DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of contracts for oil and natural gas

The following is a summary of the Company’s open costless collar contracts for oil and natural gas at June 30, 2022.

Commodity	Calculation Period	Notional Quantity (Bbl or MMBtu)	Weighted Average Price Floor ($/Bbl or $/MMBtu)		Weighted Average Price Ceiling ($/Bbl or $/MMBtu)		Fair Value of Asset (Liability) (thousands)
Oil	07/01/2022 - 12/31/2022	5,400,000	$	65.22	$	110.49	$	(49,428)
Natural Gas	07/01/2022 - 12/31/2022	31,200,000	$	3.58	$	7.08	(13,640)
Natural Gas	01/01/2023 - 03/31/2023	2,400,000	$	6.00	$	14.00	3,253
Total open costless collar contracts							$	(59,815)

The following is a summary of the Company’s open basis swap contracts for oil at June 30, 2022.

Commodity	Calculation Period	Notional Quantity (Bbl)	Fixed Price ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil Basis	07/01/2022 - 12/31/2022	2,760,000	$	0.95	$	338
Total open basis swap contracts					$	338

Summary of gross asset balances of derivative instruments

The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021 (in thousands).

Derivative Instruments	Gross amounts recognized		Gross amounts netted in the condensed consolidated balance sheets		Net amounts presented in the condensed consolidated balance sheets
June 30, 2022
Current assets	$	178,098	$	(174,237)	$	3,861
Current liabilities	(237,575)		174,237		(63,338)
Total	$	(59,477)	$	—	$	(59,477)
December 31, 2021
Current assets	$	215,145	$	(213,174)	$	1,971
Current liabilities	(230,023)		213,174		(16,849)
Total	$	(14,878)	$	—	$	(14,878)

Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations

The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands).

		Three Months Ended June 30,				Six Months Ended June 30,
Type of Instrument	Location in Condensed Consolidated  Statement of Operations	2022		2021		2022		2021
Derivative Instrument
Oil	Revenues: Realized loss on derivatives	$	(34,237)	$	(42,611)	$	(52,403)	$	(68,686)
Natural Gas	Revenues: Realized (loss) gain on derivatives	(26,926)		—		(31,199)		162
Realized loss on derivatives		(61,163)		(42,611)		(83,602)		(68,524)
Oil	Revenues: Unrealized gain (loss) on derivatives	10,636		(35,163)		(34,363)		(74,432)
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	19,794		(7,641)		(10,236)		(11,795)
Unrealized gain (loss) on derivatives		30,430		(42,804)		(44,599)		(86,227)
Total		$	(30,733)	$	(85,415)	$	(128,201)	$	(154,751)