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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021:

March 31, 2022		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance at March 31, 2022
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	36			$	36
Total assets		$	—			$	—			$	36			$	36
Liabilities
Commodity derivative contracts		$	—			$	—			$	(12,761	)		$	(12,761	)
Total liabilities		$	—			$	—			$	(12,761	)		$	(12,761	)

December 31, 2021		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance at December 31, 2021
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	—			$	—
Total assets		$	—			$	—			$	—			$	—
Liabilities
Total liabilities		$	—			$	—			$	(5,585	)		$	(5,585	)

Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3

The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the quarter ended March 31, 2022.

(Thousands of dollars)
Net Liabilities – December 31, 2021		$	(5,585	)
Total realized and unrealized (gains) losses:
Included in earnings (a)			(10,958	)
Purchases, sales, issuances and settlements			3,818
Net Liabilities — March 31, 2022		$	(12,725	)

(a) Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments.

Effect of Derivative Instruments on Consolidated Balance Sheets

The following table sets forth the effect of derivative instruments on the consolidated balance sheets at March 31, 2022 and December 31, 2021:

						Fair Value
(Thousands of dollars)		Balance Sheet Location				March 31, 2022				December 31, 2021
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude Oil commodity contracts			Derivative asset short-term			$	36			$	—
Total						$	36			$	—
Liability Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts			Derivative liability short-term			$	(9,711	)		$	(3,992	)
Natural gas commodity contracts			Derivative liability short-term				(3,050	)			(943	)
Crude oil commodity contracts			Derivative liability long-term				—				(490	)
Natural gas commodity contracts			Derivative liability long-term				—				(160	)
Total						$	(12,761	)		$	(5,585	)
Total derivative instruments						$	(12,725	)		$	(5,585	)

Effect of Derivative Instruments on Consolidated Statements of Operations

The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the quarters ended March 31, 2022 and 2021:

		Location of gain/loss recognized in income		Amount of gain/loss recognized in income
(Thousands of dollars)				2022				2021
Derivatives not designated as cash-flow hedge instruments:
Natural gas commodity contracts		Unrealized (loss) on derivative instruments, net		$	(1,948	)		$	(15	)
Crude oil commodity contracts		Unrealized (loss) on derivative instruments, net			(5,191	)			(896	)
Natural gas commodity contracts		Realized (loss) on derivative instruments, net			(620	)			(60	)
Crude oil commodity contracts		Realized (loss) on derivative instruments, net			(3,199	)			(152	)
				$	(10,958	)		$	(1,123	)

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- Definition

Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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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

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ 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 http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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