XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.23.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Summary of Carrying Amounts and Fair Values of Financial Instruments | The following table presents the carrying amounts and fair values of the Company’s financial instruments as of March 31, 2023 and December 31, 2022:
| March 31, 2023 |  | December 31, 2022
(in thousands) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |
Derivative instruments - commodity derivatives | $ | 16,608 |  |  | $ | 16,608 |  |  | $ | 10,089 |  |  | $ | 10,089 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments - common stock warrants | $ | 6,624 |  |  | $ | 6,624 |  |  | $ | 11,902 |  |  | $ | 11,902 |
Revolving credit facilities | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | — |  |  | $ | — |
Derivative instruments - commodity derivatives | $ | 13 |  |  | $ | 13 |  |  | $ | 431 |  |  | $ | 431 |
Summary of Net Derivative Asset (Liability) Measured at Fair Value |
| March 31, 2023
| Fair Value Measurement Using |  |  |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Assets (at fair value): |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives – current portion | $ | — |  |  | $ | 18,941 |  |  | $ | — |  |  | $ | 18,941 |  |  | $ | (2,333) |  |  | $ | 16,608 |
Liabilities (at fair value): |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives – current portion | — |  |  | (2,346) |  |  | — |  |  | (2,346) |  |  | 2,333 |  |  | (13) |
Warrant liability – noncurrent portion | (6,624) |  |  | — |  |  | — |  |  | (6,624) |  |  | — |  |  | — |
Net derivative instruments | $ | (6,624) |  |  | $ | 16,595 |  |  | $ | — |  |  | $ | 9,971 |  |  | $ | — |  |  | $ | 16,595 |
| December 31, 2022
| Fair Value Measurement Using |  |  |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Assets (at fair value): |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives – current portion | $ | — |  |  | $ | 20,197 |  |  | $ | — |  |  | $ | 20,197 |  |  | $ | (10,108) |  |  | $ | 10,089 |
Liabilities (at fair value): |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives – current portion | — |  |  | (10,539) |  |  | — |  |  | (10,539) |  |  | 10,108 |  |  | (431) |
Warrant liability - noncurrent portion | (11,902) |  |  | — |  |  | — |  |  | (11,902) |  |  | — |  |  | — |
Net derivative instruments | $ | (11,902) |  |  | $ | 9,658 |  |  | $ | — |  |  | $ | (2,244) |  |  | $ | — |  |  | $ | 9,658 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration