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)