DERIVATIVE AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 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 derivative contracts in the consolidated balance sheets as of December 31, 2023 and 2022 (in thousands):

	Years Ended December 31,					Years Ended December 31,
Balance sheet location	2023		2022		Balance sheet location	2023		2022
Current assets	$	8,992	$	16,244	Current liabilities	$	(17,191)	$	(29,286)
Other noncurrent assets		4,877		5,379	Other noncurrent liabilities		(16,058)		(33,649)
	$	13,869	$	21,623		$	(33,249)	$	(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 consolidated statements of operations (in thousands):

	Location of gain or (loss)
	on derivative contracts on	Years Ended December 31,
Type	Statement of Operations	2023		2022
Commodity contracts:
Unrealized gain (loss)	Other income (expenses)	$	21,934	$	20,256
Realized gain (loss)	Other income (expenses)		(9,245)		(130,262)
Total net gain (loss)		$	12,689	$	(110,006)

Schedule of open derivative contracts

Instrument		2024		2025		2026		2027
Crude oil:
Fixed-price swap:
Total volumes (Bbls)		1,834,924		1,405,463		1,016,641		620,387
Weighted average price	$	63.62	$	61.59	$	63.50	$	61.38
Basis swap:
Total volumes (Bbls)		1,834,321		1,430,806		1,023,669		682,265
Weighted average price	$	0.27	$	0.24	$	0.04	$	0.44
WTI NYMEX roll:
Total volumes (Bbls)		1,814,073		1,430,806		1,023,669		682,265
Weighted average price	$	0.27	$	0.13	$	(0.01)	$	(0.02)
Natural gas:
Fixed-price swap:
Total volumes (MMBtu)		4,452,855		4,284,179		2,357,998		1,587,636
Weighted average price	$	3.54	$	3.40	$	3.96	$	3.68
Two-way collar:
Total volumes (MMBtu)		2,610,639		1,651,321		2,063,812		1,355,000
Weighted average price (call)	$	5.08	$	5.12	$	5.26	$	5.57
Weighted average price (put)	$	3.67	$	3.72	$	3.70	$	3.66
Basis swap:
Total volumes (MMBtu)		7,052,822		5,834,257		4,382,626		2,653,497
Weighted average price	$	(0.87)	$	(0.68)	$	(0.77)	$	(0.71)

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

	Derivative Assets				Derivative Liabilities
	Years Ended December 31,				Years Ended December 31,
Offsetting of Derivative Assets and Liabilities	2023		2022		2023		2022
Gross Amounts - Consolidated Balance Sheet	$	13,869	$	21,623	$	(33,249)	$	(62,935)
Amounts Not Offset - Consolidated Balance Sheet		(13,218)		(20,997)		13,218		20,997
Net amount	$	651	$	626	$	(20,031)	$	(41,938)