| 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 | | | $ | — | | | $ | — | |
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| 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 | | | |
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| 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 | | | |
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