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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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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Tabular disclosure of contract for right to buy or sell asset at fixed price by fixed date.

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