XML 33 R24.htm IDEA: XBRL DOCUMENT

DERIVATIVE AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 (in thousands):


Balance sheet location	March 31, 2024		December 31, 2023		Balance sheet location	March 31, 2024		December 31, 2023
Current assets	$	7,633	$	8,992	Current liabilities	$	(28,764)	$	(17,191)
Other noncurrent assets		3,898		4,877	Other noncurrent liabilities		(21,907)		(16,058)
	$	11,531	$	13,869		$	(50,671)	$	(33,249)

Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts


Balance sheet location	March 31, 2024		December 31, 2023		Balance sheet location	March 31, 2024		December 31, 2023
Current assets	$	7,633	$	8,992	Current liabilities	$	(28,764)	$	(17,191)
Other noncurrent assets		3,898		4,877	Other noncurrent liabilities		(21,907)		(16,058)
	$	11,531	$	13,869		$	(50,671)	$	(33,249)

Schedule of open derivative contracts


	Location of net (loss) gain	Three Months Ended
	on derivative contracts on	March 31,
Type	Statement of Operations	2024		2023
Commodity derivative contracts:
Unrealized (loss) gain	Other income (expenses)	$	(19,761)	$	21,004
Realized loss	Other income (expenses)		(4,426)		(1,531)
Total net (loss) gain		$	(24,187)	$	19,473

At March 31, 2024, the Company had the following open crude oil and natural gas derivative contracts:


Instrument		2024		2025		2026		2027
Crude oil:
Fixed-price swap:
Total volumes (Bbls)		1,335,277		1,435,236		1,029,685		786,989
Weighted average price	$	63.50	$	61.77	$	63.59	$	61.87
Basis swap:
Total volumes (Bbls)		1,337,833		1,451,319		1,036,713		791,105
Weighted average price	$	0.27	$	0.25	$	0.05	$	0.44
WTI NYMEX roll:
Total volumes (Bbls)		1,323,220		1,451,319		1,036,713		791,105
Weighted average price	$	0.25	$	0.13	$	(0.01)	$	(0.03)
Natural gas:
Fixed-price swap:
Total volumes (MMBtu)		4,316,091		4,326,712		2,431,053		2,135,815
Weighted average price	$	3.52	$	3.42	$	3.96	$	3.71
Two-way collar:
Total volumes (MMBtu)		875,400		1,651,321		2,063,812		1,355,000
Weighted average price (call)	$	4.81	$	5.12	$	5.26	$	5.57
Weighted average price (put)	$	3.48	$	3.72	$	3.70	$	3.66
Basis swap:
Total volumes (MMBtu)		5,184,315		5,950,283		4,455,681		3,472,222
Weighted average price	$	(0.87)	$	(0.68)	$	(0.77)	$	(0.73)

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, 2024		December 31, 2023		March 31, 2024		December 31, 2023

Gross Amounts - Consolidated Balance Sheet	$	11,531	$	13,869	$	(50,671)	$	(33,249)
Amounts Not Offset - Consolidated Balance Sheet		(11,531)		(13,218)		11,531		13,218
Net Amount	$	—	$	651	$	(39,140)	$	(20,031)

- 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 + Details