Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes derivative activity for the three-month periods ended March 31, 2022, and 2021 (in thousands):

	Three Months Ended March 31,
	2022		2021
(Gain) loss on commodity derivative contracts	$	1,064	$	—
Cash (paid) received on settlements	$	(1,085)	$	—

Offsetting Assets

There were no open derivative positions as of March 31, 2022. The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions as of December 31, 2021 were (in thousands):

	Gross Amounts		Gross Amounts Offset		Amounts Net of Offset		Financial Collateral		Net Amount
Liabilities
Derivative contracts - current	$	200	$	179	$	21	$	—	$	21
Total	$	200	$	179	$	21	$	—	$	21

Fair Value of Derivatives

The following table summarize the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands):

December 31, 2021

	Fair Value Measurements						Netting (1)		Assets/Liabilities at Fair Value
	Level 1		Level 2		Level 3
Liabilities
Commodity derivative contracts	$	—	$	200	$	—	$	179	$	21
Total	$	—	$	200	$	—	$	179	$	21

____________________

(1)    Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.

The following table presents the fair value of the Company’s derivative contracts on a net basis with the same counterparty (in thousands):

Type of Contract	Balance Sheet Classification	December 31, 2021
Derivative liabilities
Natural Gas and NGL price swaps	Current liabilities - Derivative Contracts	$	21
Total net derivative contracts		$	21