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Derivative Instruments (Tables) | 3 Months Ended
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Dec. 31, 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 December 31, 2021, related to oil and natural gas production:
|  |  |  | Weighted Average Price
Calendar Quarter |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Oil Swaps (Bbl) |  |  |  |  |  |  |  |
Q1 2022 |  | 345,000 |  |  | $ | 57.47 |  |  | $ | — |  |  | $ | — |
Q2 2022 |  | 345,000 |  |  | $ | 57.47 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 270,000 |  |  | $ | 56.03 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 270,000 |  |  | $ | 56.03 |  |  | $ | — |  |  | $ | — |
2023 |  | 720,000 |  |  | $ | 53.27 |  |  | $ | — |  |  | $ | — |
Natural Gas Swaps (Mcf) |  |  |  |  |  |  |  |
Q1 2022 |  | 360,000 |  |  | $ | 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) |  |  |  |  |  |  |  |
Q1 2022 |  | 240,000 |  |  | $ | 0.41 |  |  | $ | — |  |  | $ | — |
Q2 2022 |  | 240,000 |  |  | $ | 0.41 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 240,000 |  |  | $ | 0.41 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 240,000 |  |  | $ | 0.41 |  |  | $ | — |  |  | $ | — |
The following table summarizes the open interest rate derivative positions as of December 31, 2021:
Open Coverage Period |  | Notional Amount |  | Fixed Rate
|  | (In thousands) |  |
Floating-to-Fixed Interest Rate Swaps |  |  |  |
January 2022 - 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 condensed consolidated balance sheets as of December 31, 2021 and September 30, 2021:
|  | December 31, 2021
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 281 |  |  | $ | (198) |  |  | $ | 83 |
Non-current derivative assets |  | 267 |  |  | — |  |  | 267 |
Current derivative liabilities |  | (31,182) |  |  | 198 |  |  | (30,984) |
Non-current derivative liabilities |  | (9,515) |  |  | — |  |  | (9,515) |
Total |  | $ | (40,149) |  |  | $ | — |  |  | $ | (40,149) |
|  | 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) |
Schedule of Changes in Derivatives, net | The following table presents the Company's derivative activities for the three months ended December 31, 2021 and 2020:
| Three Months Ended December 31,
| 2021 |  | 2020
| (In thousands)
Fair value of net asset (liability), beginning of period | $ | (50,970) |  |  | $ | 21,921 |
Loss on derivatives | (5,193) |  |  | (13,909) |
Settlements on derivatives | 16,014 |  |  | (5,173) |
Fair value of net asset (liability), end of period | $ | (40,149) |  |  | $ | 2,839 |

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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 + Details
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