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v3.23.1

DERIVATIVES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Commodity Derivatives | As of March 31, 2023, the Company had entered into the following commodity price derivative contracts:
|  | Contract Period
|  | Q2 2023 |  | Q3 2023 |  | Q4 2023 |  | Q1 2024 |  | Q2 - Q4 2024
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 1,205 |  | 1,053 |  | 984 |  | 814 |  | 1,087
Weighted-Average Contract Price |  | $ | 73.49 |  |  | $ | 70.92 |  |  | $ | 70.61 |  |  | $ | 73.27 |  |  | $ | 65.18 |
Three-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 1,436 |  | 1,302 |  | 1,172 |  | 573 |  | —
Weighted-Average Ceiling Price |  | $ | 57.69 |  |  | $ | 57.48 |  |  | $ | 56.49 |  |  | $ | 56.25 |  |  | $ | — |
Weighted-Average Floor Price |  | $ | 48.10 |  |  | $ | 47.91 |  |  | $ | 49.04 |  |  | $ | 45.00 |  |  | $ | — |
Weighted-Average Sold Put Price |  | $ | 37.70 |  |  | $ | 37.41 |  |  | $ | 39.04 |  |  | $ | 35.00 |  |  | $ | — |
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 46,374 |  | 46,120 |  | 45,947 |  | 31,790 |  | 21,619
Weighted-Average Contract Price |  | $ | 2.64 |  |  | $ | 2.61 |  |  | $ | 2.60 |  |  | $ | 2.69 |  |  | $ | 2.71 |
Two-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 1,563 |  | 1,887 |  | 1,756 |  | 736 |  | 1,131
Weighted-Average Ceiling Price |  | $ | 2.78 |  |  | $ | 2.96 |  |  | $ | 2.96 |  |  | $ | 3.16 |  |  | $ | 3.02 |
Weighted-Average Floor Price |  | $ | 2.21 |  |  | $ | 2.34 |  |  | $ | 2.38 |  |  | $ | 2.50 |  |  | $ | 2.35 |
Three-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 505 |  | — |  | — |  | 1,166 |  | 18
Weighted-Average Ceiling Price |  | $ | 3.33 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.50 |  |  | $ | 3.42 |
Weighted-Average Floor Price |  | $ | 2.50 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.50 |  |  | $ | 2.50 |
Weighted-Average Sold Put Price |  | $ | 2.00 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.00 |  |  | $ | 2.00 |
Basis Protection Swaps |  |  |  |  |  |  |  |  |  |
CIG-NYMEX HH Volumes |  | 48,442 |  | 48,007 |  | 47,703 |  | 33,692 |  | 22,199
Weighted-Average Contract Price |  | $ | (0.46) |  |  | $ | (0.46) |  |  | $ | (0.46) |  |  | $ | (0.27) |  |  | $ | (0.27) |
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, 2023 and December 31, 2022 (in thousands):
|  | March 31, 2023 |  | December 31, 2022
Derivative Assets: |  |  |  |
Commodity contracts - current |  | $ | 3,319 |  |  | $ | 2,490 |
Commodity contracts - noncurrent |  | 2,463 |  |  | 794 |
Total derivative assets |  | 5,782 |  |  | 3,284 |
Amounts not offset in the accompanying balance sheets |  | (3,203) |  |  | — |
Total derivative assets, net |  | $ | 2,579 |  |  | $ | 3,284 |
Derivative Liabilities: |  |  |  |
Commodity contracts - current |  | $ | (22,878) |  |  | $ | (46,334) |
Commodity contracts - long-term |  | (7,442) |  |  | (17,199) |
Total derivative liabilities |  | (30,320) |  |  | (63,533) |
Amounts not offset in the accompanying balance sheets |  | 3,203 |  |  | — |
Total derivative liabilities, net |  | $ | (27,117) |  |  | $ | (63,533) |
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 March 31, |  |
| 2023 |  | 2022 |  |  |  |
Derivative cash settlement loss: |  |  |  |  |  |  |
Oil contracts | $ | (3,449) |  |  | $ | (125,162) |  |  |  |  |
Natural gas contracts | (7,101) |  |  | (28,784) |  |  |  |  |
NGL contracts | — |  |  | (12,632) |  |  |  |  |
Total derivative cash settlement loss | (10,550) |  |  | (166,578) |  |  |  |  |
Change in fair value gain (loss) | 35,710 |  |  | (128,915) |  |  |  |  |
Total derivative gain (loss) | $ | 25,160 |  |  | $ | (295,493) |  |  |  |  |

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