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Derivatives (Tables)
3 Months Ended
Sep. 30, 2024
Derivatives  
Schedule of the Location and Fair Value Amounts of All Derivative Contracts in the Unaudited Condensed Consolidated Balance Sheets

The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of September 30, 2024 and June 30, 2024 (in thousands):

Derivatives not designated

as hedging contracts

Balance sheet

Derivative Contract Assets

Balance sheet

Derivative Contract Liabilities

under ASC 815

    

location

    

September 30, 2024

    

June 30, 2024

    

location

    

September 30, 2024

    

June 30, 2024

Commodity contracts

Current assets - derivative contract assets

$

1,253

$

596

Current liabilities - derivative contract liabilities

$

173

$

1,192

Commodity contracts

Other assets - derivative contract assets

202

171

Long term liabilities - derivative contract liabilities

307

468

Total derivatives not designated as hedging contracts under ASC 815

$

1,455

$

767

$

480

$

1,660

Schedule of Derivative Instruments

As of September 30, 2024, the Company had the following open crude oil and natural gas derivative contracts:

Weighted Average

Weighted Average

Weighted Average

Volumes in

Swap Price per

Floor Price per

Ceiling Price per

Period

    

Instrument

    

Commodity

    

MMBTU/BBL

MMBTU/BBL

    

MMBTU/BBL

    

MMBTU/BBL

October 2024 - December 2024

Fixed-Price Swap

Crude Oil

35,962

$

74.20

October 2024 - December 2024

Collar

Crude Oil

35,962

$

70.00

$

77.40

January 2025 - March 2025

Collar

Crude Oil

42,566

68.00

73.77

January 2025 - February 2025

Fixed-Price Swap

Natural Gas

312,286

3.56

April 2025 - June 2025

Collar

Crude Oil

41,601

65.00

84.00

March 2025 - December 2026

Fixed-Price Swap

Natural Gas

3,170,705

3.60

Subsequent to September 30, 2024, the Company entered into the following new crude oil derivative contracts:

Weighted Average

Volumes in

Swap Price per

Period

    

Instrument

    

Commodity

    

MMBTU/BBL

MMBTU/BBL

January 2025 - June 2025

Fixed-Price Swap

Crude Oil

51,992

$

73.49

July 2025 - December 2025

Fixed-Price Swap

Crude Oil

81,335

71.40

Derivative Instruments, Gain (Loss)

The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s unaudited condensed consolidated statements of operations for the three months ended September 30, 2024 and 2023 (in thousands). “Realized gain (loss) on derivative contracts” represents all receipts (payments) on derivative contracts settled during the period. “Unrealized gain (loss) on derivative contracts” represents the net change in the mark-to-market valuation of the derivative contracts.

Derivatives not designated

Location of gain (loss)

Three Months Ended

as hedging contracts

recognized in income on

September 30, 

under ASC 815

    

derivative contracts

2024

    

2023

Commodity contracts:

Realized gain (loss) on derivative contracts

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

$

(70)

$

Unrealized gain (loss) on derivative contracts

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

1,868

Total net gain (loss) on derivative contracts

$

1,798

$

Offsetting Assets

Derivative Contracts Assets

Derivative Contracts Liabilities

Offsetting of Derivative Assets and Liabilities

    

September 30, 2024

    

June 30, 2024

    

September 30, 2024

    

June 30, 2024

Gross amounts presented in the Consolidated Balance Sheet

$

1,455

$

767

$

480

$

1,660

Amounts not offset in the Consolidated Balance Sheet

(375)

(497)

(375)

(497)

Net amount

$

1,080

$

270

$

105

$

1,163

Offsetting Liabilities

Derivative Contracts Assets

Derivative Contracts Liabilities

Offsetting of Derivative Assets and Liabilities

    

September 30, 2024

    

June 30, 2024

    

September 30, 2024

    

June 30, 2024

Gross amounts presented in the Consolidated Balance Sheet

$

1,455

$

767

$

480

$

1,660

Amounts not offset in the Consolidated Balance Sheet

(375)

(497)

(375)

(497)

Net amount

$

1,080

$

270

$

105

$

1,163