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DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of the Components of the Derivative Gain (Loss), Net
The following table summarizes the components of the derivative gain (loss), net presented on the accompanying statements of operations for the periods below (in thousands):
 Three Months Ended March 31,
20242023
Derivative cash settlement loss, net
Crude oil contracts$(11,104)$(3,449)
Natural gas contracts(51)(7,101)
Total derivative cash settlement loss, net
(11,155)(10,550)
Change in fair value gain (loss)(98,525)35,710 
Total derivative gain (loss), net
$(109,680)$25,160 
Schedule of Commodity Derivatives
As of March 31, 2024, we had entered into the following commodity price derivative contracts:
Contract Period
Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps
NYMEX WTI Volumes16,49124,03625,99716,00015,000
Weighted-Average Contract Price$70.52 $71.15 $70.77 $72.17 $71.10 
Two-Way Collars
NYMEX WTI Volumes29,93024,82423,50418,00017,000
Weighted-Average Ceiling Price$85.02 $82.44 $80.99 $78.97 $77.03 
Weighted-Average Floor Price$65.82 $65.49 $65.66 $70.00 $69.76 
Bought Puts
NYMEX WTI Volumes6,9536,2165,669——
Weighted-Average Contract Price$55.00 $55.00 $55.00 $— $— 
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu)
Swaps
NYMEX HH Volumes31,68631,5781,701——
Weighted-Average Contract Price$2.68 $2.66 $4.23 $— $— 
Two-Way Collars
NYMEX HH Volumes1,7321,668———
Weighted-Average Ceiling Price$2.89 $3.16 $— $— $— 
Weighted-Average Floor Price$2.20 $2.50 $— $— $— 
Three-Way Collars
NYMEX HH Volumes55————
Weighted-Average Ceiling Price$3.42 $— $— $— $— 
Weighted-Average Floor Price$2.50 $— $— $— $— 
Weighted-Average Sold Put Price$2.00 $— $— $— $— 
Basis Protection Swaps
CIG Basis Volumes
33,47333,246———
Weighted-Average Contract Price$(0.27)$(0.27)$— $— $— 
Subsequent to March 31, 2024 and as of April 26, 2024, we had entered into the following commodity price derivative contracts:
Contract Period
Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Two-Way Collars
NYMEX WTI Volumes———10,00011,000
Weighted-Average Ceiling Price$— $— $— $81.49 $78.82 
Weighted-Average Floor Price$— $— $— $70.00 $70.00 
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu)
Swaps
NYMEX HH Volumes—130,000130,000——
Weighted-Average Contract Price$— $2.69 $2.69 $— $— 
Basis Protection Swaps
CIG Basis Volumes
80,440————
Weighted-Average Contract Price$(0.48)$— $— $— $— 
WAHA Basis Volumes
—130,000130,000——
Weighted-Average Contract Price$— $(0.97)$(0.97)$— $— 
WAHA Index Volumes
46,92370,000———
Weighted-Average Contract Price$(0.05)$(0.05)$— $— $— 
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 March 31, 2024, and December 31, 2023 (in thousands):
March 31, 2024December 31, 2023
Derivative Assets: 
Commodity contracts - current$10,602 $35,192 
Commodity contracts - noncurrent254 8,233 
Total derivative assets10,856 43,425 
Amounts not offset in the accompanying balance sheets(5,083)(11,859)
Total derivative assets, net$5,773 $31,566 
Derivative Liabilities:  
Commodity contracts - current$(80,614)$(18,096)
Commodity contracts - long-term(5,690)— 
Total derivative liabilities(86,304)(18,096)
Amounts not offset in the accompanying balance sheets5,083 11,859 
Total derivative liabilities, net$(81,221)$(6,237)