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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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) |  |  |  |  |  |  |  |
Q4 2024 |  | 435,000 |  |  | $ | 74.90 |  |  |  |  |
2025 |  | 645,000 |  |  | $ | 73.63 |  |  |  |  |
Natural Gas Swaps (Mcf) |  |  |  |  |  |  |  |
Q4 2024 |  | 510,000 |  |  | $ | 3.62 |  |  |  |  |
2025 |  | 1,875,000 |  |  | $ | 3.60 |  |  |  |  |
2026 |  | 555,000 |  |  | $ | 4.02 |  |  |  |  |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
Q4 2024 |  | 390,000 |  |  |  |  | $ | 61.92 |  |  | $ | 83.39 |
2025 |  | 1,700,000 |  |  |  |  | $ | 63.28 |  |  | $ | 76.59 |
2026 |  | 600,000 |  |  |  |  | $ | 59.99 |  |  | $ | 78.74 |
Natural Gas Collars (Mcf) |  |  |  |  |  |  |  |
Q4 2024 |  | 405,000 |  |  |  |  | $ | 3.50 |  |  | $ | 4.45 |
2025 |  | 1,445,000 |  |  |  |  | $ | 3.30 |  |  | $ | 4.30 |
2026 |  | 1,975,000 |  |  |  |  | $ | 3.08 |  |  | $ | 3.79 |
Oil Basis (Bbl) |  |  |  |  |  |  |  |
Q4 2024 |  | 330,000 |  |  | $ | 0.97 |  |  |  |  |
The following table summarizes the open interest rate derivative positions as of September 30, 2024:
Open Coverage Period |  | Position |  | Notional Amount |  | Fixed Rate
|  |  |  | (In thousands) |  |
October 2024 - April 2026 |  | Long |  | $ | 30,000 |  |  | 3.180 | %
October 2024 - April 2026 |  | Long |  | $ | 50,000 |  |  | 3.039 | %
October 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 September 30, 2024, and December 31, 2023:
|  | September 30, 2024
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 15,774 |  |  | $ | (3,579) |  |  | $ | 12,195 |
Non-current derivative assets |  | 7,262 |  |  | (4,787) |  |  | 2,475 |
Current derivative liabilities |  | (3,579) |  |  | 3,579 |  |  | — |
Non-current derivative liabilities |  | (4,817) |  |  | 4,787 |  |  | (30) |
Total |  | $ | 14,640 |  |  | $ | — |  |  | $ | 14,640 |
|  | 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Settlements on derivative contracts | $ | 815 |  |  | $ | (6,269) |  |  | $ | (910) |  |  | $ | (13,660) |
Non-cash gain (loss) on derivatives | 23,402 |  |  | (29,076) |  |  | 7,691 |  |  | (7,265) |
Gain (loss) on derivatives, net | $ | 24,217 |  |  | $ | (35,345) |  |  | $ | 6,781 |  |  | $ | (20,925) |

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