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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022:

September 30, 2023

Quoted Prices in Active Markets For Identical Assets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Balance at September 30, 2023

(Thousands of dollars)

Assets

Commodity derivative contracts

$

—

$

—

$

—

$

—

Total assets

$

—

$

—

$

—

$

—

Liabilities

Commodity derivative contracts

$

—

$

—

$

—

$

—

Total liabilities

$

—

$

—

$

—

$

—

December 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 December 31, 2022
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	210			$	210
Total assets		$	—			$	—			$	210			$	210
Liabilities
Commodity derivative contracts		$	—			$	—			$	(1,190	)		$	(1,190	)
Total liabilities		$	—			$	—			$	(1,190	)		$	(1,190	)

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 nine months ended September 30, 2023.

(Thousands of dollars)
Net Liabilities – December 31, 2022		$	(980	)
Total realized and unrealized gains (losses):
Included in earnings (a)			414
Purchases, sales, issuances and settlements			566
Net Liabilities — September 30, 2023		$	—

(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 September 30, 2023 and December 31, 2022:

						Fair Value
(Thousands of dollars)		Balance Sheet Location				September 30, 2023				December 31, 2022
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contract			Derivative asset			$	—			$	162
Natural gas commodity contract			Derivative asset				—				48
Total						$	—			$	210
Liability Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts			Derivative liability			$	—			$	(931	)
Natural gas commodity contracts			Derivative liability				—				(259	)
Total						$	—			$	(1,190	)
Total derivative instruments						$	—			$	(980	)

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 nine months ended September 30, 2023 and 2022:

						Amount of gain (loss) recognized in in o me
(Thousands of dollars)		Location of gain/loss recognized in income				2023				2022
Derivatives not designated as cash-flow hedge instruments:
Natural gas commodity contracts			Unrealized gain (loss) on derivative instruments, net				211				(800	)
Crude oil commodity contracts			Unrealized gain on derivative instruments, net				769				2,718
Natural gas commodity contracts			Realized gain (loss) on derivative instruments, net				24				(3,603	)
Crude oil commodity contracts			Realized loss on derivative instruments, net				(590	)			(10,389	)
						$	414			$	(12,074	)

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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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
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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.

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-SubTopic 10
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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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