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v3.23.1

Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Activity by Volume | The following table sets forth the Company’s outstanding commodity derivative contracts as of March 31, 2023. All of the Company’s commodity derivative contracts at March 31, 2023 are expected to settle by December 31, 2023.
|  |  | 2023
|  |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Total
Producer 3-way (oil) |  |  |  |  |  |  |  |  |
Volume (Bbl) |  |  | 340,263 |  | 228,659 |  | 208,488 |  | 777,410
Weighted-average sub-floor price ($/Bbl) |  |  | $ | 62.22 |  |  | $ | 60.42 |  |  | $ | 60.43 |  |  | $ | 61.21 |
Weighted-average floor price ($/Bbl) |  |  | $ | 77.89 |  |  | $ | 79.25 |  |  | $ | 80.00 |  |  | $ | 78.86 |
Weighted-average ceiling price ($/Bbl) |  |  | $ | 99.23 |  |  | $ | 100.61 |  |  | $ | 101.92 |  |  | $ | 100.36 |
Collar (natural gas) |  |  |  |  |  |  |  |  |
Volume (Mcf) |  |  | 3,051,421 |  | 2,530,000 |  | 2,070,000 |  | 7,651,421
Weighted-average floor price ($/Mcf) |  |  | $ | 4.12 |  |  | $ | 4.25 |  |  | $ | 4.50 |  |  | $ | 4.27 |
Weighted-average ceiling price ($/Mcf) |  |  | $ | 5.63 |  |  | $ | 5.90 |  |  | $ | 6.35 |  |  | $ | 5.91 |
After March 31, 2023, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production:
|  | 2023 |  | 2024 |  | 2025
|  |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Total |  | Total |  | Total
Collar (oil) |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (Bbl) |  |  | 18,648 |  | 48,618 |  | 29,304 |  | 96,570 |  | 486,846 |  |  | — |
Weighted-average floor price ($/Bbl) |  |  | $ | 61.50 |  |  | $ | 61.50 |  |  | $ | 61.50 |  |  | $ | 61.50 |  |  | $ | 58.63 |  |  | $ | — |
Weighted-average ceiling price ($/Bbl) |  |  | $ | 81.60 |  |  | $ | 81.60 |  |  | $ | 81.60 |  |  | $ | 81.60 |  |  | $ | 78.13 |  |  | $ | — |
Collar (natural gas) |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (Mcf) |  |  | — |  |  | — |  |  | 16,650 |  | 16,650 |  | 1,768,896 |  |  | 766,566 |
Weighted-average floor price ($/Mcf) |  |  | $ | — |  |  | $ | — |  |  | $ | 3.04 |  |  | $ | 3.04 |  |  | $ | 3.24 |  |  | $ | 3.68 |
Weighted-average ceiling price ($/Mcf) |  |  | $ | — |  |  | $ | — |  |  | $ | 4.63 |  |  | $ | 4.63 |  |  | $ | 4.89 |  |  | $ | 5.45 |
Swaps (natural gas) |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (Mcf) |  |  | 1,058,940 |  | 950,382 |  | 297,036 |  | 2,306,358 |  | — |  |  | — |
Weighted-average price ($/Mcf) |  |  | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | — |  |  | $ | — |
Schedule of Commodity Derivatives Reported in Earnings | The following table summarizes the amounts reported in the condensed consolidated statements of operations related to the commodity derivative instruments for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31,
(in thousands) | 2023 |  | 2022 |  |
Gain (loss) on commodity derivatives |  |  |  |  |
Oil derivatives | $ | 15,097 |  |  | $ | (19,579) |  |  |
Natural gas derivatives | (1,774) |  |  | (8,816) |  |  |
Total | $ | 13,323 |  |  | $ | (28,395) |  |  |
Schedule of Net Cash Receipts (Payments on) Commodity Derivatives | The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31,
(in thousands) | 2023 |  | 2022 |  |
Net cash receipts from (payments on) commodity derivatives |  |  |  |  |
Oil derivatives | $ | 1,953 |  |  | $ | (6,464) |  |  |
Natural gas derivatives | 4,433 |  |  | (1,311) |  |  |
Total | $ | 6,386 |  |  | $ | (7,775) |  |  |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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