The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risks. The term “market risks” as it relates to our currently anticipated transactions refers to the risk of loss arising from changes in commodity prices and interest rates. These disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage ongoing market risk exposures. We enter into market-risk sensitive instruments for purposes other than to speculate. We manage market and counterparty credit risk in accordance with our policies. In accordance with these policies and guidelines, our management determines the appropriate timing and extent of derivative transactions. See “Item 8. Financial Statements and Supplementary Data — Note 2 — Accounting Policies, Note 9 — Derivative Financial Instruments and Note 10 — Fair Value Measurements” section of our annual report on Form 10-K for a description of the accounting procedures we follow relative to our derivative financial instruments. The following table reconciles the changes that occurred in fair values of our open derivative contracts during the six months ended June 30, 2026: Derivative Contracts Assets (Liabilities) Commodities (In thousands) Fair value of contracts outstanding as of December 31, 2025 $ 50,497 Changes in contract fair value (262,292) Contract maturities 198,684 Fair value of contracts outstanding as of June 30, 2026 $ (13,111) 51 Table of Contents Commodity Price Risk The Company’s revenues, earnings, cash flows, capital investments, debt capacity and, ultimately, future rate of growth are highly dependent on the prices we receive for our crude oil, which have historically been very volatile. Substantially all of our oil sales are indexed against Dated Brent, and Heavy Louisiana Sweet. Oil prices in the first six months of 2026 ranged between $60.98 and $144.42 per Bbl for Dated Brent, with Heavy Louisiana Sweet experiencing similar volatility during the first six months of 2026. Commodity Derivative Instruments We enter into various oil derivative contracts to mitigate our exposure to commodity price risk associated with anticipated future oil production. These contracts currently consist of swaps, collars, put options and call options. In regards to our obligations under our various commodity derivative instruments, if our production does not exceed our existing hedged positions, our exposure to our commodity derivative instruments would increase. In addition, a reduction in our ability to access credit could reduce our ability to implement derivative contracts on commercially reasonable terms. 52 Table of Contents Commodity Price Sensitivity The following table provides information about our oil derivative financial instruments that were sensitive to changes in oil prices as of June 30, 2026. Volumes and weighted average prices are net of any offsetting derivatives entered into. Weighted Average Price per Bbl Asset Net Deferred (Liability) Premium Fair Value at Payable/ Sold June 30, Term Type of Contract Index MBbl (Receivable) Swap Put Floor Ceiling 2026(2) (In thousands) 2026: Jul - Dec Three-way collars Dated Brent 1,000 — — 50.00 60.00 75.51 (3,149) Jul - Dec Swaps(1) Dated Brent 500 — 72.46 — — 100.00 (633) Jul - Dec Swaps(1) Dated Brent 1,000 — 69.70 55.00 — — (3,260) Jul - Dec Swaps(1) NYMEX WTI 750 — 64.83 50.00 — — (3,183) 2027: Jan - Dec Three-way collars Dated Brent 2,000 $ 0.40 $ — $ 47.50 $ 60.00 $ 75.00 $ (8,126) Jan - Jun Three-way collars Dated Brent 2,000 0.03 — 55.00 70.00 85.00 482 Jan - Dec Three-way collars NYMEX WTI 1,000 0.50 — 55.00 70.00 90.00 3,901 __________________________________ (1)Includes option contracts sold to counterparties to enhance Swaps. (2)Fair values are based on the average forward oil prices on June 30, 2026. In July 2026, we entered into Dated Brent two-way collar contracts for 2.0 MMBbl from January 2027 through December 2027 with a weighted average floor price of $67.50 per barrel and a ceiling price of $90.00 per barrel. At June 30, 2026, our open commodity derivative instruments were in a net liability position of $14.0 million. As of June 30, 2026, a hypothetical 10% price increase in the oil price curves would decrease future pre-tax earnings by approximately $38.4 million. Similarly, a hypothetical 10% price decrease would increase future pre-tax earnings by approximately $39.5 million. Interest Rate Sensitivity Changes in market interest rates affect the amount of interest we pay on certain of our borrowings. Outstanding borrowings under the Facility and GoA Term Loan Facility as of June 30, 2026 total approximately $969.4 million. The current weighted average interest rate on this indebtedness was approximately 8.2%, and is subject to variable interest rates which expose us to the risk of earnings or cash flow loss due to potential increases in market interest rates. If the floating market rate increased 10%, at this level of floating rate debt, we would pay an estimated additional $3.8 million interest expense per year on the Facility and GoA Term Loan Facility. The commitment fees on the undrawn availability under the Facility are not subject to changes in interest rates. All of our other long-term indebtedness is fixed rate and does not expose us to the risk of cash flow loss due to changes in market interest rates. Additionally, a change in the market interest rates could impact interest costs associated with future debt issuances or any future borrowings and future payments associated with the GTA FPSO arrangement.