XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.23.1

Derivative Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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, 2023, related to oil and natural gas production:
|  |  |  | Weighted Average Price
Calendar Quarter / Year |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Oil Swaps (Bbl) |  |  |  |  |  |  |  |
Q2 2023 |  | 468,000 |  |  | $ | 66.65 |  |  | $ | — |  |  | $ | — |
Q3 2023 |  | 362,000 |  |  | $ | 66.76 |  |  | $ | — |  |  | $ | — |
Q4 2023 |  | 302,000 |  |  | $ | 66.18 |  |  | $ | — |  |  | $ | — |
2024 |  | 240,000 |  |  | $ | 71.60 |  |  | $ | — |  |  | $ | — |
Natural Gas Swaps (Mcf) |  |  |  |  |  |  |  |
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 |  |  | $ | — |  |  | $ | — |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
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 |  | 1,621,000 |  |  | $ | — |  |  | $ | 61.12 |  |  | $ | 84.39 |
2025 |  | 378,000 |  |  | $ | — |  |  | $ | 60.00 |  |  | $ | 77.23 |
Natural Gas Collars (Mcf) |  |  |  |  |  |  |  |
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) |  |  |  |  |  |  |  |
Q2 2023 |  | 360,000 |  |  | $ | 1.28 |  |  | $ | — |  |  | $ | — |
Q3 2023 |  | 360,000 |  |  | $ | 1.28 |  |  | $ | — |  |  | $ | — |
Q4 2023 |  | 360,000 |  |  | $ | 1.28 |  |  | $ | — |  |  | $ | — |
2024 |  | 960,000 |  |  | $ | 0.87 |  |  | $ | — |  |  | $ | — |
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 condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022:
|  | March 31, 2023
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 8,709 |  |  | $ | (7,072) |  |  | $ | 1,637 |
Non-current derivative assets |  | 11,151 |  |  | (10,212) |  |  | 939 |
Current derivative liabilities |  | (15,091) |  |  | 7,072 |  |  | (8,019) |
Non-current derivative liabilities |  | (10,390) |  |  | 10,212 |  |  | (178) |
Total |  | $ | (5,621) |  |  | $ | — |  |  | $ | (5,621) |
|  | 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) |
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:
| Three Months Ended March 31,
| 2023 |  |  |  | 2022
| (In thousands)
Settlements on derivative contracts | $ | (5,088) |  |  |  |  | $ | (18,375) |
Non-cash gain (loss) on derivatives | 10,843 |  |  |  |  | (31,257) |
Gain (loss) on derivatives | $ | 5,755 |  |  |  |  | $ | (49,632) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration