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DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Derivative cash settlement loss, net |  |  |  |  |  |  |
Crude oil contracts | $ | (19,163) |  |  | $ | (2,164) |  |  | $ | (30,267) |  |  | $ | (5,613) |
Natural gas contracts | 6,411 |  |  | 829 |  |  | 6,360 |  |  | (6,272) |
Total derivative cash settlement loss, net | (12,752) |  |  | (1,335) |  |  | (23,907) |  |  | (11,885) |
Change in fair value gain (loss) | 20,330 |  |  | 6,262 |  |  | (78,195) |  |  | 41,972 |
Total derivative gain (loss), net | $ | 7,578 |  |  | $ | 4,927 |  |  | $ | (102,102) |  |  | $ | 30,087 |
Schedule of Commodity Derivatives | As of June 30, 2024, we had entered into the following commodity price derivative contracts:
|  | Contract Period
|  | Q3 2024 |  | Q4 2024 |  | Q1 2025 |  | Q2 2025 |  | Q3 2025
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 24,036 |  | 25,997 |  | 19,000 |  | 19,000 |  | 10,000
Weighted-Average Contract Price |  | $ | 71.15 |  |  | $ | 70.77 |  |  | $ | 72.74 |  |  | $ | 71.89 |  |  | $ | 73.99 |
Two-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 24,824 |  | 23,504 |  | 28,000 |  | 32,000 |  | 18,000
Weighted-Average Ceiling Price |  | $ | 82.44 |  |  | $ | 80.99 |  |  | $ | 79.87 |  |  | $ | 77.78 |  |  | $ | 77.25 |
Weighted-Average Floor Price |  | $ | 65.49 |  |  | $ | 65.66 |  |  | $ | 70.00 |  |  | $ | 69.88 |  |  | $ | 68.93 |
Bought Puts |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 6,216 |  | 5,669 |  | — |  | — |  | —
Weighted-Average Contract Price |  | $ | 55.00 |  |  | $ | 55.00 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu)
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 161,578 |  | 131,701 |  | — |  | — |  | —
Weighted-Average Contract Price |  | $ | 2.68 |  |  | $ | 2.71 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Two-Way Collars |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 1,668 |  | — |  | — |  | — |  | —
Weighted-Average Ceiling Price |  | $ | 3.16 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Weighted-Average Floor Price |  | $ | 2.50 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Basis Protection Swaps |  |  |  |  |  |  |  |  |  |
CIG Basis Volumes |  | 33,246 |  | — |  | — |  | — |  | —
Weighted-Average Contract Price |  | $ | (0.27) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
WAHA Basis Volumes |  | 130,000 |  | 130,000 |  | — |  | — |  | —
Weighted-Average Contract Price |  | $ | (0.97) |  |  | $ | (0.97) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
WAHA Index Volumes |  | 70,000 |  | — |  | — |  | — |  | —
Weighted-Average Contract Price |  | $ | (0.05) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Subsequent to June 30, 2024 and as of July 26, 2024, we had entered into the following commodity price derivative contracts:
|  |  |  | Contract Period
|  |  |  | Q3 2024 |  | Q4 2024 |  | Q1 2025 |  | Q2 2025 |  | Q3 2025
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | — |  | — |  | — |  | — |  | 12,000
Weighted-Average Contract Price |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 74.64 |
Two-Way Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | — |  | — |  | — |  | — |  | 10,000
Weighted-Average Ceiling Price |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78.36 |
Weighted-Average Floor Price |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 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 June 30, 2024, and December 31, 2023 (in thousands):
| June 30, 2024 |  | December 31, 2023
Derivative Assets: |  |  |
Commodity contracts - current | $ | 14,118 |  |  | $ | 35,192 |
Commodity contracts - noncurrent | 500 |  |  | 8,233 |
Total derivative assets | 14,618 |  |  | 43,425 |
Amounts not offset in the accompanying balance sheets | (10,880) |  |  | (11,859) |
Total derivative assets, net | $ | 3,738 |  |  | $ | 31,566 |
Derivative Liabilities: |  |  |
Commodity contracts - current | $ | (70,835) |  |  | $ | (18,096) |
Commodity contracts - long-term | (936) |  |  | — |
Total derivative liabilities | (71,771) |  |  | (18,096) |
Amounts not offset in the accompanying balance sheets | 10,880 |  |  | 11,859 |
Total derivative liabilities, net | $ | (60,891) |  |  | $ | (6,237) |

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