Derivative Instruments (Tables)
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9 Months Ended |
Jun. 30, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Schedule of Notional Amounts of Outstanding Derivative Positions |
The following table summarizes the open financial derivative positions as of June 30, 2021, related to crude oil and natural gas production. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted Average Price | Calendar Quarter | | Notional Volume | | Fixed | | Put | | Call | | | | | ($ per unit) | Crude Oil Swaps (Bbl) | | | | | | | | | | | | | | | | | | Q3 2021 | | 564,278 | | | $ | 51.57 | | | $ | — | | | $ | — | | Q4 2021 | | 558,116 | | | $ | 51.65 | | | $ | — | | | $ | — | | 2022 | | 1,320,000 | | | $ | 53.59 | | | $ | — | | | $ | — | | 2023 | | 360,000 | | | $ | 59.01 | | | $ | — | | | $ | — | | | | | | | | | | | Natural Gas Swaps (Mcf) | | | | | | | | | | | | | | | | | | Q3 2021 | | 555,000 | | | $ | 3.03 | | | $ | — | | | $ | — | | Q4 2021 | | 555,000 | | | $ | 3.03 | | | $ | — | | | $ | — | | | | | | | | | | | Crude Oil Collars (Bbl) | | | | | | | | | 2022 | | 360,000 | | | $ | — | | | $ | 35.00 | | | $ | 42.63 | | | | | | | | | | | Crude Oil Basis (Bbl) | | | | | | | | | | | | | | | | | | Q3 2021 | | 435,000 | | | $ | 0.40 | | | $ | — | | | $ | — | | Q4 2021 | | 435,000 | | | $ | 0.40 | | | $ | — | | | $ | — | | 2022 | | 720,000 | | | $ | 0.40 | | | $ | — | | | $ | — | | | | | | | | | | |
The following table summarizes the open interest rate derivative positions as of June 30, 2021: | | | | | | | | | | | | | | | | Open Coverage Period | | Notional Amount | | Fixed Rate | | | (In thousands) | | | Floating-to-Fixed Interest Rate Swaps | | | | | July 2021 - September 2021 | | $ | 40,000 | | | 1.77 | % | July 2021 - September 2021 | | $ | 15,000 | | | 0.71 | % | September 2021 - September 2023 | | $ | 40,000 | | | 0.24 | % |
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Schedule of Derivative Instruments Location and Fair Value |
The following table presents the location and fair value of the Company’s derivative contracts included in the accompanying consolidated balance sheets as of June 30, 2021 and September 30, 2020. | | | | | | | | | | | | | | | | | | | | | | | June 30, 2021 | Balance Sheet Classification | | Gross Fair Value | | Amounts Netted | | Net Fair Value | | | (In thousands) | Current derivative assets | | $ | 533 | | | $ | (307) | | | $ | 226 | | Non-current derivative assets | | 402 | | | (295) | | | 107 | | Current derivative liabilities | | (36,558) | | | 307 | | | (36,251) | | Non-current derivative liabilities | | (11,531) | | | 295 | | | (11,236) | | Total | | $ | (47,154) | | | $ | — | | | $ | (47,154) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2020 | Balance Sheet Classification | | Gross Fair Value | | Amounts Netted | | Net Fair Value | | | (In thousands) | Current derivative assets | | $ | 19,690 | | | $ | (871) | | | $ | 18,819 | | Non-current derivative assets | | 4,651 | | | (1,549) | | | 3,102 | | Current derivative liabilities | | (871) | | | 871 | | | — | | Non-current derivative liabilities | | (1,549) | | | 1,549 | | | — | | Total | | $ | 21,921 | | | $ | — | | | $ | 21,921 | |
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Schedule of Derivative Instruments, Gain (Loss) |
The following table presents the Company's derivative activities for the three and nine months ended June 30, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Nine Months Ended June 30, | | | 2021 | | 2020 | | 2021 | | 2020 | | | (In thousands) | Fair value of net asset (liability), beginning of period | | $ | (19,470) | | | $ | 60,671 | | | $ | 21,921 | | | $ | 14,959 | | Gain (loss) on derivatives | | (35,396) | | | (14,205) | | | (74,208) | | | 36,999 | | Settlements on derivative contracts | | 7,712 | | | (14,669) | | | 5,133 | | | (20,161) | | Fair value of net asset (liability), end of period | | $ | (47,154) | | | $ | 31,797 | | | $ | (47,154) | | | $ | 31,797 | |
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