Risk Management and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Risk Management and Derivative Instruments

Open Commodity Positions

	2023		2024
Natural Gas Derivative Contracts:
Collar contracts:
Two-way collars
Average monthly volume (MMBtu)		1,343,333		220,833
Weighted-average floor price	$	3.49	$	3.31
Weighted-average ceiling price	$	5.76	$	4.73
Crude Oil Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		55,000		8,333
Weighted-average fixed price	$	57.33	$	70.00
Collar contracts:
Two-way collars
Average monthly volume (Bbls)		15,000		—
Weighted-average floor price	$	65.00	$	—
Weighted-average ceiling price	$	76.16	$	—
Three-way collars
Average monthly volume (Bbls)		50,000		—
Weighted-average ceiling price	$	74.54	$	—
Weighted-average floor price	$	58.00	$	—
Weighted-average sub-floor price	$	43.00	$	—

Gross Fair Value of Derivative Instruments by Appropriate Balance Sheet

		Asset		Liability		Asset		Liability
		Derivatives		Derivatives		Derivatives		Derivatives
		June 30,		June 30,		December 31,		December 31,
Type	Balance Sheet Location	2023		2023		2022		2022
		(In thousands)
Commodity contracts	Short-term derivative instruments	$	6,847	$	7,582	$	6,257	$	27,141
Interest rate swaps	Short-term derivative instruments		—		—		—		—
Gross fair value			6,847		7,582		6,257		27,141
Netting arrangements			(6,847)		(6,847)		(6,257)		(6,257)
Net recorded fair value	Short-term derivative instruments	$	—	$	735	$	—	$	20,884
Commodity contracts	Long-term derivative instruments	$	—	$	—	$	—	$	—
Interest rate swaps	Long-term derivative instruments		—		—		—		—
Gross fair value			—		—		—		—
Netting arrangements			—		—		—		—
Net recorded fair value	Long-term derivative instruments	$	—	$	—	$	—	$	—

Unrealized and Realized Gains and Losses Related to Derivative Instruments

The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands):

		For the Three Months Ended				For the Six Months Ended
	Statements of	June 30,				June 30,
	Operations Location	2023		2022		2023		2022
Commodity derivative contracts	Loss (gain) on commodity derivatives	$	(3,798)	$	18,571	$	(18,957)	$	111,975
(Gain) loss on interest rate derivatives	Interest expense, net		—		(286)		—		(843)