Fair Value Measures and Disclosures (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Derivatives

The following table summarize the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands):

September 30, 2021

	Fair Value Measurements						Netting(1)		Assets/Liabilities at Fair Value
	Level 1		Level 2		Level 3
Liabilities
Commodity derivative contracts	$	—	$	4,129	$	—	$	—	$	4,129
Total	$	—	$	4,129	$	—	$	—	$	4,129

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(1)    Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.

The following table presents the fair value of the Company’s derivative contracts as of September 30, 2021 on a gross basis without regard to same counterparty netting (in thousands):

Type of Contract	Balance Sheet Classification	September 30, 2021
Derivative liabilities
NGL price swaps	Derivative Contracts - Current	$	819
Natural gas price swaps	Derivative Contracts - Current	3,310
Total net derivative contracts		$	4,129

See Note 2 for additional discussion of the fair value measurement of the Company’s derivative contracts.