COMMODITY DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
				(in thousands)	(in thousands)
Futures	Mar. 2023 - May 2023	$	29.15	72	$	(451)
Futures	Mar. 2023 - May 2023	$	107.86	120	$	(265)
Futures	Mar. 2023 - May 2023	$	112.58	3	$	—
Futures	Mar. 2023 - Jun. 2023	$	35.16	1,000	$	(3,820)
Futures	Jan. 2023 - Jul. 2023	$	35.4	1,000	$	4,550

As of December 31, 2022
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
				(in thousands)	(in thousands)
Swap	Nov. 2022 - Feb. 2023	$	4.19	5	$	(42)
Swap	Nov. 2022 - Feb. 2023	$	5.51	3	$	(27)
Futures	Sept. 2022 - Dec. 2022	$	32.14	25	$	76
Futures	Sept. 2022 - Dec. 2022	$	23.57	35	$	(92)
Futures	Nov. 2022 - Feb. 2023	$	33.71	10	$	(23)
Futures	Sept. 2022 - Dec. 2022	$	23.75	10	$	30
Futures	Dec. 2022 - Mar. 2023	$	36.08	35	$	(74)
Futures	Dec. 2022 - Apr. 2023	$	35.97	1,000	$	(1,100)
Futures	Dec. 2022 - May. 2023	$	35.81	1,000	$	(1,070)
Futures	Dec. 2022 - Jun. 2023	$	35.60	1,000	$	2,080

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 March 31, 2023 and December 31, 2022 are presented in the table below (in thousands):

Balance Sheet Classification	Contract Type	March 31, 2023		December 31, 2022
	Crude oil futures	$	4,550	$	2,186
	Crude oil swaps	—		(69)
	Crude oil futures	(4,536)		(2,359)
Derivative commodity asset(liability)		$	14	$	(242)