DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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 basis swap contract at June 30, 2023.

Commodity	Calculation Period	Notional Quantity (MMBtu)	Fixed Price ($/MMBtu)		Fair Value of Asset (Liability) (thousands)
Natural Gas Basis	07/01/2023 - 12/31/2023	9,200,000	$	(1.85)	$	(11,796)
Total open basis swap contracts					$	(11,796)

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, 2023 and December 31, 2022 (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, 2023
Current liabilities	$	(11,796)	$	—	$	(11,796)
Total	$	(11,796)	$	—	$	(11,796)
December 31, 2022
Current assets	$	3,931	$	—	$	3,931
Total	$	3,931	$	—	$	3,931

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	2023		2022		2023		2022
Derivative Instrument
Oil	Revenues: Realized loss on derivatives	$	—	$	(34,237)	$	—	$	(52,403)
Natural Gas	Revenues: Realized (loss) gain on derivatives	(3,148)		(26,926)		521		(31,199)
Realized (loss) gain on derivatives		(3,148)		(61,163)		521		(83,602)
Oil	Revenues: Unrealized gain (loss) on derivatives	—		10,636		—		(34,363)
Natural Gas	Revenues: Unrealized (loss) gain on derivatives	(8,659)		19,794		(15,726)		(10,236)
Unrealized (loss) gain on derivatives		(8,659)		30,430		(15,726)		(44,599)
Total		$	(11,807)	$	(30,733)	$	(15,205)	$	(128,201)