XML 39 R28.htm IDEA: XBRL DOCUMENT v3.24.3

Derivative Instruments (Tables)

9 Months Ended

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)

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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

+ 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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

+ 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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration