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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2024
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 derivative contracts in the consolidated balance sheets as of December 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, | ​ | ​ | ​ | Years Ended December 31,
Balance sheet location |  | 2024 |  | 2023 |  | Balance sheet location |  | 2024 |  | 2023
Current assets | ​ | $ | 6,969 | ​ | $ | 8,992 | ​ | Current liabilities | ​ | $ | (12,330) | ​ | $ | (17,191)
Other noncurrent assets | ​ | ​ | 4,052 | ​ | ​ | 4,877 | ​ | Other noncurrent liabilities | ​ | ​ | (6,954) | ​ | ​ | (16,058)
​ | ​ | $ | 11,021 | ​ | $ | 13,869 | ​ | ​ | ​ | $ | (19,284) | ​ | $ | (33,249)
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 consolidated statements of operations (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain or (loss) | ​ | ​ | ​ | ​
​ | ​ | on derivative contracts on | ​ | Years Ended December 31,
Type |  | Statement of Operations |  | 2024 |  | 2023
Commodity contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gain (loss) | ​ | Other income (expenses) | ​ | $ | 11,116 | ​ | $ | 21,934
Realized gain (loss) | ​ | Other income (expenses) | ​ | ​ | (8,808) | ​ | ​ | (9,245)
Total net gain (loss) | ​ | ​ | ​ | $ | 2,308 | ​ | $ | 12,689
Schedule of open derivative contracts | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Instrument |  | ​ | 2025 |  | ​ | 2026 |  | ​ | 2027 | ​ | ​ | 2028
Crude oil: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed-price swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 1,289,110 | ​ | ​ | 709,672 | ​ | ​ | 653,869 | ​ | ​ | 521,433
Weighted average price | ​ | $ | 61.45 | ​ | $ | 62.75 | ​ | $ | 61.65 | ​ | $ | 62.71
Basis swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 1,299,293 | ​ | ​ | 716,700 | ​ | ​ | 748,985 | ​ | ​ | 521,433
Weighted average price | ​ | $ | 0.32 | ​ | $ | 0.26 | ​ | $ | 0.49 | ​ | $ | 0.65
WTI NYMEX roll: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (Bbls) | ​ | ​ | 1,426,629 | ​ | ​ | 988,103 | ​ | ​ | 748,985 | ​ | ​ | 521,433
Weighted average price | ​ | $ | 0.14 | ​ | $ | (0.05) | ​ | $ | (0.03) | ​ | $ | (0.27)
Natural gas: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed-price swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 3,459,697 | ​ | ​ | 1,098,125 | ​ | ​ | 1,680,815 | ​ | ​ | 1,932,378
Weighted average price | ​ | $ | 3.25 | ​ | $ | 3.90 | ​ | $ | 3.76 | ​ | $ | 3.33
Two-way collar: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 974,900 | ​ | ​ | 878,900 | ​ | ​ | 900,000 | ​ | ​ | —
Weighted average price (call) | ​ | $ | 4.79 | ​ | $ | 4.72 | ​ | $ | 5.75 | ​ | $ | —
Weighted average price (put) | ​ | $ | 3.73 | ​ | $ | 4.06 | ​ | $ | 4.25 | ​ | $ | —
Basis swap: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total volumes (MMBtu) | ​ | ​ | 5,950,283 | ​ | ​ | 3,992,003 | ​ | ​ | 2,562,222 | ​ | ​ | 1,932,378
Weighted average price | ​ | $ | (0.68) | ​ | $ | (0.76) | ​ | $ | (0.71) | ​ | $ | (0.86)
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts | The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts at December 31, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets from Derivative Contracts | ​ | Liabilities from Derivative Contracts
​ | ​ | Years Ended December 31, | ​ | Years Ended December 31,
Offsetting of Derivative Assets and Liabilities |  | 2024 | ​ | 2023 |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross amounts recognized in the Consolidated Balance Sheet | ​ | $ | 11,021 | ​ | $ | 13,869 | ​ | $ | (19,284) | ​ | $ | (33,249)
Amounts not offset in the Consolidated Balance Sheet | ​ | ​ | (11,021) | ​ | ​ | (13,218) | ​ | ​ | 11,021 | ​ | ​ | 13,218
Net amount | ​ | $ | — | ​ | $ | 651 | ​ | $ | (8,263) | ​ | $ | (20,031)

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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