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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023, related to oil and natural gas production:
Weighted Average Price
Calendar Quarter / YearNotional VolumeFixedPutCall
($ per unit)
Oil Swaps (Bbl)
Q3 2023407,000 $67.97 
Q4 2023347,000 $67.68 
2024420,000 $71.77 
Natural Gas Swaps (Mcf)
Q3 2023450,000 $2.60 
Q4 2023550,000 $3.24 
20241,725,000 $3.41 
2025375,000 $4.05 
Oil Collars (Bbl)
Q3 2023330,000 $68.64 $88.85 
Q4 2023330,000 $68.64 $88.85 
20241,621,000 $61.12 $84.39 
2025423,000 $60.00 $77.23 
Natural Gas Collars (Mcf)
Q3 2023300,000 $2.55 $3.20 
Q4 2023300,000 $3.12 $4.07 
20241,065,000 $3.19 $4.14 
2025555,000 $3.30 $4.49 
Oil Basis (Bbl)
Q3 2023360,000 $1.28 
Q4 2023360,000 $1.28 
2024960,000 $0.87 
The following table summarizes the open interest rate derivative positions as of June 30, 2023:

Open Coverage PeriodNotional AmountFixed Rate
(In thousands)
April 2024 - April 2026$30,000 3.18 %
April 2024 - April 2026$50,000 3.039 %
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 June 30, 2023 and December 31, 2022:
June 30, 2023
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$9,215 $(5,291)$3,924 
Non-current derivative assets9,300 (5,501)3,799 
Current derivative liabilities(7,408)5,291 (2,117)
Non-current derivative liabilities(5,761)5,501 (260)
Total$5,346 $— $5,346 
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)$— $(16,464)
Schedule of Derivative Instruments, Gain (Loss)
The following table presents the components of the Company's gain (loss) on derivatives for the periods presented below:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In thousands)
Settlements on derivative contracts$(2,303)$(25,783)$(7,391)$(44,158)
Non-cash gain (loss) on derivatives10,968 13,420 21,811 (17,837)
Gain (loss) on derivatives$8,665 $(12,363)$14,420 $(61,995)