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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2023, related to oil and natural gas production:
|  |  |  | Weighted Average Price
Calendar Quarter / Year |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Oil Swaps (Bbl) |  |  |  |  |  |  |  |
Q4 2023 |  | 437,000 |  |  | $ | 69.35 |  |  |  |  |
2024 |  | 870,000 |  |  | $ | 72.39 |  |  |  |  |
2025 |  | 330,000 |  |  | $ | 71.86 |  |  |  |  |
Natural Gas Swaps (Mcf) |  |  |  |  |  |  |  |
Q4 2023 |  | 670,000 |  |  | $ | 3.26 |  |  |  |  |
2024 |  | 2,400,000 |  |  | $ | 3.38 |  |  |  |  |
2025 |  | 600,000 |  |  | $ | 3.85 |  |  |  |  |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
Q4 2023 |  | 330,000 |  |  |  |  | $ | 68.64 |  |  | $ | 88.85 |
2024 |  | 1,621,000 |  |  |  |  | $ | 61.12 |  |  | $ | 84.39 |
2025 |  | 573,000 |  |  |  |  | $ | 62.09 |  |  | $ | 77.28 |
Natural Gas Collars (Mcf) |  |  |  |  |  |  |  |
Q4 2023 |  | 300,000 |  |  |  |  | $ | 3.12 |  |  | $ | 4.07 |
2024 |  | 1,065,000 |  |  |  |  | $ | 3.19 |  |  | $ | 4.14 |
2025 |  | 555,000 |  |  |  |  | $ | 3.30 |  |  | $ | 4.49 |
Oil Basis (Bbl) |  |  |  |  |  |  |  |
Q4 2023 |  | 450,000 |  |  | $ | 1.28 |  |  |  |  |
2024 |  | 1,320,000 |  |  | $ | 0.97 |  |  |  |  |
The following table summarizes the open interest rate derivative positions as of September 30, 2023:
Open Coverage Period |  | Notional Amount |  | Fixed Rate
|  | (In thousands) |  |
April 2024 - April 2026 |  | $ | 30,000 |  |  | 3.18 | %
April 2024 - April 2026 |  | $ | 50,000 |  |  | 3.039 | %
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 September 30, 2023 and December 31, 2022:
|  | September 30, 2023
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 3,313 |  |  | $ | (2,624) |  |  | $ | 689 |
Non-current derivative assets |  | 6,174 |  |  | (4,818) |  |  | 1,356 |
Current derivative liabilities |  | (21,727) |  |  | 2,624 |  |  | (19,103) |
Non-current derivative liabilities |  | (11,490) |  |  | 4,818 |  |  | (6,672) |
Total |  | $ | (23,730) |  |  | $ | — |  |  | $ | (23,730) |
|  | 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Settlements on derivative contracts | $ | (6,269) |  |  | $ | (17,040) |  |  | $ | (13,660) |  |  | $ | (61,198) |
Non-cash gain (loss) on derivatives | (29,076) |  |  | 34,640 |  |  | (7,265) |  |  | 16,803 |
Gain (loss) on derivatives | $ | (35,345) |  |  | $ | 17,600 |  |  | $ | (20,925) |  |  | $ | (44,395) |

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