Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands):

	December 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount			Fair Value
12.00% Second-Priority Senior Secured Notes – due January 2026	$	601,353	$	655,130	$	590,132		$	674,542
11.75% Senior Secured Second Lien Notes – due April 2026	$	234,221	$	233,410	$	—		$	—
Bank Credit Facility – matures March 2027	$	190,100	$	200,000	$	(4,792	)	$	—

Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations

The following table presents the impact that derivatives, not designated as hedging instruments, had on its Consolidated Statements of Operations (in thousands):

	Year Ended December 31,
	2023			2022			2021
Net cash received (paid) on settled derivative instruments	$	(9,457	)	$	(425,559	)	$	(290,164	)
Unrealized gain (loss)(1)		90,385			153,368			(128,913	)
Price risk management activities income (expense)	$	80,928		$	(272,191	)	$	(419,077	)

(1)Includes $1.4 million gain from the unrealized derivative instruments acquired from the EnVen Acquisition for the year ended December 31, 2023.

Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts

The following tables reflect the contracted average daily volumes and weighted average prices under the terms of the Company's derivative contracts as of December 31, 2023:

Swap Contracts
Production Period	Settlement Index	Volumes		Swap Price
Crude oil:		(Bbls)		(per Bbl)
January 2024 – December 2024	NYMEX WTI CMA		16,859	$	74.30
January 2025 – December 2025	NYMEX WTI CMA		7,734	$	73.80
Natural gas:		(MMBtu)		(per MMBtu)
January 2024 – December 2024	NYMEX Henry Hub		18,716	$	3.41
January 2025 – December 2025	NYMEX Henry Hub		13,712	$	3.92

Two-Way Collar Contracts
Production Period	Settlement Index	Volumes		Floor Price		Ceiling Price
Crude oil:		(Bbls)		(per Bbl)		(per Bbl)
January 2024 – December 2024	NYMEX WTI CMA		1,497	$	70.00	$	79.32
Natural gas:		(MMBtu)		(per MMBtu)		(per MMBtu)
January 2024 – December 2024	NYMEX Henry Hub		10,000	$	4.00	$	6.90

Three-Way Collar Contracts
Production Period	Settlement Index	Volumes		Short Put Price		Floor Price		Ceiling Price
Crude oil:		(Bbls)		(per Bbl)		(per Bbl)		(per Bbl)
January 2024 – March 2024	NYMEX WTI CMA		3,200	$	57.27	$	70.00	$	98.01

Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis

The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands):

	December 31, 2023
	Level 1		Level 2			Level 3		Total
Assets:
Oil and natural gas derivatives	$	—	$	53,703		$	—	$	53,703
Liabilities:
Oil and natural gas derivatives		—		(8,100	)		—		(8,100	)
Total net asset (liability)	$	—	$	45,603		$	—	$	45,603

	December 31, 2022
	Level 1		Level 2			Level 3		Total
Assets:
Oil and natural gas derivatives	$	—	$	32,883		$	—	$	32,883
Liabilities:
Oil and natural gas derivatives		—		(76,242	)		—		(76,242	)
Total net asset (liability)	$	—	$	(43,359	)	$	—	$	(43,359	)

Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of derivative financial instruments as well as the potential effect of netting arrangements on the Company's recognized derivative asset and liability amounts (in thousands):

	December 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Oil and natural gas derivatives:
Current	$	36,152	$	7,305	$	25,029	$	68,370
Non-current		17,551		795		7,854		7,872
Total gross amounts presented on balance sheet		53,703		8,100		32,883		76,242
Less: Gross amounts not offset on the balance sheet		8,100		8,100		32,883		32,883
Net amounts	$	45,603	$	—	$	—	$	43,359