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Derivatives (Tables)

12 Months Ended

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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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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