Price-Risk Management Price-Risk Management (Policies)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Price-Risk Management Activities, Policy

Price-Risk Management Activities

Derivatives are recorded on the consolidated balance sheets at fair value with changes in fair value recognized in earnings. The changes in the fair value of our derivatives are recognized in “Net gain (loss) on commodity derivatives” on the accompanying consolidated statements of operations. We have a price-risk management policy to use derivative instruments to protect against declines in oil and natural gas prices, primarily through the purchase of commodity price swaps and collars as well as basis swaps.