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Note 7 - Commodity Derivatives | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Derivatives and Fair Value [Text Block] | 7. COMMODITY DERIVATIVES The Company’s results of operations and cash flows are affected by changes in market prices for crude oil and natural gas. To manage a portion of its exposure to price volatility from producing crude oil and natural gas, the Company may enter into commodity derivative contracts to protect against price declines in future periods. The Company does not enter into derivative contracts for speculative purposes. The Company does not apply hedge accounting. Accordingly, changes in the fair value of the derivative contracts are recorded in the Condensed Consolidated Statements of Operations and are included as a non-cash adjustment to net loss in the operating activities section in the Condensed Consolidated Statements of Cash Flows. On September 10, 2024, the Company settled all of its then outstanding commodity derivative contracts for 2024 and 2025 production receiving $1.8 million. As of September 30, 2024, the Company no longer has any commodity derivative contracts outstanding.
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Current assets |  | $ | - |  |  | $ | 1,844 |
Total derivative assets |  | $ | - |  |  | $ | 1,844 |
The following table summarizes the components of the commodity derivative settlement gain (loss) as well as the components of the net commodity derivative (gain) loss line-item presentation in the accompanying Condensed Consolidated Statements of Operations:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |  |  |  |  |  |  |  |  |
Commodity derivative settlement gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil contracts |  | $ | 1,856 |  |  | $ | (148 | ) |  | $ | 2,381 |  |  | $ | (614 | )
Gas contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (28 | )
Total commodity derivative settlement gain (loss) |  | $ | 1,856 |  |  | $ | (148 | ) |  | $ | 2,381 |  |  | $ | (642 | )
Total net commodity derivative gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil contracts |  | $ | 2,030 |  |  | $ | (504 | ) |  | $ | 537 |  |  | $ | 644 |
Gas contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 60 |
Total net commodity derivative gain (loss) |  | $ | 2,030 |  |  | $ | (504 | ) |  | $ | 537 |  |  | $ | 704 |

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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