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Derivative Contracts (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Open Financial Derivative Positions
The following table summarizes our open financial derivative positions as of December 31, 2023, related to oil production:
Period
Volume
(Mbbl)		Weighted
Average
Fixed Price
Q1 20241,094$78.92 
Q2 20241,08374.10 
Q3 202471272.64 
Q4 202465873.16 
Q1 202530771.80 
Q2 202528971.80 
Q3 202527471.80 
Q4 202526071.80 
The following table summarizes our open financial derivative positions as of December 31, 2023, related to natural gas production:
Period
Volume
(Bbtu)		Weighted
Average
Fixed Price
Q1 20242,393$3.10 
Q2 20242,2482.94 
Q3 202410,6532.96 
Q4 202410,1583.73 
Q1 20254,8604.34 
Q2 20254,6803.69 
Q3 20254,5103.92 
Q4 20254,3604.36 
Subsequent to December 31, 2023 the Company entered into the following derivative contracts:
PeriodVolumeWeighted Average Fixed Price
OilMbbl
Q2 202416$78.01 
Q3 20247$76.25 
Q4 20242$74.56 
Q1 2025306$72.91 
Q1 2026245$68.70 
Gross Amounts of Recognized Derivative Assets, Amounts Subject to Offsetting Under Master Netting Arrangements and Net Recorded Fair Values The following tables presents the gross amounts of recognized derivative assets, the amounts that are subject to offsetting under master netting arrangements and the net recorded fair values as recognized on the balance sheet (in thousands):
As of December 31,
20232022
Derivative contracts – current, gross
$24,802 $— 
Netting arrangements
— — 
Derivative contracts – current, net
$24,802 $— 
Derivative contracts – long-term, gross
$15,112 $— 
Netting arrangements
— — 
Derivative contracts – long-term, net
$15,112 $— 
Gross Amounts of Recognized Derivative Liabilities, Amounts Subject to Offsetting Under Master Netting Arrangements and Net Recorded Fair Values
The following tables presents the gross amounts of recognized derivative liabilities, the amounts that are subject to offsetting under master netting arrangements and the net recorded fair values as recognized on the balance sheet (in thousands):
As of December 31,
20232022
Derivative contracts – current, gross
$— $10,080 
Netting arrangements
— — 
Derivative contracts – current, net
$— $10,080 
Gains and Losses on Derivatives The following table presents the settlement and mark-to-market (“MTM”) gains and losses on oil and natural gas derivatives presented as a gain or loss on derivatives in the statement of operations for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Year Ended December 31,
202320222021
Settlements of oil derivatives
$(5,750)$(50,352)$(51,832)
Settlements of natural gas derivatives14,196 (40,436)(9,432)
MTM gains (losses) on oil derivatives, net
27,559 17,771 (2,753)
MTM gains (losses) on natural gas derivatives, net21,267 5,564 (3,532)
Total gains (losses) on derivative contracts
$57,272 $(67,453)$(67,549)