DERIVATIVE AND HEDGING ACTIVITIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| 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 June 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | Balance sheet location | | June 30, 2024 | | December 31, 2023 | | Balance sheet location | | June 30, 2024 | | December 31, 2023 | Current assets | | $ | 5,869 | | $ | 8,992 | | Current liabilities | | $ | (25,554) | | $ | (17,191) | Other noncurrent assets | | | 4,614 | | | 4,877 | | Other noncurrent liabilities | | | (19,635) | | | (16,058) | | | $ | 10,483 | | $ | 13,869 | | | | $ | (45,189) | | $ | (33,249) |
|
| 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 (loss) gain | | Three Months Ended | | Six Months Ended | | | on derivative contracts on | | June 30, | | June 30, | Type | | Statement of Operations | | 2024 | | 2023 | | 2024 | | 2023 | Commodity derivative contracts: | | | | | | | | | | | | | | | Unrealized (loss) gain | | Other income (expenses) | | $ | 4,434 | | $ | 2,332 | | $ | (15,327) | | $ | 23,336 | Realized (loss) gain | | Other income (expenses) | | | (3,211) | | | 2,141 | | | (7,637) | | | 610 | Total net (loss) gain | | | | $ | 1,223 | | $ | 4,473 | | $ | (22,964) | | $ | 23,946 |
|
| Schedule of open derivative contracts |
| | | | | | | | | | | | | | Instrument | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | Crude oil: | | | | | | | | | | | | | | Fixed-price swap: | | | | | | | | | | | | | | Total volumes (Bbls) | | | 861,244 | | | 1,435,236 | | | 1,029,685 | | | 786,989 | | Weighted average price | | $ | 62.78 | | $ | 61.77 | | $ | 63.59 | | $ | 61.87 | | Basis swap: | | | | | | | | | | | | | | Total volumes (Bbls) | | | 862,178 | | | 1,451,319 | | | 1,036,713 | | | 791,105 | | Weighted average price | | $ | 0.26 | | $ | 0.25 | | $ | 0.05 | | $ | 0.44 | | WTI NYMEX roll: | | | | | | | | | | | | | | Total volumes (Bbls) | | | 850,708 | | | 1,451,319 | | | 1,036,713 | | | 791,105 | | Weighted average price | | $ | 0.21 | | $ | 0.13 | | $ | (0.01) | | $ | (0.03) | | Natural gas: | | | | | | | | | | | | | | Fixed-price swap: | | | | | | | | | | | | | | Total volumes (MMBtu) | | | 2,537,743 | | | 4,326,712 | | | 2,431,053 | | | 2,135,815 | | Weighted average price | | $ | 3.48 | | $ | 3.42 | | $ | 3.96 | | $ | 3.71 | | Two-way collar: | | | | | | | | | | | | | | Total volumes (MMBtu) | | | 875,400 | | | 1,651,321 | | | 2,063,812 | | | 1,355,000 | | Weighted average price (call) | | $ | 4.81 | | $ | 5.12 | | $ | 5.26 | | $ | 5.57 | | Weighted average price (put) | | $ | 3.48 | | $ | 3.72 | | $ | 3.70 | | $ | 3.66 | | Basis swap: | | | | | | | | | | | | | | Total volumes (MMBtu) | | | 3,412,284 | | | 5,950,283 | | | 4,455,681 | | | 3,472,222 | | Weighted average price | | $ | (0.84) | | $ | (0.68) | | $ | (0.77) | | $ | (0.73) | |
|
| 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 | | June 30, 2024 | | December 31, 2023 | | June 30, 2024 | | December 31, 2023 | | | | | | | | | | | | | | Gross Amounts - Consolidated Balance Sheet | | $ | 10,483 | | $ | 13,869 | | $ | (45,189) | | $ | (33,249) | Amounts Not Offset - Consolidated Balance Sheet | | | (10,483) | | | (13,218) | | | 10,483 | | | 13,218 | Net Amount | | $ | — | | $ | 651 | | $ | (34,706) | | $ | (20,031) |
|