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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | The following table summarizes derivative activity for the three-month periods ended March 31, 2022, and 2021 (in thousands):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
(Gain) loss on commodity derivative contracts | $ | 1,064 |  |  | $ | — |  |  |  |  |
Cash (paid) received on settlements | $ | (1,085) |  |  | $ | — |  |  |  |  |
Offsetting Assets | There were no open derivative positions as of March 31, 2022. The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions as of December 31, 2021 were (in thousands):
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 200 |  |  | $ | 179 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |
Total |  | $ | 200 |  |  | $ | 179 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |
Fair Value of Derivatives | The following table summarize the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands): December 31, 2021
| Fair Value Measurements |  | Netting (1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 200 |  |  | $ | — |  |  | $ | 179 |  |  | $ | 21 |
Total | $ | — |  |  | $ | 200 |  |  | $ | — |  |  | $ | 179 |  |  | $ | 21 |
____________________ (1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists. The following table presents the fair value of the Company’s derivative contracts on a net basis with the same counterparty (in thousands):
Type of Contract |  | Balance Sheet Classification |  | December 31, 2021 |  |
Derivative liabilities |  |  |  |  |  |
Natural Gas and NGL price swaps |  | Current liabilities - Derivative Contracts |  | $ | 21 |  |  |
Total net derivative contracts |  | $ | 21 |  |  |

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- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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