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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | The following table summarizes derivative activity for the three and nine-month periods ended September 30, 2022 and 2021 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
(Gain) loss on derivative contracts | $ | (4,258) |  |  | $ | 4,129 |  |  | $ | (3,194) |  |  | $ | 4,129 |
Realized settlement gains (losses) on derivative contracts | $ | 218 |  |  | $ | — |  |  | $ | (867) |  |  | $ | — |
Offsetting Assets | 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) the Company’s net derivative asset and liability positions as of September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 4,040 |  |  | $ | — |  |  | $ | 4,040 |  |  | $ | — |  |  | $ | 4,040 |
Total |  | $ | 4,040 |  |  | $ | — |  |  | $ | 4,040 |  |  | $ | — |  |  | $ | 4,040 |
December 31, 2021
|  | 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 |
Schedule of Derivative Instruments | These commodity derivative contracts consisted of the following:
|  | Notional |  | Units |  | Weighted Average Fixed Price per Unit
Natural Gas Price Swaps: October 2022 - March 2023 |  | 2,088,000 |  |  | MMBtu |  | $ | 8.39 |
Fair Value of Derivatives | As of September 30, 2022 and December 31, 2021 the following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy (in thousands): September 30, 2022
| Fair Value Measurements |  | Netting (1) |  | Assets at Fair Value
| Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 4,040 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,040 |
Total | $ | — |  |  | $ | 4,040 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,040 |
December 31, 2021
| Fair Value Measurements |  | Netting (1) |  | 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 |  | September 30, 2022
Derivative assets |  |  |  |
Natural Gas |  | Current assets - Derivative Contracts |  | $ | 4,040 |
Total net derivative contracts |  | $ | 4,040 |
Type of Contract |  | Balance Sheet Classification |  | December 31, 2021 |  |
Natural Gas and NGL price swaps |  | Current liabilities - Derivative Contracts |  | $ | 21 |  |  |
Total net derivative contracts |  | $ | 21 |  |  |

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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