Risk Management and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Risk Management and Derivative Instruments

Schedule of open commodity positions

	2024		2025		2026
Natural Gas Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (MMBtu)		716,667		675,000		291,667
Weighted-average fixed price	$	3.72	$	3.74	$	3.72
Collar contracts:
Two-way collars
Average monthly volume (MMBtu)		544,444		500,000		291,667
Weighted-average floor price	$	3.46	$	3.50	$	3.50
Weighted-average ceiling price	$	4.15	$	4.10	$	4.10
Crude Oil Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		85,889		53,000		30,917
Weighted-average fixed price	$	74.04	$	70.68	$	70.68
Collar contracts:
Two-way collars
Average monthly volume (Bbls)		102,000		59,500		—
Weighted-average floor price	$	70.00	$	70.00	$	—
Weighted-average ceiling price	$	80.20	$	80.20	$	—

Schedule of fair value of derivative instruments by the appropriate balance sheet classification

		Asset		Liability		Asset		Liability
		Derivatives		Derivatives		Derivatives		Derivatives
		March 31,		March 31,		December 31,		December 31,
Type	Balance Sheet Location	2024		2024		2023		2023
		(In thousands)
Commodity contracts	Short-term derivative instruments	$	16,069	$	11,640	$	21,657	$	3,988
Interest rate swaps	Short-term derivative instruments		—		—		—		—
Gross fair value			16,069		11,640		21,657		3,988
Netting arrangements			(11,640)		(11,640)		(3,988)		(3,988)
Net recorded fair value	Short-term derivative instruments	$	4,429	$	—	$	17,669	$	—
Commodity contracts	Long-term derivative instruments	$	9,237	$	7,459	$	17,782	$	8,377
Interest rate swaps	Long-term derivative instruments		—		—		—		—
Gross fair value			9,237		7,459		17,782		8,377
Netting arrangements			(7,459)		(7,459)		(8,377)		(8,377)
Net recorded fair value	Long-term derivative instruments	$	1,778	$	—	$	9,405	$	—

Schedule of 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
	Statements of	December 31,
	Operations Location	2024		2023
Commodity derivative contracts	Loss (gain) on commodity derivatives	$	16,564	$	(15,159)