FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

FAIR VALUE MEASUREMENTS

Schedule of fair value of the Company's financial assets and liabilities

	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets
Assets from commodity-based derivative contracts	$	—	$	10,483	$	—	$	10,483
Liabilities
Liabilities from commodity-based derivative contracts	$	—	$	45,189	$	—	$	45,189

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Assets from commodity-based derivative contracts	$	—	$	13,869	$	—	$	13,869
Liabilities
Liabilities from commodity-based derivative contracts	$	—	$	33,249	$	—	$	33,249

Schedule of changes in fair value of the change of control call option

The Company recorded the fair value of the Change of Control Call Option separately on the unaudited condensed consolidated balance sheets in “Other noncurrent liabilities”. The fair value of the Change of Control Call Option is subsequently remeasured each reporting period with changes to the fair value of the embedded derivative recorded in “Interest expense and other” on the unaudited condensed consolidated statements of operations. The valuation of the Change of Control Call Option includes significant inputs such as the timing and probability of discrete potential exit scenarios, forward interest rate curves, and discount rates based on implied and market yields. The following table sets forth a reconciliation of the changes in fair value of the Change of Control Call Option classified as Level 3 in the fair value hierarchy (in thousands):

	Change of Control
	Call Option
Balance at December 31, 2023	$	2,084
Change in fair value		(1,365)
Balance at June 30, 2024	$	719