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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of contracts | The following is a summary of the Company’s open costless collar contracts at June 30, 2024.
Commodity |  | Calculation Period |  | Notional Quantity (Bbl) |  | Weighted Average Price Floor ($/Bbl) |  | Weighted Average Price Ceiling ($/Bbl) |  | Fair Value of Asset (Liability) (thousands)
Oil Costless Collar |  | 7/01/2024 - 6/30/2025 |  | 16,425,000 |  |  | $ | 60.00 |  |  | $ | 86.26 |  |  | $ | (14,704) |
Total open costless collar contracts |  | $ | (14,704) |
The following is a summary of the Company’s open basis differential swap contracts at June 30, 2024.
Commodity |  | Calculation Period |  | Notional Quantity (MMBtu) |  | Fixed Price ($/MMBtu) |  | Fair Value of Asset (Liability) (thousands)
Natural Gas Basis Differential |  | 7/01/2024 - 12/31/2025 |  | 16,470,000 |  |  | $ | (0.59) |  |  | $ | 7,620 |
Total open basis differential swap contracts |  |  |  |  |  | $ | 7,620 |
Summary of gross asset balances of derivative instruments | The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands).
Derivative Instruments |  | Gross amounts recognized |  | Gross amounts netted in the condensed consolidated balance sheets |  | Net amounts presented in the condensed consolidated balance sheets |  |
June 30, 2024 |  |  |  |  |  |  |  |
Current assets |  | $ | 23,461 |  |  | $ | (17,871) |  |  | $ | 5,590 |  |  |
Other assets |  | 2,030 |  |  | — |  |  | 2,030 |  |  |
Current liabilities |  | (32,575) |  |  | 17,871 |  |  | (14,704) |  |  |
Total |  | $ | (7,084) |  |  | $ | — |  |  | $ | (7,084) |  |  |
December 31, 2023 |  |  |  |  |  |  |  |
Current assets |  | $ | 2,573 |  |  | $ | (461) |  |  | $ | 2,112 |  |  |
Other assets |  | 1,743 |  |  | (1,185) |  |  | 558 |  |  |
Total |  | $ | 4,316 |  |  | $ | (1,646) |  |  | $ | 2,670 |  |  |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of income for the periods presented (in thousands).
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Type of Instrument |  | Location in Condensed Consolidated Statement of Income |  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivative Instrument |  |  |  |  |  |  |  |  |  |
Natural Gas |  | Revenues: Realized gain (loss) on derivatives |  | $ | 3,770 |  |  | $ | (3,148) |  |  | $ | 4,045 |  |  | $ | 521 |
Realized gain (loss) on derivatives |  | $ | 3,770 |  |  | $ | (3,148) |  |  | $ | 4,045 |  |  | $ | 521 |
Oil |  | Revenues: Unrealized loss on derivatives |  | $ | (14,704) |  |  | $ | — |  |  | $ | (14,704) |  |  | $ | — |
Natural Gas |  | Revenues: Unrealized gain (loss) on derivatives |  | 2,875 |  |  | (8,659) |  |  | 4,950 |  |  | (15,726) |
Unrealized loss on derivatives |  | $ | (11,829) |  |  | $ | (8,659) |  |  | $ | (9,754) |  |  | $ | (15,726) |
Total |  |  |  | $ | (8,059) |  |  | $ | (11,807) |  |  | $ | (5,709) |  |  | $ | (15,205) |

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