DERIVATIVE AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2023

DERIVATIVE AND HEDGING ACTIVITIES

Summary of location and fair value of derivative contracts

The following table summarizes the location and fair value amounts of all commodity derivative contracts in the unaudited condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 (in thousands):

Balance sheet location	September 30, 2023		December 31, 2022		Balance sheet location	September 30, 2023		December 31, 2022
Current assets	$	4,649	$	16,244	Current liabilities	$	(36,363)	$	(29,286)
Other noncurrent assets		2,022		5,379	Other noncurrent liabilities		(35,089)		(33,649)
	$	6,671	$	21,623		$	(71,452)	$	(62,935)

Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts

The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s unaudited condensed consolidated statements of operations (in thousands):

	Location of net gain (loss)	Three Months Ended				Nine Months Ended
	on derivative contracts on	September 30,				September 30,
Type	Statement of Operations	2023		2022		2023		2022
Commodity derivative contracts:
Unrealized gain (loss)	Other income (expenses)	$	(46,805)	$	102,112	$	(23,469)	$	23,911
Realized gain (loss)	Other income (expenses)		(6,882)		(34,478)		(6,272)		(112,045)
Total net gain (loss)		$	(53,687)	$	67,634	$	(29,741)	$	(88,134)

Schedule of open derivative contracts

At September 30, 2023, the Company had the following open crude oil and natural gas derivative contracts:

Instrument		2023		2024		2025		2026		2027
Crude oil:
Fixed-price swap:
Total volumes (Bbls)		462,580		1,840,894		1,370,321		1,002,223		442,887
Weighted average price	$	67.85	$	63.58	$	61.32	$	63.43	$	61.47
Basis swap:
Total volumes (Bbls)		461,603		1,840,274		1,370,321		1,002,223		442,887
Weighted average price	$	0.41	$	0.27	$	0.20	$	0.02	$	0.41
WTI NYMEX roll:
Total volumes (Bbls)		445,995		1,837,851		1,370,321		1,002,223		442,887
Weighted average price	$	0.50	$	0.27	$	0.13	$	(0.01)	$	0.01
Natural gas:
Fixed-price swap:
Total volumes (MMBtu)		874,211		4,442,234		3,969,413		2,174,383		459,650
Weighted average price	$	3.72	$	3.54	$	3.36	$	3.97	$	3.53
Two-way collar:
Total volumes (MMBtu)		1,082,869		2,610,639		1,651,321		2,063,812		1,355,000
Weighted average price (call)	$	5.21	$	5.08	$	5.12	$	5.26	$	3.53
Weighted average price (put)	$	3.76	$	3.67	$	3.72	$	3.70	$	5.57
Basis swap:
Total volumes (MMBtu)		1,957,080		7,052,822		5,602,178		4,238,195		1,814,650
Weighted average price	$	(0.86)	$	(0.87)	$	(0.68)	$	(0.77)	$	3.66

Schedule of potential effects of master netting arrangements on the fair value of derivative contracts

	Derivative Assets				Derivative Liabilities
Offsetting of Derivative Assets and Liabilities	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Gross Amounts - Consolidated Balance Sheet	$	6,671	$	21,623	$	(71,452)	$	(62,935)
Amounts Not Offset - Consolidated Balance Sheet		(6,671)		(20,997)		6,671		20,997
Net Amount	$	—	$	626	$	(64,781)	$	(41,938)