COMMODITY DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The fair value of the crude oil futures agreements is based on the difference between the strike price and the New York Mercantile Exchange and Brent Complex futures price for the applicable trading months.

As of September 30, 2022
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
				(in thousands)	(in thousands)
Swap	Sept. 2022 - Nov. 2022	$	4.51	12	$	54
Swap	Sept. 2022 - Nov. 2022	$	2.39	6	$	14
Option	Sept. 2022 - Nov. 2022	$	10.75	42	$	1,075
Swap	Sept. 2022 - Nov. 2022	$	1.52	50	$	76

As of December 31, 2021
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
				(in thousands)	(in thousands)
Options	Dec. 2021-Mar. 2022	$	3.18	18	$	136
Futures	Dec. 2021-Mar. 2022	$	31.59	20	$	71
Futures	Dec. 2021-Mar. 2022	$	32.48	50	$	(111)

Schedule of fair value of derivative instruments within balance sheet

The carrying values of the Company’s derivatives positions and their locations on the consolidated balance sheets as of September 30, 2022 and December 31, 2021 are presented in the table below.

Balance Sheet Classification	Contract Type	2022		2021
	Crude oil options	$	1,075	$	136
	Crude oil swaps	144		—
	Crude oil futures	—		(40)
Derivative commodity assets		$	1,219	$	96