Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative [Line Items]

Summary of Derivative Instruments

The following table presents a summary of the Company’s derivative instruments and where such values are recorded on the condensed consolidated balance sheet as of June 30, 2022 (in thousands):

	June 30, 2022
	Balance sheet location	Fair value
Asset derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current assets	$	7,099
Commodity contracts	Long-term assets		12,217
Total asset derivatives		$	19,316
Liability derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current liabilities	$	—
Commodity contracts	Long-term liabilities		—
Total liability derivatives		$	—
Net derivatives		$	19,316

Summary of Gross Fair Values of Recognized Derivative Assets and Liabilities, Amounts Offset Under Master Netting Arrangements With Counterparties and Resulting Net Amounts

The following table presents the gross fair values of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented on the condensed consolidated balances sheet (in thousands):

	June 30, 2022
	Gross Fair Value			Gross Amounts Offset			Net Fair Value
Commodity derivative assets	$	27,093		$	(7,777	)	$	19,316
Commodity derivative liabilities	$	(7,777	)	$	7,777		$	—

Summary of Derivative Gains and Losses

The following table is a summary of derivative gains and losses, and where such values are recorded in the condensed consolidated statements of income for the six months ended June 30, 2022 and 2021 (in thousands):

		Three Months Ended				Six Months Ended
	Statement of income location	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Commodity derivative gain	Other expense	$	20,010	$	—	$	18,895	$	—

Oil and Gas Swap Contracts [Member]

Derivative [Line Items]

Schedule of Oil and Gas Contracts

The Company’s oil and gas swap contracts as of June 30, 2022 are summarized below:

	Oil (NYMEX WTI)
Remaining Term	Bbl per Day		Weighted Average Price per Bbl
July 2022 - December 2022		2,200	$	106.31
January 2023 - December 2023		3,050	$	93.71
January 2024 - December 2024		3,300	$	82.66
January 2025 - June 2025		1,100	$	74.65

	Gas (NYMEX Henry Hub)
Remaining Term	MMBtu per Day		Weighted Average Price per MMBtu
July 2022 - December 2022		500	$	4.63
January 2023 - December 2023		500	$	3.83
January 2024 - December 2024		500	$	3.41

Oil and Gas Two-way Commodity Collar Contracts [Member]

Derivative [Line Items]

Schedule of Oil and Gas Contracts

The Company’s oil and gas two-way commodity collar contracts as of June 30, 2022 are summarized below:

	Oil (NYMEX WTI)
Remaining Term	Bbl per Day		Weighted Average Floor Price per Bbl		Weighted Average Ceiling Price per Bbl
January 2025 – June 2025		2,000	$	60.00	$	93.20

	Gas (NYMEX Henry Hub)
Remaining Term	MMBtu per Day		Weighted Average Floor Price per MMBtu		Weighted Average Ceiling Price per MMBtu
July 2022 - December 2022		6,000	$	6.00	$	9.69
January 2023 - December 2023		8,500	$	4.82	$	7.93
January 2024 - December 2024		11,400	$	4.00	$	7.24
January 2025 – June 2025		11,600	$	3.31	$	10.34