DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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 September 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	10/01/2022 - 12/31/2022	2,700,000	$	65.22	$	110.49	$	(2,947)
Natural Gas	10/01/2022 - 12/31/2022	13,200,000	$	3.68	$	7.61	(13,610)
Natural Gas	01/01/2023 - 03/31/2023	2,400,000	$	6.00	$	14.00	1,349
Total open costless collar contracts							$	(15,208)

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

Commodity	Calculation Period	Notional Quantity (Bbl)	Fixed Price ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil Basis	10/01/2022 - 12/31/2022	1,380,000	$	0.95	$	(1,172)
Total open basis swap contracts					$	(1,172)

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 September 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
September 30, 2022
Current assets	$	49,571	$	(48,072)	$	1,499
Current liabilities	(65,951)		48,072		(17,879)
Total	$	(16,380)	$	—	$	(16,380)
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 September 30,				Nine Months Ended September 30,
Type of Instrument	Location in Condensed Consolidated  Statement of Operations	2022		2021		2022		2021
Derivative Instrument
Oil	Revenues: Realized loss on derivatives	$	(14,779)	$	(52,774)	$	(67,182)	$	(121,460)
Natural Gas	Revenues: Realized loss on derivatives	(41,484)		(4,645)		(72,683)		(4,483)
Realized loss on derivatives		(56,263)		(57,419)		(139,865)		(125,943)
Oil	Revenues: Unrealized (loss) gain on derivatives	(1,873)		38,961		(36,236)		(35,471)
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	44,970		(29,912)		34,734		(41,707)
Unrealized gain (loss) on derivatives		43,097		9,049		(1,502)		(77,178)
Total		$	(13,166)	$	(48,370)	$	(141,367)	$	(203,121)