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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the open financial derivative positions as of December 31, 2023, related to oil and natural gas production:
Weighted Average Price
Calendar Quarter / YearNotional VolumeFixedPutCall
($ per unit)
Oil Swaps (Bbl)
Q1 2024195,000 $73.35 
Q2 2024225,000 $72.12 
Q3 2024225,000 $72.12 
Q4 2024225,000 $72.12 
2025330,000 $71.86 
Natural Gas Swaps (Mcf)
Q1 2024750,000 $3.48 
Q2 2024600,000 $3.21 
Q3 2024600,000 $3.21 
Q4 2024450,000 $3.67 
2025600,000 $3.85 
Oil Collars (Bbl)
Q1 2024520,000 $61.41 $84.00 
Q2 2024390,000 $61.08 $85.76 
Q3 2024366,000 $61.00 $83.61 
Q4 2024345,000 $60.87 $84.26 
2025728,000 $62.51 $76.90 
Natural Gas Collars (Mcf)
Q1 2024300,000 $3.40 $4.50 
Q2 2024405,000 $3.01 $3.68 
Q3 2024405,000 $3.01 $3.68 
Q4 2024405,000 $3.50 $4.45 
20251,215,000 $3.28 $4.30 
Oil Basis Swaps (Bbl)
Q1 2024330,000 $0.97 
Q2 2024330,000 $0.97 
Q3 2024330,000 $0.97 
Q4 2024330,000 $0.97 
The following table summarizes the open interest rate derivative positions as of December 31, 2023:
Open Coverage PeriodNotional AmountFixed Rate
(In thousands)
April 2024 - April 2026$30,000 3.18 %
April 2024 - April 2026$50,000 3.04 %
Schedule of Derivative Instruments Location and Fair Value
The following tables present the location and fair value of the Company’s derivative contracts included in the consolidated balance sheets as of December 31, 2023 and 2022:
December 31, 2023
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$8,948 $(3,935)$5,013 
Non-current derivative assets6,687 (4,391)2,296 
Current derivative liabilities(4,295)3,935 (360)
Non-current derivative liabilities(4,391)4,391 — 
Total$6,949 $— $6,949 
December 31, 2022
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$64 $(44)$20 
Non-current derivative assets9 (9)— 
Current derivative liabilities(16,516)44 (16,472)
Non-current derivative liabilities(21)9 (12)
Total$(16,464)$— $(16,464)
Schedule of Derivative Instruments, Gain (Loss), Net
The following table presents the components of the Company's gain (loss) on derivatives, net for the periods presented below:
Year Ended December 31,
20232022
(In thousands)
Settlements on derivative contracts
$(17,221)$(75,257)
Non-cash gain on derivatives
23,414 23,683 
Gain (loss) on derivatives, net
$6,193 $(51,574)