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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024.
|  | Q4 2024 | 2025 | 2026
Collar (oil) |  |  |  |
Volume (Bbl) |  | 311,496 | 1,898,739 | —
Weighted-average floor price ($/Bbl) |  | $ | 64.13 |  | $ | 60.93 |  | $ | — |
Weighted-average ceiling price ($/Bbl) |  | $ | 84.97 |  | $ | 79.86 |  | $ | — |
Swaps (oil) |  |  |  |
Volume (Bbl) |  | 128,277 | — | —
Weighted-average price ($/Bbl) |  | $ | 79.30 |  | $ | — |  | $ | — |
Collar (natural gas) |  |  |  |
Volume (Mcf) |  | 1,899,000 | 9,439,829 | 7,650,176
Weighted-average floor price ($/Mcf) |  | $ | 3.50 |  | $ | 3.15 |  | $ | 3.28 |
Weighted-average ceiling price ($/Mcf) |  | $ | 5.12 |  | $ | 4.13 |  | $ | 4.01 |
Swaps (natural gas) |  |  |  |
Volume (Mcf) |  | 1,895,588 | 2,585,050 | 656,000
Weighted-average price ($/Mcf) |  | $ | 3.55 |  | $ | 3.18 |  | $ | 3.31 |
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 and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Gain (loss) on commodity derivatives |  |  |  |  |  |  |
Oil derivatives | $ | 8,423 |  |  | $ | (9,808) |  |  | $ | 1,863 |  |  | $ | (4,906) |
Natural gas derivatives | 3,418 |  |  | 1,679 |  |  | 6,032 |  |  | 11,321 |
Total | $ | 11,841 |  |  | $ | (8,129) |  |  | $ | 7,895 |  |  | $ | 6,415 |
Schedule of Net Cash Receipts (Payments on) Commodity Derivatives | The following table represents the Company’s net cash receipts from commodity derivatives for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net cash receipts from commodity derivatives |  |  |  |  |  |  |  |  |
Oil derivatives | $ | 637 |  |  | $ | 119 |  |  | $ | 358 |  |  | $ | 3,912 |  |  |
Natural gas derivatives | 5,092 |  |  | 4,300 |  |  | 12,031 |  |  | 14,918 |  |  |
Total | $ | 5,729 |  |  | $ | 4,419 |  |  | $ | 12,389 |  |  | $ | 18,830 |  |  |

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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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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