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DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Commodity Derivatives
As of December 31, 2022, the Company had entered into the following commodity price derivative contracts:
Contract Period
Q1 2023Q2 2023Q3 2023Q4 20232024
Oil Derivatives (volumes in Bbl/day and prices in $/Bbls)
Swaps
NYMEX WTI Volumes1,3201,2051,0539841,019
Weighted-Average Contract Price$74.29 $73.49 $70.92 $70.61 $66.78 
Two-Way Collars
NYMEX WTI Volumes1,054————
Weighted-Average Ceiling Price$72.70 $— $— $— $— 
Weighted-Average Floor Price$40.00 $— $— $— $— 
Three-Way Collars
NYMEX WTI Volumes1,7211,4361,3021,172143
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 
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu)
Swaps
NYMEX HH Volumes47,36846,37446,12045,94724,148
Weighted-Average Contract Price$2.65 $2.64 $2.61 $2.60 $2.70 
Two-Way Collars
NYMEX HH Volumes9,5581,5631,8871,7561,033
Weighted-Average Ceiling Price$3.23 $2.78 $2.96 $2.96 $3.05 
Weighted-Average Floor Price$2.03 $2.21 $2.34 $2.38 $2.38 
Three-Way Collars
NYMEX HH Volumes899505——303
Weighted-Average Ceiling Price$3.19 $3.33 $— $— $3.49 
Weighted-Average Floor Price$2.50 $2.50 $— $— $2.50 
Weighted-Average Sold Put Price$2.00 $2.00 $— $— $2.00 
Subsequent to December 31, 2022, the Company entered into a series of fixed price, natural gas basis protection swaps on all of its outstanding NYMEX HH positions through the third quarter of 2024 to mitigate exposure to adverse pricing differentials between NYMEX HH and CIG. The weighted-average contract price entered of $(0.13) per MMBtu represents the amount of reduction to the NYMEX HH natural gas price for the contracted volumes covered by the basis protection swaps.
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, 2022 and 2021 (in thousands):
As of December 31,
20222021
Derivative Assets: 
Commodity contracts - current$2,490 $3,393 
Commodity contracts - noncurrent794 — 
Total derivative assets3,284 3,393 
Amounts not offset in the accompanying balance sheets— (3,393)
Total derivative assets, net$3,284 $— 
Derivative Liabilities:  
Commodity contracts - current$(46,334)$(219,804)
Commodity contracts - long-term(17,199)(19,959)
Total derivative liabilities(63,533)(239,763)
Amounts not offset in the accompanying balance sheets— 3,393 
Total derivative liabilities, net$(63,533)$(236,370)
Summary of the Components of the Derivative Gain (Loss) The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands):
 Year Ended December 31,
 202220212020
Derivative cash settlement gain (loss): 
Oil contracts$(346,419)$(215,057)$50,133 
Gas contracts(189,410)(51,806)(727)
NGL contracts(40,973)(9,051)— 
Total derivative cash settlement gain (loss)(576,802)(275,914)49,406 
Change in fair value gain241,642 215,404 4,056 
Total derivative gain (loss)$(335,160)$(60,510)$53,462