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Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Gain (Loss)

The following table summarizes derivative activity for the three and nine-month periods ended September 30, 2024 and 2023 (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
(Gain) loss on derivative contracts			$	(1,866)					$	—					$	(1,866)					$	(1,447)
Settlement gains (losses) on derivative contracts			$	199					$	—					$	199					$	5,876

Schedule of 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, 2024 (in thousands):

September 30, 2024

						Gross Amounts						Gross Amounts Offset						Amounts Net of Offset						Financial Collateral						Net Amount
Assets
Derivative contracts - current						$	1,694					$	(410)					$	1,284					$	—					$	1,284
Derivative contracts - non-current						$	496					$	(113)					$	383					$	—					$	383
Total						$	2,190					$	(523)					$	1,667					$	—					$	1,667

Schedule of Derivative Contracts

These commodity derivative contracts consisted of the following:

Period						Type of Derivative Instrument						Index(1)						Daily Volume (Bbl)						Weighted Average Price Per Barrel
October 2024 - December 2024						Swaps						Mont Belvieu OPIS						400						$	42.76
October 2024 - December 2024						Swaps						NYMEX WTI						900						$	74.85
January 2025 - December 2025						Swaps						Mont Belvieu OPIS						300						$	39.69
January 2025 - December 2025						Swaps						NYMEX WTI						500						$	71.60
January 2026 - June 2026						Swaps						NYMEX WTI						300						$	68.67
(1) NGL swaps exclude ethane

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

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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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Tabular disclosure of the notional amounts of outstanding derivative positions.

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