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Fair value measurements (Tables) | 12 Months Ended
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Dec. 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 December 31, 2023 and 2022:
| December 31, 2023 |  | December 31, 2022
(in thousands) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |
Derivative instruments - commodity derivatives | $ | 12,306 |  |  | $ | 12,306 |  |  | $ | 10,089 |  |  | $ | 10,089 |
Equity investments | $ | 50,427 |  |  | $ | 50,427 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative instruments - common stock warrants | $ | — |  |  | $ | — |  |  | $ | 11,902 |  |  | $ | 11,902 |
Revolving credit facilities | $ | 110,000 |  |  | $ | 110,000 |  |  | $ | — |  |  | $ | — |
Derivative instruments - commodity derivatives | $ | — |  |  | $ | — |  |  | $ | 431 |  |  | $ | 431 |
Summary of net derivative asset (liability) measured at fair value | The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s consolidated balance sheets.
| Year Ended December 31, 2023
| Fair Value Measurement Using |  |  |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Fair Value Presented in the Consolidated Balance Sheet
Equity investments - common stock | $ | 25,554 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,554 |  |  | $ | — |  |  | $ | 25,554 |
Equity investments - preferred stock | — |  |  | 24,873 |  |  | — |  |  | 24,873 |  |  | — |  |  | 24,873 |
Total equity investments | $ | 25,554 |  |  | $ | 24,873 |  |  | $ | — |  |  | $ | 50,427 |  |  | $ | — |  |  | $ | 50,427 |
Assets (at fair value): |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives – current portion | $ | — |  |  | $ | 14,202 |  |  | $ | — |  |  | $ | 14,202 |  |  | $ | (3,085) |  |  | $ | 11,117 |
Commodity derivatives – noncurrent portion | — |  |  | 2,534 |  |  | — |  |  | 2,534 |  |  | (1,345) |  |  | 1,189 |
Liabilities (at fair value): |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives – current portion | — |  |  | (3,085) |  |  | — |  |  | (3,085) |  |  | 3,085 |  |  | — |
Commodity derivatives – noncurrent portion | — |  |  | (1,345) |  |  | — |  |  | (1,345) |  |  | 1,345 |  |  | — |
Net derivative instruments | $ | — |  |  | $ | 12,306 |  |  | $ | — |  |  | $ | 12,306 |  |  | $ | — |  |  | $ | 12,306 |
| Year Ended December 31, 2022
| Fair Value Measurement Using |  |  |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Fair Value Presented in the 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 |
Summary of assets measured at fair value on a nonrecurring basis | The following table presents the value of these assets measured at fair value on a nonrecurring basis at the time impairment was recorded:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
(in thousands) | Fair Value |  | Impairment |  | Fair Value |  | Impairment |  | Fair Value |  | Impairment
Oil and natural gas properties | $ | 31,781 |  |  | $ | 26,496 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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