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Derivative Instruments (Tables)
 9 Months Ended
Sep. 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 September 30, 2023, related to oil and natural gas production:
Weighted Average Price
Calendar Quarter / YearNotional VolumeFixedPutCall
($ per unit)
Oil Swaps (Bbl)
Q4 2023437,000 $69.35 
2024870,000 $72.39 
2025330,000 $71.86 
Natural Gas Swaps (Mcf)
Q4 2023670,000 $3.26 
20242,400,000 $3.38 
2025600,000 $3.85 
Oil Collars (Bbl)
Q4 2023330,000 $68.64 $88.85 
20241,621,000 $61.12 $84.39 
2025573,000 $62.09 $77.28 
Natural Gas Collars (Mcf)
Q4 2023300,000 $3.12 $4.07 
20241,065,000 $3.19 $4.14 
2025555,000 $3.30 $4.49 
Oil Basis (Bbl)
Q4 2023450,000 $1.28 
20241,320,000 $0.97 
The following table summarizes the open interest rate derivative positions as of September 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 September 30, 2023 and December 31, 2022:
September 30, 2023
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$3,313 $(2,624)$689 
Non-current derivative assets6,174 (4,818)1,356 
Current derivative liabilities(21,727)2,624 (19,103)
Non-current derivative liabilities(11,490)4,818 (6,672)
Total$(23,730)$— $(23,730)
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)$— $(16,464)
Schedule of Derivative Instruments, Gain (Loss)
The following table presents the components of the Company's gain (loss) on derivatives for the periods presented below:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Settlements on derivative contracts$(6,269)$(17,040)$(13,660)$(61,198)
Non-cash gain (loss) on derivatives(29,076)34,640 (7,265)16,803 
Gain (loss) on derivatives$(35,345)$17,600 $(20,925)$(44,395)