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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Financial Instruments [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts, net of discount, premium and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands):

	March 31, 2024						December 31, 2023
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
9.000% Second-Priority Senior Secured Notes – due February 2029	$	609,107		$	663,894		$	—		$	—
9.375% Second-Priority Senior Secured Notes – due February 2031	$	608,985		$	666,175		$	—		$	—
12.00% Second-Priority Senior Secured Notes – due January 2026	$	—		$	—		$	601,353		$	655,130
11.75% Senior Secured Second Lien Notes – due April 2026	$	—		$	—		$	234,221		$	233,410
Bank Credit Facility – matures March 2027	$	315,860		$	325,000		$	190,100		$	200,000

Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations

The following table presents the impact that derivatives, not designated as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands):

	Three Months Ended March 31,
	2024			2023
Net cash received (paid) on settled derivative instruments	$	(3,494	)	$	(12,323	)
Unrealized gain (loss)		(83,568	)		71,260
Price risk management activities income (expense)	$	(87,062	)	$	58,937

Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts

The following tables reflect the contracted average daily volumes and weighted average prices under the terms of the Company's derivative contracts as of March 31, 2024:

Swap Contracts
Production Period	Settlement Index	Volumes			Swap Price
Crude oil:		(Bbls)			(per Bbl)
April 2024 – December 2024	NYMEX WTI CMA		28,147		$	73.47
January 2025 – December 2025	NYMEX WTI CMA		19,679		$	73.19
Natural gas:		(MMBtu)			(per MMBtu)
April 2024 – December 2024	NYMEX Henry Hub		34,455		$	2.91
January 2025 – December 2025	NYMEX Henry Hub		38,644		$	3.60

Two-Way Collar Contracts
Production Period	Settlement Index	Volumes			Floor Price			Ceiling Price
Crude oil:		(Bbls)			(per Bbl)			(per Bbl)
April 2024 – December 2024	NYMEX WTI CMA		1,000		$	70.00		$	75.00
January 2025 – March 2025	NYMEX WTI CMA		3,000		$	65.00		$	84.35
Natural gas:		(MMBtu)			(per MMBtu)			(per MMBtu)
April 2024 – December 2024	NYMEX Henry Hub		10,000		$	4.00		$	6.90

Long Puts
Production Period	Settlement Index	Volumes			Strike Price			Deferred Premium Price
Crude oil:		(Bbls)			(per Bbl)			(per Bbl)
April 2024 – December 2024	NYMEX WTI CMA		4,000		$	70.00		$	(6.28	)
Natural gas:		(MMBtu)			(per MMBtu)			(per MMBtu)
May 2024 – December 2024	NYMEX Henry Hub		13,660		$	2.90		$	(0.40	)

Swaps with Sold Puts
Production Period	Settlement Index	Volumes			Swap Price			Strike Price
Crude oil:		(Bbls)			(per Bbl)			(per Bbl)
April 2024 – December 2024	NYMEX WTI CMA		1,000		$	72.20		$	60.00

Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis

The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands):

	March 31, 2024
	Level 1			Level 2			Level 3			Total
Assets:
Oil and natural gas derivatives	$	—		$	24,108		$	—		$	24,108
Liabilities:
Oil and natural gas derivatives		—			(77,780	)		—			(77,780	)
Total net asset (liability)	$	—		$	(53,672	)	$	—		$	(53,672	)

	December 31, 2023
	Level 1			Level 2			Level 3			Total
Assets:
Oil and natural gas derivatives	$	—		$	53,703		$	—		$	53,703
Liabilities:
Oil and natural gas derivatives		—			(8,100	)		—			(8,100	)
Total net asset (liability)	$	—		$	45,603		$	—		$	45,603

Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of derivative financial instruments as well as the potential effect of netting arrangements on the Company's recognized derivative asset and liability amounts (in thousands):

	March 31, 2024						December 31, 2023
	Assets			Liabilities			Assets			Liabilities
Oil and natural gas derivatives:
Current	$	18,753		$	74,033		$	36,152		$	7,305
Non-current		5,355			3,747			17,551			795
Total gross amounts presented on balance sheet		24,108			77,780			53,703			8,100
Less: Gross amounts not offset on the balance sheet		18,601			18,601			8,100			8,100
Net amounts	$	5,507		$	59,179		$	45,603		$	—

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