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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024, related to our future oil and natural gas production:

												Weighted Average Price
Calendar Quarter / Year						Notional Volume						Fixed						Put						Call
												($ per unit)
Oil Swaps (Bbl)
Q2 2024						465,000						$	74.76
Q3 2024						405,000						$	74.35
Q4 2024						360,000						$	73.94
2025						510,000						$	72.50
Natural Gas Swaps (Mcf)
Q2 2024						600,000						$	3.21
Q3 2024						600,000						$	3.21
Q4 2024						450,000						$	3.67
2025						1,235,000						$	3.75
2026						450,000						$	4.01
Oil Collars (Bbl)
Q2 2024						390,000												$	61.08					$	85.76
Q3 2024						366,000												$	61.00					$	83.61
Q4 2024						390,000												$	61.92					$	83.39
2025						1,465,000												$	63.35					$	75.94
Natural Gas Collars (Mcf)
Q2 2024						405,000												$	3.01					$	3.68
Q3 2024						405,000												$	3.01					$	3.68
Q4 2024						405,000												$	3.50					$	4.45
2025						1,215,000												$	3.28					$	4.30
Oil Basis (Bbl)
Q2 2024						330,000						$	0.97
Q3 2024						330,000						$	0.97
Q4 2024						330,000						$	0.97

The following table summarizes the open interest rate derivative positions as of March 31, 2024:

Open Coverage Period						Position						Notional Amount						Fixed Rate
												(In thousands)
April 2024 - April 2026						Long						$	30,000					3.180		%
April 2024 - April 2026						Long						$	50,000					3.039		%
May 2024 - December 2024						Short						$	80,000					4.910		%

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, 2024 and December 31, 2023:

						March 31, 2024
Balance Sheet Classification						Gross Fair Value						Amounts Netted						Net Fair Value
						(In thousands)
Current derivative assets						$	6,488					$	(4,850)					$	1,638
Non-current derivative assets						6,175						(5,470)						705
Current derivative liabilities						(14,662)						4,850						(9,812)
Non-current derivative liabilities						(8,233)						5,470						(2,763)
Total						$	(10,232)					$	—					$	(10,232)
						December 31, 2023
Balance Sheet Classification						Gross Fair Value						Amounts Netted						Net Fair Value
						(In thousands)
Current derivative assets						$	8,948					$	(3,935)					$	5,013
Non-current derivative assets						6,687						(4,391)						2,296
Current derivative liabilities						(4,295)						3,935						(360)
Non-current derivative liabilities						(4,391)						4,391						—
Total						$	6,949					$	—					$	6,949

Schedule of Derivative Instruments, Gain (Loss)

The following table presents the components of the Company's gain (loss) on derivatives, net for the periods presented below:

			Three Months Ended March 31,
			2024						2023
			(In thousands)
Settlements on derivative contracts			$	104					$	(5,088)
Non-cash gain (loss) on derivatives			(17,181)						10,843
Gain (loss) on derivatives, net			$	(17,077)					$	5,755

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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.

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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