0.36) July 2028 - September 2028 9,200,000 100,000 (0.36) October 2028 - December 2028 9,200,000 100,000 (0.36) (1) These natural gas basis swap contracts are settled utilizing the Inside FERC’s West Texas Waha price and the NYMEX Henry Hub price of natural gas. (2) These natural gas basis swap contracts are settled utilizing the HSC price and the NYMEX Henry Hub price of natural gas. 42 Table of Contents Changes in the fair value of derivative contracts from December 31, 2025, to June 30, 2026, are presented below: (in thousands) Commodity Derivative Asset (Liability) Net fair value of oil and gas derivative contracts outstanding as of December 31, 2025 $ 279,835 Commodity hedge contract settlement payments, net of any receipts 88,039 Cash and non-cash mark-to-market gains (losses) on commodity hedge contracts(1) (200,778) Net fair value of oil and gas derivative contracts outstanding as of June 30, 2026 $ 167,096 (1) At inception, new derivative contracts entered into by us have no intrinsic value. A hypothetical upward or downward shift of 10% per Bbl in the forward price curves underlying our crude oil derivative positions as of June 30, 2026, would cause a $114.0 million increase or decrease in this fair value position, and a hypothetical upward or downward shift of 10% per MMBtu in the forward price curves underlying our natural gas derivative positions as of June 30, 2026, would cause a $19.6 million increase or decrease in this same fair value position. Interest Rate Risk Our ability to borrow and the rates offered by lenders can be adversely affected by deteriorations in the credit markets and/or downgrades in our credit rating. The Credit Agreement’s interest rate is based on a SOFR spread, which exposes us to interest rate risk to the extent we have borrowings outstanding under the credit facilities. As of June 30, 2026, we had no borrowings outstanding under the Credit Agreement. We do not currently have or intend to enter into any derivative hedge contracts to protect against fluctuations in interest rates applicable to our outstanding indebtedness. The total debt balance of $3.0 billion consists of our senior notes, which have fixed interest rates; therefore, this balance is not affected by interest rate movements. For additional information regarding our debt instruments, see Note 4—Long-Term Debt, in Part I, Item 1 of this Quarterly Report. 43 Table of Contents