Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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 sheets as of March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023			December 31, 2022
	Balance sheet location	Fair value		Balance sheet location	Fair value
Asset derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current assets	$	24,411	Current assets	$	18,555
Interest rate contracts	Current assets		199	Current assets		319
Commodity contracts	Long-term assets		16,353	Long-term assets		13,379
Total asset derivatives		$	40,963		$	32,253
Liability derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current liabilities	$	—	Current liabilities	$	—
Commodity contracts	Long-term liabilities		—	Long-term liabilities		—
Total liability derivatives		$	—		$	—
Net derivatives		$	40,963		$	32,253

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 balance sheets (in thousands):

	March 31, 2023								December 31, 2022
	Gross Fair Value			Gross Amounts Offset			Net Fair Value		Gross Fair Value			Gross Amounts Offset			Net Fair Value
Commodity derivative assets	$	43,753		$	(2,989	)	$	40,764	$	36,813		$	(4,879	)	$	31,934
Interest rate derivative assets		199			—			199		319			—			319
Commodity derivative liabilities		(2,989	)		2,989			—		(4,879	)		4,879			—

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 three months ended March 31, 2023 and 2022 (in thousands):

		Three Months Ended
	Statement of income location	March 31, 2023			March 31, 2022
Commodity derivative gains (losses)	Other income	$	14,763		$	(1,114	)
Interest rate derivative losses	Other income		(160	)		—

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 March 31, 2023 are summarized below:

	Oil (NYMEX WTI)
Remaining Term	Bbl per Day		Weighted Average Price per Bbl
April 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
April 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 March 31, 2023 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
April 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