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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Commodity Derivatives | As of December 31, 2021, the Company had entered into the following commodity price derivative contracts:
|  | Crude Oil (NYMEX WTI) |  | Natural Gas (NYMEX Henry Hub) |  |  |  | Natural Gas (CIG) |  | Natural Gas Liquids (OPIS)
|  | Bbls/day |  | Weighted Avg. Price per Bbl |  | MMBtu/day |  | Weighted Avg. Price per MMBtu |  |  |  |  |  | MMBtu/day |  | Weighted Avg. Price per MMBtu |  | Bbls/day |  | Weighted Avg. Price per Bbl
1Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collar |  | 15,700 |  |  | $43.83/$59.77 |  | — |  |  | — |  |  |  |  |  |  | 20,000 |  |  | $2.15/$2.75 |  | — |  | — |
Swap |  | 15,371 |  |  | $47.39 |  | 125,170 |  |  | $2.90 |  |  |  |  |  | 10,000 |  |  | $2.13 |  | 4,000 |  | $20.22
Oil roll swap(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
2Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collar |  | 8,800 |  |  | $38.09/$67.48 |  | 60,375 |  |  | $2.50/$3.50 |  |  |  |  |  | 20,000 |  |  | $2.15/$2.75 |  | — |  | — |
Swap |  | 10,139 |  |  | $49.84 |  | 53,300 |  |  | $2.77 |  |  |  |  |  | 10,000 |  |  | $2.13 |  | 4,000 |  | $20.22
Oil roll swap(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
3Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collar |  | 7,681 |  |  | $40.35/$69.99 |  | 78,420 |  |  | $2.59/$3.68 |  |  |  |  |  | — |  |  | — |  |  | — |  | — |
Swap |  | 9,359 |  |  | $46.88 |  | 53,300 |  |  | $2.77 |  |  |  |  |  | 10,000 |  |  | $2.13 |  | 4,000 |  | $20.22
Oil roll swap(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
4Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collar |  | 6,938 |  |  | $40.75/$70.99 |  | 76,929 |  |  | $2.60/$3.69 |  |  |  |  |  | — |  |  | — |  |  | — |  | — |
Swap |  | 8,686 |  |  | $46.77 |  | 53,300 |  |  | $2.77 |  |  |  |  |  | 10,000 |  |  | $2.13 |  | 4,000 |  | $20.22
Oil roll swap(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collar |  | 260 |  |  | $40.00/$72.70 |  | 2,184 |  |  | $2.00/$3.25 |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Swap |  | 200 |  |  | $46.05 |  | 43,600 |  |  | $2.51 |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap |  | — |  |  | — |  |  | 22,309 |  |  | $2.57 |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
_______________________________ (1) The weighted average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts. As of March 1, 2022, the following commodity price derivative contracts were novated from Bison:
|  | Crude Oil (NYMEX WTI) |  | Natural Gas (NYMEX Henry Hub) |  |  |
|  | Bbls/day |  | Weighted Avg. Price per Bbl |  | MMBtu/day |  | Weighted Avg. Price per MMBtu |  |  |  |  |
2022(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Collar(2, 3) |  | 2,756 |  |  | $47.85 / $56.71 |  | 2,278 |  |  | $2.67 / $3.39 |  |  |  |  |
Swap |  | 873 |  |  | $47.38 |  | 1,582 |  |  | $2.52 |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Collar(2, 3) |  | 1,406 |  |  | $48.62 / $57.71 |  | 1,828 |  |  | $2.36 / $2.98 |  |  |  |  |
Swap |  | 208 |  |  | $46.47 |  | 470 |  |  | $2.51 |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Collar(2, 3) |  | 143 |  |  | $45.00 / $56.25 |  | 1,337 |  |  | $2.40 / $3.15 |  |  |  |  |
Swap |  | 479 |  |  | $53.96 |  | — |  |  | — |  |  |  |  |  |
_______________________________ (1) Represents hedged volumes from the closing date through December 31, 2022. (2) 79%, 100%, and 100% of the 2022, 2023, and 2024 oil collars presented include sold puts at a weighted average price of $38.72, $38.38, and $35.00 per Bbl, respectively (3) 5%, 19%, and 23% of the 2022, 2023, and 2024 gas collars presented include sold puts at a weighted average price of $2.00 per MMBtu, respectively.
Summary of all the Company's Derivative Positions | The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts as of December 31, 2021 and 2020 (in thousands):
|  | As of December 31,
|  | 2021 |  | 2020
Derivative Assets: |  |  |  |
Commodity contracts - current |  | $ | 3,393 |  |  | $ | 7,482 |
Commodity contracts - noncurrent |  | — |  |  | — |
Total derivative assets |  | 3,393 |  |  | 7,482 |
Amounts not offset in the accompanying balance sheets |  | (3,393) |  |  | (4,758) |
Total derivative assets, net |  | $ | — |  |  | $ | 2,724 |
Derivative Liabilities: |  |  |  |
Commodity contracts - current |  | $ | (219,804) |  |  | $ | (6,402) |
Commodity contracts - long-term |  | (19,959) |  |  | (1,330) |
Total derivative liabilities |  | (239,763) |  |  | (7,732) |
Amounts not offset in the accompanying balance sheets |  | 3,393 |  |  | 4,758 |
Total derivative liabilities, net |  | $ | (236,370) |  |  | $ | (2,974) |
Summary of the Components of the Derivative Gain (Loss) | The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Derivative cash settlement gain (loss): |  |  |  |  |
Oil contracts | $ | (215,057) |  |  | $ | 50,133 |  |  | $ | 1,185 |
Gas contracts | (51,806) |  |  | (727) |  |  | 506 |
NGL contracts | (9,051) |  |  | — |  |  | — |
Total derivative cash settlement gain (loss)(1) | (275,914) |  |  | 49,406 |  |  | 1,691 |
Change in fair value gain (loss) | 215,404 |  |  | 4,056 |  |  | (38,836) |
Total derivative gain (loss)(1) | $ | (60,510) |  |  | $ | 53,462 |  |  | $ | (37,145) |
___________________________ (1)Total derivative gain (loss) and total derivative cash settlement gain (loss) for each of the periods presented above is reported in the derivative (gain) loss line item and derivative cash settlements gain (loss) line item in the accompanying statements of cash flows, within the cash flows from operating activities.

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