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Derivative Instruments (Tables) | 12 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes the open financial derivative positions as of September 30, 2021, related to oil and natural gas production:
|  |  |  | Weighted Average Price
Calendar Quarter |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Oil Swaps (Bbl) |  |  |  |  |  |  |  |
Q4 2021 |  | 558,116 |  |  | $ | 51.65 |  |  | $ | — |  |  | $ | — |
Q1 2022 |  | 405,000 |  |  | $ | 55.66 |  |  | $ | — |  |  | $ | — |
Q2 2022 |  | 405,000 |  |  | $ | 55.66 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 330,000 |  |  | $ | 54.07 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 330,000 |  |  | $ | 54.07 |  |  | $ | — |  |  | $ | — |
2023 |  | 360,000 |  |  | $ | 59.01 |  |  | $ | — |  |  | $ | — |
Natural Gas Swaps (Mcf) |  |  |  |  |  |  |  |
Q4 2021 |  | 555,000 |  |  | $ | 3.03 |  |  | $ | — |  |  | $ | — |
Q1 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Q2 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
Q1 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Q2 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Q3 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Q4 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Oil Basis (Bbl) |  |  |  |  |  |  |  |
Q4 2021 |  | 435,000 |  |  | $ | 0.40 |  |  | $ | — |  |  | $ | — |
Q1 2022 |  | 180,000 |  |  | $ | 0.40 |  |  | $ | — |  |  | $ | — |
Q2 2022 |  | 180,000 |  |  | $ | 0.40 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 180,000 |  |  | $ | 0.40 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 180,000 |  |  | $ | 0.40 |  |  | $ | — |  |  | $ | — |
The following table summarizes the open interest rate derivative positions as of September 30, 2021:
Open Coverage Period |  | Notional Amount |  | Fixed Rate
|  | (In thousands) |  |
Floating-to-Fixed Interest Rate Swaps |  |  |  |
October 2021 - September 2023 |  | $ | 40,000 |  |  | 0.24 | %
Schedule of Derivative Instruments Location and Fair Value | The following table presents the location and fair value of the Company’s derivative contracts included in the consolidated balance sheets as of September 30, 2021 and 2020:
|  | September 30, 2021
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 186 |  |  | $ | (186) |  |  | $ | — |
Non-current derivative assets |  | 228 |  |  | (122) |  |  | 106 |
Current derivative liabilities |  | (42,330) |  |  | 186 |  |  | (42,144) |
Non-current derivative liabilities |  | (9,054) |  |  | 122 |  |  | (8,932) |
Total |  | $ | (50,970) |  |  | $ | — |  |  | $ | (50,970) |
|  | September 30, 2020
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 19,690 |  |  | $ | (871) |  |  | $ | 18,819 |
Non-current derivative assets |  | 4,651 |  |  | (1,549) |  |  | 3,102 |
Current derivative liabilities |  | (871) |  |  | 871 |  |  | — |
Non-current derivative liabilities |  | (1,549) |  |  | 1,549 |  |  | — |
Total |  | $ | 21,921 |  |  | $ | — |  |  | $ | 21,921 |
Schedule of Changes in Derivatives, net | The following table presents the Company's derivative activities for the years ended September 30, 2021 and 2020:
| Year Ended September 30,
| 2021 |  | 2020
| (In thousands)
Fair value of net asset (liability), beginning of period | $ | 21,921 |  |  | $ | 14,959 |
Gain (loss) on derivatives | (89,195) |  |  | 33,876 |
Settlements on derivatives | 16,304 |  |  | (26,914) |
Fair value of net asset (liability), end of period | $ | (50,970) |  |  | $ | 21,921 |

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