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Derivatives (Tables)
6 Months Ended
Dec. 31, 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 December 31, 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

    

December 31, 2024

    

June 30, 2024

    

location

    

December 31, 2024

    

June 30, 2024

Commodity contracts

Current assets – derivative contract assets

$

1,073

$

596

Current liabilities – derivative contract liabilities

$

439

$

1,192

Commodity contracts

Other assets – derivative contract assets

250

171

Long term liabilities – derivative contract liabilities

1,277

468

Total derivatives not designated as hedging contracts under ASC 815

$

1,323

$

767

$

1,716

$

1,660

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 and six months ended December 31, 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

Six Months Ended

as hedging contracts

recognized in income on

December 31, 

December 31, 

under ASC 815

    

derivative contracts

    

2024

2023

2024

    

2023

Commodity contracts:

Realized gain (loss) on derivative contracts

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

$

149

$

$

79

$

Unrealized gain (loss) on derivative contracts

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

(1,368)

500

Total net gain (loss) on derivative contracts

$

(1,219)

$

$

579

$

Schedule of Derivative Instruments

As of December 31, 2024, the Company had the following open crude oil and natural gas derivative contracts:

Volumes in

Swap Price per

Floor Price per

Ceiling Price per

Period

    

Commodity

Instrument

    

MMBTU/BBL

MMBTU/BBL

    

MMBTU/BBL

    

MMBTU/BBL

January 2025 - March 2025

Crude Oil

Collar

42,566

$

68.00

$

73.77

January 2025 - June 2025

Crude Oil

Fixed-Price Swap

51,992

$

73.49

April 2025 - June 2025

Crude Oil

Collar

41,601

65.00

84.00

July 2025 - December 2025

Crude Oil

Fixed-Price Swap

81,335

71.40

January 2025 - February 2025

Natural Gas

Fixed-Price Swap

312,286

3.56

January 2025 - March 2025

Natural Gas

Basis Swap

305,607

0.66

March 2025 - December 2026

Natural Gas

Fixed-Price Swap

3,170,705

3.60

January 2026 - March 2026

Natural Gas

Collar

375,481

3.60

5.00

April 2025 - December 2027

Natural Gas

Fixed-Price Swap

3,729,540

3.57

Subsequent to December 31, 2024, the Company entered into the following new crude oil derivative contracts:

Volumes in

Swap Price per

Floor Price per

Ceiling Price per

Period

    

Commodity

Instrument

    

MMBTU/BBL

MMBTU/BBL

    

MMBTU/BBL

    

MMBTU/BBL

February 2025 - March 2025

Crude Oil

Put

3,277

$

75.00

February 2025 - March 2025

Crude Oil

Fixed-Price Swap

3,278

$

71.02

April 2025 - December 2025

Crude Oil

Fixed-Price Swap

32,229

72.00

January 2026 - March 2026

Crude Oil

Collar

43,493

60.00

75.80

Offsetting Assets

Derivative Contracts Assets

Derivative Contracts Liabilities

Offsetting of Derivative Assets and Liabilities

    

December 31, 2024

    

June 30, 2024

    

December 31, 2024

    

June 30, 2024

Gross amounts presented in the Consolidated Balance Sheet

$

1,323

$

767

$

1,716

$

1,660

Amounts not offset in the Consolidated Balance Sheet

(688)

(497)

(688)

(497)

Net amount

$

635

$

270

$

1,028

$

1,163

Offsetting Liabilities

Derivative Contracts Assets

Derivative Contracts Liabilities

Offsetting of Derivative Assets and Liabilities

    

December 31, 2024

    

June 30, 2024

    

December 31, 2024

    

June 30, 2024

Gross amounts presented in the Consolidated Balance Sheet

$

1,323

$

767

$

1,716

$

1,660

Amounts not offset in the Consolidated Balance Sheet

(688)

(497)

(688)

(497)

Net amount

$

635

$

270

$

1,028

$

1,163