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Commodity Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2022
Investments, All Other Investments [Abstract]  
The following table summarizes the net realized and unrealized gains (losses) reported in earnings related to the commodity derivative instruments for the three- and nine-months ended September 30, 2022 and 2021:

The following table summarizes the net realized and unrealized gains (losses) reported in earnings related to the commodity derivative instruments for the three- and nine-months ended September 30, 2022 and 2021:

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
   2022   2021   2022   2021 
Gain (Loss) on Derivatives:                    
Oil derivatives  $42,474   $112,183   $(93,740)  $(427,766)
Natural gas derivatives       (144,454)       (144,454)
   $42,474   $(32,271)  $(93,740)  $(572,220)
The following represents the Company’s net cash payments on derivatives for the three- and nine-months ended September 30, 2022 and 2021:

The following represents the Company’s net cash payments on derivatives for the three- and nine-months ended September 30, 2022 and 2021:

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
   2022   2021   2022   2021 
                 
Oil derivatives  $(83,832)  $(177,736)  $(244,723)  $(541,709)
Natural gas derivatives       (144,454)       (144,454)
   $(83,832)  $(322,190)  $(244,723)  $(686,163)
The following table sets forth the Company’s outstanding derivative contracts at September 30, 2022:

The following table sets forth the Company’s outstanding derivative contracts at September 30, 2022:

 

              4th Quarter
2022              
WTI Index Put Options:              
Quarterly volume (MBbls)             24.72
Floor price (Bbl)             $40.00-$70.00
               
  1st Quarter   2nd  Quarter    3rd Quarter   4th Quarter
2023              
WTI Index Put Options:              
Quarterly volume (MBbls) 55.40   15.34   16.86   9.00
Floor price (Bbl) $40.00-$70.00   $55.00   $55.00-$60.00   $50.00