Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Values and Carrying Values of Other Financial Instruments

The following are estimated fair values and carrying values of our other financial instruments at each of these dates:

	Asset (Liability)
	September 30, 2024				December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Note receivable from related party	$	7,131	$	7,131	$	7,131	$	7,131
Long-term debt	$	(155,100)	$	(155,100)	$	(28,100)	$	(28,100)
Derivative asset	$	7,074	$	7,074	$	6,052	$	6,052
Derivative liability	$	(8,614)	$	(8,614)	$	(4,045)	$	(4,045)

Schedule of Fair Value Measurements and the Level Within the Fair Value Hierarchy

The following table summarizes our fair value measurements and the level within the fair value hierarchy in which the fair value measurements fall.

	Fair Value Measurements
	September 30, 2024				December 31, 2023
(in thousands)	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Note receivable from related party	$	7,131	$	—	$	7,131	$	—
Long-term debt	$	(155,100)	$	—	$	(28,100)	$	—
Derivative asset	$	7,074	$	—	$	6,052	$	—
Derivative liability	$	(8,614)	$	—	$	(4,045)	$	—

Schedule of Fair Value of Derivative Contracts

The fair value of our derivatives contracts consists of the following:

	Asset Derivatives				Liability Derivatives
(in thousands)	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Derivatives not designated as hedging instruments:
Crude oil futures and differential swaps	$	5,694	$	—	$	—	$	(3,163)
Natural gas liquids futures	$	—	$	477	$	—	$	—
Natural gas futures, collars and basis swaps	$	1,380	$	5,575	$	(8,614)	$	(882)
Total	$	7,074	$	6,052	$	(8,614)	$	(4,045)

Schedule of Fair Value of Derivative Gain (Loss) Included Earnings

Derivative fair value (gain) loss, included as part of the related revenue line on the consolidated income statements, comprises the following realized and unrealized components:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Net cash (received from) paid to counterparties	$	(6)	$	3,448	$	(2,278)	$	81,642
Non-cash change in derivative fair value	$	549	$	1,571	$	3,547	$	(84,858)
Derivative fair value (gain) loss	$	543	$	5,019	$	1,269	$	(3,216)