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Derivative Instruments (Tables) | 9 Months Ended
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Jun. 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 June 30, 2021, related to crude oil and natural gas production.
|  |  |  | Weighted Average Price
Calendar Quarter |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Crude Oil Swaps (Bbl) |  |  |  |  |  |  |  |
Q3 2021 |  | 564,278 |  |  | $ | 51.57 |  |  | $ | — |  |  | $ | — |
Q4 2021 |  | 558,116 |  |  | $ | 51.65 |  |  | $ | — |  |  | $ | — |
2022 |  | 1,320,000 |  |  | $ | 53.59 |  |  | $ | — |  |  | $ | — |
2023 |  | 360,000 |  |  | $ | 59.01 |  |  | $ | — |  |  | $ | — |
Natural Gas Swaps (Mcf) |  |  |  |  |  |  |  |
Q3 2021 |  | 555,000 |  |  | $ | 3.03 |  |  | $ | — |  |  | $ | — |
Q4 2021 |  | 555,000 |  |  | $ | 3.03 |  |  | $ | — |  |  | $ | — |
Crude Oil Collars (Bbl) |  |  |  |  |  |  |  |
2022 |  | 360,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Crude Oil Basis (Bbl) |  |  |  |  |  |  |  |
Q3 2021 |  | 435,000 |  |  | $ | 0.40 |  |  | $ | — |  |  | $ | — |
Q4 2021 |  | 435,000 |  |  | $ | 0.40 |  |  | $ | — |  |  | $ | — |
2022 |  | 720,000 |  |  | $ | 0.40 |  |  | $ | — |  |  | $ | — |
The following table summarizes the open interest rate derivative positions as of June 30, 2021:
Open Coverage Period |  | Notional Amount |  | Fixed Rate
|  | (In thousands) |  |
Floating-to-Fixed Interest Rate Swaps |  |  |  |
July 2021 - September 2021 |  | $ | 40,000 |  |  | 1.77 | %
July 2021 - September 2021 |  | $ | 15,000 |  |  | 0.71 | %
September 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 accompanying consolidated balance sheets as of June 30, 2021 and September 30, 2020.
|  | June 30, 2021
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 533 |  |  | $ | (307) |  |  | $ | 226 |
Non-current derivative assets |  | 402 |  |  | (295) |  |  | 107 |
Current derivative liabilities |  | (36,558) |  |  | 307 |  |  | (36,251) |
Non-current derivative liabilities |  | (11,531) |  |  | 295 |  |  | (11,236) |
Total |  | $ | (47,154) |  |  | $ | — |  |  | $ | (47,154) |
|  | 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 Derivative Instruments, Gain (Loss) | The following table presents the Company's derivative activities for the three and nine months ended June 30, 2021 and 2020:
|  | Three Months Ended June 30, |  | Nine Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (In thousands)
Fair value of net asset (liability), beginning of period |  | $ | (19,470) |  |  | $ | 60,671 |  |  | $ | 21,921 |  |  | $ | 14,959 |
Gain (loss) on derivatives |  | (35,396) |  |  | (14,205) |  |  | (74,208) |  |  | 36,999 |
Settlements on derivative contracts |  | 7,712 |  |  | (14,669) |  |  | 5,133 |  |  | (20,161) |
Fair value of net asset (liability), end of period |  | $ | (47,154) |  |  | $ | 31,797 |  |  | $ | (47,154) |  |  | $ | 31,797 |

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