Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Outstanding Contracts with Respect to Natural Gas

At June 30, 2024 the Company had outstanding derivative contracts as set forth in the tables below.

Natural gas derivatives
Period and Type of Contract	Average Volumes Hedged			Weighted Average Hedge Price ($/MMBtu)
July 2024 - Sept 2024
Swaps - Henry Hub		660,000	MMBtus/day	$	3.38
Swaps - WAHA		50,000	MMBtus/day	$	2.81
October 2024 - December 2024
Swaps - Henry Hub		697,000	MMBtus/day	$	3.38
January 2025 - December 2025
Swaps - Henry Hub		602,000	MMBtus/day	$	3.90
January 2026 - December 2026				.
Swaps - Henry Hub		635,000	MMBtus/day	$	4.11
January 2027 - December 2027
Swaps - Henry Hub		613,000	MMBtus/day	$	3.92

Crude oil derivatives				Weighted Average Hedge Price ($/Bbl)
Period and Type of Contract	Average Volumes Hedged			Roll Swaps		Fixed Swaps
July 2024 - December 2024
Roll Swaps - NYMEX		60,000	Bbls/day	$	0.73
Fixed Swaps - WTI		83,000	Bbls/day			$	77.55
January 2025 - February 2025
Fixed Swaps - WTI		24,000	Bbls/day			$	80.25

Realized and Unrealized Gains and Losses on Derivative Instruments

	Three months ended June 30,						Six months ended June 30,
In thousands	2024			2023			2024			2023
Cash received (paid) on derivatives:
Crude oil fixed price swaps	$	(19,677	)	$	34,653		$	(14,848	)	$	39,751
Crude oil NYMEX roll swaps		(440	)		1,167			2,033			2,567
Natural gas basis swaps		—			625			—		$	1,982
Natural gas WAHA swaps		17,898			9,351			26,922			9,363
Natural gas fixed price swaps		89,677			77,924			152,478			93,626
Natural gas collars		—			—			16,069		$	24,380
Natural gas 3-way collars		—			—			—		$	3,741
Cash received (paid) on derivatives, net		87,458			123,720			182,654			175,410
Non-cash gain (loss) on derivatives:
Crude oil fixed price swaps		33,569			74,090			(167,480	)		152,629
Crude oil NYMEX roll swaps		1,578			(109	)		(8,676	)		(717	)
Natural gas basis swaps		—			140			—			(6,601	)
Natural gas WAHA swaps		(12,846	)		(26,430	)		(13,175	)		(10,759	)
Natural gas fixed price swaps		(105,030	)		50,299			(89,865	)		265,991
Natural gas collars		—			1,417			(11,923	)		30,551
Natural gas 3-way collars		—			—			—			(598	)
Non-cash gain (loss) on derivatives, net		(82,729	)		99,407			(291,119	)		430,496
Gain (loss) on derivative instruments, net	$	4,729		$	223,127		$	(108,465	)	$	605,906

Gross Amounts of Recognized Derivative Assets and Liabilities

The following table presents the gross amounts of recognized derivative assets and liabilities, as applicable, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value.

In thousands	June 30, 2024			December 31, 2023
Commodity derivative assets:
Gross amounts of recognized assets	$	261,433		$	510,375
Gross amounts offset on balance sheet		(17,814	)		(1,862	)
Net amounts of assets on balance sheet		243,619			508,513
Commodity derivative liabilities:
Gross amounts of recognized liabilities		(44,624	)		(2,448	)
Gross amounts offset on balance sheet		17,814			1,862
Net amounts of liabilities on balance sheet	$	(26,810	)	$	(586	)

Derivatives Not Designated as Hedging Instruments

The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets.

In thousands	June 30, 2024			December 31, 2023
Derivative assets	$	129,079		$	353,261
Derivative assets, noncurrent		114,540			155,252
Net amounts of assets on balance sheet		243,619			508,513
Derivative liabilities		(26,678	)		—
Derivative liabilities, noncurrent		(132	)		(586	)
Net amounts of liabilities on balance sheet		(26,810	)		(586	)
Total derivative assets (liabilities), net	$	216,809		$	507,927