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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of March 31, 2023:
PeriodVolume (Bbls)Volume
(Bbls/d)
Wtd. Avg. Crude Price
($/Bbl)(1)
Crude oil swaps
April 2023 - June 20231,592,500 17,500 $87.64
July 2023 - September 20231,472,000 16,000 86.36
October 2023 - December 20231,472,000 16,000 84.11
January 2024 - March 20241,092,000 12,000 78.46
April 2024 - June 20241,092,000 12,000 77.30
July 2024 - September 20241,104,000 12,000 76.21
October 2024 - December 20241,104,000 12,000 75.27
PeriodVolume (Bbls)Volume
(Bbls/d)
Wtd. Avg. Collar Price Ranges
($/Bbl)(2)
Crude oil collarsApril 2023 - June 2023819,000 9,000 $75.56-$91.15
July 2023 - September 2023644,000 7,000 76.43-92.70
October 2023 - December 2023644,000 7,000 76.43-92.70

PeriodVolume (Bbls)Volume
(Bbls/d)
Wtd. Avg. Differential
($/Bbl)(3)
Crude oil basis differential swaps
April 2023 - June 2023739,499 8,126 $0.55
July 2023 - September 2023749,000 8,141 0.52
October 2023 - December 2023749,002 8,141 0.52
January 2024 - March 2024637,000 7,000 0.43
April 2024 - June 2024637,000 7,000 0.43
July 2024 - September 2024644,000 7,000 0.43
October 2024 - December 2024644,000 7,000 0.43

PeriodVolume (Bbls)Volume
(Bbls/d)
Wtd. Avg. Differential
($/Bbl)(4)
Crude oil roll differential swaps
April 2023 - June 20231,365,000 15,000 $1.25
July 2023 - September 20231,380,000 15,000 1.23
October 2023 - December 20231,380,000 15,000 1.22
January 2024 - March 2024637,000 7,000 0.75
April 2024 - June 2024637,000 7,000 0.74
July 2024 - September 2024644,000 7,000 0.73
October 2024 - December 2024644,000 7,000 0.72
(1)    These crude oil swap transactions are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated.
(2)    These crude oil collars are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated.
(3)    These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period.
(4)    These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price.

PeriodVolume (MMBtu)Volume (MMBtu/d)
Wtd. Avg. Gas Price
($/MMBtu)(1)
Natural gas swaps
April 2023 - June 20231,572,752 17,283 $4.70
July 2023 - September 20231,486,925 16,162 4.70
October 2023 - December 20231,413,628 15,366 4.90
January 2024 - March 2024464,919 5,109 5.01
April 2024 - June 2024446,321 4,905 3.93
July 2024 - September 2024429,388 4,667 4.01
October 2024 - December 2024413,899 4,499 4.32

PeriodVolume (MMBtu)Volume (MMBtu/d)
Wtd. Avg. Differential
($/MMBtu)(2)
Natural gas basis differential swaps
April 2023 - June 20236,142,500 67,500 $(1.30)
July 2023 - September 20236,210,000 67,500 (1.30)
October 2023 - December 20236,210,000 67,500 (1.30)
January 2024 - March 20241,820,000 20,000 (0.59)
April 2024 - June 20241,820,000 20,000 (0.67)
July 2024 - September 20241,840,000 20,000 (0.66)
October 2024 - December 20241,840,000 20,000 (0.64)
PeriodVolume (MMBtu)Volume
(MMBtu/d)
Wtd. Avg. Collar Price Ranges
($/MMBtu)(3)
Natural gas collars
April 2023 - June 20236,389,748 70,217 $3.64-$7.62
July 2023 - September 20236,563,07571,338 3.64-7.52
October 2023 - December 20236,636,37272,134 3.66-8.22
January 2024 - March 20243,175,08134,891 3.36-9.44
April 2024 - June 20241,373,67915,095 3.00-6.45
July 2024 - September 20241,410,61215,333 3.00-6.52
October 2024 - December 20241,426,10115,501 3.25-7.30
(1)    These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated.
(2)    These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable monthly settlement period.
(3)    These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated.
Schedule of Gains and Losses from Derivative Instruments
The following table presents the impact of the Company’s derivative instruments in its consolidated statements of operations for the periods presented:
Three Months Ended March 31,
(in thousands)
20232022
Net gain (loss) on derivative instruments
$54,512 $(129,523)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The tables below summarize the fair value amounts and the classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts:
Balance Sheet ClassificationGross Fair Value Asset/Liability Amounts
Gross Amounts Offset(1)
Net Recognized Fair Value Assets/Liabilities
(in thousands)
March 31, 2023
Derivative Assets
Commodity contracts
Derivative instruments$116,409 $(8,116)$108,293 
Other noncurrent assets23,581 (2,287)21,294 
Derivative Liabilities
Commodity contracts
Derivative instruments8,460 (8,116)344 
Other noncurrent liabilities2,287 (2,287)— 
December 31, 2022
Derivative Assets
Commodity contracts
Derivative instruments$125,120 $(24,323)$100,797 
Other noncurrent assets22,016 $(3,691)18,325 
Derivative Liabilities
Commodity contracts
Derivative instruments$26,321 $(24,323)$1,998 
Other noncurrent liabilities6,349 (3,691)2,658 
(1)     The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or if contracts are terminated.