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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024:
PeriodVolume (Bbls)Volume
(Bbls/d)
Wtd. Avg. Crude Price
($/Bbl)(1)
Crude oil swaps
October 2024 - December 20243,772,000 41,000 $75.08
January 2025 - March 20253,870,000 43,000 75.15
April 2025 - June 20253,913,000 43,000 73.85
July 2025 - September 20253,956,000 43,000 72.65
October 2025 - December 20253,956,000 43,000 71.62
January 2026 - March 20261,575,000 17,500 71.49
April 2026 - June 20261,592,500 17,500 70.61
July 2026 - September 20261,610,000 17,500 69.77
October 2026 - December 20261,610,000 17,500 69.08
PeriodVolume (Bbls)Volume
(Bbls/d)
Wtd. Avg. Collar Price Ranges
($/Bbl)(2)
Crude oil collarsOctober 2024 - December 2024184,000 2,000 $60.00-$76.01

PeriodVolume (Bbls)Volume (Bbls/d)
Wtd. Avg. Put Price
($/Bbl)(3)
Deferred Premium
($/Bbl)(3)
Deferred premium puts
October 2024 - December 2024230,000 2,500 $65.00$4.96

PeriodVolume (Bbls)Volume
(Bbls/d)
Wtd. Avg. Differential
($/Bbl)(4)
Crude oil basis differential swaps
October 2024 - December 20244,186,000 45,500 $0.97
January 2025 - March 20253,870,000 43,000 1.11
April 2025 - June 20253,913,000 43,000 1.11
July 2025 - September 20253,956,000 43,000 1.11
October 2025 - December 20253,956,000 43,000 1.11
January 2026 - March 20261,575,000 17,500 1.15
April 2026 - June 20261,592,500 17,500 1.15
July 2026 - September 20261,610,000 17,500 1.15
October 2026 - December 20261,610,000 17,500 1.15

PeriodVolume (Bbls)Volume
(Bbls/d)
Wtd. Avg. Differential
($/Bbl)(5)
Crude oil roll differential swaps
October 2024 - December 20244,186,000 45,500 $0.55
January 2025 - March 20253,870,000 43,000 0.42
April 2025 - June 20253,913,000 43,000 0.42
July 2025 - September 20253,956,000 43,000 0.42
October 2025 - December 20253,956,000 43,000 0.42
January 2026 - March 20261,575,000 17,500 0.28
April 2026 - June 20261,592,500 17,500 0.28
July 2026 - September 20261,610,000 17,500 0.28
October 2026 - December 20261,610,000 17,500 0.28
(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 deferred premium puts are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual put prices for the volumes stipulated.
(4)    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.
(5)    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
October 2024 - December 20245,933,899 64,499 $3.86
January 2025 - March 20253,600,000 40,000 4.32
April 2025 - June 20253,640,000 40,000 3.65
July 2025 - September 20253,680,000 40,000 3.83
October 2025 - December 20253,680,000 40,000 4.20
January 2026 - March 2026990,000 11,000 4.18
April 2026 - June 20261,001,000 11,000 3.48
July 2026 - September 20261,012,000 11,000 3.80
October 2026 - December 20261,012,000 11,000 4.21

PeriodVolume (MMBtu)Volume (MMBtu/d)
Wtd. Avg. Differential
($/MMBtu)(2)
Natural gas basis differential swaps
October 2024 - December 202411,040,000 120,000 $(0.98)
January 2025 - March 20253,600,000 40,000 (0.74)
April 2025 - June 20253,640,000 40,000 (0.74)
July 2025 - September 20253,680,000 40,000 (0.74)
October 2025 - December 20253,680,000 40,000 (0.74)
January 2026 - March 2026990,000 11,000 (0.61)
April 2026 - June 20261,001,000 11,000 (1.67)
July 2026 - September 20261,012,000 11,000 (1.17)
October 2026 - December 20261,012,000 11,000 (1.02)
PeriodVolume (MMBtu)Volume
(MMBtu/d)
Wtd. Avg. Collar Price Ranges
($/MMBtu)(3)
Natural gas collars
October 2024 - December 20245,106,101 55,501 $2.75-$5.29
(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 September 30,Nine Months Ended September 30,
(in thousands)
2024202320242023
Net gain (loss) on derivative instruments
$238,533 $(151,781)$131,702 $(76,668)
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)
September 30, 2024
Derivative Assets
Commodity contracts
Derivative instruments$134,106 $(3,936)$130,170 
Other noncurrent assets55,088 (323)54,765 
Derivative Liabilities
Commodity contracts
Other current liabilities
$3,936 $(3,936)$— 
Other noncurrent liabilities323 (323)— 
December 31, 2023
Derivative Assets
Commodity contracts
Derivative instruments$88,192 $(17,601)$70,591 
Other noncurrent assets29,469 (2,435)27,034 
Derivative Liabilities
Commodity contracts
Other current liabilities
$20,326 $(17,601)$2,725 
Other noncurrent liabilities3,762 (2,435)1,327 
(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.