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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges | As of December 31, 2022, we had the following crude oil production and gas purchases hedges.
| Q1 2023 |  | Q2 2023 |  | Q3 2023 |  | Q4 2023 |  | FY 2024 |  | FY 2025 |  |
Brent - Crude Oil Production |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged volume (bbls) | 1,385,278 |  |  | 1,387,750 |  |  | 1,211,717 |  |  | 1,196,000 |  |  | 3,392,048 |  |  | — |  |  |
Weighted-average price ($/bbl) | $ | 77.15 |  |  | $ | 77.01 |  |  | $ | 76.26 |  |  | $ | 76.18 |  |  | $ | 76.12 |  |  | $ | — |  |  |
Put Spreads |  |  |  |  |  |  |  |  |  |  |  |  |
Long $50/$40 Put Spread hedged volume (bbls) | 630,000 |  |  | 637,000 |  |  | 644,000 |  |  | 644,000 |  |  | 1,647,000 |  |  | — |  |  |
Short $50/$40 Put Spread hedged volume (bbls) | 90,000 |  |  | 91,000 |  |  | 92,000 |  |  | 92,000 |  |  | 366,000 |  |  | — |  |  |
Producer Collars |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged volume (bbls) | 360,000 |  |  | 364,000 |  |  | 368,000 |  |  | 368,000 |  |  | 1,098,000 |  |  | 2,212,500 |  |  |
Weighted-average price ($/bbl) | $40.00/$106.00 |  | $40.00/$106.00 |  | $40.00/$106.00 |  | $40.00/$106.00 |  | $40.00/$105.00 |  | $58.35/$91.45 |  |
Henry Hub - Natural Gas Purchases |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Collars |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged volume (mmbtu) | 2,110,000 |  |  | 1,820,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Weighted-average price ($/mmbtu) | $4.00/$2.75 |  | $4.00/$2.75 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
NWPL - Natural Gas Purchases |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged volume (mmbtu) | 1,800,000 |  |  | 3,640,000 |  |  | 3,680,000 |  |  | 3,680,000 |  |  | 7,320,000 |  |  | 6,080,000 |  |  |
Weighted-average price ($/mmbtu) | $ | 6.40 |  |  | $ | 5.34 |  |  | $ | 5.34 |  |  | $ | 5.34 |  |  | $ | 4.27 |  |  | $ | 4.27 |  |  |
Gas Basis Differentials |  |  |  |  |  |  |  |  |  |  |  |  |
NWPL/HH - basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged volume (mmbtu) | 1,800,000 |  |  | 1,820,000 |  |  | 1,840,000 |  |  | 1,840,000 |  |  | — |  |  | — |  |  |
Weighted-average price ($/mmbtu) | $ | 1.12 |  |  | $ | 1.12 |  |  | $ | 1.12 |  |  | $ | 1.12 |  |  | $ | — |  |  | $ | — |  |  |
Fair Values (Gross and Net) of Outstanding Derivatives | The following tables present the fair values (gross and net) of our outstanding derivatives as of December 31, 2022 and 2021.
| December 31, 2022
| Balance Sheet Classification |  | Gross Amounts Recognized at Fair Value |  | Gross Amounts Offset in the Balance Sheet |  | Net Fair Value Presented in the Balance Sheet
| (in thousands)
Assets: |  |  |  |  |  |  |
Commodity Contracts | Current assets |  | $ | 66,974 |  |  | $ | (30,607) |  |  | $ | 36,367 |
Commodity Contracts | Non-current assets |  | 39,886 |  |  | (39,810) |  |  | 76 |
Liabilities: |  |  |  |  |  |  |
Commodity Contracts | Current liabilities |  | (61,713) |  |  | 30,607 |  |  | (31,106) |
Commodity Contracts | Non-current liabilities |  | (53,452) |  |  | 39,810 |  |  | (13,642) |
Total derivatives |  |  | $ | (8,305) |  |  | $ | — |  |  | $ | (8,305) |
| December 31, 2021
| Balance Sheet Classification |  | Gross Amounts Recognized at Fair Value |  | Gross Amounts Offset in the Balance Sheet |  | Net Fair Value Presented in the Balance Sheet
| (in thousands)
Assets: |  |  |  |  |  |  |
Commodity Contracts | Current assets |  | $ | 5,360 |  |  | $ | (5,360) |  |  | $ | — |
Commodity Contracts | Non-current assets |  | 29,828 |  |  | (28,758) |  |  | 1,070 |
Liabilities: |  |  |  |  |  |  |
Commodity Contracts | Current liabilities |  | (34,985) |  |  | 5,360 |  |  | (29,625) |
Commodity Contracts | Non-current liabilities |  | (47,335) |  |  | 28,758 |  |  | (18,577) |
Total derivatives |  |  | $ | (47,132) |  |  | $ | — |  |  | $ | (47,132) |
Gains and Losses of Derivatives Instruments in Statement of Operations | A summary of gains and losses on the derivatives included on the statements of operations is presented below:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
(Losses) gains on oil and gas sales derivatives | $ | (137,109) |  |  | $ | (156,399) |  |  | $ | 117,781 |
Gains (losses) on natural gas purchase derivatives | 88,795 |  |  | 38,577 |  |  | (1,035) |
Total (losses) gains on derivatives | $ | (48,314) |  |  | $ | (117,822) |  |  | $ | 116,746 |

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