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DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Commodity Derivatives
As of December 31, 2023, we had entered into the following commodity price derivative contracts:
Contract Period
Q1 2024Q2 2024Q3 2024Q4 20242025
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps
NYMEX WTI Volumes19,72715,49114,03610,9971,238
Weighted-Average Contract Price$72.75 $70.34 $70.34 $70.30 $72.23 
Two-Way Collars
NYMEX WTI Volumes27,91324,93020,82419,5043,967
Weighted-Average Ceiling Price$88.38 $85.90 $83.17 $81.97 $79.45 
Weighted-Average Floor Price$64.88 $64.98 $64.63 $64.77 $70.00 
Three-Way Collars
NYMEX WTI Volumes573————
Weighted-Average Ceiling Price$56.25 $— $— $— $— 
Weighted-Average Floor Price$45.00 $— $— $— $— 
Weighted-Average Sold Put Price$35.00 $— $— $— $— 
Bought Puts
NYMEX WTI Volumes7,9426,9536,2165,669—
Weighted-Average Contract Price$55.00 $55.00 $55.00 $55.00 $— 
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu)
Swaps
NYMEX HH Volumes31,79031,68631,5781,701—
Weighted-Average Contract Price$2.69 $2.68 $2.66 $4.23 $— 
Two-Way Collars
NYMEX HH Volumes7361,7321,668——
Weighted-Average Ceiling Price$3.16 $2.89 $3.16 $— $— 
Weighted-Average Floor Price$2.50 $2.20 $2.50 $— $— 
Three-Way Collars
NYMEX HH Volumes1,16655———
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 $— $— $— 
Basis Protection Swaps
CIG-NYMEX HH Volumes33,69133,47333,246——
Weighted-Average Contract Price$(0.27)$(0.27)$(0.27)$— $— 
Subsequent to December 31, 2023, we had entered into the following commodity price derivative contracts:
Contract Period
Q1 2024Q2 2024Q3 2024Q4 20242025
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps
NYMEX WTI Volumes—1,00010,00015,0004,959
Weighted-Average Contract Price$— $73.25 $72.29 $71.12 $71.48 
Two-Way Collars
NYMEX WTI Volumes—5,0004,0004,000—
Weighted-Average Ceiling Price$— $80.59 $78.68 $76.21 $— 
Weighted-Average Floor Price$— $70.00 $70.00 $70.00 $— 
Summary of all the Company's Derivative Positions The following table contains a summary of all our 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 our commodity derivative contracts as of December 31, 2023 and 2022 (in thousands):
As of December 31,
20232022
Derivative Assets: 
Commodity contracts - current$35,192 $2,490 
Commodity contracts - noncurrent8,233 794 
Total derivative assets43,425 3,284 
Amounts not offset in the accompanying balance sheets(11,859)— 
Total derivative assets, net$31,566 $3,284 
Derivative Liabilities:  
Commodity contracts - current$(18,096)$(46,334)
Commodity contracts - long-term— (17,199)
Total derivative liabilities(18,096)(63,533)
Amounts not offset in the accompanying balance sheets11,859 — 
Total derivative liabilities, net$(6,237)$(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):
 Year Ended December 31,
 202320222021
Derivative cash settlement gain (loss): 
Crude oil contracts
$(59,543)$(346,419)$(215,057)
Gas contracts(8,703)(189,410)(51,806)
NGL contracts— (40,973)(9,051)
Total derivative cash settlement gain (loss)(68,246)(576,802)(275,914)
Change in fair value gain77,553 241,642 215,404 
Total derivative gain (loss)$9,307 $(335,160)$(60,510)