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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

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- References

No definition available.

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- 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

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- 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

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