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DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Commodity Derivatives
As of June 30, 2022, the Company had entered into the following commodity price derivative contracts:
Contract Period
Q3 2022Q4 2022Q1 2023Q2 2023Q3 - Q4 20232024
Oil Derivatives (volumes in Bbl/day and prices in $/Bbls)
Swaps
NYMEX WTI Volumes10,5079,538457448364479
Weighted-Average Contract Price$47.00 $46.84 $45.42 $46.29 $46.77 $53.96 
Two-Way Collars
NYMEX WTI Volumes8,2967,3931,054———
Weighted-Average Ceiling Price$68.43 $69.63 $72.70 $— $— $— 
Weighted-Average Floor Price$40.66 $40.97 $40.00 $— $— $— 
Three-Way Collars
NYMEX WTI Volumes2,2411,7381,7211,4361,237143
Weighted-Average Ceiling Price$58.03 $57.78 $58.75 $57.69 $57.01 $56.25 
Weighted-Average Floor Price$48.59 $48.42 $49.31 $48.10 $48.45 $45.00 
Weighted-Average Sold Put Price$38.59 $38.42 $39.25 $37.70 $38.18 $35.00 
Roll Differential Swaps (1)
NYMEX WTI Volumes2,0002,000————
Weighted-Average Contract Price$0.22 $0.22 $— $— $— $— 
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”))
Swaps
NYMEX HH Volumes54,95254,78344,64143,91143,86822,309
Weighted-Average Contract Price$2.76 $2.76 $2.51 $2.51 $2.51 $2.57 
CIG Volumes10,00010,000————
Weighted-Average Contract Price$2.13 $2.13 $— $— $— $— 
Two-Way Collars
NYMEX HH Volumes81,01879,1489,5581,5631,8221,033
Weighted-Average Ceiling Price$3.68 $3.69 $3.23 $2.78 $2.96 $3.05 
Weighted-Average Floor Price$2.59 $2.60 $2.03 $2.21 $2.36 $2.38 
Three-Way Collars
NYMEX HH Volumes136127899505—303
Weighted-Average Ceiling Price$2.74 $2.74 $3.19 $3.33 $— $3.49 
Weighted-Average Floor Price$2.50 $2.50 $2.50 $2.50 $— $2.50 
Weighted-Average Sold Put Price$2.00 $2.00 $2.00 $2.00 $— $2.00 
NGL Derivatives (volumes in Bbls/day and prices in $/Bbl)
Swaps
OPIS Basket Volumes4,0004,000————
Weighted-Average Contract Price$20.22 $20.22 $— $— $— $— 
______________________________
(1) The weighted-average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts.
Summary of all the Company's Derivative Positions The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts as of June 30, 2022 and December 31, 2021 (in thousands):
June 30, 2022December 31, 2021
Derivative Assets: 
Commodity contracts - current$— $3,393 
Commodity contracts - noncurrent— — 
Total derivative assets— 3,393 
Amounts not offset in the accompanying balance sheets— (3,393)
Total derivative assets, net$— $— 
Derivative Liabilities:  
Commodity contracts - current$(278,600)$(219,804)
Commodity contracts - long-term(43,225)(19,959)
Total derivative liabilities(321,825)(239,763)
Amounts not offset in the accompanying balance sheets— 3,393 
Total derivative liabilities, net$(321,825)$(236,370)
Summary of the Components of the Derivative Gain (Loss) The following table summarizes the components of the derivative loss presented on the accompanying statements of operations for the periods below (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Derivative cash settlement loss:
Oil contracts$(114,778)$(18,794)$(239,940)$(21,616)
Gas contracts(54,091)(1,405)(82,875)(2,374)
NGL contracts(12,762)— (25,394)— 
Total derivative cash settlement loss(181,631)(20,199)(348,209)(23,990)
Change in fair value gain (loss)108,981 (53,771)(19,934)(73,399)
Total derivative loss$(72,650)$(73,970)$(368,143)$(97,389)