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v3.23.3

DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Commodity Derivatives | As of September 30, 2023, the Company had entered into the following commodity price derivative contracts:
|  | Contract Period
|  | Q4 2023 |  | Q1 2024 |  | Q2 2024 |  | Q3 2024 |  | Q4 2024
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 29,161 |  | 12,727 |  | 11,991 |  | 10,536 |  | 8,997
Weighted-Average Contract Price |  | $ | 71.83 |  |  | $ | 70.39 |  |  | $ | 68.75 |  |  | $ | 68.87 |  |  | $ | 69.46 |
Two-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 9,392 |  | 11,913 |  | 10,430 |  | 9,324 |  | 8,504
Weighted-Average Ceiling Price |  | $ | 82.28 |  |  | $ | 81.51 |  |  | $ | 80.83 |  |  | $ | 80.27 |  |  | $ | 79.85 |
Weighted-Average Floor Price |  | $ | 60.00 |  |  | $ | 58.00 |  |  | $ | 58.00 |  |  | $ | 58.00 |  |  | $ | 58.00 |
Three-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 1,172 |  | 573 |  | — |  | — |  | —
Weighted-Average Ceiling Price |  | $ | 56.49 |  |  | $ | 56.25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Weighted-Average Floor Price |  | $ | 49.04 |  |  | $ | 45.00 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Weighted-Average Sold Put Price |  | $ | 39.04 |  |  | $ | 35.00 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Bought Puts |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | — |  | 7,942 |  | 6,953 |  | 6,216 |  | 5,669
Weighted-Average Contract Price |  | $ | — |  |  | $ | 55.00 |  |  | $ | 55.00 |  |  | $ | 55.00 |  |  | $ | 55.00 |
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 45,947 |  | 31,790 |  | 31,686 |  | 31,578 |  | 1,701
Weighted-Average Contract Price |  | $ | 2.60 |  |  | $ | 2.69 |  |  | $ | 2.68 |  |  | $ | 2.66 |  |  | $ | 4.23 |
Two-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 1,756 |  | 736 |  | 1,732 |  | 1,668 |  | —
Weighted-Average Ceiling Price |  | $ | 2.96 |  |  | $ | 3.16 |  |  | $ | 2.89 |  |  | $ | 3.16 |  |  | $ | — |
Weighted-Average Floor Price |  | $ | 2.38 |  |  | $ | 2.50 |  |  | $ | 2.20 |  |  | $ | 2.50 |  |  | $ | — |
Three-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | — |  | 1,166 |  | 55 |  | — |  | —
Weighted-Average Ceiling Price |  | $ | — |  |  | $ | 3.50 |  |  | $ | 3.42 |  |  | $ | — |  |  | $ | — |
Weighted-Average Floor Price |  | $ | — |  |  | $ | 2.50 |  |  | $ | 2.50 |  |  | $ | — |  |  | $ | — |
Weighted-Average Sold Put Price |  | $ | — |  |  | $ | 2.00 |  |  | $ | 2.00 |  |  | $ | — |  |  | $ | — |
Basis Protection Swaps |  |  |  |  |  |  |  |  |  |
CIG-NYMEX HH Volumes |  | 47,703 |  | 33,691 |  | 33,473 |  | 33,246 |  | —
Weighted-Average Contract Price |  | $ | (0.46) |  |  | $ | (0.27) |  |  | $ | (0.27) |  |  | $ | (0.27) |  |  | $ | — |
As of November 3, 2023, the Company had entered into the following commodity price derivative contracts:
|  |  |  | Contract Period
|  |  |  | Q4 2023 |  | Q1 2024 |  | Q2 2024 |  | Q3 2024 |  | Q4 2024 - Q2 2025
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | 29,161 |  | 12,727 |  | 11,991 |  | 10,536 |  | 3,032
Weighted-Average Contract Price |  |  |  | $ | 71.83 |  |  | $ | 70.39 |  |  | $ | 68.75 |  |  | $ | 68.87 |  |  | $ | 69.46 |
Two-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | 9,392 |  | 25,913 |  | 22,930 |  | 18,324 |  | 10,708
Weighted-Average Ceiling Price |  |  |  | $ | 82.28 |  |  | $ | 88.38 |  |  | $ | 85.91 |  |  | $ | 83.26 |  |  | $ | 80.99 |
Weighted-Average Floor Price |  |  |  | $ | 60.00 |  |  | $ | 64.48 |  |  | $ | 64.54 |  |  | $ | 63.89 |  |  | $ | 66.79 |
Three-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | 1,172 |  | 573 |  | — |  | — |  | —
Weighted-Average Ceiling Price |  |  |  | $ | 56.49 |  |  | $ | 56.25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Weighted-Average Floor Price |  |  |  | $ | 49.04 |  |  | $ | 45.00 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Weighted-Average Sold Put Price |  |  |  | $ | 39.04 |  |  | $ | 35.00 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Puts |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | — |  | 7,942 |  | 6,953 |  | 6,216 |  | 1,911
Weighted-Average Strike Price |  |  |  | $ | — |  |  | $ | 55.00 |  |  | $ | 55.00 |  |  | $ | 55.00 |  |  | $ | 55.00 |
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu) |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  |  |  | 45,947 |  | 31,790 |  | 31,686 |  | 31,578 |  | 573
Weighted-Average Contract Price |  |  |  | $ | 2.60 |  |  | $ | 2.69 |  |  | $ | 2.68 |  |  | $ | 2.66 |  |  | $ | 4.23 |
Two-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  |  |  | 1,756 |  | 736 |  | 1,732 |  | 1,668 |  | —
Weighted-Average Ceiling Price |  |  |  | $ | 2.96 |  |  | $ | 3.16 |  |  | $ | 2.89 |  |  | $ | 3.16 |  |  | $ | — |
Weighted-Average Floor Price |  |  |  | $ | 2.38 |  |  | $ | 2.50 |  |  | $ | 2.20 |  |  | $ | 2.50 |  |  | $ | — |
Three-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  |  |  | — |  | 1,166 |  | 55 |  | — |  | —
Weighted-Average Ceiling Price |  |  |  | $ | — |  |  | $ | 3.50 |  |  | $ | 3.42 |  |  | $ | — |  |  | $ | — |
Weighted-Average Floor Price |  |  |  | $ | — |  |  | $ | 2.50 |  |  | $ | 2.50 |  |  | $ | — |  |  | $ | — |
Weighted-Average Sold Put Price |  |  |  | $ | — |  |  | $ | 2.00 |  |  | $ | 2.00 |  |  | $ | — |  |  | $ | — |
Basis Protection Swaps |  |  |  |  |  |  |  |  |  |  |  |
CIG-NYMEX HH Volumes |  |  |  | 47,703 |  | 33,691 |  | 33,473 |  | 33,246 |  | —
Weighted-Average Contract Price |  |  |  | $ | (0.46) |  |  | $ | (0.27) |  |  | $ | (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 September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, 2023 |  | December 31, 2022
Derivative Assets: |  |  |  |
Commodity contracts - current |  | $ | 7,058 |  |  | $ | 2,490 |
Commodity contracts - noncurrent |  | 1,872 |  |  | 794 |
Total derivative assets |  | 8,930 |  |  | 3,284 |
Amounts not offset in the accompanying balance sheets |  | (906) |  |  | — |
Total derivative assets, net |  | $ | 8,024 |  |  | $ | 3,284 |
Derivative Liabilities: |  |  |  |
Commodity contracts - current |  | $ | (126,053) |  |  | $ | (46,334) |
Commodity contracts - long-term |  | (10,768) |  |  | (17,199) |
Total derivative liabilities |  | (136,821) |  |  | (63,533) |
Amounts not offset in the accompanying balance sheets |  | 906 |  |  | — |
Total derivative liabilities, net |  | $ | (135,915) |  |  | $ | (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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Derivative cash settlement loss: |  |  |  |  |  |  |
Oil contracts | $ | (32,397) |  |  | $ | (67,623) |  |  | $ | (38,010) |  |  | $ | (307,563) |
Natural gas contracts | (625) |  |  | (66,610) |  |  | (6,897) |  |  | (149,485) |
NGL contracts | — |  |  | (9,678) |  |  | — |  |  | (35,072) |
Total derivative cash settlement loss | (33,022) |  |  | (143,911) |  |  | (44,907) |  |  | (492,120) |
Change in fair value gain (loss) | (117,639) |  |  | 153,192 |  |  | (75,667) |  |  | 133,258 |
Total derivative gain (loss) | $ | (150,661) |  |  | $ | 9,281 |  |  | $ | (120,574) |  |  | $ | (358,862) |

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