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v3.22.1

DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Commodity Derivatives | As of March 31, 2022, the Company had entered into the following commodity price derivative contracts:
|  | Contract Period
|  | Q2 2022 |  | Q3 2022 |  | Q4 2022 |  | Q1 2023 |  | Q2 - Q4 2023 |  | 2024
Oil Derivatives (volumes in Bbls/day and prices in $/Bbls) |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 11,300 |  | 10,507 |  | 9,538 |  | 457 |  | 392 |  | 479
Weighted-Average Contract Price |  | $ | 49.56 |  |  | $ | 47.00 |  |  | $ | 46.84 |  |  | $ | 45.42 |  |  | $ | 46.59 |  |  | $ | 53.96 |
Two-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 9,775 |  | 8,296 |  | 7,393 |  | 1,054 |  | — |  | —
Weighted-Average Ceiling Price |  | $ | 65.66 |  |  | $ | 68.43 |  |  | $ | 69.63 |  |  | $ | 72.70 |  |  | $ | — |  |  | $ | — |
Weighted-Average Floor Price |  | $ | 38.75 |  |  | $ | 40.66 |  |  | $ | 40.97 |  |  | $ | 40.00 |  |  | $ | — |  |  | $ | — |
Three-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 3,642 |  | 2,241 |  | 1,738 |  | 1,721 |  | 1,303 |  | 143
Weighted-Average Ceiling Price |  | $ | 59.54 |  |  | $ | 58.03 |  |  | $ | 57.78 |  |  | $ | 58.75 |  |  | $ | 57.26 |  |  | $ | 56.25 |
Weighted-Average Floor Price |  | $ | 48.96 |  |  | $ | 48.59 |  |  | $ | 48.42 |  |  | $ | 49.31 |  |  | $ | 48.32 |  |  | $ | 45.00 |
Weighted-Average Sold Put Price |  | $ | 38.96 |  |  | $ | 38.59 |  |  | $ | 38.42 |  |  | $ | 39.25 |  |  | $ | 38.01 |  |  | $ | 35.00 |
Roll Differential Swaps (1) |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 2,000 |  | 2,000 |  | 2,000 |  | — |  | — |  | —
Weighted-Average Contract Price |  | $ | 0.22 |  |  | $ | 0.22 |  |  | $ | 0.22 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu) |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 55,618 |  | 54,952 |  | 54,783 |  | 44,641 |  | 43,883 |  | 22,309
Weighted-Average Contract Price |  | $ | 2.76 |  |  | $ | 2.76 |  |  | $ | 2.76 |  |  | $ | 2.51 |  |  | $ | 2.51 |  |  | $ | 2.57 |
CIG Volumes |  | 10,000 |  | 10,000 |  | 10,000 |  | — |  | — |  | —
Weighted-Average Contract Price |  | $ | 2.13 |  |  | $ | 2.13 |  |  | $ | 2.13 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Two-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 63,113 |  | 81,018 |  | 79,148 |  | 9,558 |  | 1,736 |  | 1,033
Weighted-Average Ceiling Price |  | $ | 3.49 |  |  | $ | 3.68 |  |  | $ | 3.69 |  |  | $ | 3.23 |  |  | $ | 2.91 |  |  | $ | 3.05 |
Weighted-Average Floor Price |  | $ | 2.50 |  |  | $ | 2.59 |  |  | $ | 2.60 |  |  | $ | 2.03 |  |  | $ | 2.32 |  |  | $ | 2.38 |
CIG Volumes |  | 20,000 |  | — |  | — |  | — |  | — |  | —
Weighted-Average Ceiling Price |  | $ | 2.75 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Weighted-Average Floor Price |  | $ | 2.15 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Three-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 148 |  | 136 |  | 127 |  | 899 |  | 167 |  | 303
Weighted-Average Ceiling Price |  | $ | 2.74 |  |  | $ | 2.74 |  |  | $ | 2.74 |  |  | $ | 3.19 |  |  | $ | 3.33 |  |  | $ | 3.49 |
Weighted-Average Floor Price |  | $ | 2.50 |  |  | $ | 2.50 |  |  | $ | 2.50 |  |  | $ | 2.50 |  |  | $ | 2.50 |  |  | $ | 2.50 |
Weighted-Average Sold Put Price |  | $ | 2.00 |  |  | $ | 2.00 |  |  | $ | 2.00 |  |  | $ | 2.00 |  |  | $ | 2.00 |  |  | $ | 2.00 |
NGL Derivatives (volumes in Bbls/day and prices in $/Bbl) |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
OPIS Basket Volumes |  | 4,000 |  | 4,000 |  | 4,000 |  | — |  | — |  | —
Weighted-Average Contract Price |  | $ | 20.22 |  |  | $ | 20.22 |  |  | $ | 20.22 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
______________________________ (1) The weighted-average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts.
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 March 31, 2022 and December 31, 2021 (in thousands):
|  | March 31, 2022 |  | December 31, 2021
Derivative Assets: |  |  |  |
Commodity contracts - current |  | $ | — |  |  | $ | 3,393 |
Commodity contracts - noncurrent |  | — |  |  | — |
Total derivative assets |  | — |  |  | 3,393 |
Amounts not offset in the accompanying balance sheets |  | — |  |  | (3,393) |
Total derivative assets, net |  | $ | — |  |  | $ | — |
Derivative Liabilities: |  |  |  |
Commodity contracts - current |  | $ | (384,694) |  |  | $ | (219,804) |
Commodity contracts - long-term |  | (46,111) |  |  | (19,959) |
Total derivative liabilities |  | (430,805) |  |  | (239,763) |
Amounts not offset in the accompanying balance sheets |  | — |  |  | 3,393 |
Total derivative liabilities, net |  | $ | (430,805) |  |  | $ | (236,370) |
Summary of the Components of the Derivative Gain (Loss) | The following table summarizes the components of the derivative loss presented on the accompanying statements of operations for the periods below (in thousands):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Derivative cash settlement loss: |  |  |  |  |  |  |
Oil contracts | $ | (125,162) |  |  | $ | (2,822) |  |  |  |  |
Gas contracts | (28,784) |  |  | (969) |  |  |  |  |
NGL contracts | (12,632) |  |  | — |  |  |  |  |
Total derivative cash settlement loss | (166,578) |  |  | (3,791) |  |  |  |  |
Change in fair value loss | (128,915) |  |  | (19,628) |  |  |  |  |
Total derivative loss | $ | (295,493) |  |  | $ | (23,419) |  |  |  |  |

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