XML 46 R32.htm IDEA: XBRL DOCUMENT v3.24.2.u1

DERIVATIVES (Tables)

6 Months Ended

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)

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration