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Derivative Financial Instruments (Tables)

3 Months Ended

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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Tabular disclosure of the net cash receipts (payments on) commodity derivative instruments.

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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.

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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.

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