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Derivative Instruments (Tables) | 6 Months Ended
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Mar. 31, 2022
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 March 31, 2022, related to oil and natural gas production:
|  |  |  | Weighted Average Price
Calendar Quarter / Year |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Oil Swaps (Bbl) |  |  |  |  |  |  |  |
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) |  |  |  |  |  |  |  |
Q2 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
Q2 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Q3 2022 |  | 117,000 |  |  | $ | — |  |  | $ | 37.31 |  |  | $ | 59.43 |
Q4 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
2023 |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2024 |  | 3,000 |  |  | $ | — |  |  | $ | 50.00 |  |  | $ | 88.00 |
Oil Basis (Bbl) |  |  |  |  |  |  |  |
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 March 31, 2022:
Open Coverage Period |  | Notional Amount |  | Fixed Rate
|  | (In thousands) |  |
Floating-to-Fixed Interest Rate Swaps |  |  |  |
April 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 March 31, 2022 and September 30, 2021:
|  | March 31, 2022
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 772 |  |  | $ | (79) |  |  | $ | 693 |
Non-current derivative assets |  | 468 |  |  | (14) |  |  | 454 |
Current derivative liabilities |  | (58,333) |  |  | 79 |  |  | (58,254) |
Non-current derivative liabilities |  | (14,313) |  |  | 14 |  |  | (14,299) |
Total |  | $ | (71,406) |  |  | $ | — |  |  | $ | (71,406) |
|  | 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 and six months ended March 31, 2022 and 2021:
| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Fair value of net asset (liability), beginning of period | $ | (40,149) |  |  | $ | 2,839 |  |  | $ | (50,970) |  |  | $ | 21,921 |
Loss on derivatives | (49,632) |  |  | (24,903) |  |  | (54,825) |  |  | (38,812) |
Settlements on derivatives | 18,375 |  |  | 2,594 |  |  | 34,389 |  |  | (2,579) |
Fair value of net liability, end of period | $ | (71,406) |  |  | $ | (19,470) |  |  | $ | (71,406) |  |  | $ | (19,470) |

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