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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2022
DERIVATIVE AND HEDGING ACTIVITIES |
Summary of location and fair value of derivative contracts | The following table summarizes the location and fair value amounts of all commodity derivative contracts in the unaudited condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance sheet location |  | September 30, 2022 |  | December 31, 2021 |  | Balance sheet location |  | September 30, 2022 |  | December 31, 2021
Current assets | ​ | $ | 18,225 | ​ | $ | 1,383 | ​ | Current liabilities | ​ | $ | (41,088) | ​ | $ | (58,322)
Other noncurrent assets | ​ | ​ | 8,789 | ​ | ​ | 2,515 | ​ | Other noncurrent liabilities | ​ | ​ | (23,583) | ​ | ​ | (7,144)
​ | ​ | $ | 27,014 | ​ | $ | 3,898 | ​ | ​ | ​ | $ | (64,671) | ​ | $ | (65,466)
Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts | 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 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of net gain (loss) | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | on derivative contracts on | ​ | September 30, | ​ | September 30,
Type |  | Statement of Operations | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Commodity derivative contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gain (loss) | ​ | Other income (expenses) | ​ | $ | 102,112 | ​ | $ | 1,816 | ​ | $ | 23,911 | ​ | $ | (69,053)
Realized gain (loss) | ​ | Other income (expenses) | ​ | ​ | (34,478) | ​ | ​ | (22,387) | ​ | ​ | (112,045) | ​ | ​ | (50,318)
Total net gain (loss) | ​ | ​ | ​ | $ | 67,634 | ​ | $ | (20,571) | ​ | $ | (88,134) | ​ | $ | (119,371)
Schedule of open derivative contracts | At September 30, 2022, the Company had the following open crude oil and natural gas derivative contracts:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Instrument |  | ​ | 2022 |  | ​ | 2023 |  | ​ | 2024 |  | ​ | 2025 | ​ | ​ | 2026
Crude oil: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed-price swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 631,398 | ​ | ​ | 2,519,350 | ​ | ​ | 1,761,468 | ​ | ​ | 1,127,696 | ​ | ​ | 484,213
Weighted average price | ​ | $ | 54.64 | ​ | ​ | 69.62 | ​ | ​ | 63.56 | ​ | ​ | 60.66 | ​ | ​ | 64.43
Basis swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 622,398 | ​ | ​ | 2,586,562 | ​ | ​ | 1,759,239 | ​ | ​ | 1,127,696 | ​ | ​ | 484,213
Weighted average price | ​ | $ | 0.44 | ​ | ​ | 0.40 | ​ | ​ | 0.26 | ​ | ​ | 0.15 | ​ | ​ | 0.11
WTI NYMEX roll: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 622,398 | ​ | ​ | 2,519,350 | ​ | ​ | 1,613,039 | ​ | ​ | 1,127,696 | ​ | ​ | 484,213
Weighted average price | ​ | $ | 0.15 | ​ | ​ | 0.58 | ​ | ​ | 0.30 | ​ | ​ | 0.13 | ​ | ​ | 0.20
Natural gas: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed-price swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 385,500 | ​ | ​ | 4,888,650 | ​ | ​ | 3,401,504 | ​ | ​ | 2,867,065 | ​ | ​ | 742,678
Weighted average price | ​ | $ | 3.87 | ​ | ​ | 3.67 | ​ | ​ | 3.37 | ​ | ​ | 3.17 | ​ | ​ | 4.01
Two-way collar: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 1,578,768 | ​ | ​ | 2,199,328 | ​ | ​ | 1,848,139 | ​ | ​ | 825,653 | ​ | ​ | 760,562
Weighted average price (call) | ​ | $ | 4.79 | ​ | ​ | 5.91 | ​ | ​ | 4.97 | ​ | ​ | 4.71 | ​ | ​ | 4.64
Weighted average price (put) | ​ | $ | 4.04 | ​ | ​ | 4.36 | ​ | ​ | 3.57 | ​ | ​ | 3.65 | ​ | ​ | 4.04
Basis swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 1,838,418 | ​ | ​ | 6,876,237 | ​ | ​ | 5,225,092 | ​ | ​ | 3,724,085 | ​ | ​ | 1,512,752
Weighted average price | ​ | $ | (0.55) | ​ | ​ | (0.75) | ​ | ​ | (0.75) | ​ | ​ | (0.59) | ​ | ​ | (0.85)
​ The Company presents the fair value of its derivative contracts at the gross amounts in the unaudited condensed consolidated balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts at September 30, 2022 and December 31, 2021 (in thousands):
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
Offsetting of Derivative Assets and Liabilities |  | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross Amounts - Consolidated Balance Sheet | ​ | $ | 27,014 | ​ | $ | 3,898 | ​ | $ | (64,671) | ​ | $ | (65,466)
Amounts Not Offset - Consolidated Balance Sheet | ​ | ​ | (24,845) | ​ | ​ | (3,898) | ​ | ​ | 24,845 | ​ | ​ | 3,898
Net Amount | ​ | $ | 2,169 | ​ | $ | — | ​ | $ | (39,826) | ​ | $ | (61,568)

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