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DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Commodity Derivatives
As of September 30, 2022, the Company had entered into the following commodity price derivative contracts:
Contract Period
Q4 2022Q1 2023Q2 2023Q3 2023Q4 20232024
Oil Derivatives (volumes in Bbl/day and prices in $/Bbls)
Swaps
NYMEX WTI Volumes10,5431,3201,2051,0539841,019
Weighted-Average Contract Price$51.94 $74.29 $73.49 $70.92 $70.61 $66.78 
Swaps (Fixed for Floating) (1)
NYMEX WTI Volumes9,538—————
Weighted-Average Contract Price$77.55 $— $— $— $— $— 
Two-Way Collars
NYMEX WTI Volumes9,1311,054————
Weighted-Average Ceiling Price$67.38 $72.70 $— $— $— $— 
Weighted-Average Floor Price$42.39 $40.00 $— $— $— $— 
Three-Way Collars
NYMEX WTI Volumes—1,7211,4361,3021,172143
Weighted-Average Ceiling Price$— $58.75 $57.69 $57.48 $56.49 $56.25 
Weighted-Average Floor Price$— $49.31 $48.10 $47.91 $49.04 $45.00 
Weighted-Average Sold Put Price$— $39.25 $37.70 $37.41 $39.04 $35.00 
Roll Differential Swaps (2)
NYMEX WTI Volumes2,000—————
Weighted-Average Contract Price$0.22 $— $— $— $— $— 
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”))
Swaps
NYMEX HH Volumes57,72047,36846,37446,12045,94724,148
Weighted-Average Contract Price$2.92 $2.65 $2.64 $2.61 $2.60 $2.70 
CIG Volumes10,000—————
Weighted-Average Contract Price$2.13 $— $— $— $— $— 
Two-Way Collars
NYMEX HH Volumes79,1489,5581,5631,8871,7561,033
Weighted-Average Ceiling Price$3.69 $3.23 $2.78 $2.96 $2.96 $3.05 
Weighted-Average Floor Price$2.60 $2.03 $2.21 $2.34 $2.38 $2.38 
Three-Way Collars
NYMEX HH Volumes127899505——303
Weighted-Average Ceiling Price$2.74 $3.19 $3.33 $— $— $3.49 
Weighted-Average Floor Price$2.50 $2.50 $2.50 $— $— $2.50 
Weighted-Average Sold Put Price$2.00 $2.00 $2.00 $— $— $2.00 
NGL Derivatives (volumes in Bbls/day and prices in $/Bbl)
Swaps
OPIS Basket Volumes4,000—————
Weighted-Average Contract Price$20.22 $— $— $— $— $— 
______________________________
(1) During the third quarter of 2022, the Company entered into fixed for floating swaps to achieve a fixed settlement of $30.71 per Bbl on the majority of its fourth quarter 2022 oil swap positions (weighted-average contract price of $46.84 per Bbl).
(2) 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 the dates indicated (in thousands):
September 30, 2022December 31, 2021
Derivative Assets: 
Commodity contracts - current$5,727 $3,393 
Commodity contracts - noncurrent2,764 — 
Total derivative assets8,491 3,393 
Amounts not offset in the accompanying balance sheets(8,491)(3,393)
Total derivative assets, net$— $— 
Derivative Liabilities:  
Commodity contracts - current$(144,176)$(219,804)
Commodity contracts - long-term(32,916)(19,959)
Total derivative liabilities(177,092)(239,763)
Amounts not offset in the accompanying balance sheets8,491 3,393 
Total derivative liabilities, net$(168,601)$(236,370)
Summary of the Components of the Derivative Gain (Loss) The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Derivative cash settlement loss:
Oil contracts$(67,623)$(19,838)$(307,563)$(41,454)
Gas contracts(66,610)(6,708)(149,485)(9,082)
NGL contracts(9,678)— (35,072)— 
Total derivative cash settlement loss(143,911)(26,546)(492,120)(50,536)
Change in fair value gain (loss)153,192 (9,678)133,258 (83,077)
Total derivative gain (loss)$9,281 $(36,224)$(358,862)$(133,613)