Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the open financial derivative positions as of September 30, 2022, related to oil and natural gas production:

		Weighted Average Price
Calendar Quarter / Year	Notional Volume	Fixed		Put		Call
		($ per unit)
Oil Swaps (Bbl)
Q4 2022	270,000	$	56.03	$	—	$	—
2023	720,000	$	53.27	$	—	$	—
Natural Gas Swaps (Mcf)
Q4 2022	540,000	$	3.26	$	—	$	—
Oil Collars (Bbl)
Q4 2022	90,000	$	—	$	35.00	$	42.63
2023	—	$	—	$	—	$	—
2024	3,000	$	—	$	50.00	$	88.00
Oil Basis (Bbl)
Q4 2022	240,000	$	0.41	$	—	$	—

The following table summarizes the open interest rate derivative positions as of September 30, 2022:

Open Coverage Period	Notional Amount		Fixed Rate
	(In thousands)
Floating-to-Fixed Interest Rate Swaps
October 2022 - September 2023	$	40,000	0.24	%

Schedule of Derivative Instruments Location and Fair Value

The following tables present the location and fair value of the Company’s derivative contracts included in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021:

	September 30, 2022
Balance Sheet Classification	Gross Fair Value		Amounts Netted		Net Fair Value
	(In thousands)
Current derivative assets	$	1,611	$	(4)	$	1,607
Non-current derivative assets	17		(17)		—
Current derivative liabilities	(22,533)		4		(22,529)
Non-current derivative liabilities	(2,440)		17		(2,423)
Total	$	(23,345)	$	—	$	(23,345)
	December 31, 2021
Balance Sheet Classification	Gross Fair Value		Amounts Netted		Net Fair Value
	(In thousands)
Current derivative assets	$	281	$	(198)	$	83
Non-current derivative assets	267		—		267
Current derivative liabilities	(31,182)		198		(30,984)
Non-current derivative liabilities	(9,515)		—		(9,515)
Total	$	(40,149)	$	—	$	(40,149)

Schedule of Derivative Instruments, Gain (Loss)

The following table presents the components of the Company's gain (loss) on derivatives for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Settlements on derivative contracts	$	(17,040)	$	(11,171)	$	(61,198)	$	(21,477)
Non-cash gain (loss) on derivatives	34,640		(3,816)		16,803		(53,809)
Gain (loss) on derivatives	$	17,600	$	(14,987)	$	(44,395)	$	(75,286)