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DERIVATIVE FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
At June 30, 2024, the Company had various costless collar contracts open and in place to mitigate its exposure to oil price volatility, each with an established price floor and ceiling. At June 30, 2024, the Company had natural gas basis differential swap contracts open and in place to mitigate its exposure to natural gas price volatility, with a specific term (calculation period), notional quantity (volume hedged) and fixed price. The Company had no open contracts associated with natural gas liquids prices at June 30, 2024.
The following is a summary of the Company’s open costless collar contracts at June 30, 2024.

CommodityCalculation PeriodNotional Quantity
(Bbl)		Weighted Average Price Floor
($/Bbl)		Weighted Average Price Ceiling
($/Bbl)		Fair Value of
Asset
(Liability)
(thousands)
Oil Costless Collar7/01/2024 - 6/30/202516,425,000 $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.
CommodityCalculation PeriodNotional Quantity (MMBtu)Fixed Price
($/MMBtu)		Fair Value of
Asset
(Liability)
(thousands)
Natural Gas Basis Differential7/01/2024 - 12/31/202516,470,000 $(0.59)$7,620 
Total open basis differential swap contracts$7,620 
The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets.
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 InstrumentsGross
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)$5,590 
Other assets2,030 — 2,030 
Current liabilities(32,575)17,871 (14,704)
Total$(7,084)$— $(7,084)
December 31, 2023
Current assets$2,573 $(461)$2,112 
Other assets1,743 (1,185)558 
Total$4,316 $(1,646)$2,670 
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 InstrumentLocation in Condensed Consolidated 
Statement of Income		2024202320242023
Derivative Instrument
Natural GasRevenues: Realized gain (loss) on derivatives$3,770 $(3,148)$4,045 $521 
Realized gain (loss) on derivatives$3,770 $(3,148)$4,045 $521 
OilRevenues: Unrealized loss on derivatives$(14,704)$— $(14,704)$— 
Natural GasRevenues: Unrealized gain (loss) on derivatives2,875 (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)