Fair Value Measurement (Tables)

3 Months Ended

Sep. 30, 2022

Fair Value Measurement

Schedule of Derivative Assets at Fair Value

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Derivative contract assets	$	—	$	49	$	—	$	49
Liabilities
Derivative contract liabilities	$	—	$	924	$	—	$	924

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Derivative contract assets	$	—	$	170	$	—	$	170
Liabilities
Derivative contract liabilities	$	—	$	2,164	$	—	$	2,164

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Derivative contracts listed above as Level 2 include costless put/call collars that are carried at fair value. The Company records the net change in fair value of these positions in “Net gain (loss) on derivative contracts” in the Company’s unaudited condensed consolidated statements of operations. The Company is able to value the assets and liabilities based on observable market data for similar instruments, which resulted in the Company reporting its derivatives as Level 2. This observable data includes the forward curves for commodity prices based on quoted market prices and implied volatility factors related to changes in the forward curves. See Note 7, “Derivatives,” for additional discussion of derivatives.

Schedule of Derivative Liabilities at Fair Value

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Derivative contract assets	$	—	$	49	$	—	$	49
Liabilities
Derivative contract liabilities	$	—	$	924	$	—	$	924

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Derivative contract assets	$	—	$	170	$	—	$	170
Liabilities
Derivative contract liabilities	$	—	$	2,164	$	—	$	2,164