Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Activity by Volume

The following table sets forth the Company’s outstanding commodity derivative contracts as of March 31, 2024.

	2024								2025
	Second Quarter		Third Quarter		Fourth Quarter		Total		Total
Collar (oil)
Volume (Bbl)	401,874		361,552		311,496		1,074,922		439,852
Weighted-average floor price ($/Bbl)	$	64.27	$	64.32	$	64.13	$	64.24	$	61.48
Weighted-average ceiling price ($/Bbl)	$	85.11	$	85.24	$	84.97	$	85.11	$	80.65
Swaps (oil)
Volume (Bbl)	48,000		39,000		32,000		119,000		—
Weighted-average price ($/Bbl)	$	80.00	$	80.00	$	80.00	$	80.00	$	—
Collar (natural gas)
Volume (Mcf)	—		—		1,615,000		1,615,000		2,156,000
Weighted-average floor price ($/Mcf)	$	—	$	—	$	3.57	$	3.57	$	3.57
Weighted-average ceiling price ($/Mcf)	$	—	$	—	$	5.37	$	5.37	$	5.37
Swaps (natural gas)
Volume (Mcf)	3,236,000		2,823,000		844,000		6,903,000		1,612,050
Weighted-average price ($/Mcf)	$	3.22	$	3.22	$	3.22	$	3.22	$	3.20

In April 2024, the Company entered into the following oil and natural gas derivative contracts to hedge additional amounts of estimated future production.

	2024							2025		2026
		Third Quarter		Fourth Quarter		Total		Total		Total
Collars (oil)
Volume (Bbl)		—		—		—		276,887		—
Weighted-average floor price ($/Bbl)		$	—	$	—	$	—	$	64.00	$	—
Weighted-average ceiling price ($/Bbl)		$	—	$	—	$	—	$	84.20	$	—
Swaps (oil)
Volume (Bbl)		—		—		—		—		—
Weighted-average price ($/Bbl)		$	—	$	—	$	—	$	—	$	—
Collars (natural gas)
Volume (Mcf)		—		—		—		6,572,829		7,171,176
Weighted-average floor price ($/Mcf)		$	—	$	—	$	—	$	3.00	$	3.25
Weighted-average ceiling price ($/Mcf)		$	—	$	—	$	—	$	3.75	$	4.00
Swaps (natural gas)
Volume (Mcf)		1,296,952		1,051,588		2,348,540		—		—
Weighted-average price ($/Mcf)		$	3.81	$	3.81	$	3.81	$	—	$	—

Schedule of Commodity Derivatives Reported in Earnings

The following table summarizes the amounts reported in the condensed consolidated statements of operations related to the commodity derivative instruments for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
(in thousands)	2024		2023
Gain (loss) on commodity derivatives
Oil derivatives	$	(21,062)	$	15,097
Natural gas derivatives	17,901		(1,774)
Total	$	(3,161)	$	13,323

Schedule of Net Cash Receipts (Payments on) Commodity Derivatives

The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
(in thousands)	2024		2023
Net cash receipts from commodity derivatives
Oil derivatives	$	96	$	1,953
Natural gas derivatives	2,612		4,433
Total	$	2,708	$	6,386