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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 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 December 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) |  |  |  |  |  |  |  |
Q1 2023 |  | 225,000 |  |  | $ | 53.65 |  |  | $ | — |  |  | $ | — |
Q2 2023 |  | 195,000 |  |  | $ | 53.89 |  |  | $ | — |  |  | $ | — |
Q3 2023 |  | 126,000 |  |  | $ | 53.79 |  |  | $ | — |  |  | $ | — |
Q4 2023 |  | 114,000 |  |  | $ | 54.59 |  |  | $ | — |  |  | $ | — |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
Q1 2023 |  | 30,000 |  |  | $ | — |  |  | $ | 60.00 |  |  | $ | 109.60 |
Q2 2023 |  | 30,000 |  |  | $ | — |  |  | $ | 60.00 |  |  | $ | 109.60 |
Q3 2023 |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Q4 2023 |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2024 |  | 3,000 |  |  | $ | — |  |  | $ | 50.00 |  |  | $ | 88.00 |
The following table summarizes the Company's open derivative positions as of March 3, 2023, related to oil and natural gas production:
|  |  |  | Weighted Average Price
Period(1) |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Oil Swaps (Bbl) |  |  |  |  |  |  |  |
Q1 2023 |  | 225,000 |  |  | $ | 53.65 |  |  | $ | — |  |  | $ | — |
Q2 2023 |  | 315,000 |  |  | $ | 62.78 |  |  | $ | — |  |  | $ | — |
Q3 2023 |  | 216,000 |  |  | $ | 63.04 |  |  | $ | — |  |  | $ | — |
Q4 2023 |  | 189,000 |  |  | $ | 62.51 |  |  | $ | — |  |  | $ | — |
2024 |  | 240,000 |  |  | $ | 71.60 |  |  | $ | — |  |  | $ | — |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
Q1 2023 |  | 210,000 |  |  | $ | — |  |  | $ | 70.95 |  |  | $ | 89.96 |
Q2 2023 |  | 300,000 |  |  | $ | — |  |  | $ | 71.50 |  |  | $ | 88.98 |
Q3 2023 |  | 330,000 |  |  | $ | — |  |  | $ | 68.64 |  |  | $ | 88.85 |
Q4 2023 |  | 330,000 |  |  | $ | — |  |  | $ | 68.64 |  |  | $ | 88.85 |
2024 |  | 1,293,000 |  |  | $ | — |  |  | $ | 61.02 |  |  | $ | 86.39 |
2025 |  | 315,000 |  |  | $ | — |  |  | $ | 60.00 |  |  | $ | 77.98 |
Natural Gas Swaps (MMBtu) |  |  |  |  |  |  |  |
Q1 2023 |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Q2 2023 |  | 450,000 |  |  | $ | 2.60 |  |  | $ | — |  |  | $ | — |
Q3 2023 |  | 450,000 |  |  | $ | 2.60 |  |  | $ | — |  |  | $ | — |
Q4 2023 |  | 400,000 |  |  | $ | 3.23 |  |  | $ | — |  |  | $ | — |
2024 |  | 1,500,000 |  |  | $ | 3.43 |  |  | $ | — |  |  | $ | — |
2025 |  | 375,000 |  |  | $ | 4.05 |  |  | $ | — |  |  | $ | — |
Natural Gas Collars (MMBtu) |  |  |  |  |  |  |  |
Q1 2023 |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Q2 2023 |  | 300,000 |  |  | $ | — |  |  | $ | 2.55 |  |  | $ | 3.20 |
Q3 2023 |  | 300,000 |  |  | $ | — |  |  | $ | 2.55 |  |  | $ | 3.20 |
Q4 2023 |  | 300,000 |  |  | $ | — |  |  | $ | 3.12 |  |  | $ | 4.07 |
2024 |  | 1,065,000 |  |  | $ | — |  |  | $ | 3.19 |  |  | $ | 4.14 |
2025 |  | 255,000 |  |  | $ | — |  |  | $ | 3.65 |  |  | $ | 4.95 |
Oil Basis (Bbl) |  |  |  |  |  |  |  |
Q1 2023 |  | 240,000 |  |  | $ | 1.28 |  |  | $ | — |  |  | $ | — |
Q2 2023 |  | 360,000 |  |  | $ | 1.28 |  |  | $ | — |  |  | $ | — |
Q3 2023 |  | 360,000 |  |  | $ | 1.28 |  |  | $ | — |  |  | $ | — |
Q4 2023 |  | 360,000 |  |  | $ | 1.28 |  |  | $ | — |  |  | $ | — |
2024 |  | 960,000 |  |  | $ | 0.87 |  |  | $ | — |  |  | $ | — |
___________________ (1)Q1 2023 derivative positions shown include January and February 2023 contracts, some of which have settled as of March 3, 2023.
Schedule of Derivative Instruments Location and Fair Value | The following tables present the location and fair value of the Company’s derivative contracts included in the consolidated balance sheets as of December 31, 2022 and 2021:
|  | December 31, 2022
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 64 |  |  | $ | (44) |  |  | $ | 20 |
Non-current derivative assets |  | 9 |  |  | (9) |  |  | — |
Current derivative liabilities |  | (16,516) |  |  | 44 |  |  | (16,472) |
Non-current derivative liabilities |  | (21) |  |  | 9 |  |  | (12) |
Total |  | $ | (16,464) |  |  | $ | — |  |  | $ | (16,464) |
|  | 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) |
Schedule of Derivative Instruments, Gain (Loss) | The following table presents the components of the Company's gain (loss) on derivatives for the periods presented below:
| Year Ended December 31, 2022 |  | Three Months Ended December 31, 2021 |  | Year Ended September 30, 2021
| (In thousands)
Settlements on derivative contracts(1) | $ | (75,257) |  |  | $ | (16,014) |  |  | $ | (16,304) |
Non-cash gain (loss) on derivatives | 23,683 |  |  | 10,821 |  |  | (72,891) |
Loss on derivatives | $ | (51,574) |  |  | $ | (5,193) |  |  | $ | (89,195) |
_____________________________________________________ (1) In December 2022, the Company settled a portion of its 2023 open oil fixed price swap contracts which resulted in a $1.5 million settlement.

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