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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2022, related to oil and natural gas production:
Weighted Average Price
Calendar Quarter / YearNotional VolumeFixedPutCall
($ per unit)
Oil Swaps (Bbl)
Q1 2023225,000 $53.65 $— $— 
Q2 2023195,000 $53.89 $— $— 
Q3 2023126,000 $53.79 $— $— 
Q4 2023114,000 $54.59 $— $— 
Oil Collars (Bbl)
Q1 202330,000 $— $60.00 $109.60 
Q2 202330,000 $— $60.00 $109.60 
Q3 2023— $— $— $— 
Q4 2023— $— $— $— 
20243,000 $— $50.00 $88.00 
The
following table summarizes the Company's open derivative positions as of March 3, 2023, related to oil and natural gas production:
Weighted Average Price
Period(1)
Notional VolumeFixedPutCall
($ per unit)
Oil Swaps (Bbl)
Q1 2023225,000 $53.65 $— $— 
Q2 2023315,000 $62.78 $— $— 
Q3 2023216,000 $63.04 $— $— 
Q4 2023189,000 $62.51 $— $— 
2024240,000 $71.60 $— $— 
Oil Collars (Bbl)
Q1 2023210,000 $— $70.95 $89.96 
Q2 2023300,000 $— $71.50 $88.98 
Q3 2023330,000 $— $68.64 $88.85 
Q4 2023330,000 $— $68.64 $88.85 
20241,293,000 $— $61.02 $86.39 
2025315,000 $— $60.00 $77.98 
Natural Gas Swaps (MMBtu)
Q1 2023— $— $— $— 
Q2 2023450,000 $2.60 $— $— 
Q3 2023450,000 $2.60 $— $— 
Q4 2023400,000 $3.23 $— $— 
20241,500,000 $3.43 $— $— 
2025375,000 $4.05 $— $— 
Natural Gas Collars (MMBtu)
Q1 2023— $— $— $— 
Q2 2023300,000 $— $2.55 $3.20 
Q3 2023300,000 $— $2.55 $3.20 
Q4 2023300,000 $— $3.12 $4.07 
20241,065,000 $— $3.19 $4.14 
2025255,000 $— $3.65 $4.95 
Oil Basis (Bbl)
Q1 2023240,000 $1.28 $— $— 
Q2 2023360,000 $1.28 $— $— 
Q3 2023360,000 $1.28 $— $— 
Q4 2023360,000 $1.28 $— $— 
2024960,000 $0.87 $— $— 
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(1)Q1 2023 derivative positions shown include January and February 2023 contracts, some of which have settled as of March 3, 2023.
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 consolidated balance sheets as of December 31, 2022 and 2021:
December 31, 2022
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$64 $(44)$20 
Non-current derivative assets9 (9)— 
Current derivative liabilities(16,516)44 (16,472)
Non-current derivative liabilities(21)9 (12)
Total$(16,464)$— $(16,464)
December 31, 2021
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$281 $(198)$83 
Non-current derivative assets267 — 267 
Current derivative liabilities(31,182)198 (30,984)
Non-current derivative liabilities(9,515)— (9,515)
Total$(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 periods presented below:
Year Ended December 31, 2022Three Months Ended December 31, 2021Year Ended September 30, 2021
(In thousands)
Settlements on derivative contracts(1)
$(75,257)$(16,014)$(16,304)
Non-cash gain (loss) on derivatives23,683 10,821 (72,891)
Loss on derivatives$(51,574)$(5,193)$(89,195)
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(1) In December 2022, the Company settled a portion of its 2023 open oil fixed price swap contracts which resulted in a $1.5 million settlement.