Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary Of Derivative Instruments Contracts and Settlements

Derivative Contracts in Place as of March 31, 2024

Calendar Period	Contract total volume	Index	Contract average price
Natural gas costless collars
2024	795,000 Mmbtu	NYMEX Henry Hub	$3.27 floor / $4.65 ceiling
2025	1,220,000 Mmbtu	NYMEX Henry Hub	$3.24 floor / $4.67 ceiling
2026	525,000 Mmbtu	NYMEX Henry Hub	$3.50 floor / $4.79 ceiling
Natural gas fixed price swaps
2024	1,825,000 Mmbtu	NYMEX Henry Hub	$3.35
2025	1,030,000 Mmbtu	NYMEX Henry Hub	$3.47
Oil costless collars
2024	20,100 Bbls	NYMEX WTI	$64.97 floor / $76.53 ceiling
Oil fixed price swaps
2024	24,850 Bbls	NYMEX WTI	$68.18
2025	34,050 Bbls	NYMEX WTI	$69.04

Derivative Settlements during the Three Months Ended March 31, 2024

				Settlement
Contract period (1)	Production volume	Index	Contract price	(paid) received
Natural gas costless collars
January - March 2024	30,000 Mmbtu	NYMEX Henry Hub	$3.00 floor / $6.00 ceiling	$	68,280
January - March 2024	30,000 Mmbtu	NYMEX Henry Hub	$3.25 floor / $5.25 ceiling	$	90,780
January - March 2024	30,000 Mmbtu	NYMEX Henry Hub	$3.00 floor / $3.60 ceiling	$	68,280
January 2024	135,000 Mmbtu	NYMEX Henry Hub	$4.50 floor / $7.90 ceiling	$	253,935
February 2024	125,000 Mmbtu	NYMEX Henry Hub	$4.50 floor / $7.90 ceiling	$	251,250
March 2024	130,000 Mmbtu	NYMEX Henry Hub	$4.50 floor / $7.90 ceiling	$	375,050
Natural gas fixed price swaps
January - February 2024	135,000 Mmbtu	NYMEX Henry Hub	$3.65	$	295,785
March 2024	127,500 Mmbtu	NYMEX Henry Hub	$3.65	$	259,463
Oil costless collars
January - February 2024	1,650 Bbls	NYMEX WTI	$65.00 floor / $76.50 ceiling	$	(182	)
January 2024	1,850 Bbls	NYMEX WTI	$63.00 floor / $76.00 ceiling	$	-
February 2024	1,700 Bbls	NYMEX WTI	$63.00 floor / $76.00 ceiling	$	(1,037	)
Oil fixed price swaps
December 2023	1,500 Bbls	NYMEX WTI	$67.55	$	(6,861	)
December 2023	750 Bbls	NYMEX WTI	$70.05	$	(1,556	)
December 2023	1,500 Bbls	NYMEX WTI	$80.80	$	13,014
December 2023	1,000 Bbls	NYMEX WTI	$80.74	$	8,616
December 2023 - February 2024	750 Bbls	NYMEX WTI	$71.75	$	(5,508	)
			Total (paid) received	$	1,669,309

(1) Natural gas derivatives settle at first of the month pricing and oil derivatives settle at a monthly daily average.

Summary of Gain or Loss on Derivative Contracts, Net

Cash receipts or payments in the following table reflect the gain or loss on derivative contracts which settled during the respective periods, and the non-cash gain or loss reflect the change in fair value of derivative contracts as of the end of the respective periods.

	Three Months Ended
	March 31,
	2024			2023
Cash received (paid) on derivative contracts:
Natural gas costless collars	$	1,107,575		$	715,590
Natural gas fixed price swaps(1)		555,248			83,100
Oil costless collars		(1,219	)		-
Oil fixed price swaps(1)		7,705			(168,269	)
Cash received (paid) on derivative contracts, net	$	1,669,309		$	630,421
Non-cash gain (loss) on derivative contracts:
Natural gas costless collars	$	(759,269	)	$	583,601
Natural gas fixed price swaps		198,016			2,173,378
Oil costless collars		(94,898	)		22,262
Oil fixed price swaps		(385,666	)		393,158
Non-cash gain (loss) on derivative contracts, net	$	(1,041,817	)	$	3,172,399
Gains (losses) on derivative contracts, net	$	627,492		$	3,802,820

(1) For the three months ended March 31, 2023, excludes $373,745 of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Income. Total cash paid related to off-market derivatives was $560,162 for the three months ended March 31, 2023 and is reflected in the Financing Activities section of the Condensed Statements of Cash Flows.

Summary Of Derivative Contracts

	March 31, 2024												December 31, 2023
	Fair Value (a)												Fair Value (a)
	Commodity Contracts												Commodity Contracts
	Current Assets			Current Liabilities			Non-Current Assets			Non-Current Liabilities			Current Assets			Current Liabilities			Non-Current Assets			Non-Current Liabilities
Gross amounts recognized	$	3,022,985		$	622,596		$	548,314		$	706,934		$	3,318,046		$	197,439		$	344,614		$	181,634
Offsetting adjustments		(622,595	)		(622,596	)		(548,314	)		(548,314	)		(197,439	)		(197,439	)		(181,634	)		(181,634	)
Net presentation on condensed balance sheets	$	2,400,390		$	-		$	-		$	158,620		$	3,120,607		$	-		$	162,980		$	-

(a) See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.