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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance sheet location |  | March 31, 2023 |  | December 31, 2022 |  | Balance sheet location |  | March 31, 2023 |  | December 31, 2022
Current assets | ​ | $ | 15,103 | ​ | $ | 16,244 | ​ | Current liabilities | ​ | $ | (18,008) | ​ | $ | (29,286)
Other noncurrent assets | ​ | ​ | 5,434 | ​ | ​ | 5,379 | ​ | Other noncurrent liabilities | ​ | ​ | (22,838) | ​ | ​ | (33,649)
​ | ​ | $ | 20,537 | ​ | $ | 21,623 | ​ | ​ | ​ | $ | (40,846) | ​ | $ | (62,935)
​
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
​ | ​ | on derivative contracts on | ​ | March 31,
Type |  | Statement of Operations | ​ | 2023 | ​ | 2022
Commodity derivative contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gain (loss) | ​ | Other income (expenses) | ​ | $ | 21,004 | ​ | $ | (91,038)
Realized gain (loss) | ​ | Other income (expenses) | ​ | ​ | (1,531) | ​ | ​ | (32,820)
Total net gain (loss) | ​ | ​ | ​ | $ | 19,473 | ​ | $ | (123,858)
​
Schedule of open derivative contracts | At March 31, 2023, the Company had the following open crude oil and natural gas derivative contracts:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Instrument |  | ​ | 2023 |  | ​ | 2024 |  | ​ | 2025 | ​ | ​ | 2026
Crude oil: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed-price swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 1,748,502 | ​ | ​ | 1,805,885 | ​ | ​ | 1,195,171 | ​ | ​ | 918,741
Weighted average price | ​ | $ | 68.69 | ​ | $ | 63.69 | ​ | $ | 60.97 | ​ | $ | 63.58
Basis swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 1,678,779 | ​ | ​ | 1,801,951 | ​ | ​ | 1,195,171 | ​ | ​ | 918,741
Weighted average price | ​ | $ | 0.42 | ​ | $ | 0.27 | ​ | $ | 0.15 | ​ | $ | (0.02)
WTI NYMEX roll: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 1,682,452 | ​ | ​ | 1,784,914 | ​ | ​ | 1,195,171 | ​ | ​ | 918,741
Weighted average price | ​ | $ | 0.56 | ​ | $ | 0.27 | ​ | $ | 0.11 | ​ | $ | (0.03)
Natural gas: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed-price swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 4,938,380 | ​ | ​ | 4,410,134 | ​ | ​ | 3,687,113 | ​ | ​ | 1,975,283
Weighted average price | ​ | $ | 3.71 | ​ | $ | 3.54 | ​ | $ | 3.35 | ​ | $ | 4.00
Two-way collar: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 1,082,869 | ​ | ​ | 2,610,639 | ​ | ​ | 1,381,321 | ​ | ​ | 1,838,812
Weighted average price (call) | ​ | $ | 5.21 | ​ | $ | 5.08 | ​ | $ | 5.09 | ​ | $ | 5.24
Weighted average price (put) | ​ | $ | 3.76 | ​ | $ | 3.67 | ​ | $ | 3.67 | ​ | $ | 3.63
Basis swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 6,021,249 | ​ | ​ | 7,020,722 | ​ | ​ | 5,049,878 | ​ | ​ | 3,814,095
Weighted average price | ​ | $ | (0.88) | ​ | $ | (0.86) | ​ | $ | (0.66) | ​ | $ | (0.77)
​
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 |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross Amounts - Consolidated Balance Sheet | ​ | $ | 20,537 | ​ | $ | 21,623 | ​ | $ | (40,846) | ​ | $ | (62,935)
Amounts Not Offset - Consolidated Balance Sheet | ​ | ​ | (16,933) | ​ | ​ | (20,997) | ​ | ​ | 16,933 | ​ | ​ | 20,997
Net Amount | ​ | $ | 3,604 | ​ | $ | 626 | ​ | $ | (23,913) | ​ | $ | (41,938)

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- Definition Tabular disclosure of the location and amount of derivative instruments and non-derivative instruments not designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and non-derivative instruments designated and qualified as hedging instruments. + References No definition available. + Details
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- Definition Tabular disclosure of derivative, other financial assets and other financial liabilities that are subject to offsetting, including master netting arrangements. + References No definition available. + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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