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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)

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- References

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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

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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

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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
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