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DERIVATIVES (Tables)

9 Months Ended

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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