DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Commodity Derivatives

As of March 31, 2023, the Company had entered into the following commodity price derivative contracts:

	Contract Period
	Q2 2023		Q3 2023		Q4 2023		Q1 2024		Q2 - Q4 2024
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps
NYMEX WTI Volumes	1,205		1,053		984		814		1,087
Weighted-Average Contract Price	$	73.49	$	70.92	$	70.61	$	73.27	$	65.18
Three-Way Collars
NYMEX WTI Volumes	1,436		1,302		1,172		573		—
Weighted-Average Ceiling Price	$	57.69	$	57.48	$	56.49	$	56.25	$	—
Weighted-Average Floor Price	$	48.10	$	47.91	$	49.04	$	45.00	$	—
Weighted-Average Sold Put Price	$	37.70	$	37.41	$	39.04	$	35.00	$	—
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”))
Swaps
NYMEX HH Volumes	46,374		46,120		45,947		31,790		21,619
Weighted-Average Contract Price	$	2.64	$	2.61	$	2.60	$	2.69	$	2.71
Two-Way Collars
NYMEX HH Volumes	1,563		1,887		1,756		736		1,131
Weighted-Average Ceiling Price	$	2.78	$	2.96	$	2.96	$	3.16	$	3.02
Weighted-Average Floor Price	$	2.21	$	2.34	$	2.38	$	2.50	$	2.35
Three-Way Collars
NYMEX HH Volumes	505		—		—		1,166		18
Weighted-Average Ceiling Price	$	3.33	$	—	$	—	$	3.50	$	3.42
Weighted-Average Floor Price	$	2.50	$	—	$	—	$	2.50	$	2.50
Weighted-Average Sold Put Price	$	2.00	$	—	$	—	$	2.00	$	2.00
Basis Protection Swaps
CIG-NYMEX HH Volumes	48,442		48,007		47,703		33,692		22,199
Weighted-Average Contract Price	$	(0.46)	$	(0.46)	$	(0.46)	$	(0.27)	$	(0.27)

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 March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023		December 31, 2022
Derivative Assets:
Commodity contracts - current	$	3,319	$	2,490
Commodity contracts - noncurrent	2,463		794
Total derivative assets	5,782		3,284
Amounts not offset in the accompanying balance sheets	(3,203)		—
Total derivative assets, net	$	2,579	$	3,284
Derivative Liabilities:
Commodity contracts - current	$	(22,878)	$	(46,334)
Commodity contracts - long-term	(7,442)		(17,199)
Total derivative liabilities	(30,320)		(63,533)
Amounts not offset in the accompanying balance sheets	3,203		—
Total derivative liabilities, net	$	(27,117)	$	(63,533)

Summary of the Components of the Derivative Gain (Loss)

The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands):

	Three Months Ended March 31,
	2023		2022
Derivative cash settlement loss:
Oil contracts	$	(3,449)	$	(125,162)
Natural gas contracts	(7,101)		(28,784)
NGL contracts	—		(12,632)
Total derivative cash settlement loss	(10,550)		(166,578)
Change in fair value gain (loss)	35,710		(128,915)
Total derivative gain (loss)	$	25,160	$	(295,493)