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Derivatives (Tables)

6 Months Ended

Dec. 31, 2022

Derivatives

Schedule of Derivative Instruments

The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of December 31, 2022 and June 30, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives not designated

​

​

​

​

​

​

​

​

as hedging contracts

​

Balance sheet

​

Derivative Contract Assets

​

Balance sheet

​

Derivative Contract Liabilities

under ASC 815

location

December 31, 2022

June 30, 2022

location

December 31, 2022

June 30, 2022

Commodity contracts

​

Current assets - derivative contract assets

​

$

244

​

$

170

​

Current liabilities - derivative contract liabilities

​

$

49

​

$

2,164

Commodity contracts

​

Other assets - derivative contract assets

​

​

—

​

​

—

​

Long term liabilities - derivative contract liabilities

​

​

—

​

​

—

Total derivatives not designated as hedging contracts under ASC 815

​

​

​

$

244

​

$

170

​

​

​

$

49

​

$

2,164

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives not designated

​

Location of gain (loss)

​

Three Months Ended

​

Six Months Ended

as hedging contracts

​

recognized in income on

​

December 31,

​

December 31,

under ASC 815

derivative contracts

2022

​

2021

​

2022

2021

Commodity contracts:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Realized gain (loss) on derivative contracts

​

Other income and expenses - net gain (loss) on derivative contracts

​

$

(224)

​

$

—

​

$

(1,946)

​

$

—

Unrealized gain (loss) on derivative contracts

​

Other income and expenses - net gain (loss) on derivative contracts

​

​

1,070

​

​

—

​

​

2,189

​

​

—

Total net gain (loss) on derivative contracts

​

​

​

$

846

​

$

—

​

$

243

​

$

—

​

Derivative Instruments, Gain (Loss)

As of December 31, 2022, the Company had the following open crude oil and natural gas derivative contracts:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

Weighted Average

​

​

​

​

​

​

Volumes in

​

Floor Price per

​

Ceiling Price per

Period

Instrument

Commodity

MMBTU/BBL

​

MMBTU/BBL

MMBTU/BBL

January 2023 - February 2023

​

Collar

​

Natural Gas

​

214,931

​

$

3.75

​

$

7.30

January 2023 - March 2023

​

Collar

​

Natural Gas

​

220,875

​

​

5.25

​

​

7.50

January 2023 - February 2023

​

Collar

​

Crude Oil

​

29,995

​

​

70.00

​

​

87.50

​

Offsetting Assets

The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of December 31, 2022 and June 30, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Contracts Assets

​

Derivative Contracts Liabilities

Offsetting of Derivative Assets and Liabilities

December 31, 2022

June 30, 2022

December 31, 2022

June 30, 2022

Gross amounts presented in the Consolidated Balance Sheet

​

$

244

​

$

170

​

$

49

​

$

2,164

Amounts not offset in the Consolidated Balance Sheet

​

​

(32)

​

​

(170)

​

​

(32)

​

​

(170)

Net amount

​

$

212

​

$

—

​

$

17

​

$

1,994

​

Offsetting Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Contracts Assets

​

Derivative Contracts Liabilities

Offsetting of Derivative Assets and Liabilities

December 31, 2022

June 30, 2022

December 31, 2022

June 30, 2022

Gross amounts presented in the Consolidated Balance Sheet

​

$

244

​

$

170

​

$

49

​

$

2,164

Amounts not offset in the Consolidated Balance Sheet

​

​

(32)

​

​

(170)

​

​

(32)

​

​

(170)

Net amount

​

$

212

​

$

—

​

$

17

​

$

1,994

​

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